NDLI: Discounted Cash Flow Valuation with Capital Gains Tax

Content Provider	Springer Nature Link
Author	Dierkes, Stefan Diedrich, Ralf Gröger, Hans Christian
Copyright Year	2009
Abstract	Mit der Einführung einer Abgeltungsteuer 2009 werden neben Zins- und Dividendeneinkommen auch realisierte Kursgewinne in Deutschland auf persönlicher Ebene besteuert. In Bezug auf die Unternehmensbewertung ist zu klären, wie die geänderten Steuerregelungen im Bewertungskalkül zu berücksichtigen sind. Im vorliegenden Artikel wird gezeigt, wie das Adjusted Present Value-Verfahren bei autonomer Finanzierungspolitik und das Free Cash Flow-Verfahren bei wertabhängiger Finanzierungspolitik zirkularitätsfrei zur Anwendung kommen können, wenn Kursgewinne periodisch besteuert werden. Die für die Bewertung erforderlichen Eigenkapitalkostensätze lassen sich mit Hilfe eines Nachsteuer-CAPM ermittelt. Es wird diskutiert, wie die aus der Unternehmensteuerreform resultierenden Besonderheiten bei der Bewertung berücksichtigt werden können.The German tax reform in 2009 entails the general taxation of realized capital gains. The objective of this paper is to investigate the effect of a differentiated taxation of dividend payments and capital gains on discounted cash flow valuations. We develop explicit und practical useful valuation formulas for the free cash flow approach in case of financing based on market values and the adjusted present value approach in case of autonomous financing. Furthermore it is shown how the required risk-adjusted cost of equity can be derived from a modified Tax-CAPM. Finally we discuss how the particularities resulting from the new German tax law can be taken into account in discounted cash flow valuations.
Starting Page	275
Ending Page	301
Page Count	27
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	79
Issue Number	3
Language	English
Publisher	SP Gabler Verlag
Publisher Date	2009-04-28
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Valuation Discounted cash flow Financing policy Personal taxes Capital gains tax German tax reform 2009 Production/Logistics Personnel Management Accounting/Auditing Organization/Planning Management/Business for Professionals Business/Management Science
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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