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Die Ermittlung der Eigenkapitalkosten für kapitalmarktorientierte Unternehmen vor dem Hintergrund der Wirtschafts- und Staatsschuldenkrise

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  • Mattheis, Julia
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    "Bewerten heißt Vergleichen" - so beschrieb Alfred Moxter im Jahr 1983 die Unternehmensbewertung in seinem Buch 'Grundsätze ordnungsgemäßer Unternehmensbewertung'. Werden Unternehmenswerte im Rahmen des Ertragswertverfahrens oder des Discounted-Cash-Flow-Verfahrens berechnet, so werden konzeptionell die künftigen Überschüsse mit einem Kapitalisierungszinssatz diskontiert und zu einem Barwert addiert. Der Kapitalisierungszinssatz stellt dabei die Renditeforderungen der Kapitalgeber dar. Fließen die Überschüsse nur an die Eigenkapitalgeber, so wird bei dem Zinssatz auch von Eigenkapitalkosten gesprochen. Ganz im Sinne von Moxters Vergleichsprinzip bilden diese Eigenkapitalkosten den Zinssatz der beste Handlungsalternative zum Unternehmenserwerb ab. (...)

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    Paper provided by University of Applied Sciences Jena, Department of Business Administration in its series Wirtschaftswissenschaftliche Schriften with number 05/2013.

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    Date of creation: 2013
    Handle: RePEc:zbw:fhjwws:052013
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