Metadaten







Promotionsordnung


PromO94

Kumulative Dissertation


nein

Titel


Valuation of German "Mittelstand" Companies

Titel (englisch)



Autor/Autorin


Dodel, Kerstin

2. Autor/Autorin



Geburtsdatum


01.02.1972

Geburtsort



Matrikelnummer


03-671-997

Schlagwörter (GND)


Deutschland; Klein- und Mittelbetrieb; Unternehmensbewertung; Wertminderung; Finanzkrise; Liquidität; Unternehmensveräusserung

DDC (Dewey Decimal Classification)


Wirtschaft - 330

Freie Stichwörter (deutsch)


Unternehmenswert; Bewertungsabschläge; Mittelstandsunternehmen; M&A Prozess; Mittelstand

Freie Stichwörter (englisch)


German Mittelstand; company valuation; discount; liquidity discount; M&A Process; Mergers and Acquisitions

Kurzfassung


Die Dissertation beschäftigt sich mit 1) der Analyse von Bewertungsabschlägen auf Mittelstandsunternehmen in Deutschland, 2) dem Einfluss der Finanzkrise auf die Bewertung von Mittelstandsunternehmen, 3) der Analyse von Wertabschlägen auf Privatunternehmen in den USA und 4) einer detaillierten Analyse des Transaktionsprozess und der Feststellung von Einflussfaktoren auf den erzielten Transaktionspreis.

Kurzfassung (englisch)


The subject of this dissertation is: 1) the estimation of discounts for Mittelstand companies in Germany, 2) the influence of the subprime mortgage crisis on the valuation of Mittelstand companies, 3) the determination of private company discounts in the US, 4) a profound analysis of the entire transaction process with an examination of influence factors on the transaction price. The principal findings in these four areas of research are as follows:
I. Discounts for German Mittelstand companies depend on the multiple and the reference group used. Moreover, cash payment, disposal pressure, a smaller relative firm size and higher leverage negatively influence valuation, which means higher discounts. In contrast to this, a foreign investor and owner management reduce discounts. These findings indicate that a general discount covering every valuation does not exist. Rather, all the mentioned factors have to be taken into account when determining an appropriate Mittelstand discount.
II. Mittelstand companies have not been hit as hard by the subprime mortgage crisis as other private and public companies. This is potentially attributable to strong bidder competition. Investors are increasingly focusing on smaller targets since they are easier to finance. This is keeping demand high and prices relatively stable.
III. Due to the unique market environment in the US, a distinction between dependent and independent private companies is unnecessary. On average, private companies are discounted in comparison to public companies. However, these discounts depend on several factors. A higher relative size and a more favorable market environment lead to lower discounts. Cash payment and a foreign investor increase discounts. Hence, it becomes clear that the results of relative valuation approaches which do not consider these factors are biased.
IV. The transaction process and therefore the price development from the indicative bid to the revised bid and from the revised bid to the finally agreed -upon price in the sales & purchase agreement (SPA) depends on several variables. Lower financial selling pressure, higher synergies and stronger competition positively impact the price at every stage. The bidder’s transaction charges negatively influence the price development from the indicative bid to the revised bid, but not from the revised bid to the purchase price. Moreover, a higher level of trust of a bidder positively influences prices at every stage and this confidence increases for companies that are characterized by a strong linkage to their owners, as the Mittelstand companies are.

Universität


Universität St.Gallen

Referent/Referentin


Söderlind, Paul (Prof. PhD)

Korreferent/Korreferentin


Ammann, Manuel (Prof. Dr.)

Erweitertes Diss. Komitee



Fachgebiet


Wirtschaftswissenschaften

Sprache


ENG

Promotionstermin (dd.mm.yyyy)


14.09.2009

Erstellungsjahr (yyyy)


2009

Dokumentart


Dissertation

Format


PDF

Dissertationsnummer


3612

Quelle



PDF-File


dis3612.pdf

Dokumentverknüpfung


Link zu diesem Dokument







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