Unternehmensbewertung mit VOFI

Heinz Lothar Grob, Christof Langenkämper and Anja Wieding
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Heinz Lothar Grob: Westfälische Wilhelms-Universität Münster
Christof Langenkämper: Westfälische Wilhelms-Universität Münster
Anja Wieding: Westfälische Wilhelms-Universität Münster

Schmalenbach Journal of Business Research, 1999, vol. 51, issue 5, 454-479

Abstract: Summary The Discounted Cash Flow models and the German “Ertragswert”-model are formula-oriented methods, that are based on the present value concept. The use of these methods is connected with two disadvantages. On the one hand they are restricted by their implicit assumptions, particularly as far as the functions of the interest rate are concerned. On the other hand they thoroughly disregard the investor’s private financial situation. Because of these limitations the corporate value as the result of these methods is not that precise as it could be with the absence of these unnecessary restrictions. Therefore in this paper an alternative approach based on a financial plan (VOFI) is presented, that can be used to determine the investor’s subjective marginal price (buyer- or seller-situation). In contrast to the formula-oriented methods one of the most remarkable features of this concept is its transparency regarding the way of valuation. In addition to that financial plans are more flexible and can easily be adapted especially to take detailed tax-rules into consideration.

Date: 1999
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DOI: 10.1007/BF03371575

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