Komponenten Des Zinsfußes in Unternehmensbewertungskalkuelen
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Komponenten Des Zinsfußes in Unternehmensbewertungskalkuelen

Komponenten Des Zinsfußes in Unternehmensbewertungskalkuelen


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About the Book

Der Kalkulationszinsfuß verdient im Rahmen der Unternehmensbewertung besondere Aufmerksamkeit, da bereits kleine Änderungen seines Wertes erhebliche Auswirkungen auf das Bewertungsergebnis haben können. Der Zins setzt sich in praxi aus den Komponenten Basiszins, Risikozuschlag, persönliche Besteuerung und Wachstumsabschlag zusammen, die durch Einflüsse unterschiedlicher Finanzierungsstrategien überlagert werden. Der Autor geht der Frage nach, unter welchen Bedingungen diese Zinsfußbestandteile und die hinter ihnen stehenden, teils widersprüchlichen Modellannahmen konsistent miteinander verbunden werden können. Hierzu werden die einzelnen Komponenten zunächst isoliert diskutiert und anschließend sukzessive unter dem Primat der Konsistenz zu einem umfassenden Bewertungsmodell zusammengeführt. Als Modellrahmen dient das mehrperiodig angewandte Capital Asset Pricing Model (CAPM). Einen Schwerpunkt der Arbeit bildet die Ableitung und umfassende Würdigung eines Steuer-CAPM, welches an das deutsche Steuersystem angepasst wird. Diese Thematik ist von großer praktischer Relevanz, da die in IDW S 1 niedergelegten berufsständischen Grundsätze der Wirtschaftsprüfer in Deutschland bei der Ermittlung objektivierter Unternehmenswerte mittlerweile die Anwendung eines vereinfachten Steuer-CAPM verlangen.
About the Author: Der Autor: Jörg Wiese, geboren 1975 in Berlin, studierte Betriebswirtschaftslehre an der Ludwig-Maximilians-Universität München mit den Schwerpunkten Revisions- und Treuhandwesen, Kapitalmarktforschung und Finanzierung sowie Produktionswirtschaft und Controlling. Von 2002 bis 2006 promovierte der Autor als Wissenschaftlicher Mitarbeiter am Seminar für Rechnungswesen und Prüfung der Ludwig-Maximilians-Universität München. Das postgraduale Studium zum Master of Business Research schloss er 2004 ab. Die Promotion erfolgte 2006.


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Product Details
  • ISBN-13: 9783631552193
  • Publisher: Peter Lang Gmbh, Internationaler Verlag Der W
  • Binding: Paperback
  • Height: 210 mm
  • No of Pages: 254
  • Series Title: Betriebswirtschaftliche Studien
  • Sub Title: Theoretische Grundlagen Und Konsistenz
  • Width: 148 mm
  • ISBN-10: 363155219X
  • Publisher Date: 29 Mar 2006
  • Edition: New edition
  • Language: German
  • Returnable: N
  • Spine Width: 0 mm
  • Weight: 3746 gr


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