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Unternehmensbewertung: Die Ermittlung des Grenzpreises einer Unternehmung aus der Sicht eines präsumtiven Käufers

Unternehmensbewertung: Die Ermittlung des Grenzpreises einer Unternehmung aus der Sicht eines präsumtiven Käufers

          
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About the Book

Inhaltsangabe: Einleitung: Die Dissertation behandelt das Problem der Bestimmung des Grenzpreises einer Unternehmung aus der Sicht eines präsumtiven Käufers. Konkret geht es um die Frage, welchen Betrag ein potentieller Unternehmenskäufer maximal für das ihn interessierende Unternehmen bezahlen sollte, ohne sich dadurch schlechter zu stellen, als bei Verzicht auf die Akquisition und bei alternativem Einsatz seines Kapitals. Vom methodischen Ansatz ist die Arbeit der präskriptiven Entscheidungstheorie zuzuordnen. Den Ausgangspunkt der Überlegungen bildeten demzufolge die Ziele des Unternehmenskäufers. Aufgrund der Problematik der Bewertung multivariabler Zielsetzungen wurde aber letztlich vorgeschlagen, den Grenzpreis anhand einer übergeordneten finanziellen Zielsetzung ('freie Cash-flows') zu bestimmen. In bezug auf die Feststellung der Unternehmensbewertungstheorie, dass der Grenzpreis des Akquisitionsobjektes jenem Betrag entspricht, den man 'durch Diskontierung der Akquisitionserfolge mit dem internen Zinsfuß der besten, durch die Akquisition verdrängten Investitionsobjekte' erhält, bedarf es nach den hier gewonnenen Erkenntnissen einer Korrektur. Es wurde gezeigt, dass diese Aussage nur unter der Prämisse uniformer unendlicher Erfolgsströme, nicht jedoch bei im Zeitablauf schwankenden Erfolgsströmen (der realitätsnäheren Prämisse) gültig ist. Desweiteren wurde gezeigt, dass der von Rappaport aufgestellte Shareholder Value Ansatz erst nach gewissen Modifikationen für die Grenzpreisermittlung geeignet ist. Inhaltsverzeichnis: Inhaltsverzeichnis: AbbildungsverzeichnisV AbkürzungsverzeichnisVI 1.Problemstellung und Gang der Arbeit1 I.DIE SUCHE NACH DEM ENTSCHEIDUNGSTHEORETISCH RICHTIGEN GRENZPREISKALKÜL5 2.Grundlagen der Bewertung6 2.1Wert - das Ergebnis einer Bewertung6 2.2Abgrenzung zwischen Wert und Wertkonvention7 2.3Abgrenzung zwischen Wert und Preis9 2.4Abgrenzung zwischen Preis und Grenzpreis10 2.5Abgrenzung zwischen Wert und Grenzpreis12 3.A


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Product Details
  • ISBN-13: 9783838651507
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 12 mm
  • Weight: 267 gr
  • ISBN-10: 3838651502
  • Publisher Date: 06 Mar 2002
  • Height: 210 mm
  • No of Pages: 200
  • Series Title: German
  • Sub Title: Die Ermittlung des Grenzpreises einer Unternehmung aus der Sicht eines präsumtiven Käufers
  • Width: 148 mm


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Unternehmensbewertung: Die Ermittlung des Grenzpreises einer Unternehmung aus der Sicht eines präsumtiven Käufers
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Unternehmensbewertung: Die Ermittlung des Grenzpreises einer Unternehmung aus der Sicht eines präsumtiven Käufers
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