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Discounted Cash Flow Methode zur Bewertung von Unternehmen und strategischen Geschäftseinheiten

Discounted Cash Flow Methode zur Bewertung von Unternehmen und strategischen Geschäftseinheiten

          
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About the Book

Studienarbeit aus dem Jahr 2006 im Fachbereich BWL - Controlling, Note: 1,7, Hochschule für Angewandte Wissenschaften Hamburg, Veranstaltung: Marketing Controlling, Sprache: Deutsch, Abstract: Die Bewertung von Unternehmen und strategischen Geschäftseinheiten stellt in der heutigen Praxis ein großes Problemgebiet dar. Kaum ein anderer Fragenkomplex ist durch so viele unterschiedliche Literaturbeiträge gekennzeichnet. Dabei durchlief die Unternehmensbewertung über die Jahre verschiedene Phasen, die objektive, subjektive und funktionale Unternehmensbewertung. Diese sind hauptsächlich durch den Einsatz unterschiedlicher Methoden zur Ermittlung des Unternehmenswertes gekennzeichnet. Die objektive Phase (bis 1959) bewertet den Unternehmenswert über den Substanzwert, die subjektive Phase (1960-1970) benutzt zur Bewertung die Substanzwert- und Ertragswertverfahren. Die funktionale Phase (ab 1971) verwendet nur noch das Ertragswertverfahren. Zusätzlich zum Ertragswertverfahren setzt sich heute die Discounted Cash Flow Methode zunehmend durch, da die Methode die Berechnungsgrundlage für den Shareholder- Value- Ansatz liefert. Der Shareholder- Value- Ansatz stammt aus den USA und wurde erstmals von Alfred Rappaport 1981 vorgestellt. Die Grundidee bestand daraus, den Wert eines Unternehmens oder den Wert von dessen Teileinheiten stärker in die Zielsetzung des Managements zu integrieren und betrachtet zudem die Unternehmensaktivitäten aus der Sicht der Anteilseigner. Der Wert des Unternehmens bestimmt sich dabei aus den Anteilseignern zukünftig zufließenden Zahlungen. Dieser Wert ist nach dem Shareholder- Value - Konzept zu maximieren. Da die Discounted Cash Flow Methode als Basis den freien Cash Flow benutzt, also den Teil des Cash Flows der dem Investor frei zur Verfügung steht, wird es dieser Forderung gerecht. Das Ertragswertverfahren und die Discounted Cash Flow Methode werden heutzutage vom Institut der Wirtschaftsprüfer empfohlen und stellen in Deutschland die Standardm


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Product Details
  • ISBN-13: 9783638887403
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3638887405
  • Publisher Date: 09 Jan 2008
  • Height: 210 mm
  • No of Pages: 60
  • Series Title: German
  • Weight: 91 gr


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