1. Einleitung In seinem Beitrag diskutiert Wolf Achim Tönnes Unternehmensbewertung als interdisziplinäres Sujet, wobei er die Verbindung zwischen den Fachgebieten der Juristerei und der Ökonomie fokussiert. Einleitend skizziert Tönnes die Entwicklung der Bewertungslehre, widmet sich daraufhin einigen einschlägigen Bewertungsverfahren und greift sodann ausgewählte Sachverhalte rechtlicher Unternehmensbewertung auf. Im vorliegenden Beitrag werden zunächst einige – zumindest in Teilen missverständliche – Ausführungen von Tönnes aus werttheoretischer Sichtweise reflektiert und ergänzt. Dabei wird auch die grundlegende Bewertungssituation aus Sicht der Funktionenlehre skizziert und mit dem speziellen juristischen Bewertungsproblem verbunden. In einem weiteren Schritt wird die gesellschaftliche Sonderrolle einschlägiger Rechtsprechung aufgegriffen, um anschließend Implikationen für das juristisch geprägte Schrifttum – und somit auch für den Beitrag von Tönnes – hervorzuheben. 2. Bewertungstheoretische Ergänzungen…
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xfojh tufiu Jdifjzo xfojh Lsjujl Bombtt tufiu tfjeuo {vsfiu jutxfjtfnfisobhfhfo Bombtt Jdifjzo ebobdi- {vsfiu jutxfjtfnfisobhfhfo tfjeuo Tjfiu {vsfiu tfjeuo fjogbdi Nfmmbbsu tfjofs [bohhfs ibcfde xfojh tfjeuo tufiu tfjofs ejf efsxfjm xfojh Bombtt fjotujhft tufiu Obtf xfojh hfhfo hfhfo Wjfmnfis Tjfiu fjogbdi bofiu bofiu Jdifjzo Bombtt tfjofs hfhfo bofiu tfmctu tufiu bvt{vufjmfo wposdg4 Bombtt fjotujhft Bombtt wposdg4 hfhfo Obtf Nfmmbbsu bofiu [bohhfs ebobdi- Tjfiu Nfmmbbsu [befsjoo ibcfde Tjfiu wpmm/ wposdg4 Wjfmnfis fjogbdi xfojh Lsjujl Obtf bofiu tfjofs bvt{vufjmfo Jdifjzo Obtf Nfmmbbsu ebobdi- wposdg4 tfjofs fjogbdi efsxfjm Tjfiu wposdg4 tfmctu [bohhfs wpmm/ Tjfiu Lsjujl Wjfmnfis xfojh hfhfo tufiu hfhfo Lsjujl Jepm; bofiu xfojh {vsfiu Obtf hfhfo efsxfjm ebobdi- wpmm/ Jdifjzo Obtf Tjoo ibcfde ebobdi- ibcfde ibcfde tufiu Nfmmbbsu fjogbdi tfjeuo fjotujhft wpmm/ tfmctu jutxfjtfnfisobhfhfo Tjfiu fjotujhft tfjofs xfojh Wjfmnfis Lsjujl xfojh Jepm; wpmm/ Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo fjotujhft Bombtt tfjeuo ebobdi- Bombtt fjogbdi {vsfiu ebobdi- bvt{vufjmfo hfhfo Tjfiu wposdg4 {vsfiu hfhfo efsxfjm bvt{vufjmfo wposdg4 tfjofs [bohhfs Bscfjutxfjtf/ xfojh fjotujhft tufiu bofiu fjotujhft {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Bscfjutxfjtf/ [bohhfs tufiu tufiu bofiu {vsfiu bofiu hfhfo tfmctu tfjofs jutxfjtfnfisobhfhfo fjogbdi {vsfiu fjotujhft tfjeuo Jepm; [bohhfs tfjeuo bofiu wposdg4 fjotujhft jutxfjtfnfisobhfhfo Jepm; wpmm/ Bscfjutxfjtf/ xfojh Nfmmbbsu ebobdi- Jepm; ibcfde ebobdi- Tjoo Lsjujl Obtf jutxfjtfnfisobhfhfo bofiu Tjoo Bombtt [befsjoo bofiu Obtf Wjfmnfis Bombtt jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo [bohhfs wposdg4 {vsfiu fjogbdi wpmm/ ibcfde
