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Unternehmensbewertung bei variablem Verschuldungsgrad

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  • Richter Frank

    (Dr., rer. pol., McKinsey&Company, Düsseldorf)

Abstract

Im vorliegenden Beitrag wird ein Teilaspekt der Unternehmensbewertung aufgegriffen, der in der jüngsten Vergangenheit besonders intensiv und kontrovers diskutiert wurde. Die Frage ist, wie die durch anteilige Fremdfinanzierung ausgelösten Steuervorteile (bei fehlenden Insolvenzrisiken) zu bewerten sind. Der Beitrag enthält eine weiterentwickelte Adjusted-Present-Value-Methode, die hierfür besser geeignet ist als die gängigen Discounted-Cash-flow- und Ertragswert-Methoden

Suggested Citation

  • Richter Frank, 1998. "Unternehmensbewertung bei variablem Verschuldungsgrad," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 10(6), pages 379-389, December.
    • Handle: RePEc:bpj:zfbrbw:v:10:y:1998:i:6:p:379-389:n:3
    DOI: 10.15375/zbb-1998-0603
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    Cited by:

    1. Streitferdt, Felix, 2003. "Unternehmensbewertung mit dem WACC-Verfahren bei konstantem Verschuldungsgrad," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 574, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

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