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Unternehmensbewertung: Discounted Cashflow-, Ertragswert- und Multiplikatorverfahren auf dem Prüfstand

Unternehmensbewertung: Discounted Cashflow-, Ertragswert- und Multiplikatorverfahren auf dem Prüfstand

          
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About the Book

Bachelorarbeit aus dem Jahr 2013 im Fachbereich BWL - Rechnungswesen, Bilanzierung, Steuern, Note: 1,8, FOM Hochschule für Oekonomie & Management gemeinnützige GmbH, Frankfurt früher Fachhochschule, Sprache: Deutsch, Abstract: Wie lässt sich der Wert eines Unternehmens bestimmen? Die Antwort auf diese Frage wurde bereits von den Sumerern um 2000 vor Christi Geburt gesucht (vgl. Bellinger/Vahl 1984, S. 1). Über die Jahrhunderte hinweg fand diese Frage immer wieder Beachtung, wodurch sich zahlreiche Ansätze und Methoden entwickelten, die die Beantwortung dieser Frage zum Ziel hatten. Entscheidend für deren Entwicklung waren der Stand der mathematischen Kenntnisse und die Werte und Gesetze, von denen die jeweiligen Perioden geprägt wurden (vgl. Henselmann 2012, S. 100). Dies wird am Beispiel von Reinertragsmultiplikatoren deutlich, die als dominierende Bewertungsmethode im Mittelalter zum Einsatz kamen (vgl. Schneider 2001, S. 770). Sie spiegeln den Stand mathematischer Kenntnisse jener Zeit wider und tragen dem an mehreren Stellen in der Bibel verankerten Zinsverbot Rechnung. Bedingt durch den Einfluss der Kirche war es kirchlich wie weltlich untersagt, Zinsen auf verliehenes Geld zu erheben (vgl. Henselmann 2012, S. 101). Mit der Lockerung des Zinsverbots im späten Mittelalter wurden zunächst Kreditzinsen in Höhe von bis zu 5 Prozent und später auch Zinseszinsen akzeptiert, welche sich in Deutschland bei der Berechnung von Kapitalwerten jedoch erst im Verlauf des 19. Jahrhunderts durchsetzten (vgl. Henselmann 2012, S. 104). Mit der intensiven Entwicklung der Betriebswirtschaftslehre zu Beginn des 20. Jahrhunderts findet die Frage der Unternehmensbewertung auch bei deutschen Wissenschaftlern verstärkt Beachtung (vgl. Schmalenbach 1912/13, S. 36). Durch das Inkrafttreten des Handelsgesetzbuchs am 1. Januar 1900 und der darauf folgenden Verbreitung von Bilanzen wurden nun dem Substanzwert und der objektiven Bewertungslehre verstärkt Bedeutung beigemessen (vgl. Belli


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Product Details
  • ISBN-13: 9783656523963
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Weight: 104 gr
  • ISBN-10: 3656523967
  • Publisher Date: 25 Oct 2013
  • Height: 210 mm
  • No of Pages: 70
  • Series Title: German
  • Sub Title: Discounted Cashflow-, Ertragswert- und Multiplikatorverfahren auf dem Prüfstand
  • Width: 148 mm


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