Steuern und Risikobereitschaft in Modellen irreversibler Investitionen

Abstract

Zusammenfassung Der vorliegende Beitrag bietet einenÜberblicküber den gegenwärtigen Stand der Forschung auf dem Gebiet der Steuerwirkungen unter Unsicherheit, insbesondere für die Realoptionstheorie. Wir untersuchen den Einfluss der Besteuerung auf die Bereitschaft von Investoren, riskante und irreversible Investitionen durchzuführen. Als Erweiterung der vorliegenden Literatur wird ein einfaches Ertragsteuersystem in ein realoptionsbasiertes Modell irreversibler Investitionen bei Risikoneutralität integriert. Wir zeigen, dass Erhöhungen des Ertragsteuersatzes die Bereitschaft zur Risikoübernahme erhöhen, aber auch verringern können. Wir leiten Kombinationen von Volatilität und Steuersatz her, die verdeutlichen, unter welchen Bedingungen ein einheitlicher Steuereinfluss auf die Bereitschaft zur Risikoübernahme vorliegt. Numerische Simulationen zeigen, dass eine Erhöhung des Steuersatzes bei geringer Volatilität tendenziell die Bereitschaft zur Risikoübernahme erhöht. Die Einführung einer Abgeltungsteuer reduziert die Bereitschaft, riskante Investitionen zu realisieren. Die Modellergebnisse bestätigen die unter Sicherheit bekannten Wirkungen und ergänzen sie im Hinblick auf Unsicherheit, Irreversibilität und die Bereitschaft zur Risikoübernahme. Schlüsselwörter Risikobereitschaft · Steuern und Investitionsentscheidungen · Unsicherheit · Realoptionen R. NiemannAbstract This paper provides an overview of the literature on the influence of taxation on investment behavior under uncertainty, especially under the real options paradigm. We analyze the impact of taxation on risk-taking under irreversibility. Extending the existing literature we integrate a simple tax system into a real option model. Under irreversibility and risk neutrality, raising the tax rate can either increase or reduce risk-taking. Referring to combinations of volatility and tax rate it is possible to identify conditions for an unambiguous influence of taxes on risk-taking. Numerical simulations indicate that raising the tax rate increases risk-taking under low volatility. Implementing a final withholding tax on capital income tends to reduce risky investment. Our findings confirm the well-known results under certainty and extend them with respect to uncertainty, irreversibility, and risk-taking.

Affective reactions influence investment decisions: evidence from a laboratory experiment with taxation

“…While the lotteries in the baseline treatment looked exactly as stated above, the authors also presented these lotteries including a tax control treatment, a no deduction treatment with taxation on gains only, a partial and a capped loss deduction treatment with taxation on both 1 An extensive overview of important theoretical and empirical contributions can be found in Niemann and Sureth (2008).…”

The Effect of Straight-Line and Accelerated Depreciation Rules on Risky Investment Decisions—An Experimental Study

“…The research question of how depreciation regulations influence the investment behavior of firms and individuals has been discussed in the theoretical and empirical tax literature for many decades. 2 Wakeman [5] formally proves that accelerated depreciation is preferred to straight-line depreciation for every positive discount rate, as the present value of the asset's positive cash flows in the first period will surpass that of the negative cash flows in the second period. However, this finding is restricted by several assumptions that are implicitly made: the existence of certain cash flows, a linear and time-constant tax system and the restriction not to switch between both depreciation methods.…”

“…Hence, under progressive tax systems, straight-line depreciation might be favored if there are stable or growing future cash flows. In this regard, [9] demonstrate that while the accelerated depreciation provides discounting benefits, 2 See, for example, [1,2]. An overview of papers that deal with empirical research on depreciation is given by [4].…”

“…Further, you will be asked to throw a six-sided dice once for determining the state of nature that occurs. If you throw a [1] or [2], the state of nature "good" occurs. If you throw a [3] or [4], the state of nature "middle" occurs.…”

“…For this purpose, we conduct a laboratory experiment in which participants decide on the composition of an asset portfolio in different choice situations. To induce an investment environment in the lab that is closer to reality, we decided that subjects receive their money from the experiment not only immediately after the experiment has 1 See, for example, [1,2], for overviews of the literature on this topic.…”