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Unternehmensbewertung bei Teilausschüttung

Author

Listed:
  • Peter Nippel

    (Universität Kiel)

  • Felix Streitferdt

    (Fachhochschule Trier)

Abstract

Summary We show that our paper published in the zfbf from June 2003 is not inconsistent as Schwetzler suggests in his comments. To this end we recapitulate and strengthen our arguments. Especially, we again emphasise the difference between the cost of capital and the concept of WACC, the latter being a discount rate that comprises the advantage or disadvantage of the firm’s financial policy relative to a hypothetical all equity firm. Furthermore, we show that the consideration of dividend policy and of restrictions on dividends is necessary under the German tax code, even if these aspects are irrelevant in a world without taxes.

Suggested Citation

  • Peter Nippel & Felix Streitferdt, 2005. "Unternehmensbewertung bei Teilausschüttung," Schmalenbach Journal of Business Research, Springer, vol. 57(2), pages 163-169, March.
    • Handle: RePEc:spr:sjobre:v:57:y:2005:i:2:d:10.1007_bf03371632
    DOI: 10.1007/BF03371632
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    Keywords

    G32; M49;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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