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Bedeutung des Kapitalisierungszinssatzes für die Beteiligten von Unternehmensakquisitionen

Bedeutung des Kapitalisierungszinssatzes für die Beteiligten von Unternehmensakquisitionen

          
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About the Book

Inhaltsangabe: Problemstellung: In der Unternehmensbewertungsdiskussion nimmt die Frage nach dem richtigen Kapitalisierungszinssatz eine zentrale Stellung ein. Der Kapitalisierungszins ist die Vergleichsrendite, an der sich im Entscheidungszeitpunkt der Vorteilhaftigkeitsvergleich von Investitionen orientiert. Damit ist der Zins neben den erwarteten Zukunftserfolgen aus der Investition in ein Unternehmen die entscheidende Rechengröße. Ihrer Ermittlung wird künftig mehr Gewicht beikommen, denn die Anlässe für Unternehmensbewertungen nehmen zu. Es entscheiden sich immer mehr Unternehmen für den Weg des externen Wachstums über Akquisitionen, weil es gegenüber dem internen Wachstum als die kostengünstigere und schnellere Variante erscheint, sich für den weltweiten Wettbewerb zu positionieren. Die Höhe des Kapitalisierungszinssatzes in den Ertragswertmethoden ist dabei entscheidend für die Bestimmung des Unternehmenswertes. Gang der Untersuchung: Diese Arbeit soll basierend auf den dafür relevanten Grundlagen der Unternehmensbewertung, beschrieben in Kapitel 2, die Methoden zur Wahl eines adäquaten Kapitalisierungszinssatzes in der klassischen Ertragswertmethode und in der Discounted-Cash-Flow Methode darstellen. Die Problematik der dabei richtig zu berücksichtigenden Einflussgrößen wie risikoloser Basiszinssatz, Unsicherheit, Geldentwertung usw. wird an den Methoden in Kapitel 3 diskutiert. Wie wird ein Kapitalisierungszinssatz gefunden, der den Unternehmenswert für die Akquisitionsbeteiligten aufzeigt ? Da es einen objektiven Wert bei Unternehmensakquisitionen in der Realität nicht gibt, bestimmen die unterschiedlichen subjektiven Vorstellungen des Käufers bzw. Verkäufers den Wert des Unternehmens. Diese lassen sich aus den unterschiedlichen Motiven, Strategieansätzen und Alternativanlagen ableiten, die für die Beteiligten jeweils die Grundlage für ihre Grenzpreisbestimmung bilden. Dieser Themenkomplex wird in Kapitel 4 dargestellt. Die Rechtsprechung orientiert s


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Product Details
  • ISBN-13: 9783838632025
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 7 mm
  • Width: 148 mm
  • ISBN-10: 3838632028
  • Publisher Date: 20 Mar 2001
  • Height: 210 mm
  • No of Pages: 112
  • Series Title: German
  • Weight: 154 gr


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