haku: @author Heitzer, B. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Heitzer, B. Dutschmann, M. |
| Otsikko: | Unternehmensbewertung bei autonomer Finanzierungspolitik |
| Lehti: | Zeitschrift für Betriebswirtschaft
1999 : VOL. 69:12, p. 1463-1471 |
| Asiasana: | DISCOUNTED CASH FLOW COMPANY VALUE FINANCING |
| Kieli: | ger |
| Tiivistelmä: | The paper deals with alternative approaches of the discounted cash flow method (equity-,entity- and APV-model) to determine the value of companies. The suitability of these models under different financing strategies is discussed controversially in the literature. We assume that the management of a levered firm is ex ante targeting the value of the debt levels as opposed to adhering to a target capital structure. By using a roll back procedure we then show that all three models yield the correct value while avoiding the problem of circularity. To compute the cost of equity of a levered firm we adapt the well-known formula of Modigliani and Miller to the case of non-perpetuity. |
SCIMA