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International business valuation has become a vital part of today’s international corporate finance activities. Within the scope of continued globalization, financial experts face the perpetual challenge of measuring country-specific risks and including these risks in valuation models. This book is based on the fundamental principle of traditional business valuation and demonstrates how companies and business units are to be assessed outside their domestic markets. It presents different approaches of modelling a country risk premium as developed by investment banks and auditing companies and…mehr
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International business valuation has become a vital part of today’s international corporate finance activities. Within the scope of continued globalization, financial experts face the perpetual challenge of measuring country-specific risks and including these risks in valuation models. This book is based on the fundamental principle of traditional business valuation and demonstrates how companies and business units are to be assessed outside their domestic markets. It presents different approaches of modelling a country risk premium as developed by investment banks and auditing companies and explains how an international corporate assessment is being conducted using South Africa as an example of an emerging/high growth market.
Produktdetails
- Produktdetails
- Verlag: UTB GmbH
- Seitenzahl: 250
- Erscheinungstermin: 1. Oktober 2014
- Deutsch
- ISBN-13: 9783838541761
- Artikelnr.: 71186783
- Verlag: UTB GmbH
- Seitenzahl: 250
- Erscheinungstermin: 1. Oktober 2014
- Deutsch
- ISBN-13: 9783838541761
- Artikelnr.: 71186783
Preface5 Table of Content9 1 Introduction to International Business Valuation13 1.1 The Term International Business Valuation13 1.2 Reasons for International Business Valuations15 1.3 Specifics of International Business Valuations16 1.3.1 Differences in Accounting Standards and Taxation17 1.3.2 Different Currencies18 1.3.3 Exchange Rate Fluctuations and (Hyper-) Inflation19 1.3.4 Country Risks19 1.3.5 Transfer Risks20 1.3.6 Availability and Reliability of Information and Financial Data20 1.3.7 Interpretation of Key Figures Derived from Local Market Data21 1.3.8 Applicability of Traditional Valuation Methods22 1.3.9 Legally Required Valuation Methods23 1.4 Methods of International Business Valuation25 1.4.1 Single Valuation Methods26 1.4.2 Mixed Approaches31 1.4.3 Total Valuation Methods32 1.5 Approaches in International Business Valuation41 1.5.1 Presentation of a 5-Step Model for International Valuation41 1.5.2 Business Analysis and Business Planning43 1.5.3 Establishing the Framework Conditions for the Valuation and Choice of One or Several Valuation Methods51 1.6 Literature on International Business Valuation54 2 Initial Thoughts on International Business Valuation in Emerging Markets/ High Growth Markets59 2.1 Emerging Markets/High Growth Markets60 2.2 Consideration of Different Currencies in International Business Valuation62 2.2.1 International Business Valuation in Local Currency of the Emerging Markets/High Growth Markets63 2.2.2 International Business Valuation in the Hard Currency of the Reference Market69 2.3 Applicability of CAPM in Emerging Markets/ High Growth Markets73 2.3.1 Critical Assessment of CAPM73 2.3.2 Can the CAPM be used in Emerging Markets/ High Growth Markets?77 3 A Closer Look at Important Model Parameters in International Business Valuation with the CAPM87 3.1 The Market Risk Premium – Definition, Influencing Factors and Determination88 3.1.1 What is the Market Risk Premium?88 3.1.2 Determination of the Market Risk Premium89 3.1.3 Thoughts on the Risk Premium in Emerging Markets/High Growth Markets94 3.2 Country Risk – An Additional Risk Factor in Emerging Markets/High Growth Markets95 3.2.1 The Need for a Country Risk Premium95 3.2.2 How is the Country Risk Premium Calculated or Estimated?100 3.2.3 Attribution of the Country Risk Premium to the Individual Companies110 3.3 The Beta Factor118 3.3.1 Methodological Questions about the Determination of the Beta Factor118 3.3.2 Determination of Beta Factors in Volatile Markets if Financial Data is not Available120 4 International Business Valuation in South Africa131 4.1 Expanded Model for International Valuation in Volatile Markets133 4.2 Adaptation of Business Planning and Cash Flows136 4.2.1 Adjustment of Cash Flows to Correct for Countryspecific Accounting Regulations137 4.2.2 Adjustment of Cash Flows to Correct for Excessive Management Remuneration142 4.2.3 Adjustment of Cash Flows to Correct for Excessive Expensing143 4.2.4 Adjustment of Cash Flows to Correct for Inflation145 4.3 Adjustment of the Cost of Capital (Discount Rates)151 4.3.1 