Anwendung von Value Adjustments bei der Multiplikatorenbewertung
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Anwendung von Value Adjustments bei der Multiplikatorenbewertung

Anwendung von Value Adjustments bei der Multiplikatorenbewertung


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About the Book

Bachelorarbeit aus dem Jahr 2015 im Fachbereich BWL - Unternehmensführung, Management, Organisation, Note: 1,0, Ostbayerische Technische Hochschule Regensburg, Sprache: Deutsch, Abstract: "Bewerten heißt Vergleichen." Auf diesem Grundsatz baut die Multiplikatorenbewertung auf. Sie basiert auf der Annahme, dass zwei miteinander vergleichbare Unternehmen ähnlich bewertet werden. So wird der Marktpreis eines Unternehmens verwendet, um den Wert eines vergleichbaren Unternehmens zu schätzen, zu plausibilisieren oder im Wettbewerbsumfeld einzuordnen. Die Genauigkeit der Wertübertragung hängt maßgeblich von den Unterschieden der betrachteten Objekte ab. Je geringer diese Differenzen sind, desto genauer spiegelt das Referenzobjekt das Bewertungsobjekt wider und umso besser lässt sich dessen Wert schätzen. Neben Einflussfaktoren, die sich aus den Eigenschaften der Unternehmen und der individuellen Transaktion ergeben, muss bei der Bewertung auch die Höhe des zu erwerbenden Anteils berücksichtigt werden. Beispielsweise gehen Mehrheitsbeteiligungen an Unternehmen mit bestimmten Kontrollbefugnissen einher, die für den Käufer einen Mehrwert darstellen. Basiert die Bewertung aber auf Vergleichspreisen, die die Eigentumsverhältnisse nicht berücksichtigen, kann es zu Verzerrungen und Fehlein-schätzungen kommen. Um solche Fehler zu vermeiden, können sogenannte Control Premiums (Kontrollzuschläge) oder Minority Discounts (Minderheitsabschläge) angewendet werden. Diese Wertanpassungen erhöhen bzw. vermindern den ermittelten Unternehmenswert und berücksichtigen so mögliche Vorteile bzw. Nachteile des Käufers, die sich durch die Eigentümerkonstellation ergeben. Ziel dieser Arbeit ist die Identifikation solcher anteilsbedingten Preiskorrekturen sowie die Beschreibung ihrer Position im Rahmen der Multiplikatorenbewertung. Ebenso soll durch die Anwendung dieser Value Adjustments ihr wesentlicher Einfluss auf die Bepreisung eines Unternehmens verdeutlicht werden. Zu Beginn werden die mod


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Product Details
  • ISBN-13: 9783668038509
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3668038503
  • Publisher Date: 06 Oct 2015
  • Height: 210 mm
  • No of Pages: 66
  • Series Title: German
  • Weight: 145 gr


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Anwendung von Value Adjustments bei der Multiplikatorenbewertung
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