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Planungsrechnung und Planungsgüte in der Unternehmensbewertung auf Grund aktienrechtlicher Strukturmaßnahmen: Eine empirische Analyse


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  • Schrenker, Claudia
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    Zur Ermittlung der Kompensationsleistung bei aktienrechtlichen Strukturmaßnahmen (z.B. Squeeze-out) ist der Unternehmens- bzw. Anteilswert zu ermitteln. Hierfür wird nahezu ausschließlich das Ertragswertverfahren angewandt. Als problematisch gilt hierbei unter anderem die Prognoseunsicherheit bei der Bestimmung der künftigen Ertragslage der zu bewertenden Unternehmen. Das Arbeitspapier befasst sich mit der Analyse von Planungsrechnungen in Bewertungsgutachten. Zudem ist die Analyse der Planungsgüte dargestellt, die durch einen Vergleich der Plan-Ergebnisse mit den Ist-Ergebnissen und mit Prognosen unabhängiger Finanzanalysten erfolgt. -- For determining the compensation within structural measures according to German stock corporation law (e.g. squeeze-out minority stockholders) it is necessary to calculate the enterprise value, respectively the share value. For this purpose the income approach is applied almost exclusively. Using this method, a crucial problem is the uncertainty in planning the future development of earnings. The paper analyzes expert reports on business valuation, in particular the planning of earnings. Furthermore the analysis includes the planning quality by comparing planned earnings with actual results and with forecasts of financial analysts.

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    Bibliographic Info

    Paper provided by Friedrich-Alexander-Universität Erlangen-Nürnberg, Lehrstuhl für Rechnungswesen und Prüfungswesen in its series Working Papers in Accounting Valuation Auditing with number 2011-4.

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    Date of creation: 2011
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    Handle: RePEc:zbw:fauacc:20114

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    Keywords: Unternehmensbewertung; Ertragswertverfahren; Vergangenheitsanalyse; Planungsrechnung; Phasenmethode; Zukunftsprognose; Prognoseunsicherheit; Planungsgüte; Squeeze-out; Zwangsausschluss; Beherrschungs- und Gewinnabführungsvertrag; Strukturmaßnahmen; Business Valuation; Income Approach; Analysis of Past Results; Planning; Phase Method; Forecast; Forecast Uncertainty; Planning Quality; Squeeze-out; Forced Take Over; Control and Profit and Loss Transfer Agreements; Structural Measures;

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