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Ein fast problemloses DCF-Verfahren zur Unternehmensbewertung

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  • Thomas Schildbach

    (Universität Passau)

Abstract

Summary Discounted Cash Flow-Methods of Corporate Valuation have severe disadvantages. Outside special cases of perpetual annuities actual formulas cause never ending circles of calculation. Up to now the problems are solved either by multistep rollback-methods, often on a basis of systematic trial and improvement, or by problematic assumptions or by delicate curtailments of Financial Policy (constant debt-equity-ratio). This paper presents a new formula which is free from the formal problems. Of course this is not a solution to the material problems of Corporate Valuation.

Suggested Citation

  • Thomas Schildbach, 2000. "Ein fast problemloses DCF-Verfahren zur Unternehmensbewertung," Schmalenbach Journal of Business Research, Springer, vol. 52(8), pages 707-723, December.
    • Handle: RePEc:spr:sjobre:v:52:y:2000:i:8:d:10.1007_bf03372635
    DOI: 10.1007/BF03372635
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    References listed on IDEAS

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    1. Richter Frank, 1997. "DCF-Methoden und Unternehmensbewertung: Analyse der systematischen Abweichungen der Bewertungsergebnisse," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 9(3), pages 226-237, September.
    2. Miles, James A. & Ezzell, John R., 1980. "The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life: A Clarification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(3), pages 719-730, September.
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    Cited by:

    1. Sven Husmann & Lutz Kruschwitz & Andreas Löffler, 2001. "Über einige Probleme mit DCF-Verfahren," Schmalenbach Journal of Business Research, Springer, vol. 53(3), pages 277-282, May.

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