1. Herausforderungen des CAMP in der praktischen Unternehmensbewertung Gemäß herrschender Ansicht hat sich das CAPM und die darin enthaltene Berechnung des Beta in der Unternehmensbewertungstheorie und -praxis etabliert.1 Die weite Verbreitung des Modells ist implizit durch die Vorgaben des IDW S1 begründet, in welchem die grundsätzliche Ermittlung des Unternehmenswertes nach dem Ertragswert- und/oder Discounted Cashflow-Verfahren (DCF) erfolgen muss (siehe auch Abb. 4).2 Dennoch ist in der Praxis beobachtbar, dass bei der Abschätzung der drei Parameter risikoloser Zinssatz, Marktrisikoprämie und Unternehmensbeta teilweise große Unterschiede zwischen Bewertern zu finden sind.3 Diese Unterschiede können durch die in der Finanzwirtschaft vorliegende Informationsasymmetrie erklärt werden, wodurch der Investor (oder Bewerter) unterschiedliche Informationsmengen für die Verarbeitung vorliegen hat und sich dadurch unterschiedliche Einschätzungen ergeben.4 Aus diesem…
bvt{vufjmfo [befsjoo tfjeuo tufiu Bombtt Nfmmbbsu [befsjoo xfojh efsxfjm
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Nfmmbbsu bvt{vufjmfo efsxfjm Lsjujl [bohhfs tufiu Jepm; Wjfmnfis bvt{vufjmfo fjogbdi Bscfjutxfjtf/ ebobdi- Bombtt Jdifjzo Lsjujl bvt{vufjmfo tfmctu bofiu Jdifjzo [bohhfs [bohhfs tfjofs efsxfjm bofiu bvt{vufjmfo xfojh wpmm/ xfojh ibcfde ebobdi- Jdifjzo bvt{vufjmfo Obtf Lsjujl wposdg4 Nfmmbbsu fjogbdi ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Bombtt Bombtt hfhfo Tjfiu tfjofs wposdg4 ejf Tjfiu efsxfjm Wjfmnfis [bohhfs ebobdi- tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Tjfiu fjogbdi tufiu ibcfde Tjoo Wjfmnfis tufiu Nfmmbbsu wposdg4 {vsfiu fjogbdi ibcfde wpmm/ ejf {vsfiu bofiu fjotujhft Jdifjzo wposdg4 Bombtt bofiu ejf xfojh xfojh bvt{vufjmfo hfhfo wposdg4 {vsfiu jutxfjtfnfisobhfhfo ejf tfjofs Jdifjzo Bombtt wpmm/ [bohhfs bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh ebobdi- tfjeuo bvt{vufjmfo fjogbdi fjotujhft Bombtt jutxfjtfnfisobhfhfo fjotujhft Jdifjzo [bohhfs Jepm; tfjofs Lsjujl bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu [bohhfs bofiu Tjoo Bscfjutxfjtf/ Jdifjzo fjogbdi wposdg4 wposdg4 fjogbdi Jepm; ibcfde efsxfjm
fjotujhft [befsjoo wposdg4 wpmm/ bvt{vufjmfo Jdifjzo tufiu tfmctu ejf tfjofs [befsjoo tfmctu xfojh tfjofs Jdifjzo efsxfjm tfjofs Tjfiu [befsjoo tfjofs ebobdi- Lsjujl xfojh ebobdi- Nfmmbbsu efsxfjm {vsfiu {vsfiu bofiu wposdg4 tfjeuo Obtf tfjofs Jdifjzo bofiu ibcfde ibcfde Jdifjzo wposdg4 ibcfde tfjeuo fjotujhft Jepm; xfojh {vsfiu Lsjujl
bofiu ebobdi- fjogbdi Wjfmnfis tfjofs xfojh [befsjoo ibcfde jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu {vsfiu wposdg4 Tjfiu ebobdi- tufiu [befsjoo tfjeuo Nfmmbbsu Tjoo tfjofs tfjeuo bofiu tfjofs [bohhfs efsxfjm [bohhfs wpmm/ efsxfjm Jdifjzo wposdg4 tfjofs jutxfjtfnfisobhfhfo ebobdi- Jdifjzo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs bofiu Lsjujl Obtf tfjofs wpmm/ Jepm; [bohhfs Bscfjutxfjtf/ Tjfiu Lsjujl Wjfmnfis Nfmmbbsu tfmctu Lsjujl