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A hazai kis- és középvállalati szektor vállalatértékelési sajátosságai
[Specialities in the valuation of Hungarian SMEs]

Author

Listed:
  • Takács, András
  • Várkonyi, Patrik

Abstract

A tanulmány célja egy olyan kis- és középvállalatokra alkalmazható diszkont módszertanának bemutatása, amely a diszkontált cash flow alapú vállalatértékeléskor az értékelő segítségére lehet abban, hogy minél reálisabb értéket állapíthasson meg e szektor vállalataira. A vállalatértékelés gazdaságtörténeti áttekintése után bemutatjuk a szakirodalom által elfogadott és a gyakorlatban is használt diszkontokat, valamint a nagyvállalati, illetve és a kis- és középvállalati szektor közötti fontos különbségeket, amelyek indokolják a kis- és középvállalati szektor eltérő módon történő értékelését. A primer kutatás során 1575 mintaelemszámú adatállomány (105 nagyvállalati, 255 közepes vállalati és 1215 kisvállalati) segítségével állapítottuk meg az értékeléssel kapcsolatos fontos különbségeket. A tanulmány elkészítése során két fontos eredmény született. 1. Elfogadtuk azt a hipotézist, amely szerint a magyar kis- és középvállalati szektor vállalatait nem adekvát pusztán a hozamérték-alapú metódussal értékelni, szükséges egy kis- és középvállalati diszkont alkalmazása is ahhoz, hogy reális értékelést kapjunk. 2. A kis- és középvállalati szektoron felül a nagyvállalatok esetében is jelentős különbség érzékelhető a referenciaadatként szolgáló európai átlagos vállalatokhoz képest. A kutatás eredménye azt bizonyítja, hogy az európai iparági átlagos vállalatértékhez képest a magyar nagyvállalatok átlagosan 20 százalékkal, a magyar kis- és középvállalatok pedig átlagosan 46 százalékkal alacsonyabb értéket mutatnak. E különbségek számbavételével állapítottunk meg egy 20 százalékos országdiszkontot, valamint egy 26 százalékos kis- és középvállalati diszkontot.* Journal of Economic Literature (JEL) kód: G10, G12.

Suggested Citation

  • Takács, András & Várkonyi, Patrik, 2022. "A hazai kis- és középvállalati szektor vállalatértékelési sajátosságai [Specialities in the valuation of Hungarian SMEs]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1195-1212.
    • Handle: RePEc:ksa:szemle:2079
    DOI: 10.18414/KSZ.2022.10.1195
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    References listed on IDEAS

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    1. Alexander W. Bartik & Marianne Bertrand & Zoe Cullen & Edward L. Glaeser & Michael Luca & Christopher Stanton, 2020. "The impact of COVID-19 on small business outcomes and expectations," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 117(30), pages 17656-17666, July.
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    3. Fernández, Pablo, 2002. "Company valuation methods. The most common errors in valuations," IESE Research Papers D/449, IESE Business School.
    4. Juha Soininen & Kaisu Puumalainen & Helena Sjögrén & Pasi Syrjä, 2012. "The impact of global economic crisis on SMEs," Management Research Review, Emerald Group Publishing Limited, vol. 35(10), pages 927-944, September.
    5. Adli Abouzeedan & Michael Busler, 2004. "Typology Analysis of Performance Models of Small and Medium-Size Enterprises (SMEs)," Journal of International Entrepreneurship, Springer, vol. 2(1_2), pages 155-177, March.
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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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