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Zikularitätsprobleme in der Unternehmensbewertung

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  • Nippel, Peter

Abstract

Alle modernen Verfahren der Unternehmensbewertung basieren auf der Diskontierung von risikobehafteten Größen zukünftiger Zeitpunkte. Zur Berücksichtigung des Risikos wird zumeist vorgeschlagen, mit einem Zinssatz zu diskontieren, der eine adäquate Risikoprämie enthält. Die genauere Betrachtung der Bestimmung dieser Risikoprämie im Rahmen des CAPM zeigt, daß zu diesem Zweck der Wert der Unternehmung bereits bekannt sein müßte. Es besteht ein Zirkularitätsproblem. Gezeigt wird, wie diese Problematik innerhalb der Modellwelt des CAPM zumindest teilweise umgangen werden kann.

Suggested Citation

  • Nippel, Peter, 1997. "Zikularitätsprobleme in der Unternehmensbewertung," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 440, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:440
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    File URL: https://www.econstor.eu/bitstream/10419/149060/1/manuskript_440.pdf
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    1. David Durand, 1952. "Costs of Debt and Equity Funds for Business: Trends and Problems of Measurement," NBER Chapters, in: Conference on Research in Business Finance, pages 215-262, National Bureau of Economic Research, Inc.
    2. Fama, Eugene F., 1977. "Risk-adjusted discount rates and capital budgeting under uncertainty," Journal of Financial Economics, Elsevier, vol. 5(1), pages 3-24, August.
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    1. Nippel, Peter & Scheinert, Roland, 1998. "Kapitalkostenermittlung auf der Basis des Capital Asset Pricing Model," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 479, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

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