Die Finanzmarktkrise

Two different valuation theories are currently being applied in parallel in the field of company valuation. However, in contrast to the functional valuation theory with its subjective scope for discretion, the capital market-oriented theory is based exclusively on the capital market in order to determine an objective value. However, the trading of many securities collapsed at the low point of the financial market crisis in summer 2008, so that the market was unable to provide the necessary information. The work shows that, regardless of the crisis, justified criticism based on unrealistic assumptions and value concepts already exists. Nevertheless, the DCF method is becoming increasingly important in practice, also for determining the decision value. The result shows, however, that this use is not possible, but that the enterprise value can certainly serve as an argumentation value.