Die Bedeutung Des Kapitalisierungszinssatzes F R Die Beteiligten Von Unternehmensakquisitionen
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Die Bedeutung Des Kapitalisierungszinssatzes F R Die Beteiligten Von Unternehmensakquisitionen
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Author : Stefan Goronczy
language : de
Publisher: diplom.de
Release Date : 2001-03-21
Die Bedeutung Des Kapitalisierungszinssatzes F R Die Beteiligten Von Unternehmensakquisitionen written by Stefan Goronczy and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-03-21 with Business & Economics categories.
Inhaltsangabe:Problemstellung: In der Unternehmensbewertungsdiskussion nimmt die Frage nach dem richtigen Kapitalisierungszinssatz eine zentrale Stellung ein. Der Kapitalisierungszins ist die Vergleichsrendite, an der sich im Entscheidungszeitpunkt der Vorteilhaftigkeitsvergleich von Investitionen orientiert. Damit ist der Zins neben den erwarteten Zukunftserfolgen aus der Investition in ein Unternehmen die entscheidende Rechengröße. Ihrer Ermittlung wird künftig mehr Gewicht beikommen, denn die Anlässe für Unternehmensbewertungen nehmen zu. Es entscheiden sich immer mehr Unternehmen für den Weg des externen Wachstums über Akquisitionen, weil es gegenüber dem internen Wachstum als die kostengünstigere und schnellere Variante erscheint, sich für den weltweiten Wettbewerb zu positionieren. Die Höhe des Kapitalisierungszinssatzes in den Ertragswertmethoden ist dabei entscheidend für die Bestimmung des Unternehmenswertes. Gang der Untersuchung: Diese Arbeit soll basierend auf den dafür relevanten Grundlagen der Unternehmensbewertung, beschrieben in Kapitel 2, die Methoden zur Wahl eines adäquaten Kapitalisierungszinssatzes in der klassischen Ertragswertmethode und in der Discounted-Cash-Flow Methode darstellen. Die Problematik der dabei richtig zu berücksichtigenden Einflussgrößen wie risikoloser Basiszinssatz, Unsicherheit, Geldentwertung usw. wird an den Methoden in Kapitel 3 diskutiert. Wie wird ein Kapitalisierungszinssatz gefunden, der den Unternehmenswert für die Akquisitionsbeteiligten aufzeigt ? Da es einen objektiven Wert bei Unternehmensakquisitionen in der Realität nicht gibt, bestimmen die unterschiedlichen subjektiven Vorstellungen des Käufers bzw. Verkäufers den Wert des Unternehmens. Diese lassen sich aus den unterschiedlichen Motiven, Strategieansätzen und Alternativanlagen ableiten, die für die Beteiligten jeweils die Grundlage für ihre Grenzpreisbestimmung bilden. Dieser Themenkomplex wird in Kapitel 4 dargestellt. Die Rechtsprechung orientiert sich bei der Festsetzung von Unternehmenswerten nun auch weitestgehend am Ertragswertverfahren und sucht damit den objektiven bzw. objektivierten Unternehmenswert. Die hierbei verwendeten Zinssätze sollen im Kapitel 5 auf die Erfüllung ihrer Aufgaben nochmals kritisch überprüft werden. Als praktisches Element ist im Anhang ein Interview mit einer Fachverantwortlichen aus dem Wertpapier-Research der Hamburgischen Landesbank über die Wahl des Kapitalisierungszinssatzes bei der Bewertung [...]
Strategy For Managing Complex Systems
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Author : Fredmund Malik
language : en
Publisher: Campus Verlag
Release Date : 2016-05-12
Strategy For Managing Complex Systems written by Fredmund Malik and has been published by Campus Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-12 with Business & Economics categories.
"Malik demonstrates that management and management theory have strong foundations in systems science, and most specifically in a certain type of cybernetics of truly complex systems, of organismic, self-organizing, and evolving systems. This book provides the basics on how to create robust, functional, and sustainably viable systems. One of the reasons why it has become a classic on management cybernetics, now in its 11th edition, is that the strategies and heuristic principles of complexity management are still relevant - now more than ever."--Back cover.
Managing For Results
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Author : Peter F. Drucker
language : en
Publisher: Elsevier
Release Date : 2016-06-06
Managing For Results written by Peter F. Drucker and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-06 with Business & Economics categories.
