IDEAS home Printed from https://ideas.repec.org/a/spr/sjobre/v72y2020i3d10.1007_s41471-020-00094-1.html
   My bibliography  Save this article

Zur kapitalwertorientierten Bewertung (nicht nur) von immateriellen Vermögenswerten in der internationalen Rechnungslegung
[On the Income-Approach (Not Only) to Value Intangible Assets According to International Financial Reporting Standards]

Author

Listed:
  • Andreas Schüler

    (Universität der Bundeswehr München)

Abstract

Zusammenfassung Der Beitrag ist der Bewertung (nicht nur) immaterieller Vermögenswerte mit kapitalwertorientierten Verfahren in der internationalen Rechnungslegung gewidmet. Unter der Annahme, dass das Problem der Zuordnung von Zahlungsüberschüssen zu einzelnen Vermögenswerten bzw. Gruppen von Vermögenswerten (Assets) gelöst ist, wird insbesondere die Wahl des kapitalwertorientierten Bewertungsverfahrens und die Ermittlung der zugehörigen Diskontierungssätze diskutiert. Es werden Empfehlungen zur Abbildung des Investitionsrisikos und der Finanzierung bei der Bewertung von Vermögenswerten unter Berücksichtigung der Marktwertadditivität erarbeitet. Es wird gezeigt, dass der in der Praxis beliebte WACC-Ansatz dafür häufig weniger geeignet ist als der Adjusted-Present-Value (APV) -Ansatz. Dieser sollte soweit es die Datenlage zulässt, Bottom-up ausgefüllt werden. Sofern auf die Daten als vergleichbar eingestufter Unternehmen (Peer Group) zurückgegriffen wird, muss die Vergleichbarkeit im ersten Schritt hinsichtlich des Investitionsrisikos gegeben sein, um so die Eigenkapitalkosten bei Eigenfinanzierung vermögenswertspezifisch zu schätzen. Weitere pragmatische Lösungsansätze, wie Top-down erfolgende Zu- oder Abschläge zum bzw. vom unternehmensweiten WACC oder der sog. WARA (Weighted Average Return on Assets) -Ansatz, werden hinsichtlich der implizierten Fremdkapital- und Wertzuordnungen sowie hinsichtlich der Einhaltung des Marktwertadditivitätsprinzips kritisch gewürdigt.

Suggested Citation

  • Andreas Schüler, 2020. "Zur kapitalwertorientierten Bewertung (nicht nur) von immateriellen Vermögenswerten in der internationalen Rechnungslegung [On the Income-Approach (Not Only) to Value Intangible Assets According to," Schmalenbach Journal of Business Research, Springer, vol. 72(3), pages 371-396, September.
    • Handle: RePEc:spr:sjobre:v:72:y:2020:i:3:d:10.1007_s41471-020-00094-1
    DOI: 10.1007/s41471-020-00094-1
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s41471-020-00094-1
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1007/s41471-020-00094-1?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. Lewellen, Wilbur G. & Long, Michael S. & McConnell, John J., 1977. "Capital cost and adjusted present value: Reconciliation and amplification," Journal of Business Research, Elsevier, vol. 5(2), pages 109-127, June.
    2. Erlend Kvaal, 2007. "Discounting and the Treatment of Taxes in Impairment Reviews," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(5‐6), pages 767-791, June.
    3. Erlend Kvaal, 2007. "Discounting and the Treatment of Taxes in Impairment Reviews," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(5-6), pages 767-791.
    4. Isik Inselbag & Howard Kaufold, 1997. "Two Dcf Approaches For Valuing Companies Under Alternative Financing Strategies (And How To Choose Between Them)," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(1), pages 114-122, March.
    5. Schall, Lawrence D, 1972. "Asset Valuation, Firm Investment, and Firm Diversification," The Journal of Business, University of Chicago Press, vol. 45(1), pages 11-28, January.
    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. Andreas Schüler, 2021. "Cross-border DCF valuation: discounting cash flows in foreign currency," Journal of Business Economics, Springer, vol. 91(5), pages 617-654, July.
    2. Tadeusz Dudycz & Jadwiga Praźników, 2020. "Does the Mark-to-Model Fair Value Measure Make Assets Impairment Noisy?: A Literature Review," Sustainability, MDPI, vol. 12(4), pages 1-24, February.
    3. Erlend Kvaal, 2018. "Discussion of ‘Making Deferred Taxes Relevant’," Accounting in Europe, Taylor & Francis Journals, vol. 15(2), pages 231-241, May.
    4. Andreas Schueler, 2021. "Executive Compensation and Company Valuation," Abacus, Accounting Foundation, University of Sydney, vol. 57(2), pages 297-324, June.
    5. Dominic Detzen & Tobias Stork genannt Wersborg & Henning Zülch, 2016. "Impairment of Goodwill and Deferred Taxes Under IFRS," Australian Accounting Review, CPA Australia, vol. 26(3), pages 301-311, September.
    6. Pierru, Axel, 2009. ""The weighted average cost of capital is not quite right": A rejoinder," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1481-1484, November.
    7. 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.
    8. Denis Babusiaux & Axel Pierru, 2009. "Investment project valuation : A new equity perspective," Working Papers hal-02469464, HAL.
    9. Fernandez, Pablo, 2003. "Equivalence of ten different methods for valuing companies by cash flow discounting," IESE Research Papers D/524, IESE Business School.
    10. K. T. Wallenius & N. K. Womer, 1989. "Cost realism in defense contracting," Naval Research Logistics (NRL), John Wiley & Sons, vol. 36(5), pages 533-557, October.
    11. Ignacio Vélez-Pareja & Rauf Ibragimov & Joseph Tham, 2008. "Constant Leverage And Constant Cost Of Capital: A Common Knowledge Half-Truth," Estudios Gerenciales, Universidad Icesi, June.
    12. Fernandez, Pablo, 2005. "Financial literature about discounted cash flow valuation," IESE Research Papers D/606, IESE Business School.
    13. Emhjellen, Magne & Alaouze, Chris M., 2002. "Project valuation when there are two cashflow streams," Energy Economics, Elsevier, vol. 24(5), pages 455-467, September.
    14. Douglas R. Emery & Wilbur G. Lewellen & David C. Mauer, 1988. "Tax-Timing Options, Leverage, And The Choice Of Corporate Form," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(2), pages 99-110, June.
    15. Keen, Peter G. W., 1979. "Information systems and organizational change," Working papers 1087-79. Report (Alfred P, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    16. Lidiia Karpenko & Mykola Izha & Iryna Chunytska & Andrii Maiev & Kateryna Hunko, 2021. "The growth of the country’s economic security level based on the investment infrastructure development projects," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(4), pages 713-729, June.
    17. Ignacio Velez-Pareja & Julian Benavides Franco, 2011. "Cost of Capital when Dividends are Deductible," Brazilian Review of Finance, Brazilian Society of Finance, vol. 9(3), pages 309-334.
    18. Fernandez, Pablo, 2004. "Equivalence of ten different discounted cash flow valuation methods," IESE Research Papers D/549, IESE Business School.
    19. Mohammad Enamul Hoque & Sourav Batabyal, 2022. "Carbon Futures and Clean Energy Stocks: Do They Hedge or Safe Haven against the Climate Policy Uncertainty?," JRFM, MDPI, vol. 15(9), pages 1-11, September.
    20. Fernandez, Pablo, 2004. "The value of tax shields is NOT equal to the present value of tax shields," Journal of Financial Economics, Elsevier, vol. 73(1), pages 145-165, July.

    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:72:y:2020:i:3:d:10.1007_s41471-020-00094-1. 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.