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Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung

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  • Nippel, Peter
  • Streitferdt, Felix

Abstract

In diesem Aufsatz werden die adäquaten durchschnittlichen Kapitalkosten zur Bewertung von Unternehmen mittels des WACC-Verfahrens für den Fall bestimmt, dass der erwartete Cash flow mit einer konstanten Rate wächst und dieses Wachstum durch eine teilweise Thesaurierung der Gewinne finanziert wird. Dabei wird neben den Steuern der Unternehmung (Körperschaftssteuer und Gewerbesteuer) auch die Einkommensteuern der Kapitalgeber unter Berücksichtigung des Halbeinkünfteverfahrens einbezogen. Es zeigt sich, dass die korrekten WACC nicht nur von den Steuersätzen abhängen, sondern auch von der angennommenen Wachstumsrate und der Ausschüttungsquote. Sie unterscheiden daher i.d.R. auch deutlich von dem Wert, der aus der einfachen „Text book formula" resultiert.

Suggested Citation

  • Nippel, Peter & Streitferdt, Felix, 2001. "Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 533, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:533
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    1. Miles, James A. & Ezzell, John R., 1980. "The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life: A Clarification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(3), pages 719-730, September.
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    1. Peter Nippel & Felix Streitferdt, 2003. "Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung," Schmalenbach Journal of Business Research, Springer, vol. 55(4), pages 401-422, June.

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