Die Kapitalflussrechnung in der Unternehmensbewertung: Bewertungskalkül und Gestaltungshinweise

Wolfgang Schultze () and Martin Meyer

Metrika: International Journal for Theoretical and Applied Statistics, 2005, vol. 16, issue 3, 289-324

Abstract: The correct definition and calculation of the free cash flows plays a crucial role in the process of valuing companies. The two main components of a valuation model, free cash flow and the costs of capital, need to be determined simultaneously. The different approaches to valuation are different in the way they integrated the tax shields from debt financing. Each approach requires its specific definiton of both cash flows and the cost of capital. Both the DCF-Model for valuation and the cash flow statement are based on the equivalence of the source and uses of funds. For valuation purposes, the cash flows needed for valuation should be defined consistently and determined by the use of the cash flow statement. This paper derives these definitions and discusses specific problems in the use and design of the cash flow statement as a means of valuation. Copyright Physica-Verlag 2005

Date: 2005
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DOI: 10.1007/BF02825646

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