Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung

Peter Nippel () and Felix Streitferdt ()
Additional contact information
Peter Nippel: Christian-Albrechts-Universität zu Kiel
Felix Streitferdt: Allianz AG, Industriebeteiligungen

Schmalenbach Journal of Business Research, 2003, vol. 55, issue 4, 401-422

Abstract: Summary We determine the weighted average cost of capital (WACC) to be used in the valution of a firm if the EBIT grows and the plow black ratio is positive. This is done under consideration of the german tax system. Corporate taxes and personal taxes of investors are integrated. It is shown that the correct WACC depend on the tax rates, the growth rate, and the plow back ratio. Hence, in most cases they differ quite clearly from the value calculated by using the Text book formula.

Keywords: M49; Dividend Policy; German Tax Code; Valuation; WACC; Ausschüttungspolitik; Steuern; Unternehmensbewertung; WACC (search for similar items in EconPapers)
Date: 2003
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/BF03372711 Abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sjobre:v:55:y:2003:i:4:d:10.1007_bf03372711

Ordering information: This journal article can be ordered from
https://www.springer.com/journal/41471

DOI: 10.1007/BF03372711

Access Statistics for this article

More articles in Schmalenbach Journal of Business Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().