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Aspekte des deutschen Steuerrechts bei der Finanzierung grenzüberschreitender Unternehmenskäufe

Aspekte des deutschen Steuerrechts bei der Finanzierung grenzüberschreitender Unternehmenskäufe

          
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About the Book

Studienarbeit aus dem Jahr 2008 im Fachbereich BWL - Rechnungswesen, Bilanzierung, Steuern, Note: 1,7, Friedrich-Alexander-Universität Erlangen-Nürnberg (Wirtschafts- und Sozialwissenschaftliche Fakultät), Sprache: Deutsch, Abstract: Mit dem Fortschreiten der Globalisierung und der Integration des europäischen Binnenmarktes steigt auch die Zahl der grenzüberschreitenden Unternehmenskäufe. Im Jahr 2007 summierte sich das M&A-Volumen weltweit auf den Rekordwert von 4.340 Mrd. $. Neben betriebswirtschaftlichen Überlegungen, wie der Erschließung neuer Märkte oder geringere Produktionskosten, spielen steuerliche Überlegungen bei der Planung und Strukturierung grenzüberschreitender Unternehmenskäufe eine wichtige Rolle. Da Unternehmenskäufe nur in den seltensten Fällen vollkommen durch Eigenkapital finanziert werden können, kommt der steuerlichen Behandlung von Fremdfinanzierungskosten bei grenzüberschreitenden Unternehmenskäufen eine besondere Bedeutung zu. Eine Fremdfinanzierung des Unternehmenskaufs ist vor allem dann interessant, wenn ein Steuersatzgefälle zwischen dem Inland und der im Ausland belegenen Zielgesellschaft besteht. Gelingt es die Finanzierungskosten mit den Erträgen der im Hochsteuerland belegenen Zielgesellschaft zu verrechen, wird dort das steuerbare Einkommen gemindert, während bei der Erwerbergesellschaft höhere Gewinne anfallen, die einer geringeren Besteuerung unterliegen. In diesem Zusammenhang spricht man von einem debt-push-down. Ein weiterer Vorteil der Fremdfinanzierung besteht in der Hebelwirkung des Fremdkapitals für die Rendite des eingesetzten Eigenkapitals. Die Eigenkapitalrendite nimmt mit steigender Verschuldung zu, so lange die Gesamtkapitalrendite größer ist als der Fremdkapitalzins. Aufgrund der Hebelwirkung des Fremdkapitals werden hochgradig fremd-finanzierte Unternehmenskäufe auch als "Leveraged Buy Out" (LBO) bezeichnet. Die Fremdfinanzierung des Unternehmenskaufs ist also sowohl steuerlich als auch betriebswirtschaftlich


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Product Details
  • ISBN-13: 9783638933988
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 2 mm
  • Width: 148 mm
  • ISBN-10: 3638933989
  • Publisher Date: 18 Apr 2008
  • Height: 210 mm
  • No of Pages: 32
  • Series Title: German
  • Weight: 54 gr


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Aspekte des deutschen Steuerrechts bei der Finanzierung grenzüberschreitender Unternehmenskäufe
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