Managing for Results: Economic Tasks and Risk-taking Decisions is a guidebook for those in management position. The book is comprised of 14 chapters that are organized into three parts. The first part talks about understanding the business; this part covers business realities, revenues, resources, and prospects. Part II discusses the opportunities and needs in economic dimensions of a business. Part III covers the key decision, business strategies, and building up economic performance. The book will be useful to managers, entrepreneurs, and individuals who are exposed to a decision-making situation that has an economic implication.
Introduction To Controlling
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Author : Jürgen Weber
language : de
Publisher: Schäffer-Poeschel
Release Date : 2008-04-14
Introduction To Controlling written by Jürgen Weber and has been published by Schäffer-Poeschel this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-14 with Business & Economics categories.
In immer mehr Studiengängen ist Englisch die Lehr- und Kommunikationssprache. Anlass genug, die wichtigsten Kapitel des Erfolgslehrbuches "Einführung in das Controlling" auf Englisch vorzulegen. Das bewährte didaktische Konzept wurde beibehalten: - Übersichtlichen Gestaltung - Klar formulierte Lernziele - Kapitelzusammenfassungen - Zahlreiche Fallbeispiele
Total Quality Management As A Holistic Management Concept
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Author : Klaus J. Zink
language : en
Publisher: Springer
Release Date : 2011-11-23
Total Quality Management As A Holistic Management Concept written by Klaus J. Zink and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-23 with Business & Economics categories.
In this book Total Quality Management is introduced as a holistic management concept. An instrument to measure this approach is the European Model for Business Excellence which is well known in many European countries for national quality prizes. The book explains this model in great detail and shows how to implement it in an organisational development process. A description of the most relevant management tools in this context, like self-assessment, policy deployment and benchmarking, will be of particular interest to the reader. The book combines in a unique way the theoretical background of the subject with practical experience in consulting. The reader will understand the necessity of holistic approaches and will learn how the European Business Excellence Model overcomes traditional ways of measuring business results.
The Art Of Distressed M A Buying Selling And Financing Troubled And Insolvent Companies
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Author : H. Peter Nesvold
language : en
Publisher: McGraw Hill Professional
Release Date : 2010-12-17
The Art Of Distressed M A Buying Selling And Financing Troubled And Insolvent Companies written by H. Peter Nesvold and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-17 with Business & Economics categories.
Pessimists see distressed M&A . . . Optimists see distressed M&A Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies. The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to: Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts Navigate through complicated valuation, financing, legal, accounting, and tax issues Communicate effectively and make informed proposals in multiparty negotiations Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.
An Introduction To Bankruptcy Law
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Author : Martin A. Frey
language : en
Publisher:
Release Date : 1992
An Introduction To Bankruptcy Law written by Martin A. Frey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Law categories.
Health Plan
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Author : Alain C. Enthoven
language : en
Publisher: Beard Books
Release Date : 2002
Health Plan written by Alain C. Enthoven and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Addresses the serious problem of rising health care costs.
Governing The Health Care State
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Author : Michael Moran
language : en
Publisher: Manchester University Press
Release Date : 1999
Governing The Health Care State written by Michael Moran and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Cross-Cultural Comparison categories.
This book represents the first comparative study of how health policy is made in leading industrial nations. Using detailed case histories of the UK, the US and Germany, it shows that health care systems and modern states are indissolubly bound together. The author explains how the health care state originated before the rise of democracy, and demonstrates that it has had to confront the twin pressures of democratic politics and competitive capitalism. It focuses on three important arenas of health care politics--the government of consumption, the government of doctors, and the government of medical technology--and illustrates how these three arenas intersect.
The Survival Of The European Welfare State
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Author : Stein Kuhnle
language : en
Publisher: Routledge
Release Date : 2003-09-02
The Survival Of The European Welfare State written by Stein Kuhnle and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-02 with Political Science categories.
'Crisis'. 'Breakdown'. 'Dismantlement.' Since the 1970's, these have become the catchphrases used to describe the condition of the welfare states in Europe, in academic and media analyses alike. This book provides an alternative, more optimistic interpretation. It aims to increase both theoretical understanding and empirical knowledge of recent welfare reforms in areas including Spain, Denmark, the UK, Germany and the EU as a whole. An essential resource for students, researchers and practitioners with an interest in the welfare state.
