Ermittlung des Kapitalisierungszinsfußes nach den Empfehlungen des IDW
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Ermittlung des Kapitalisierungszinsfußes nach den Empfehlungen des IDW

Ermittlung des Kapitalisierungszinsfußes nach den Empfehlungen des IDW


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About the Book

Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Revision, Prüfungswesen, Note: 1,7, Universität Hohenheim, Veranstaltung: Seminar "Unternehmensbewertung", Sprache: Deutsch, Abstract: Im Rahmen der Unternehmensbewertung stellt der Kapitalisierungszinssazt neben den zu schätzendenen finanziellen Überschüssen aus dem Bewertungsobjekt die zentrale Determinante dar. Die Empfehlungen des IDW S 1 zur Ableitung des Kapitalisierungszinssatzes für die Zwecke eines objektivierten Unternehmenswertes sind von besonderer Bedeutung, da sie im Wesentlichen auch für Bewertungen im i.R.d. IDW RS HFA 10 und des IDW RS HFA 16 maßgeblich sind. Für das Ertragswertverfahren weist IDW S 1 insbesondere auf die Zerlegung des Kapitalisierungszinssatzes in Basiszins und Risikozuschlag hin. I.R.d. Seminararbeit werden entsprechend die Empfehlungen des IDW S 1 zur Ableitung des Basiszinses und des Risikozuschlags sowie die Auswirkung der Unternehmenssteuerreform 2008 auf die Erfassung persönlicher Steuern im Kapitalisierungszinssatz diskutiert. Dabei wird die Ableitung des Basiszinssatzes besonders ausführlich behandelt. Da sich IDW S 1 überwiegend auf die objektivierte Wertermittlung bezieht, beschäftigt sich die Arbeit ausschließlich mit diesem Themenkomplex. Die Darstellung des Vorgehens bei der Ermittlung der Zinsfußkomponenten bezieht sich durchweg auf eine marktgestützte Ableitung. Die Berücksichtigung und Behandlung etwaiger Wachstumsabschläge im Kapitalisierungszinssatz in der Phase der ewigen Rente sind nicht Gegenstand der Arbeit. Gleiches gilt für die Berücksichtigung von Fremdkapitalkosten, Finanzierungspolitik und Kapitalstruktur.


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Product Details
  • ISBN-13: 9783640795918
  • Publisher: Grin Publishing
  • ISBN-10: 3640795911
  • Publisher Date: 12 Jan 2011


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Ermittlung des Kapitalisierungszinsfußes nach den Empfehlungen des IDW
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