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[ 617 ] Corp orate Finance . . . Amit Seru and Amir Sufi Modigliani and Miller (1958) argued that, under certain conditions, the value of a firm is determined only by the value of its real projects, and that value is independent of the securities the firm issues to finance its real projects. Since real projects might be related to organizational form, in the Modigliani and Miller world, financing is irrelevant to organization of the firm as well. Many researchers attribute the origins of the field of corporate finance to this seminal study. It seems that one

6 Corporate Finance Aktivitäten 6.1 Überblick Telemedizinanbieter in Deutschland stehen heute am Anfang der Entwicklung einer innova- tiven Branche, deren Schlüsselfaktor zum Erfolg neben anderen die Ausstattung mit Kapital ist (siehe Kapitel 5.1). Größen-, Mengen- wie Verbundeffekte senken die Grenzkosten. Um diese Mechanismen nutzen zu können und langfristig am Markt wettbewerbsfähig zu blei- ben, gilt es, Wachstumschancen zu nutzen und Marktdurchdringungs- sowie Internationali- sierungsbestrebungen zu verwirklichen. Dazu muss sich ein erfolgreicher

8 Basics of Corporate Finance 8.1 Introduction The goal of any firm is to maximize the wealth of its shareholders. Corporate fi- nance is built on three principles: the investment principle, the financing principle, and the dividend principle. In a functional organization, the key financial positions are vice president for finance, treasurer, and controller. The three principal forms of business organization are the sole proprietorship, partnership, and corporation. Every form has certain advantages and disadvantages. The mission statement de- clares the

139 FS Piltz-4/446 Tax Aspects of Corporate Financing by Matthias Rogall Contents I. Overview II. General Tax Aspects on External Financing 1. Basics 2. Pitfalls 3. Schemes III. Shareholder Financing 1. Basics 2. Pitfalls 3. Schemes IV. Inbound Investments 1. Basics 2. Pitfalls 3. Schemes V. Special Aspects in the Face of a Crisis I. Overview This chapter provides insights into tax aspects of corporate financing with re- gard to German tax law. In doing so, it aims at a sound balance between pre- senting a general overview and going into key tax details

Abstract

One of the main objectives to be accomplished by the European Union law is to eliminate barriers to the functioning of domestic market and in particular improve the competitiveness of enterprises. After several years of efforts, the European Commission approved a proposal for the directive on a Common Consolidated Corporate Tax Base which is to remove obstacles to the functioning of internal market and increase tax harmonization. The article is aimed at presenting the essence of CCCTB in the theory of corporate finance and its importance for enterprises, based on the survey of Polish and EU companies. The paper addresses issues relating to tax in corporate finance. Canons of taxation will be discussed and special emphasis will be placed on principles behind formulating fiscal law provisions (including the EU law). Furthermore, the article presents the results of surveys into the importance of taxation cannons for Polish and EU companies.

525 BUCHBESPRECHUNGEN Charles J. Johnson, Jr./Joseph McLaughlin, Corporate Finance and the Securities Laws, 3. Auflage Aspen Publishers, New York. 2004. XLV 1091 S., geb., 195,– US$ Wenn man vor der Aufgabe steht, das rechtliche Umfeld zu durchdringen, in dem Kapitalmarkttransaktionen in den USA stattfinden, kann man es als Außenstehender durchaus mit einem Dschungel vergleichen. Es ist deswegen ausgesprochen tröstlich, dass mit Charles J. Johnson, Jr. und Joseph McLaughlin zwei ausgewiesene Experten des amerikani- schen Kapitalmarktrechts genau diesen Vergleich

Jahrbücher f. Nationalökonomie u. Statistik (Lucius & Lucius, Stuttgart 2001) Bd. (Vol.) 221/5+6 Structures of Corporate Finance in Germany and France A Comparative Analysis for West German and French Incorporated Enterprises Strukturen der Unternehmensfinanzierung in Deutschland und Frankreich Eine vergleichende Analyse für westdeutsche und französische Kapitalgesellschaften By Hans Friderichs*, Frankfurt am Main, and Bernard Paranque*, Paris JEL D21, E5, G, L51 Corporate finance, capital structure, financial systems, legal and institutional factors