haku: @indexterm VALUE ADDED TAX / yhteensä: 98
viite: 22 / 98
| Tekijä: | Kirsch, H-J. Krause, C. |
| Otsikko: | Kritische Überlegungen zur Discounted Cash Flow-Methode |
| Lehti: | Zeitschrift für Betriebswirtschaft
1996 : VOL. 66:7, p. 793-812 |
| Asiasana: | DISCOUNTED CASH FLOW SHAREHOLDER VALUE VALUATION VALUE ADDED TAX GERMANY |
| Kieli: | ger |
| Tiivistelmä: | During the last few years, the US-american discounted cash flow methold (DCF) for estimating the value of a business strategy or an entire company has come into use in Germany. If the DCF-approach is used to value a German company, it has to be taken into account hat the effect to tax deductible interest increases the value of the company. Due to some characteristics of German tax law, this does not effect the value of the discounted cash flows to the shareholders but the value of the company as a whole.The available contribution is concerned with two problems of detail with the DCF method. It illuminates the formation of the cash-flow size to be discounted on the one hand, particularly in relation to considering taxes on income and interest. It is also verified if both customary variations of the DCF-method always lead to the same results. |
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