Ein Vergleich zwischen dem Free Cashflow und dem Flow to Equity. Eine Szenarien-getriebene empirische Untersuchung
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Bachelorarbeit aus dem Jahr 2021 im Fachbereich BWL - Allgemeines, Note: 1,3, (IU Internationale Hochschule), Sprache: Deutsch, Abstract: Die vorliegende Bachelorthesis gibt einen vergleichenden �berblick �ber die Unterschiede zwischen dem Free Cashflow und dem Flow to Equity. Hierzu werden die DAX Unternehmen als Bewertungsobjekte f�r eine Szenarien-getriebene empirische Untersuchung herangezogen. Es werden alle relevanten Unternehmen nach dem Free Cashflow und dem Flow to Equity Verfahren bewertet. Die Unterschiede beider Verfahren werden durch Hypothesen gepr�ft. Sie untersuchen den Einfluss der Fremdkapitalquote zum Marktwert und das lang- bzw. kurzfristige Fremdkapital auf den Flow to Equity. Die Unternehmenswerte werden f�r beide Methoden quantitativ untersucht. Die Auff�lligkeiten werden zusammengefasst und gegen bestehende wissenschaftliche Erkenntnisse der Bewertungsmethoden untersucht. Die Erkenntnisse der Bachelorthesis sind, dass die beiden Unternehmensbewertungsmethoden oft zu �hnlichen Ergebnissen f�hren. H�here Neuaufnahmen von lang- bzw. kurzfristigem Fremdkapital f�hrt zu einem h�heren Flow to Equity Unternehmenswert. Die Fremdkapitalquote zum Marktwert ist nicht verantwortlich f�r einen h�heren Flow to Equity. Unter-nehmen mit einer hohen Fremdkapitalquote weisen jedoch die Tendenz zu hohen Neuaufnahmen von Fremdkapital auf. Der gr� te Unterschied zwischen dem Flow to Equity und dem Free Cashflow kann auf die getrennte Betrachtung des Leistungs- und Finanzierungsbereich zur�ckgef�hrt werden. Das Ergebnis wird in unterschiedliche Handlungsempfehlungen abgeleitet. Die Ergebnisse beweisen, dass es nicht die eine "richtige" Unternehmensbewertungsmethode gibt. Jede Unternehmensbewertung muss situativ betrachtet werden, um die geeignetste Methode zu finden.
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