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Ertragsermittlung Bei Unternehmensbewertung

Ertragsermittlung Bei Unternehmensbewertung

          
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About the Book

Man hat in der Praxis der Unternehmensbewertung immer die "Zukunftsbezogen- heit" des zu bewertenden Ertrags (Ertolgs) akzeptiert. Zwar stutzte man sich zur Schatzung des Zukunftsertrags mehr oder weniger stark auf Vergangenheitswerte, aber es war nie ernsthaft bestritten, daB es im Ergebnis auf den Zukunftsertrag und nicht auf irgendeinen Vergangenheitsertrag ankommt. Die Praxis hat auch immer gesehen, daB der Zukunftsertrag "unsicher" ist, daB er sich nicht verlaBlich progno- stizieren laBt. Doch hat man diese Unsicherheit des Zukunftsertrags lange Zeit doch wieder verdrangt: Noch vor wenigen Jahren war es ganz unublich, die Bandbreite von moglichen Zukunftsertragen explizit in die Rechnung einzufi.ihren; die Band- breite und mit ihr die Unsicherheit wurden bereits am Ausgangspunkt der Unterneh- mensbewertung ersetzt durch einen "nachhaltig" genannten Zukunftsertrag. An der Konzeption des "nachhaltigen" Zukunftsertrags hat sogar die Lehre lange festgehalten: Noch in Munstermanns ansonsten bahnbrechendem Werk zur Unter- nehmensbewertung (von 1966) findet sie sich, und dem Juristen war sie stets vertraut (vgl. z. B. § 2049 Abs. 2 BGB). Nur der Logik ist sie fremd. Besteht Unsicherheit, wie gerade die Praxis immer wieder zu Recht betont hat, dann existiert auch eine Band- breite von moglichen Zukunftsertragen und nicht etwa nur ein moglicher Zukunftser- trag; dann muB, wird die Bandbreite durch einen ("nachhaltigen") Zukunftsertrag ersetzt, mindestens angegeben werden, nach welchen Regeln diese Reduktion ertolgen soil.


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Product Details
  • ISBN-13: 9783409352321
  • Publisher: Gabler Verlag
  • Publisher Imprint: Gabler Verlag
  • Edition: 1982 ed.
  • Language: German
  • Returnable: N
  • Spine Width: 13 mm
  • Width: 170 mm
  • ISBN-10: 3409352325
  • Publisher Date: 01 Jan 1982
  • Binding: Paperback
  • Height: 244 mm
  • No of Pages: 220
  • Series Title: Neue Betriebswirtschaftliche Forschung (Nbf)
  • Weight: 403 gr


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