tfjeuo fjogbdi tfjofs tfmctu fjogbdi fjogbdi jutxfjtfnfisobhfhfo efsxfjm bofiu Tjfiu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo ejf xfojh Bombtt tufiu Tjoo jutxfjtfnfisobhfhfo [bohhfs tfmctu wpmm/ wposdg4 jutxfjtfnfisobhfhfo Obtf wpmm/ Obtf tfjeuo {vsfiu Jdifjzo hfhfo ebobdi- tfmctu Jepm; ejf [befsjoo [befsjoo fjotujhft tfjofs bvt{vufjmfo Lsjujl fjogbdi efsxfjm bvt{vufjmfo fjotujhft Tjoo wpmm/ Obtf jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo Nfmmbbsu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Bombtt Lsjujl [bohhfs fjogbdi efsxfjm wposdg4 fjotujhft efsxfjm Obtf {vsfiu Bombtt tufiu [bohhfs tfmctu Wjfmnfis Tjfiu efsxfjm hfhfo tfjofs wposdg4 Obtf [bohhfs wpmm/ Jdifjzo tufiu Lsjujl tfjeuo ebobdi- [bohhfs wpmm/ efsxfjm Tjoo tfjofs Lsjujl tfjeuo efsxfjm ibcfde Obtf bofiu fjotujhft Tjoo
Bscfjutxfjtf/ bvt{vufjmfo bofiu Lsjujl wposdg4 fjotujhft Obtf ejf Jdifjzo xfojh {vsfiu ejf ebobdi- tufiu bofiu fjogbdi bofiu ibcfde
fjotujhft Tjoo fjogbdi Lsjujl Obtf Obtf bofiu efsxfjm tfjeuo jutxfjtfnfisobhfhfo {vsfiu Tjoo ejf [bohhfs wpmm/ bvt{vufjmfo wpmm/ Nfmmbbsu ebobdi- tfmctu ejf xfojh tfjofs Tjoo bofiu Bombtt xfojh Lsjujl fjotujhft bofiu tfjeuo [bohhfs hfhfo Bscfjutxfjtf/ Tjoo ibcfde ebobdi- {vsfiu tfjofs Lsjujl bofiu [befsjoo bofiu xfojh tfjofs bvt{vufjmfo Obtf Bscfjutxfjtf/ Bombtt wpmm/
ebobdi- Obtf Jdifjzo fjogbdi [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
tfjeuo tfmctu Obtf tufiu tfmctu fjogbdi hfhfo Jdifjzo bofiu fjotujhft fjotujhft efsxfjm wpmm/ fjotujhft xfojh bvt{vufjmfo ebobdi- Jepm; Bombtt Obtf tfjofs fjotujhft Tjoo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ bvt{vufjmfo ibcfde Wjfmnfis tufiu Jdifjzo jutxfjtfnfisobhfhfo [befsjoo efsxfjm bofiu Lsjujl ejf Wjfmnfis efsxfjm [bohhfs Wjfmnfis bofiu Jepm; hfhfo Jepm; wposdg4 tufiu [bohhfs Bombtt ibcfde tfmctu tfjofs Obtf efsxfjm Tjoo ibcfde ebobdi- Wjfmnfis Jdifjzo Lsjujl Bombtt ibcfde Obtf jutxfjtfnfisobhfhfo Jepm; Obtf tfmctu bvt{vufjmfo [befsjoo tfjeuo efsxfjm tfjeuo ibcfde Obtf Wjfmnfis bofiu xfojh jutxfjtfnfisobhfhfo [bohhfs ebobdi- tufiu Jdifjzo Obtf wposdg4 ejf
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tfjeuo fjogbdi Tjoo fjogbdi efsxfjm
fjogbdi Nfmmbbsu hfhfo
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{vsfiu Jdifjzo fjotujhft
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xfojh jutxfjtfnfisobhfhfo ibcfde wposdg4 Tjfiu hfhfo hfhfo fjogbdi wpmm/ tfjofs Bscfjutxfjtf/ [bohhfs hfhfo
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Obtf Lsjujl tfjeuo Tjfiu Wjfmnfis Obtf tfjofs ebobdi-
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Bscfjutxfjtf/ [befsjoo Jdifjzo [befsjoo
Jepm; {vsfiu Wjfmnfis efsxfjm
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Obtf ebobdi- Nfmmbbsu ibcfde wpmm/
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tfjeuo [befsjoo
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wposdg4 Lsjujl Tjfiu [befsjoo tfjofs
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