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Die Kapitalflussrechnung in der Unternehmensbewertung: Bewertungskalkül und Gestaltungshinweise

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  • Wolfgang Schultze

  • Martin Meyer

Abstract

The correct definition and calculation of the free cash flows plays a crucial role in the process of valuing companies. The two main components of a valuation model, free cash flow and the costs of capital, need to be determined simultaneously. The different approaches to valuation are different in the way they integrated the tax shields from debt financing. Each approach requires its specific definiton of both cash flows and the cost of capital. Both the DCF-Model for valuation and the cash flow statement are based on the equivalence of the source and uses of funds. For valuation purposes, the cash flows needed for valuation should be defined consistently and determined by the use of the cash flow statement. This paper derives these definitions and discusses specific problems in the use and design of the cash flow statement as a means of valuation. Copyright Physica-Verlag 2005

Suggested Citation

  • Wolfgang Schultze & Martin Meyer, 2005. "Die Kapitalflussrechnung in der Unternehmensbewertung: Bewertungskalkül und Gestaltungshinweise," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 16(3), pages 289-324, September.
    • Handle: RePEc:spr:metrik:v:16:y:2005:i:3:p:289-324
    DOI: 10.1007/BF02825646
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    References listed on IDEAS

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    Cited by:

    1. Pütter, Jonas, 2023. "Is Cash (the only) King? – Eine kritische Analyse der Aussagekraft von Kapitalflussrechnungen nach IAS 7 [Is Cash (the only) King? – A critical analysis of the relevance of Cashflow figures accordi," Junior Management Science (JUMS), Junior Management Science e. V., vol. 8(1), pages 219-236.
    2. Bachmann, Carmen & Schultze, Wolfgang, 2011. "Bewertung von Kapitalgesellschaften: Der Steuervorteil der Fremdfinanzierung unter schweizerischem Steuerrecht," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 65(1), pages 6-31.

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