Lukas Rohr Der Kapitalisierungszinssatz in der objektivierten Unternehmensbewertung

About this book

Estimating an objectively neutral business value plays a central role in corporate structural measures. This applies in particular to the determination of the capitalization rate. This rate is crucial to ensuring that minority shareholders receive appropriate compensation in cases such as mergers, control and profit-transfer agreements, or squeeze-out procedures. This is where the dissertation comes in. It examines the discretionary leeway in determining the capitalization rate and demonstrates how ist interpretation in valuation practice can lead to opacity, inconsistencies, and distortions. At the same time, it develops approaches for greater transparency and standardization.

This thesis combines legal and business perspectives. It systematically examines the discretionary leeway involved in determining the three CAPM parameters—the risk-free rate, the market risk premium, and the beta factor—based on the guidelines of the IDW and case law. Building on this foundation, the thesis analyzes a wide range of valuation reports to investigate how this leeway is actually utilized in practice. The focus is on the decisions made in determining the beta factor, particularly the choice of the benchmark index, the observation period, and the return interval; the assessment of statistical significance and stock liquidity; and the composition of peer groups.

The assessment of stock liquidity is of particular importance. It determines whether an original beta factor is considered robust or is replaced by a peer-group beta factor. This valuation step in particular proves to be especially consequential. At the same time, there has been a lack of uniform standards for ist assessment in valuation practice to date. This dissertation examines the criteria by which original beta factors are rejected as unsuitable and, based on two empirical capital market studies, develops practical approaches for assessing stock liquidity and deriving appropriate threshold values.