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Die Bewertung von Joint Ventures mit der Free Cash Flow-Methode unter besonderer Berücksichtigung kooperationsinterner Leistungsbeziehungen

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  • Albers, Christian
  • Lamprecht, Dirk

Abstract

Die steigende Anzahl von Unternehmenskooperationen ist mit einer Zunahme ihrer Ausgestaltungsvarianten verbunden. Für das Kooperationsmanagement sind damit zahlreiche Herausforderungen verbunden, um die adäquate Institutionalisierung auszuwählen. Nach wie vor fehlen viele geeignete Instrumente, die die Vorbereitung und die Durchführung konkreter Kooperationen erleichtern können. Besondere Defizite zeigen sich bei der Bewertung von Kooperationen, ihrer Leistungsströme und ihrer Ergebnisse. Im vorliegenden IfG-Arbeitspapier von Christian Albers und Dirk Lamprecht wird ein Ansatz vorgestellt, der einzelne Aspekte der Bewertung von Joint Ventures zum Inhalt hat. Dabei wird klar herausgearbeitet, dass die üblichen Ansätze der Unternehmensbewertung für Kooperationen zu kurz greifen. Sie ermöglichen keine Entscheidungshilfen und müssen modifiziert werden, um im Kooperationsmanagement Verwendung finden zu können. Der vorgeschlagene Ansatz berücksichtigt jene Leistungsbeziehungen, die innerhalb des Joint Ventures bestehen und die letztlich den Gehalt und die Ursache der Kooperation darstellen. Selbstverständlich handelt es sich um eine einfache Methode, die noch mit vielen Prämissen auskommen muss. Dennoch kann sie bereits als ein wichtiger Schritt hin zur Modifikation von Instrumenten der Unternehmensbewertung gesehen werden, die so auch für Kooperationsentscheidungen konkret genutzt werden können. Die Arbeit stammt aus dem IfG-Forschungscluster II: Kooperationsmanagementund ergänzt die Arbeiten, die bereits zur Bewertung von Unternehmenskooperationen vorgestellt wurden, zuletzt im IfGArbeitspapier Nr. 59.

Suggested Citation

  • Albers, Christian & Lamprecht, Dirk, 2007. "Die Bewertung von Joint Ventures mit der Free Cash Flow-Methode unter besonderer Berücksichtigung kooperationsinterner Leistungsbeziehungen," Arbeitspapiere 65, University of Münster, Institute for Cooperatives.
    • Handle: RePEc:zbw:wwuifg:65
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    1. Fuller, Russell J & Kerr, Halbert S, 1981. "Estimating the Divisional Cost of Capital: An Analysis of the Pure-Play Technique," Journal of Finance, American Finance Association, vol. 36(5), pages 997-1009, December.
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    3. Eugene F. Fama & Kenneth R. French, 2004. "The Capital Asset Pricing Model: Theory and Evidence," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 25-46, Summer.
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    Cited by:

    1. Kolloge, Konstantin, 2009. "Die Messung des Kooperationserfolges in der empirischen Forschung: Ergebnisse einer Literaturstudie," Arbeitspapiere 76, University of Münster, Institute for Cooperatives.

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