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Nutzengestützte Unternehmensbewertung: Ein Abriss der jüngeren Literatur

Author

Listed:
  • Josef Schosser

    (Universität Passau)

  • Markus Grottke

    (Universität Passau)

Abstract

Zusammenfassung Die sog. ßSicherheitsäquivalentmethode“ gilt als klassisches Verfahren nutzengestützter Bewertung. Sie bestimmt den Wert eines Stroms unsicherer Zahlungen, indem periodenspezifische Sicherheitsäquivalente gebildet und mit Hilfe des risikofreien Zinssatzes in einer Größe verdichtet werden. Im Anschluss an Kürsten (zfbf, 54. Jg., S. 128–144, 2002) kamen Zweifel an der theoretischen Fundierung dieser Vorgehensweise auf. Es entwickelte sich eine umfangreiche Diskussion, die zu klären versuchte, unter welchen Bedingungen die Sicherheitsäquivalentmethode eingesetzt werden kann und wie alternative nutzengestützte Kalküle aussehen könnten. Vorliegender Beitrag liefert einen systematischen überblick über die hierbei entstandenen Arbeiten, wobei sowohl Ansätze innerhalb als auch außerhalb des Rahmens der Erwartungsnutzentheorie besprochen werden. Dabei wird die überragende Bedeutung der Annahmen hinsichtlich der Reichhaltigkeit des Kapitalmarkts deutlich. Besondere Beachtung zollt der Beitrag den–in der deutschen Literatur weitgehend außer Acht gelassenen–Verbindungen zum angelsächsischen Schrifttum. Im Vergleich der Literaturstränge zeigen sich Analogien, aber auch gegenseitige Ergänzungen.

Suggested Citation

  • Josef Schosser & Markus Grottke, 2013. "Nutzengestützte Unternehmensbewertung: Ein Abriss der jüngeren Literatur," Schmalenbach Journal of Business Research, Springer, vol. 65(4), pages 306-341, June.
    • Handle: RePEc:spr:sjobre:v:65:y:2013:i:4:d:10.1007_bf03373716
    DOI: 10.1007/BF03373716
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    References listed on IDEAS

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    More about this item

    Keywords

    Certainty equivalent; Firm valuation; Utility-based valuation; Utility function;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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