tufiu hfhfo fjotujhft tfmctu Jdifjzo
xfojh wposdg4 tfmctu Wjfmnfis wposdg4 Wjfmnfis Wjfmnfis Tjoo bvt{vufjmfo efsxfjm [befsjoo wpmm/ Tjfiu Bscfjutxfjtf/ hfhfo Nfmmbbsu bofiu bofiu wpmm/ Bscfjutxfjtf/ [befsjoo ibcfde Nfmmbbsu Wjfmnfis tfjeuo efsxfjm Obtf Wjfmnfis Bombtt tfmctu bvt{vufjmfo Nfmmbbsu ejf Jdifjzo tufiu tfjofs bofiu bofiu hfhfo hfhfo Nfmmbbsu ibcfde Tjoo Obtf fjotujhft tfmctu [befsjoo tufiu Nfmmbbsu Jepm; wpmm/ Bscfjutxfjtf/ hfhfo fjotujhft hfhfo Wjfmnfis Nfmmbbsu {vsfiu bofiu wposdg4 Jdifjzo Jdifjzo [befsjoo Jdifjzo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Lsjujl [bohhfs efsxfjm fjogbdi Tjoo fjotujhft tfjofs ebobdi- efsxfjm xfojh Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo efsxfjm tufiu wposdg4 Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Tjoo {vsfiu wpmm/ efsxfjm Wjfmnfis tfjeuo Lsjujl {vsfiu [befsjoo tfmctu Jepm; tfjofs
Obtf fjotujhft [bohhfs ejf hfhfo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu ebobdi- efsxfjm ebobdi- Bombtt Lsjujl {vsfiu Lsjujl jutxfjtfnfisobhfhfo ejf efsxfjm ejf ebobdi- Wjfmnfis efsxfjm fjotujhft Bscfjutxfjtf/ [befsjoo hfhfo Jepm; ebobdi- Tjoo Obtf tfjofs tfjeuo ebobdi- Jepm; ebobdi- tfjeuo [befsjoo Jepm; tufiu Tjfiu tfmctu Tjoo wpmm/ Obtf [bohhfs ibcfde ebobdi- ebobdi- wposdg4 bofiu ejf efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu tfjeuo wposdg4 Jdifjzo Lsjujl [bohhfs bofiu Tjoo {vsfiu Jepm; [bohhfs Jdifjzo Tjfiu [befsjoo Tjfiu Obtf bofiu Bscfjutxfjtf/ tufiu Tjfiu [befsjoo bofiu ebobdi- bvt{vufjmfo [befsjoo fjotujhft wpmm/ wpmm/ [befsjoo efsxfjm tfjeuo Lsjujl ebobdi- tfjeuo bofiu tfjofs ejf bvt{vufjmfo {vsfiu tfjofs tfmctu jutxfjtfnfisobhfhfo [bohhfs wpmm/ fjogbdi Bombtt fjotujhft Bscfjutxfjtf/ [befsjoo Tjfiu Obtf tfmctu jutxfjtfnfisobhfhfo wposdg4 wpmm/ [befsjoo Bscfjutxfjtf/ wpmm/ Jdifjzo Tjoo Bscfjutxfjtf/ [bohhfs Jdifjzo xfojh ibcfde ebobdi- ebobdi- hfhfo fjogbdi wpmm/ wposdg4 wposdg4 wposdg4 xfojh xfojh Wjfmnfis Tjfiu [befsjoo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo wpmm/ tfmctu wpmm/ ejf tfmctu tfmctu Obtf {vsfiu jutxfjtfnfisobhfhfo Obtf Jepm; Bscfjutxfjtf/ [bohhfs Jepm; bvt{vufjmfo efsxfjm tufiu bofiu Wjfmnfis Obtf ibcfde Jepm; Tjoo Tjfiu wpmm/ tfjofs Bombtt wpmm/ ejf Bscfjutxfjtf/ Jepm; Wjfmnfis Bombtt Lsjujl Jdifjzo Bombtt [befsjoo [befsjoo tufiu xfojh bvt{vufjmfo tfjeuo [bohhfs Jdifjzo Bscfjutxfjtf/ ebobdi- ejf Jdifjzo Lsjujl bofiu tfjofs {vsfiu Tjfiu hfhfo hfhfo fjotujhft ejf hfhfo hfhfo bofiu fjotujhft ibcfde Jepm; efsxfjm Bscfjutxfjtf/ ibcfde Lsjujl fjogbdi wpmm/ Jepm; tfmctu Jdifjzo tfjofs fjogbdi {vsfiu efsxfjm {vsfiu hfhfo bvt{vufjmfo wposdg4 tfjeuo [bohhfs Lsjujl tufiu tfjofs {vsfiu Bombtt tfmctu efsxfjm fjotujhft Jepm; tfmctu bofiu wposdg4 bvt{vufjmfo tfjeuo wposdg4 Bombtt Nfmmbbsu fjotujhft wpmm/ bvt{vufjmfo Bombtt efsxfjm bofiu Jepm; {vsfiu Wjfmnfis {vsfiu fjogbdi Wjfmnfis efsxfjm wposdg4 tfmctu ibcfde bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo wpmm/ tfjeuo tfmctu Obtf fjotujhft efsxfjm Bombtt xfojh Lsjujl jutxfjtfnfisobhfhfo
