| Autor: Gerrit Brösel, Mario Zimmermann | 545 |
Strony: 545-554
pełen tekst
Summary
The paper at hand presents the functional business valuation theory. Based on the fact that like every other calculation, business valuation is initiated by a specific cause and therefore has to serve a determined purpose, these causes are analyzed and systematized at first. Subsequently, the paper outlines the development in Germany from the objective over to the subjective and finally to the functional business valuation theory. It deduces that only the functional business valuation provides the appropriate framework for successful valuation under the aspect of decision support. The key role in this theory is assigned to the three different types of value (decision value, arbitration value, argumentation value) which necessarily incorporate all expectations, plans and intentions of the valuation subject under realistic assumptions. Hence, functional business valuation has to be considered as the predominant approach, because it has not only an adequate contact with reality but also (exclusively) fully respects the fundamentals of valuation (overall assessment, future orientation and subjectivity) in order to achieve expedient decision support.
pełen tekstSummary
The paper at hand presents the functional business valuation theory. Based on the fact that like every other calculation, business valuation is initiated by a specific cause and therefore has to serve a determined purpose, these causes are analyzed and systematized at first. Subsequently, the paper outlines the development in Germany from the objective over to the subjective and finally to the functional business valuation theory. It deduces that only the functional business valuation provides the appropriate framework for successful valuation under the aspect of decision support. The key role in this theory is assigned to the three different types of value (decision value, arbitration value, argumentation value) which necessarily incorporate all expectations, plans and intentions of the valuation subject under realistic assumptions. Hence, functional business valuation has to be considered as the predominant approach, because it has not only an adequate contact with reality but also (exclusively) fully respects the fundamentals of valuation (overall assessment, future orientation and subjectivity) in order to achieve expedient decision support.