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Kapitalwert Und Ertragsteuern

Kapitalwert Und Ertragsteuern


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"Steuern sind Tatsachen, mit denen heutzutage gerechnet werden muß, wenn Investitionsmöglichkeiten analysiert wer- den. Verschiedene Vorhaben können große Unterschiede in ihren steuerlichen Wirkungen aufweisen., 1 Daß Steuern ei- nen wichtigen Einflußfaktor bei Investitionsentscheidungen 2 darstellen, hat zuletzt GEORGI überzeugend nachgewiesen. Uber die Form der Einbeziehung aber besteht in der deut- 3 4 schen Literatur seit über 25 Jahren uneinigkeit. Der Untersuchungsgegenstand der vorliegenden Arbeit besteht in der Frage, auf welche Weise das Kapitalwertkriterium, ein sog. Partialmodell der Investitionsrechnung, zu modi- fizieren ist, um auf operationale und theoretisch gestützte Weise Steuereinflüsse erfassen zu können. Hierdurch sollen Verbesserungen in der Entscheidungsfindung beim Investi- tionsentscheidungsträger erzielt werden. Eine Diskussion der Implementationsprobleme einer Kapital- wertberechnung unter Berücksichtigung steuerlicher Gesichts- punkte, so z. B. der Erfassung zukünftiger Steueränderungen, der Berechnung der Kapitalkosten von Optionsanleihen und Pensionsrückstellungen und der Einbeziehung von Leasing, wird erst dann sinnvoll, wenn die Grundlagen einer Kapitalwert- berechnung unter Steuereinfluß als geklärt angesehen werden können. Trotz der zahlreichen Literaturbeiträge der letzten Terborgh (1962), s. 39. 2 Vgl. Georgi (1986); vgl. auch Georgi (1985 b). 3 Als Ausgangspunkt der Diskussion können v.uhl Aufsätze von Mertens (1962) und Schwarz (1962) angesehen werden. 4 Hier drängt sich die Frage auf, wie man bei Uneinigkeit über die Art der Einbeziehung überzeugend nachweisen kann, daß Steuern in die Investitionsrechnung einzubeziehen sind. Georgi gelingt dies durch Beschränkung der Analyse auf bestirmrte Grenzfälle. Vgl.


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Product Details
  • ISBN-13: 9783824400119
  • Publisher: Deutscher Universitatsverlag
  • Binding: Paperback
  • Height: 234 mm
  • No of Pages: 226
  • Series Title: German
  • Sub Title: Die Bedeutung Der Finanzierungsprämisse Für Die Investitionsrechnung
  • Width: 156 mm
  • ISBN-10: 3824400111
  • Publisher Date: 01 Jan 1989
  • Edition: 1989 ed.
  • Language: German
  • Returnable: N
  • Spine Width: 13 mm
  • Weight: 390 gr


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