Kritische Betrachtung marktorientierter Kapitalkostenbestimmung bei der Bewertung von Versicherungsunternehmen

Increasingly modern discounted cash flow approaches are used for valuing insurance companies. An essential feature of these approaches is the discounting of prospective cash flows with an interest rate deduced from capital markets. Due to its generality and objectivity such an interest rate is preferred. However this article demonstrates that operationalizing this interest rate is highly subjective, preventing the goal of objectivity from being achieved.