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Kapitalkosten unter Beachtung steuerlicher Effekte und Insolvenzkosten

Kapitalkosten unter Beachtung steuerlicher Effekte und Insolvenzkosten

          
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About the Book

Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, Note: 2,3, Universität Hohenheim, Sprache: Deutsch, Abstract: 1 Problemstellung Kapitalkosten nehmen im Rahmen der Unternehmensbewertung eine wichtige Position ein. Neben ihrer Funktion als Diskontierungssatz zur Bestimmung des Unternehmenswertes in den heutzutage häufig angewendeten DCF-Verfahren werden diese auch zur Bewertung von Investitionen, Projekten oder Geschäftsfeldern herangezogen. 1 Dabei fasst man die Kapitalkosten eines Unternehmens als die erwarteten Renditen der Eigen- und Fremdkapitalgeber auf, die diese für die Bereitstellung von Finanzmitteln fordern.2 Den Ausgangspunkt der heutigen Theorie der Unternehmensbewertung und des Kapitalkostenkonzeptes bildet der grundlegende Artikel von Modigliani und Miller (im Folgenden MM) aus dem Jahr 1958. Hierbei bewiesen die Autoren in einem ersten Schritt mit Hilfe eines Arbitragebeweises, dass der Wert eines Unternehmens unabhängig von dessen Kapitalstruktur ist, womit die Marktwerte unverschuldeter und verschuldeter Unternehmen im Gleichgewicht identisch sind.3 Aus dieser Feststellung folgt zudem eine Unabhängigkeit der durchschnittlichen Kapitalkosten eines Unternehmens von dessen Kapitalstruktur.4 Aufbauend auf diesen Ergebnissen bewiesen die Autoren in einem zweiten Schritt, dass sich die Eigenkapitalkosten eines Unternehmens als lineare, von der Kapitalstruktur abhängige und mit der Verschuldung ansteigende, Funktion ausdrücken lassen.5 Diese Theoreme wurden allerdings unter den Prämissen eines perfekten Kapitalmarktes aufgestellt. 6 Damit stellt sich die Frage, wie sich die Kapitalkosten eines Unternehmens unter weniger restriktiven Bedingungen verhalten. In der folgenden Darstellung soll diese Frage unter Einbeziehung des Einflusses von Steuern und den als Gegengewicht geltenden Insolvenzkosten näher beleuchtet werden. Dabei soll unter Gliederungspunkt 2.1 zunächst das um Unternehmensteuern korrigierte Modell von MM kurz


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Product Details
  • ISBN-13: 9783656085553
  • Publisher: Grin Verlag
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 2 mm
  • Width: 140 mm
  • ISBN-10: 3656085552
  • Publisher Date: 22 Dec 2011
  • Height: 216 mm
  • No of Pages: 28
  • Series Title: German
  • Weight: 45 gr


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