Valuation of companies under the distributed profit taxation system
Date
2023-10-30
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Abstract
Doktoritöös uuritakse ettevõtete väärtuse hindamist jaotatud kasumi maksustamise tingimustes. Konkreetsemalt käsitletakse seda, millised on jaotatud kasumi maksustamise süsteemi järelmid ettevõtete väärtuse hindamise jaoks. Väitekiri keskendub eeskätt üldtuntud teoreetiliste väärtuse hindamise mudelite kohandamisele jaotatud kasumi maksustamise süsteemi eripäradega. Hindamismudelite tulumaksualast kohandamist teostatakse nii tulu-, turu- kui ka varapõhise väärtuse hindamise lähenemiste lõikes. Autori põhitees seisneb selles, et jaotatud kasumi maksustamise tingimustes tegutsevate ettevõtete väärtust ei saa hinnata sarnaselt teistes, eeskätt klassikalise tulumaksusüsteemi tingimustes tegutsevate ettevõtete väärtusega – jaotatud kasumil põhineva tulumaksu mõju ettevõtte väärtusele on teistsugune võrreldes tavapärase tulumaksustamisega. Töö põhiosa moodustavad viis avaldatud teadusartiklit, millest neli on teoreetilised ja üks empiiriline: teoreetilised artiklid käsitlevad erinevaid väärtuse hindamise mudeleid ja nende tulumaksualast kohandamist, empiiriline artikkel tugineb Eesti finantspraktikute küsitluse raames saadud vastustele. Teoreetiliste artiklite tulemused viitavad sellele, et jaotatud kasumi maksustamise tingimustes tegutseva ettevõtte (omakapitali) väärtus on kõrgem võrreldes teistes, eelkõige klassikalise tulumaksusüsteemi tingimustes tegutseva ettevõtte (omakapitali) väärtusega. Jaotatud kasumi maksustamise süsteemi eripärad avalduvad iga väärtuse hindamise lähenemise puhul. Samuti tuleks arvestada jaotatud kasumi maksustamise aspektidega ka ettevõtete kasumlikkuse hindamisel. Küsitluse tulemused viitavad sellele, et Eesti finantsprofessionaalide lähenemine jaotatud kasumi maksustamise eripärade käsitlemisele väärtuse hindamisel ei ole ühetaoline. See on seotud paljuski väärtuse hindajate erisuguse lähenemisega väärtuse hindamisele kui sellisele. Väitekirja oluliseks panuseks saab pidada asjaolu, et selles töötati välja konkreetsed mudelid, mida saab rakendada reaalsete jaotatud kasumi maksustamise ja klassikalise tulumaksusüsteemi tingimustes tegutsevate nii finantsiliselt võimendamata kui ka võimendatud ettevõtete väärtuse hindamiseks.
The doctoral thesis studies the valuation of companies under distributed profit taxation. More specifically, the study considers the implications of distributed profit taxation systems for the valuation of companies, with primary emphasis on adjusting the well-known theoretical valuation models to consider the features of the system of distributed profit-based taxation. These adaptations cover income-based, market-based, and asset-based valuation approaches. The central thesis posits that companies operating under conditions of distributed profit taxation cannot be valued in the same way as companies operating under other systems of profit taxation, especially classical (traditional) profit taxation systems – the impact of distributed profit-based taxation on a company's value deviates from that of traditional profit taxation. The core of the thesis comprises five research articles, of which four are theoretical and one empirical: the theoretical studies consider various valuation models and their income tax-related adjustments; the empirical study is based on responses collected from a survey of Estonian financial professionals. The findings from the theoretical articles indicate that the (equity) value of a company operating under distributed profit taxation tends to be higher compared to that under other systems of profit taxation, especially under traditional profit taxation. The peculiarities of the system of distributed profit taxation reveal themselves in every valuation approach. In addition, aspects of distributed profit taxation must be factored into assessments of a company's profitability. The survey results reveal a lack of uniformity among Estonian financial experts in addressing the nuances of distributed profit taxation within the context of valuation. This variance is largely attributed to the diversity of approaches employed by valuation practitioners. A significant contribution of this dissertation lies in the development of specific valuation models suitable for assessing both leveraged and unleveraged companies in real-world scenarios encompassing distributed profit taxation and classical profit taxation.
The doctoral thesis studies the valuation of companies under distributed profit taxation. More specifically, the study considers the implications of distributed profit taxation systems for the valuation of companies, with primary emphasis on adjusting the well-known theoretical valuation models to consider the features of the system of distributed profit-based taxation. These adaptations cover income-based, market-based, and asset-based valuation approaches. The central thesis posits that companies operating under conditions of distributed profit taxation cannot be valued in the same way as companies operating under other systems of profit taxation, especially classical (traditional) profit taxation systems – the impact of distributed profit-based taxation on a company's value deviates from that of traditional profit taxation. The core of the thesis comprises five research articles, of which four are theoretical and one empirical: the theoretical studies consider various valuation models and their income tax-related adjustments; the empirical study is based on responses collected from a survey of Estonian financial professionals. The findings from the theoretical articles indicate that the (equity) value of a company operating under distributed profit taxation tends to be higher compared to that under other systems of profit taxation, especially under traditional profit taxation. The peculiarities of the system of distributed profit taxation reveal themselves in every valuation approach. In addition, aspects of distributed profit taxation must be factored into assessments of a company's profitability. The survey results reveal a lack of uniformity among Estonian financial experts in addressing the nuances of distributed profit taxation within the context of valuation. This variance is largely attributed to the diversity of approaches employed by valuation practitioners. A significant contribution of this dissertation lies in the development of specific valuation models suitable for assessing both leveraged and unleveraged companies in real-world scenarios encompassing distributed profit taxation and classical profit taxation.
Description
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Keywords
assessment of the enterprise's value, businesses, assessment, profiit, taxation, business economics