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Der Diversification Discount in Deutschland : existiert ein Bewertungsabschlag für diversifizierte Unternehmen?

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  • Glaser, Markus
  • Müller, Sebastian

Abstract

Die vorliegende Studie untersucht, ob sich die Existenz eines „Diversification Discounts“, also eines Bewertungsabschlages für diversifizierte Unternehmen, am deutschen Aktienmarkt nachweisen lässt. Prominente Beispiele deutscher Unternehmen zeigen, dass der Grad der Diversifikation über verschiedene Geschäftsbereiche eine zentrale Entscheidungsvariable der Unternehmensleitung darstellt und verdeutlichen die Praxisbedeutung des Themas. Ein Bewertungsabschlag wurde in den USA umfassend empirisch dokumentiert, wobei die Ursachen des Discounts in der Literatur immer noch kontrovers diskutiert werden. Die wenigen empirischen Arbeiten, welche deutsche Unternehmen untersuchen, kommen allerdings zu widersprüchlichen Ergebnissen. Eine mögliche Erklärung ist, dass bestehende Studien auf Daten der Segmentberichterstattung vor dem Jahre 2000 zurückgreifen, als noch keine detaillierten rechtlichen Vorgaben für diese vorlagen. Wir ermitteln in dieser Studie für den Untersuchungszeitraum von 2000 bis 2004 einen signifikanten Abschlag zwischen 5% und 10% für diversifizierte gegenüber fokussierten Firmen. Weitere Analysen zeigen jedoch, dass Diversifikation nicht die alleinige Ursache für den Discount ist und dass die in der Literatur verwendeten Bewertungsmaße tendenziell zu einer Überzeichnung des Abschlags führen.

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  • Glaser, Markus & Müller, Sebastian, 2006. "Der Diversification Discount in Deutschland : existiert ein Bewertungsabschlag für diversifizierte Unternehmen?," Papers 06-13, Sonderforschungsbreich 504.
    • Handle: RePEc:mnh:spaper:2576
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