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passive und aktive Unternehmenswert. Der Realoptionsansatz als komplementäre Bewertungsmethode zum DCF-Verfahren

passive und aktive Unternehmenswert. Der Realoptionsansatz als komplementäre Bewertungsmethode zum DCF-Verfahren

          
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About the Book

Diplomarbeit aus dem Jahr 2006 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Universität Paderborn, Sprache: Deutsch, Abstract: Das Ziel dieser Arbeit ist es, die Ermittlung der beiden Wertkomponenten darzustellen und insbesondere beim Realoptionsansatz Lösungsmöglichkeiten für bestehende Probleme aufzuzeigen. Die Bewertung von unternehmerischer Handlungsflexibilität bzw. von Realoptionen steht dabei im Fokus der Betrachtung. Zunächst werden im zweiten Kapitel die elementaren Grundlagen der Unternehmensbewertung behandelt. Im dritten Kapitel wird der passive Unternehmenswert durch den am meist verbreiteten WACC-Ansatz des Discounted Cashflow-Verfahrens ermittelt und die Möglichkeiten dargestellt, wie Handlungsflexibilität innerhalb der traditionellen Zukunftserfolgswertmethoden berücksichtigt werden kann. Im vierten Kapitel wird die Ermittlung des aktiven Unternehmenswertes durch den Realoptionsansatz vorgestellt. Dabei werden zunächst die Grundlagen und die Optionspreisverfahren behandelt. Im Anschluss werden die unterschiedlichen Möglichkeiten für die Ermittlung der Bewertungsparameter aufgezeigt. Dieses Unterkapitel ist ein zentraler Bestandteil dieser Arbeit, da die Ermittlung der Bewertungsparameter, insbesondere des Basiswertes und der Volatilität, in der Praxis die größten Schwierigkeiten bereitet. In den letzten beiden Unterkapiteln werden die wichtigsten Modellerweiterungen beschrieben und zum Realoptionsansatz wird kritisch Stellung genommen. Im fünften Kapitel werden die beiden Wertkomponenten (passiv und aktiv) zum gesamten Unternehmenswert wieder zusammengeführt, die Vorgehensweise einer solchen Bewertung dargestellt und erläutert, für welche Unternehmen die Berücksichtigung von Realoptionen in der Unternehmensbewertung Sinn macht. Abgeschlossen wird diese Arbeit mit einer Zusammenfassung der Ergebnisse und mit einem Ausblick zur Zukunft des Realoptionsansatzes.


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Product Details
  • ISBN-13: 9783638695084
  • Publisher: Grin Verlag Gmbh
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Width: 148 mm
  • ISBN-10: 3638695085
  • Publisher Date: 26 Jul 2007
  • Height: 210 mm
  • No of Pages: 96
  • Series Title: German
  • Weight: 136 gr


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passive und aktive Unternehmenswert. Der Realoptionsansatz als komplementäre Bewertungsmethode zum DCF-Verfahren
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passive und aktive Unternehmenswert. Der Realoptionsansatz als komplementäre Bewertungsmethode zum DCF-Verfahren
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