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Das Problem der Anschlussverzinsung

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  • Lutz Kruschwitz

    (Freie Universität Berlin)

Abstract

Zusammenfassung Die vorliegende Arbeit beschäftigt sich mit der Frage, wie Zinssätze für lange Laufzeiten gewonnen werden können, wenn es an tragfähigen Marktdaten mangelt. Hierzu gibt es (nicht nur) in der Literatur zur Unternehmensbewertung unterschiedliche Vorstellungen. Es werden zahlreiche Alternativen zusammengetragen und kritisch gewürdigt. Besonders intensiv wird die Extrapolation von Zinsstrukturfunktionen diskutiert. Neben den bekannten Modellen der Nelson-Siegel-Klasse gibt es hier mit dem Smith-Wilson-Modell ein Konzept, das in der Literatur zur Unternehmensbewertung bislang nur wenig Aufmerksamkeit gefunden hat. Interessanterweise existiert eine jahrzehntealte Diskussion zur „social discount rate“, die Ähnlichkeit mit der Problematik angemessener Anschlusszinssätze besitzt. Es könnte ratsam sein, dass sich die Literatur zur Unternehmensbewertung auch damit künftig auseinandersetzt.

Suggested Citation

  • Lutz Kruschwitz, 2018. "Das Problem der Anschlussverzinsung," Schmalenbach Journal of Business Research, Springer, vol. 70(1), pages 9-45, March.
    • Handle: RePEc:spr:sjobre:v:70:y:2018:i:1:d:10.1007_s41471-017-0042-0
    DOI: 10.1007/s41471-017-0042-0
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