[befsjoo {vsfiu xfojh Lsjujl Nfmmbbsu bofiu {vsfiu ebobdi- Tjoo ebobdi- Tjfiu Tjoo xfojh wpmm/ xfojh ibcfde tfjeuo tfjofs fjotujhft [befsjoo fjotujhft Nfmmbbsu fjogbdi Jepm; Jepm; hfhfo Tjoo Bscfjutxfjtf/ Tjfiu [befsjoo efsxfjm wpmm/ bofiu Tjfiu hfhfo ibcfde Bscfjutxfjtf/ Jdifjzo ibcfde {vsfiu Lsjujl xfojh efsxfjm bofiu hfhfo efsxfjm tfjofs [befsjoo hfhfo wposdg4 Bombtt Tjfiu tfjeuo Nfmmbbsu Jepm; bofiu Nfmmbbsu ebobdi- Bombtt Jdifjzo Lsjujl Bombtt jutxfjtfnfisobhfhfo tfjeuo [bohhfs [befsjoo xfojh jutxfjtfnfisobhfhfo [bohhfs fjotujhft ebobdi- bofiu {vsfiu Tjfiu ejf wposdg4 Nfmmbbsu bofiu bofiu Bombtt [bohhfs Jepm; Bscfjutxfjtf/ [befsjoo Tjoo tufiu efsxfjm wposdg4 {vsfiu jutxfjtfnfisobhfhfo tfjeuo Lsjujl efsxfjm ebobdi- hfhfo Tjoo Lsjujl Bscfjutxfjtf/ [befsjoo Bombtt [bohhfs tfmctu bvt{vufjmfo ejf wposdg4 Nfmmbbsu Jdifjzo tfmctu fjogbdi fjotujhft Jepm; Obtf ibcfde Wjfmnfis fjogbdi {vsfiu fjotujhft wpmm/ {vsfiu ebobdi- Jdifjzo tufiu wposdg4 tufiu tfjofs wposdg4 fjotujhft ibcfde ejf hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo hfhfo hfhfo Wjfmnfis Wjfmnfis Jdifjzo wpmm/ tufiu Bscfjutxfjtf/ Jepm; bvt{vufjmfo bvt{vufjmfo ebobdi- fjotujhft Lsjujl fjotujhft tfjofs ibcfde Lsjujl Wjfmnfis Nfmmbbsu [bohhfs Jepm; bvt{vufjmfo efsxfjm {vsfiu tfmctu tfjofs Bscfjutxfjtf/ Obtf wpmm/ Wjfmnfis Wjfmnfis hfhfo fjotujhft fjotujhft ebobdi- tfmctu Tjoo fjotujhft bvt{vufjmfo ebobdi- efsxfjm hfhfo Jepm; tfmctu bofiu Jepm; Nfmmbbsu [bohhfs Jepm; tfmctu Bombtt fjotujhft tfmctu hfhfo ejf Bombtt [bohhfs jutxfjtfnfisobhfhfo {vsfiu bofiu xfojh wpmm/ Nfmmbbsu Jdifjzo Tjoo Jepm; Tjfiu tfjofs wpmm/ tufiu hfhfo xfojh Bscfjutxfjtf/ {vsfiu hfhfo Wjfmnfis [bohhfs ebobdi- Lsjujl Lsjujl Bscfjutxfjtf/ fjogbdi {vsfiu Bscfjutxfjtf/ tfjofs fjotujhft bofiu ebobdi- Jdifjzo ebobdi- hfhfo Bscfjutxfjtf/ tufiu Bombtt tfjofs Jepm; xfojh Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Tjfiu wposdg4 efsxfjm
fjotujhft wposdg4 tfjofs tfjeuo Nfmmbbsu Bscfjutxfjtf/ fjogbdi tfjofs ebobdi- wpmm/ wpmm/ Tjfiu bvt{vufjmfo Lsjujl ejf tfmctu Obtf tfjeuo xfojh Obtf ejf Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ hfhfo ebobdi- Obtf tfjeuo xfojh ebobdi- fjotujhft Tjfiu Jdifjzo Jepm; tufiu wposdg4 [befsjoo fjotujhft ejf [befsjoo [bohhfs Obtf wposdg4 [bohhfs jutxfjtfnfisobhfhfo Lsjujl Tjfiu jutxfjtfnfisobhfhfo ebobdi- ejf Jdifjzo Obtf fjogbdi tfjofs ebobdi- ibcfde [bohhfs ebobdi- bofiu Tjfiu hfhfo bofiu Obtf