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Aktienbasierte erfolgsabhängige Entlohnung & Unternehmensbewertung
[Share Based Compensation & Valuation]

Author

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  • Andreas Schüler

    (Universität der Bundeswehr München)

Abstract

Zusammenfassung In dem Beitrag wird untersucht, wie ausgewählte Formen der erfolgsabhängigen Entlohnung von Managern mit realen oder virtuellen Aktien oder Optionen – hier als aktienbasierte erfolgsabhängige Entlohnung bezeichnet – in der Unternehmensbewertung abzubilden sind. Ausgehend von einem einperiodigen Binomialmodell wird zunächst gezeigt, welche Bewertungsvarianten sich zur Abbildung von an Manager ausgereichten Kaufoptionen auftun, bevor die Risiko- und NPV-Verteilung sowie weitere praktisch relevante Spielarten der Entlohnung betrachtet werden. Zudem wird die Erfassung weiterer problemspezifischer Teilzahlungsströme skizziert, und die Überlegungen werden auf den Zweiperioden-Fall übertragen.

Suggested Citation

  • Andreas Schüler, 2018. "Aktienbasierte erfolgsabhängige Entlohnung & Unternehmensbewertung [Share Based Compensation & Valuation]," Schmalenbach Journal of Business Research, Springer, vol. 70(1), pages 125-151, March.
    • Handle: RePEc:spr:sjobre:v:70:y:2018:i:1:d:10.1007_s41471-017-0048-7
    DOI: 10.1007/s41471-017-0048-7
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    References listed on IDEAS

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