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Unternehmensbewertung, Basiszinssatz und Zinsstruktur: Kapitalmarktorientierte Bestimmung des risikolosen Basiszinssatzes bei nicht-flacher Zinsstruktur


  • Obermaier, Robert


Der Diskussionsbeitrag zeigt, wie der für die Unternehmensbewertung benötigte risikolose Basiszinssatz modellgestützt aus Kapitalmarktdaten gewonnen werden kann. Dies ist die Basis für eine konsistente Bewertung, die auf den unbestimmten Begriff des "landesüblichen Zinsfußes" zurückgehende Manipulationsspielräume und bislang in Kauf genommene Bewertungsfehler vermeidet. This working paper deals with the risk free rate in firm valuation. The main concern is how the risk free rate can be determined from capital market data. An interest rate model is proposed including the actual term structure of interest rates. This helps to avoid valuation errors as well as distress of manipulation.

Suggested Citation

  • Obermaier, Robert, 2005. "Unternehmensbewertung, Basiszinssatz und Zinsstruktur: Kapitalmarktorientierte Bestimmung des risikolosen Basiszinssatzes bei nicht-flacher Zinsstruktur," University of Regensburg Working Papers in Business, Economics and Management Information Systems 408, University of Regensburg, Department of Economics.
  • Handle: RePEc:bay:rdwiwi:599

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    References listed on IDEAS

    1. Pesando, James E., 1981. "On forecasting interest rates : An efficient markets perspective," Journal of Monetary Economics, Elsevier, vol. 8(3), pages 305-318.
    2. Christian Upper, 2001. "How safe was the "Safe Haven"? Financial market liquidity during the 1998 turbulences," BIS Papers chapters,in: Bank for International Settlements (ed.), Market liquidity: proceedings of a workshop held at the BIS, volume 2, pages 241-266 Bank for International Settlements.
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    More about this item


    Unternehmensbewertung ; Kalkulationszinsfuß ; Zinsstruktur; risikoloser Basiszinssatz ; Zinsstrukturmodell;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M0 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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