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Zur Bewertung einer Unternehmensspaltung aus Sicht der Anteilseigner des zu spaltenden Unternehmens
[Valuation of a Corporate Demerger from the Shareholders’ Point of View]

Author

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  • Christian Toll

    (Fern-Universität in Hagen)

Abstract

Zusammenfassung Bei einer Unternehmensspaltung werden ganze Unternehmensteile eines Ursprungsunternehmens oder auch nur einzelne Wirtschaftsgüter auf mindestens ein bestehendes oder neu zu gründendes Unternehmen übertragen, wobei die bisherigen Eigentümer des zu spaltenden Unternehmens direkt oder indirekt Eigentum an dem oder den aus der Spaltung hervorgehenden Unternehmen erlangen. In der Spaltungsverhandlung steht demnach die Verteilung der Eigentumsanteile der aus der Spaltung hervorgehenden Unternehmen auf die Spaltungsparteien im Mittelpunkt des zu lösenden Konflikts. Daher ist mit Hilfe einer Unternehmensbewertung zu ermitteln, welche Anteilsquote die Eigentümer des ursprünglichen Unternehmens an den Spaltungsunternehmen mindestens fordern müssen, damit sie sich nicht schlechter stellen als bei Verzicht auf die Spaltung. Der vorliegende Beitrag zeigt, wie dieses Bewertungsproblem anhand des Grenzquotenkalküls gelöst werden kann.

Suggested Citation

  • Christian Toll, 2018. "Zur Bewertung einer Unternehmensspaltung aus Sicht der Anteilseigner des zu spaltenden Unternehmens [Valuation of a Corporate Demerger from the Shareholders’ Point of View]," Schmalenbach Journal of Business Research, Springer, vol. 70(1), pages 155-204, March.
    • Handle: RePEc:spr:sjobre:v:70:y:2018:i:1:d:10.1007_s41471-017-0045-x
    DOI: 10.1007/s41471-017-0045-x
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    References listed on IDEAS

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