Determination of the Cost of Equity with the help of CAPM-based Models151 4.3.2 Determination of the Cost of Equity with the help of models that are not based on the CAPM 182 4.3.3 Overview of the Calculations Needed for the Models of International Business Valuation191 4.3.4 Comparison of the Models192 4.4 Model Selection195 4.4.1 An Overview of the Cost of Equity of the Various Models198 4.4.2 Determination of the Cost of Debt199 4.5 Additional Adjustments for the Incorporation of Unsystematic Risk201 4.5.1 Company Size (Size Effects)203 4.5.2 Block Premium (Majority Discount)204 4.5.3 Mobility Premium (Liquidity, Fungibility Premium)205 4.6 Calculation of the Business Value207 4.6.1 Calculation of the Business Value with the WACC Approach207 4.6.2 Calculation of the Business Value with the Equity Approach221 Summary of this book237 Bibliography239 Index245
Preface5 Table of Content9 1 Introduction to International Business Valuation13 1.1 The Term International Business Valuation13 1.2 Reasons for International Business Valuations15 1.3 Specifics of International Business Valuations16 1.3.1 Differences in Accounting Standards and Taxation17 1.3.2 Different Currencies18 1.3.3 Exchange Rate Fluctuations and (Hyper-) Inflation19 1.3.4 Country Risks19 1.3.5 Transfer Risks20 1.3.6 Availability and Reliability of Information and Financial Data20 1.3.7 Interpretation of Key Figures Derived from Local Market Data21 1.3.8 Applicability of Traditional Valuation Methods22 1.3.9 Legally Required Valuation Methods23 1.4 Methods of International Business Valuation25 1.4.1 Single Valuation Methods26 1.4.2 Mixed Approaches31 1.4.3 Total Valuation Methods32 1.5 Approaches in International Business Valuation41 1.5.1 Presentation of a 5-Step Model for International Valuation41 1.5.2 Business Analysis and Business Planning43 1.5.3 Establishing the Framework Conditions for the Valuation and Choice of One or Several Valuation Methods51 1.6 Literature on International Business Valuation54 2 Initial Thoughts on International Business Valuation in Emerging Markets/ High Growth Markets59 2.1 Emerging Markets/High Growth Markets60 2.2 Consideration of Different Currencies in International Business Valuation62 2.2.1 International Business Valuation in Local Currency of the Emerging Markets/High Growth Markets63 2.2.2 International Business Valuation in the Hard Currency of the Reference Market69 2.3 Applicability of CAPM in Emerging Markets/ High Growth Markets73 2.3.1 Critical Assessment of CAPM73 2.3.2 Can the CAPM be used in Emerging Markets/ High Growth Markets?77 3 A Closer Look at Important Model Parameters in International Business Valuation with the CAPM87 3.1 The Market Risk Premium – Definition, Influencing Factors and Determination88 3.1.1 What is the Market Risk Premium?88 3.1.2 Determination of the Market Risk Premium89 3.1.3 Thoughts on the Risk Premium in Emerging Markets/High Growth Markets94 3.2 Country Risk – An Additional Risk Factor in Emerging Markets/High Growth Markets95 3.2.1 The Need for a Country Risk Premium95 3.2.2 How is the Country Risk Premium Calculated or Estimated?100 3.2.3 Attribution of the Country Risk Premium to the Individual Companies110 3.3 The Beta Factor118 3.3.1 Methodological Questions about the Determination of the Beta Factor118 3.3.2 Determination of Beta Factors in Volatile Markets if Financial Data is not Available120 4 International Business Valuation in South Africa131 4.1 Expanded Model for International Valuation in Volatile Markets133 4.2 Adaptation of Business Planning and Cash Flows136 4.2.1 Adjustment of Cash Flows to Correct for Countryspecific Accounting Regulations137 4.2.2 Adjustment of Cash Flows to Correct for Excessive Management Remuneration142 4.2.3 Adjustment of Cash Flows to Correct for Excessive Expensing143 4.2.4 Adjustment of Cash Flows to Correct for Inflation145 4.3 Adjustment of the Cost of Capital (Discount Rates)151 4.3.1 Determination of the Cost of Equity with the help of CAPM-based Models151 4.3.2 Determination of the Cost of Equity with the help of models that are not based on the CAPM 182 4.3.3 Overview of the Calculations Needed for the Models of International Business Valuation191 4.3.4 Comparison of the Models192 4.4 Model Selection195 4.4.1 An Overview of the Cost of Equity of the Various Models198 4.4.2 Determination of the Cost of Debt199 4.5 Additional Adjustments for the Incorporation of Unsystematic Risk201 4.5.1 Company Size (Size Effects)203 4.5.2 Block Premium (Majority Discount)204 4.5.3 Mobility Premium (Liquidity, Fungibility Premium)205 4.6 Calculation of the Business Value207 4.6.1 Calculation of the Business Value with the WACC Approach207 4.6.2 Calculation of the Business Value with the Equity Approach221 Summary of this book237 Bibliography239 Index245