IDEAS home Printed from https://ideas.repec.org/a/spr/sjobre/v55y2003i4d10.1007_bf03372711.html
   My bibliography  Save this article

Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung

Author

Listed:
  • Peter Nippel

    (Christian-Albrechts-Universität zu Kiel)

  • Felix Streitferdt

    (Allianz AG, Industriebeteiligungen)

Abstract

Summary We determine the weighted average cost of capital (WACC) to be used in the valution of a firm if the EBIT grows and the plow black ratio is positive. This is done under consideration of the german tax system. Corporate taxes and personal taxes of investors are integrated. It is shown that the correct WACC depend on the tax rates, the growth rate, and the plow back ratio. Hence, in most cases they differ quite clearly from the value calculated by using the Text book formula.

Suggested Citation

  • Peter Nippel & Felix Streitferdt, 2003. "Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung," Schmalenbach Journal of Business Research, Springer, vol. 55(4), pages 401-422, June.
    • Handle: RePEc:spr:sjobre:v:55:y:2003:i:4:d:10.1007_bf03372711
    DOI: 10.1007/BF03372711
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/BF03372711
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1007/BF03372711?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Nippel, Peter & Streitferdt, Felix, 2001. "Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 533, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michael Bradley & Gregg A. Jarrell, 2008. "Expected Inflation and the Constant‐Growth Valuation Model," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(2), pages 66-78, March.
    2. André Farber & Roland Gillet & Ariane Szafarz, 2005. "A general formula for the WACC," Working Papers CEB 05-012.RS, ULB -- Universite Libre de Bruxelles.
    3. Axel Pierru & Denis Babusiaux, 2000. "Coût du capital et étude de rentabilité d'investissement : une formulation unique de l'ensemble des méthodes," Working Papers hal-02437423, HAL.
    4. Ralf Diedrich & Stefan Dierkes & Hans-Christian Gröger, 2022. "A note on the cost of capital with fixed payout ratios," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1559-1575, November.
    5. Fischer, Max & Krause, Marko & Lahmann, Alexander & Stimper, Franziska, 2022. "Firm valuation with state dependent COD taxation," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 550-561.
    6. Marko Volker Krause, 2019. "De and re-levering betas with risky debt," Business Research, Springer;German Academic Association for Business Research, vol. 12(2), pages 703-720, December.
    7. Xiao, Chang & Florescu, Ionut & Zhou, Jinsheng, 2020. "A comparison of pricing models for mineral rights: Copper mine in China," Resources Policy, Elsevier, vol. 65(C).
    8. Stewart C. Myers & Richard S. Ruback, 1987. "Discounting Rules for Risky Assets," NBER Working Papers 2219, National Bureau of Economic Research, Inc.
    9. Ronald W. Spahr & Pankaj K. Jain & Fariz Huseynov & Bhavik Rajesh Parikh, 2012. "Tax policy and macro-finance in a competitive global economy where government is considered as firms' third financial stakeholder," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 14(1/2), pages 30-66.
    10. Cooper, Ian A. & Nyborg, Kjell G., 2006. "The value of tax shields IS equal to the present value of tax shields," Journal of Financial Economics, Elsevier, vol. 81(1), pages 215-225, July.
    11. Robison, Lindon J. & Burghardt, William G., 1983. "Five Principles for Building Present Value Models and their Application to Maximum (Minimum) Bid (Sell) Price Models for Land," Agricultural Economic Report Series 201327, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    12. Nyborg, Kjell & Molnár, Peter, 2011. "Tax-Adjusted Discount Rates: A General Formula under Constant Leverage Ratios," CEPR Discussion Papers 8330, C.E.P.R. Discussion Papers.
    13. James A. Miles & John R. Ezzell & Premal P. Vora, 2018. "Revisiting the standard lease valuation model: new results," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 42(2), pages 409-420, April.
    14. Kruschwitz, Lutz & Löffler, Andreas, 2015. "Marginal tax rates under asymmetric taxation," arqus Discussion Papers in Quantitative Tax Research 191, arqus - Arbeitskreis Quantitative Steuerlehre.
    15. Magni, Carlo Alberto & Marchioni, Andrea, 2020. "Average rates of return, working capital, and NPV-consistency in project appraisal: A sensitivity analysis approach," International Journal of Production Economics, Elsevier, vol. 229(C).
    16. Fischer, Marcel & Jensen, Bjarne Astrup, 2017. "The debt tax shield, economic growth and inequality," arqus Discussion Papers in Quantitative Tax Research 219, arqus - Arbeitskreis Quantitative Steuerlehre.
    17. Fernandez, Pablo, 2003. "Levered and unlevered Beta," IESE Research Papers D/488, IESE Business School.
    18. Ignacio Vélez-Pareja, 2016. "Tax shields, financial expenses and losses carried forward," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 35(69), pages 663-689, April.
    19. Marko Volker Krause & Alexander Lahmann, 2016. "Reconsidering the appropriate discount rate for tax shield valuation," Journal of Business Economics, Springer, vol. 86(5), pages 477-512, July.
    20. Nur Hafizah Roslan & Siti Zaitun Saddam & Muhammad Ahmad & Muhammad Hafiz Bin Amran, 2024. "Examining the Influence of Macroeconomic Factors and Corporate Governance on Firm Performance in the ACE Market," Information Management and Business Review, AMH International, vol. 16(1), pages 153-162.

    More about this item

    Keywords

    M49;

    JEL classification:

    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sjobre:v:55:y:2003:i:4:d:10.1007_bf03372711. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.