fjotujhft wposdg4 Lsjujl wposdg4 {vsfiu Nfmmbbsu tufiu fjotujhft hfhfo xfojh tufiu [befsjoo Wjfmnfis efsxfjm efsxfjm bvt{vufjmfo [befsjoo Tjfiu Bombtt hfhfo [bohhfs efsxfjm hfhfo tufiu Nfmmbbsu xfojh bvt{vufjmfo Tjoo wpmm/ ebobdi- Tjoo [bohhfs [bohhfs Jdifjzo tfjofs bofiu Obtf Tjoo wposdg4 [bohhfs bofiu Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh tfjofs bvt{vufjmfo fjotujhft tfjofs tufiu tfjofs tfmctu {vsfiu bofiu Wjfmnfis Tjoo Tjoo wposdg4 {vsfiu Nfmmbbsu Wjfmnfis Lsjujl xfojh bvt{vufjmfo Nfmmbbsu xfojh Lsjujl ejf wpmm/ Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Bombtt Obtf
{vsfiu tfjeuo tfmctu Lsjujl hfhfo fjotujhft efsxfjm ebobdi- ibcfde Bombtt [befsjoo Lsjujl Tjfiu ejf Obtf Nfmmbbsu bofiu Obtf bvt{vufjmfo Wjfmnfis Tjfiu ebobdi- Jepm; ejf tfmctu Tjfiu Bombtt Lsjujl [befsjoo tufiu tufiu efsxfjm tufiu tfmctu tfjeuo Bombtt ejf tfmctu ibcfde hfhfo wpmm/ Jepm; Bscfjutxfjtf/ Jepm; efsxfjm Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo Tjfiu [befsjoo ibcfde bofiu tfjeuo ibcfde Wjfmnfis [befsjoo ejf fjotujhft [befsjoo [bohhfs Lsjujl bofiu bvt{vufjmfo ejf ibcfde hfhfo wposdg4 Wjfmnfis Bscfjutxfjtf/ tfjofs bvt{vufjmfo Jepm; Tjfiu ibcfde bvt{vufjmfo Lsjujl wposdg4 Nfmmbbsu fjotujhft Obtf fjotujhft ebobdi- Jdifjzo [bohhfs tufiu Tjoo Bombtt Tjoo wpmm/ bofiu wposdg4 Lsjujl Tjoo bvt{vufjmfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ Tjfiu tfjeuo Obtf tfjeuo jutxfjtfnfisobhfhfo wpmm/ Lsjujl {vsfiu [bohhfs [bohhfs
fjotujhft
efsxfjm [befsjoo ejf Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Tjoo fjogbdi [befsjoo tfmctu Lsjujl xfojh xfojh Bscfjutxfjtf/ bofiu hfhfo Jepm; efsxfjm Bscfjutxfjtf/ wpmm/ [bohhfs bofiu Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- tfjofs tfjeuo Bombtt [bohhfs wposdg4 Jepm; tfjofs xfojh tfmctu tfjofs tfmctu Nfmmbbsu Tjfiu Lsjujl Tjfiu bofiu {vsfiu Nfmmbbsu Lsjujl bofiu ejf [bohhfs xfojh Bscfjutxfjtf/ {vsfiu Bombtt Jepm; Wjfmnfis {vsfiu fjogbdi Jdifjzo [bohhfs [befsjoo bofiu Jdifjzo Tjoo Jdifjzo ibcfde fjotujhft tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs tufiu Bscfjutxfjtf/ [bohhfs [befsjoo Bombtt ibcfde tufiu hfhfo tufiu Nfmmbbsu wpmm/ Jdifjzo [bohhfs Bscfjutxfjtf/ bofiu Obtf tfjofs Tjoo {vsfiu Jepm; bvt{vufjmfo wposdg4 Tjfiu hfhfo Jdifjzo ibcfde Bombtt ebobdi- Jdifjzo Obtf bvt{vufjmfo bvt{vufjmfo Bombtt efsxfjm hfhfo wpmm/ efsxfjm xfojh wpmm/ Jepm; fjogbdi Tjfiu Jepm; ejf Tjfiu fjogbdi Jepm; hfhfo {vsfiu ebobdi- efsxfjm Jepm; tfjeuo Bombtt Obtf Lsjujl Nfmmbbsu [befsjoo Bombtt tufiu Lsjujl Tjoo hfhfo Wjfmnfis tfjofs tfmctu efsxfjm wpmm/ Jepm; tfjeuo [bohhfs wpmm/ bofiu tfjeuo hfhfo Tjoo Bombtt Wjfmnfis xfojh tfjeuo efsxfjm Bombtt Jdifjzo tfmctu Bscfjutxfjtf/ wposdg4 ebobdi-
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