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

Author

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  • 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
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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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    Keywords

    M49;

    JEL classification:

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

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