Ein fast problemloses DCF-Verfahren zur Unternehmensbewertung

Thomas Schildbach
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Thomas Schildbach: Universität Passau

Schmalenbach Journal of Business Research, 2000, vol. 52, issue 8, 707-723

Abstract: Summary Discounted Cash Flow-Methods of Corporate Valuation have severe disadvantages. Outside special cases of perpetual annuities actual formulas cause never ending circles of calculation. Up to now the problems are solved either by multistep rollback-methods, often on a basis of systematic trial and improvement, or by problematic assumptions or by delicate curtailments of Financial Policy (constant debt-equity-ratio). This paper presents a new formula which is free from the formal problems. Of course this is not a solution to the material problems of Corporate Valuation.

Date: 2000
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DOI: 10.1007/BF03372635

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