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Die Ermittlung des Risikozuschlags bei gesellschaftsrechtlichen Strukturmaßnahmen — Eine Auswertung von Bewertungsgutachten

Author

Listed:
  • Dirk Hachmeister

    (Universität Hohenheim)

  • Frederik Ruthardt
  • Christopher Mager

    (Universität Hohenheim)

Abstract

Zusammenfassung Im Wege eines Squeeze Out können Minderheitsgesellschafter von einem Mehrheitsgesellschafter gegen Gewähr einer angemessenen Barabfindung aus einer Aktiengesellschaft gedrängt werden. Für die Bemessung der Barabfindung wird eine Unternehmensbewertung auf Basis der Ertragswertmethode durchgeführt. Der adäquaten Ermittlung des Kapitalisierungszinssatzes kommt in diesem Fall eine wesentliche Bedeutung zu. In diesem Beitrag soll anhand einer repräsentativen Stichprobe von Bewertungsgutachten die in der Praxis vorherrschende Methodik zur kapitalmarktorientierten Ermittlung des Risikozuschlags (Tax-CAPM) untersucht und vor dem Hintergrund der Theorie gewürdigt werden. Der Fokus liegt auf der Ermittlung von Marktrisikoprämie und Betafaktor.

Suggested Citation

  • Dirk Hachmeister & Frederik Ruthardt & Christopher Mager, 2015. "Die Ermittlung des Risikozuschlags bei gesellschaftsrechtlichen Strukturmaßnahmen — Eine Auswertung von Bewertungsgutachten," Schmalenbach Journal of Business Research, Springer, vol. 67(2), pages 206-234, May.
    • Handle: RePEc:spr:sjobre:v:67:y:2015:i:2:d:10.1007_bf03372922
    DOI: 10.1007/BF03372922
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    References listed on IDEAS

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    More about this item

    Keywords

    G31; G32; G34;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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