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Multiplikatorverfahren in der Unternehmensbewertung

Multiplikatorverfahren in der Unternehmensbewertung

          
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About the Book

Inhaltsangabe: Problemstellung: Zurzeit sind die Marktteilnehmer durch stark schwankende Aktienkurse und negative Börsenaussichten verunsichert. Eine Frage beschäftigt die Aktionäre und potentiellen Investoren deshalb mehr denn je: Wie viel ist ein Unternehmen wirklich wert? Eine Möglichkeit, Unternehmenswerte zu ermitteln, basiert in Deutschland auf den theoretisch anerkannten Unternehmensbewertungsverfahren, wie dem Ertragswertverfahren oder den Discounted Cashflow-Methoden (DCF-Methoden). In der Praxis gewinnen alternativ vergleichsorientierte Multiplikatorverfahren zunehmend an Bedeutung. Die vereinfachten Preisfindungsverfahren haben in der wissenschaftlichen Diskussion bislang jedoch kaum Beachtung gefunden. Multiplikatorverfahren dienen dazu, potenzielle Marktpreise, wie z.B. Akquisitionspreise oder Emissionspreise, für das zu bewertende Unternehmen (Zielunternehmen) zu schätzen. Der gesuchte Marktpreis ergibt sich hierbei als Produkt eines Performance-Indikators des Zielunternehmens (z.B. Gewinn) mit einem aus aktuellen Marktpreisen abgeleiteten Multiplikator. Dieser Multiplikator wiederum wird aus dem Quotienten einer Gruppe von Vergleichsunternehmen mit deren entsprechenden Performance-Indikator berechnet. Multiplikatorverfahren folgen somit der ökonomischen Logik „gleichen Dingen gleiche Werte beizumessen". Aus dieser kurzen Darstellung ergeben sich unmittelbar drei Problemfelder, welche die praktische Implementierung des gesuchten Multiplikators betreffen: Erstens ist ein passender Performance-Indikator zu bestimmen, der für den gesuchten Marktpreis des zu bewertenden Unternehmens relevant ist. Zweitens sind Kriterien für die Auswahl von Vergleichsunternehmen zu definieren. Die Auswahl geeigneter Vergleichsunternehmen ist der in der Praxis mitunter schwierigste Teil der Unternehmensbewertung. Die Kriterien nach denen ein Unternehmen „vergleichbar" ist, können beliebig ausgedehnt werden und irgendwann scheint kein Wettbewerber mehr mit dem Zielunterne


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Product Details
  • ISBN-13: 9783838669540
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 7 mm
  • Width: 148 mm
  • ISBN-10: 3838669541
  • Publisher Date: 29 Jun 2003
  • Height: 210 mm
  • No of Pages: 118
  • Series Title: German
  • Weight: 168 gr


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