IDEAS home Printed from https://ideas.repec.org/p/zbw/cauman/479.html
   My bibliography  Save this paper

Kapitalkostenermittlung auf der Basis des Capital Asset Pricing Model

Author

Listed:
  • Nippel, Peter
  • Scheinert, Roland

Abstract

In der renditeorientierten Betrachtungsweise ist ein Investitionsprojekt lohnend, wenn dessen erwartete Verzinsung eine bestimmte Mindesthöhe überschreitet. Kapitalgeber werden nämlich nur dann die zur Durchführung einer Investition notwendigen Mittel bereitstellen, wenn das Projekt eine Rendite erwarten läßt, die über der einer Kapitalmarktanlage mit vergleichbarem Risiko liegt. Diese von den Kapitalgebern geforderte Mindestverzinsung bezeichnet man als Kapitalkosten. Sofern am Kapitalmarkt nicht bereits ein Finanzierungstitel mit vergleichbarem Risiko gehandelt wird, muß man die von den Kapitalgebern geforderte Mindestverzinsung aus kapitalmarkttheoretischen Überlegungen ableiten. Dabei kann man beispielsweise auf das Capital Asset Pricing Model (CAPM) zurückgreifen. Wie dabei vorzugehen ist, wird im folgenden genauer betrachtet. Als Ausgangsbasis für eine sinnvolle und unmittelbar nachzuvollziehende Beurteilung von Investitionsprojekten wird zunächst das Marktwertkriterium formuliert. Daraus läßt sich als ebenfalls geeignetes Vorteilhaftigkeitskriterium der Vergleich von Projektrendite und Kapitalkosten ableiten. Die Kapitalkosten selbst könnten aus der Renditegleichung des CAPM abgeleitet werden. Dies scheitert jedoch daran, daß zuvor der Marktwert der Zahlungen aus dem Projekt bekannt sein müßte. Umgehen läßt sich das Problem, indem man die Kapitalkosten lediglich näherungsweise ermittelt. Es kann gezeigt werden, daß die Verwendung des nur näherungsweise berechneten Kapitalkostensatzes stets zum richtigen Ergebnis führt. Anschließend wird demonstriert, wie sich dieses Resultat ökonomisch begründen läßt.

Suggested Citation

  • 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.
  • Handle: RePEc:zbw:cauman:479
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/168617/1/manuskript_479.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rubinstein, Mark E, 1973. "A Mean-Variance Synthesis of Corporate Financial Theory," Journal of Finance, American Finance Association, vol. 28(1), pages 167-181, March.
    2. 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.
    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. François-Éric Racicot & Raymond Théoret, 2022. "Tracking market and non-traditional sources of risks in procyclical and countercyclical hedge fund strategies under extreme scenarios: a nonlinear VAR approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-56, December.
    2. Magni, Carlo Alberto, 2016. "Capital depreciation and the underdetermination of rate of return: A unifying perspective," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 54-79.
    3. James A. Ohlson, 1990. "A Synthesis of security valuation theory and the role of dividends, cash flows, and earnings," Contemporary Accounting Research, John Wiley & Sons, vol. 6(2), pages 648-676, March.
    4. Carlo Alberto Magni & Ken V. Peasnell, 2015. "The Term Structure of Capital Values:An accounting-based framework for measuring economic profitability," Department of Economics 0060, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    5. Zhang, Eden Quxian, 2022. "Why are distressed firms acquisitive?," Journal of Corporate Finance, Elsevier, vol. 72(C).
    6. Jacquier, Eric & Titman, Sheridan & YalçIn, Atakan, 2010. "Predicting systematic risk: Implications from growth options," Journal of Empirical Finance, Elsevier, vol. 17(5), pages 991-1005, December.
    7. Alexander Peter Groh & Oliver Gottschalg, 2008. "The Opportunity Cost of Capital of US Buyouts," NBER Working Papers 14148, National Bureau of Economic Research, Inc.
    8. Ardalan, Kavous, 2017. "Capital structure theory: Reconsidered," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 696-710.
    9. Edson Vengesai, 2023. "Unveiling the Role of Investment Tangibility on Financial Leverage: Insights from African-Listed Firms," Risks, MDPI, vol. 11(11), pages 1-19, November.
    10. Maretno Agus Harjoto, 2017. "Corporate social responsibility and degrees of operating and financial leverage," Review of Quantitative Finance and Accounting, Springer, vol. 49(2), pages 487-513, August.
    11. Richard D. Farmer, 2006. "Risk-Smoothing Across Time and the Demand for Inventories: A Mean-Variance Approach," Eastern Economic Journal, Eastern Economic Association, vol. 32(4), pages 699-722, Fall.
    12. Luis Ferruz Agudo & José Luis Sarto Marzal, 1997. "Eficacia financiera aplicada en gestión de carteras y necesidad de nuevos índices de performance," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 8, pages 41-58, Diciembre.
    13. Gérard Charreaux & Pierre-Yves Chopin, 1997. "Evaluation et analyse du processus de création de la valeur: un modèle généralisé du goodwill," Working Papers CREGO 0970201, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    14. Flaxio Toxvaerd, 2005. "Mergers, Diversification and Financial Intermediation," Money Macro and Finance (MMF) Research Group Conference 2005 43, Money Macro and Finance Research Group.
    15. John McDonald, 2010. "The Q theory of investment, the capital asset pricing model and the capitalization rate in real estate valuation," Applied Financial Economics, Taylor & Francis Journals, vol. 20(14), pages 1133-1143.
    16. Chalfant, James & Collender, Robert N. & Subramanfar, Shankar, 1988. "The Mean and Variance of the Mean-Variance Decision Rule," CUDARE Working Papers 198476, University of California, Berkeley, Department of Agricultural and Resource Economics.
    17. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69, March.
    18. Zarifhonarvar, Ali, 2023. "The Capital Asset Pricing Model: A New Empirical Investigation," EconStor Preprints 268396, ZBW - Leibniz Information Centre for Economics.
    19. Schmidt, Reinhard H., 2020. "Das Arbeitsgebiet "Unternehmensfinanzierung" als Teil der deutschen Betriebswirtschaftslehre," IBF Paper Series 02-20, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    20. Peter Brusov & Tatiana Filatova & Natali Orekhova, 2014. "Mechanism of formation of the company optimal capital structure, different from suggested by trade off theory," Cogent Economics & Finance, Taylor & Francis Journals, vol. 2(1), pages 1-13, December.

    More about this item

    Statistics

    Access and download statistics

    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:zbw:cauman:479. 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: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/ibkiede.html .

    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.