Bewertung von Unternehmen des Electronic Commerce: Unter besonderer Berücksichtigung von Internet Start-ups
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Inhaltsangabe: Einleitung: Dot com-Bubble", irrationaler Überschwang" oder Revolution des Wirtschaftssystems" und langfristiges Investitionskalkül? Gleicht der Kauf von Internetaktien einem Lotteriespiel bei dem Menschen mehr für ein Los bezahlen als den Wert, der den Gewinnchancen entspricht"? Sind konventionelle Discounted Cash Flow-Verfahren der Unternehmensbewertung geeignet, junge Wachstumsfirmen des Electronic Commerce zu bewerten? Sollte auch der Börsenkurs bei der Bewertung Berücksichtigung finden, oder handelt es sich bei Marktkapitalisierungen der Unternehmen des Electronic Commerce um outsized valuations"? Das Verhältnis von Umsatzerlösen und Börsenkapitalisierung in einer hier durchgeführten empirischen Kurzstudie scheint signifikante Unterschiede zwischen Unternehmen der New Economy" und der Old Economy" aufzuzeigen. So beträgt der Aufschlag der Börsenkapitalisierung auf die Jahresumsatzerlöse 1999 bei Unternehmen der New Economy" 7850% im Vergleich zu 160% in der Old Economy". Die vorliegende Arbeit versucht Antworten auf diese Fragen aufzuzeigen. Im Vordergrund steht dabei das Bewertungsverfahren des Adjusted Present Value. Inhaltsverzeichnis: Inhaltsverzeichnis: 1.Einleitung1 2.Das Verfahren des Adjusted Present Value in der Unternehmensbewertung3 2.1Bewertungsverfahren des Entity-Approach3 2.1.1Der Cash Flow als zentrale Wertvariable der DCF-Verfahren4 2.1.2Erfordernis der Typisierung in der Unternehmensbewertung4 2.1.3Basisformel des DCF-Ansatzes5 2.2Berechnung des Unternehmenswerts im APV-Verfahren5 2.2.1Wertkomponente: Basiswert7 2.2.2Wertkomponente: Wert der finanziellen Nebeneffekte8 2.2.3Wertkomponente: Marktwert des Fremdkapitals10 2.2.4Zusammenfassung der Rechenformeln zum APV-Unternehmenswert11 2.3Bewertungsrelevante Aspekte bei der Ermittlung der APV-Komponenten11 2.3.1Prognose zukünftiger Free Cash Flows12 2.3.1.1Prognose der Cash Flows im Phasenmodell13 2.3.1.2Prognose mit Wachstumsfaktoren13 2.3.2Berücksich
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