Die Eignung von DCF-Verfahren zur Bewertung von Genossenschaften

Nolting Christian and Bornemann Sven
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Nolting Christian: Ist gelernter Bankkaufmann und studierte Unternehmenskooperation und betriebliche Finanzwirtschaft an derWestfälischenWilhelms-Universität Münster
Bornemann Sven: Ist Mitarbeiter des Instituts für Kreditwesens der Westfälischen Wilhelms-Universität Münster

Zeitschrift für das gesamte Genossenschaftswesen, 2011, vol. 61, issue 2, 153-168

Abstract: In the case of merging cooperatives, equity swaps are usually executed on the basis of face values. This is in contrast to the scientific proposal of a value-oriented exchange. Against this background our paper evaluates the applicability of discounted cash flow methods. We show, that these methods do not allow for an appropriate representation of the principle of direct member promotion. Moreover, conflicts between the management and the members of a cooperative firm are not taken into consideration. The determination of equity capital costs as well as the data collection may further impede the application of the model.

Date: 2011
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DOI: 10.1515/zfgg-2011-0208

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