haku: @indexterm accounting law / yhteensä: 79
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Tekijä:Richter, F.
Otsikko:Die Finanzierungsprämissen des Entity-Ansatzes vor dem Hintergrund des APV-Ansatzes zur Bestimmung von Unternehmenswerten
Lehti:Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1996 : VOL. 48:12, p. 1076-1097
Asiasana:INVESTMENT ANALYSIS
ACCOUNTING LAW
TAXATION
GERMANY
Kieli:ger
Tiivistelmä:The paper analyzes the assumptions required to apply the entity or WACC approach for valuing corporations under German accounting and taxation rules. In addition to assuming a constant capital structure across time, additional assumptions concerning the development of pension provisions and dividend policy are necessary. The amount of pension provisions has to stay constant and the corporate income tax rate for non-distributed profits must equal the income tax rate of the repective investor. If the corporate income tax rate deviates from the investor's tax rate, a full distribution of net income also has to be assumed. Thus if the impact of the financing mix and the dividend policy has to be analyzed explicitly (e.g. in corporate trans- actions), the adjusted present value (APV) approach is pre- ferable to the WACC approach.
SCIMA tietueen numero: 153141
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