haku: @indexterm Corporate finance / yhteensä: 722
viite: 201 / 722
Tekijä: | Hachmeister, D. |
Otsikko: | Die Abbildung der Finanzierung im Rahmen verschiedener Discounted Cash Flow-Verfahren |
Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1996 : VOL. 48:3, p. 251-277 |
Asiasana: | CORPORATE FINANCE DISCOUNTED CASH FLOW USA GERMANY |
Kieli: | ger |
Tiivistelmä: | American corporate finance textbooks suggest four methods of incorporating the financing decision into discounted cash flow valuation: the after-tax weighted average cost of capital formular, the total cash flow concept or before-tax weighted average cost of capital formular, the adjusted present value and the flow to equity. In this paper it is demonstrated that under the assumption of the Modigliani and Miller valuation model and a constant market value ratio of debt to total value of the corporation all four discounted cash flow models are equivalent. Differences between the discounted cash flow models and the German "Ertragswert" result from incorporating the financing risk into the cost of capital. |
SCIMA