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Erfassung von Länderrisiken bei der Ermittlung von Eigenkapitalkosten multinationaler Konzerne

Erfassung von Länderrisiken bei der Ermittlung von Eigenkapitalkosten multinationaler Konzerne

          
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About the Book

Bachelorarbeit aus dem Jahr 2009 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Fachhochschule Münster (European Business Programme), Sprache: Deutsch, Abstract: Die Berücksichtigung von Länderrisiken bei der Ermittlung von Eigenkapitalkosten der in Schwellenländern ansässigen Tochtergesellschaften multinationaler Konzerne ist sowohl aus konzeptuellen als auch aus technischen Gründen problematisch. So führt die Vernachlässigung dieser schwer greifbaren und kaum quantifizierbaren Risiken möglicherweise zur Unterschätzung der Eigenkapitalkosten, während die explizite Erfassung der Risiken oftmals eine doppelte Risikozählung und somit eine Überschätzung der Eigenkapitalkosten nach sich zieht. Auch empirische Studien haben erwiesen, dass es fragwürdig ist, Bewertungskonzepte aus entwickelten Ländern ohne jegliche Anpassung auf Schwellenländer zu übertragen. Daher wurde in Wissenschaft und Praxis eine Vielzahl von Verfahren zur Erfassung von Länderrisiken bei der Ermittlung von Eigenkapitalkosten in Schwellenländern konzipiert. Zwar bieten diese Methoden verschiedene Lösungsansätze, jedoch gibt es für die Unternehmensbewertung in Schwellenländern derzeit keine Best Practice Methode. Alternativ zur Erfassung von Länderrisiken durch ein explizites Anpassen der Eigenkapitalkosten können diese Risiken bei der Anwendung des DCF-Verfahrens ebenso implizit durch eine Adjustierung der im Zähler stehenden Cashflows berücksichtigt werden. Sofern das länderspezifische Risiko im Diskontierungssatz berücksichtigt werden soll, kann dies sowohl durch die Verwendung der lokalen höheren Marktrisikoprämie als auch durch die Addition einer Länderrisikoprämie geschehen. Die Wahl des richtigen Verfahrens ist keine triviale Entscheidung, da die verschiedenen Varianten stark voneinander abweichende Eigenkapitalkosten ermitteln. [...]


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Product Details
  • ISBN-13: 9783640456499
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 48
  • Series Title: German
  • Weight: 72 gr
  • ISBN-10: 3640456491
  • Publisher Date: 26 Oct 2009
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 3 mm
  • Width: 148 mm


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