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Företagsvärdering: en studie av värderingsproblematiken för företag med lågt substansvärde
Linköping University, Department of Management and Economics.
Linköping University, Department of Management and Economics.
2001 (Swedish)Independent thesis Advanced level (degree of Magister)Student thesisAlternative title
Valuation of companies with relative low substance value (English)
Abstract [en]

Background: The difference between the market value and the book value of the companies has dramatically increased. One explanation is that the inflow of capital on the market has increased. Another explanation is that companies have a larger share of intellectual capital. The question is how this has influenced the company-valuator's use of valuation-models?

Purpose: The purpose of this study is to find out what relevance the substance valuation model has, the DCF-model has, and also discover new valuation-models, among company-valuators.

Method: The study was conducted as a qualitative interview-investigation. We interviewed three company-valuators and one company-partner, in four different consulting-firms.

Results: The study does only pay attention to the company-valuator's point of view. The substancevaluation-model is not frequently used. The DCF-model is the dominant valuation-model. Other used ways to value companies are relative valuation and real option valuation. Relative valuation is frequently used, while real options valuation is rare.

Place, publisher, year, edition, pages
Ekonomiska institutionen , 2001. , 64 p.
Series
Master Thesis in Business Administration (Magisteruppsats från Internationella ekonomprogrammet), 2001:19
Keyword [en]
Business and economics, Valuation, DCF, substance valuation, real options, intellectual capital
Keyword [sv]
Ekonomi
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:liu:diva-790OAI: oai:DiVA.org:liu-790DiVA: diva2:22814
Uppsok
samhälle/juridik
Available from: 2001-02-13 Created: 2001-02-13

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • oxford
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf