Diskonteringsräntor - Ett opportunistiskt verktyg vid värdering av goodwill?
(2014) FEKH89 20132Department of Business Administration
- Abstract (Swedish)
- Syfte: Det som uppsatsen vill klarlägga är hur företag sätter sina diskonteringsräntor, om det finns korrelation mellan bolagens verkliga resultat och/eller goodwillpostens relativa storlek och om detta beror på opportunistiskt tänkande i bestämmandet av denna ganska väsentliga parameter.
Metod: Med syftet som utgångspunkt har en kvantitativ metod valts. Data har samlats in från främst företagens årsredovisningar och litteratur. Insamlad information har bearbetats i Excel för att kunna sammanställa informationen på ett praktiskt och lättillgängligt sätt. Slutligen har SPSS använts i syfte att genomföra T-test.
Teoretiskt perspektiv: Den teoretiska basen utgörs av tidigare forskning inom nedskrivningsprövning och diskonteringsräntor.... (More) - Syfte: Det som uppsatsen vill klarlägga är hur företag sätter sina diskonteringsräntor, om det finns korrelation mellan bolagens verkliga resultat och/eller goodwillpostens relativa storlek och om detta beror på opportunistiskt tänkande i bestämmandet av denna ganska väsentliga parameter.
Metod: Med syftet som utgångspunkt har en kvantitativ metod valts. Data har samlats in från främst företagens årsredovisningar och litteratur. Insamlad information har bearbetats i Excel för att kunna sammanställa informationen på ett praktiskt och lättillgängligt sätt. Slutligen har SPSS använts i syfte att genomföra T-test.
Teoretiskt perspektiv: Den teoretiska basen utgörs av tidigare forskning inom nedskrivningsprövning och diskonteringsräntor. Vidare har redovisningsregler, litteratur och teorier om ämnena använts.
Empiri: Uppsatsen har studerat 29 företag inom branscherna material och konsumentvaror mellan åren 2006-2012. Totalt antal observationer uppgår till 174-197 beroende på undersökt variabel. De parametrar som har undersökts är lönsamhet i form EBITDA-marginal och andel goodwill i förhållande till eget kapital.
Resultat: Det visade sig att företagens diskonteringsräntor skiljer sig markant från de i uppsatsen framräknade. Den generella förklaringen kan vara att företagen vid sina beräkningar använder sig av information och variabler som inte finns tillgängligt publikt. Vidare kunde inget signifikant samband styrkas mellan lönsamhet och hur företaget sätter sina diskonteringsräntor. Däremot fanns det indikationer på att lönsamhet kan spela en viss roll om företagen önskar att använda en hög diskonteringsränta som markör för god lönsamhet. Slutligen kunde ett signifikant samband för andel goodwill och diskonteringsräntan bekräftas. Desto högre andel goodwill i förhållande till eget kapital desto lägre diskonteringsränta. (Less) - Abstract
- Purpose: The paper sets out to research how companies determine their discount rate, if there’s correlation between companies’ profitability and/or the goodwill relative size and if it therefore can be established if there’s an opportunistic way of thinking when choosing the discount rate.
Methodology: With the purpose as a starting point, a quantitative method has been chosen. Data has been gathered primarily from the companies’ annual reports and literature. Gathered information has been processed in EXCEL to make it easy to comprehend. Finally SPSS has been used to conduct T-tests.
Theoretical perspectives: The theoretical base consists of prior research about impairment test of goodwill and discount rates. Accounting rules,... (More) - Purpose: The paper sets out to research how companies determine their discount rate, if there’s correlation between companies’ profitability and/or the goodwill relative size and if it therefore can be established if there’s an opportunistic way of thinking when choosing the discount rate.
Methodology: With the purpose as a starting point, a quantitative method has been chosen. Data has been gathered primarily from the companies’ annual reports and literature. Gathered information has been processed in EXCEL to make it easy to comprehend. Finally SPSS has been used to conduct T-tests.
Theoretical perspectives: The theoretical base consists of prior research about impairment test of goodwill and discount rates. Accounting rules, literature and theories about the subjects have also been used.
Empirical foundation: The paper has studied 29 companies within the sectors material and consumer goods between the years 2006-2012. The total number of observations sums up to between 174-197 depending on the analyzed variable. The parameters that have been analyzed are profitability in the form of EBITDA margin and quota of goodwill in comparison to common equity.
Conclusions: It turned out that the companies discount rates greatly differ from those in the paper calculated. The general explanation could be that the companies use information and variables in their calculation that is not available to the public. Further no significance could be determined regarding the correlation between profitability and how the companies choose their discount rates. There were indications that profitability might play a certain role if the companies wish to use a high discount rate as a marker for high profitability. Finally a significant correlation could be confirmed regarding quota of goodwill in comparison to common equity and discount rate. The higher the quota of goodwill the lower the discount rate. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/4336438
- author
- Gårdemyr, Alexander LU ; Dahlvid, Christoffer LU and Fridlund, Johan LU
- supervisor
- organization
- course
- FEKH89 20132
- year
- 2014
- type
- M2 - Bachelor Degree
- subject
- keywords
- Diskonteringsränta, Goodwill, CAPM, WACC, Opportunism, Risk, EBITDA-marginal
- language
- Swedish
- id
- 4336438
- date added to LUP
- 2014-03-12 15:25:09
- date last changed
- 2014-03-12 15:25:09
@misc{4336438,
abstract = {{Purpose: The paper sets out to research how companies determine their discount rate, if there’s correlation between companies’ profitability and/or the goodwill relative size and if it therefore can be established if there’s an opportunistic way of thinking when choosing the discount rate.
Methodology: With the purpose as a starting point, a quantitative method has been chosen. Data has been gathered primarily from the companies’ annual reports and literature. Gathered information has been processed in EXCEL to make it easy to comprehend. Finally SPSS has been used to conduct T-tests.
Theoretical perspectives: The theoretical base consists of prior research about impairment test of goodwill and discount rates. Accounting rules, literature and theories about the subjects have also been used.
Empirical foundation: The paper has studied 29 companies within the sectors material and consumer goods between the years 2006-2012. The total number of observations sums up to between 174-197 depending on the analyzed variable. The parameters that have been analyzed are profitability in the form of EBITDA margin and quota of goodwill in comparison to common equity.
Conclusions: It turned out that the companies discount rates greatly differ from those in the paper calculated. The general explanation could be that the companies use information and variables in their calculation that is not available to the public. Further no significance could be determined regarding the correlation between profitability and how the companies choose their discount rates. There were indications that profitability might play a certain role if the companies wish to use a high discount rate as a marker for high profitability. Finally a significant correlation could be confirmed regarding quota of goodwill in comparison to common equity and discount rate. The higher the quota of goodwill the lower the discount rate.}},
author = {{Gårdemyr, Alexander and Dahlvid, Christoffer and Fridlund, Johan}},
language = {{swe}},
note = {{Student Paper}},
title = {{Diskonteringsräntor - Ett opportunistiskt verktyg vid värdering av goodwill?}},
year = {{2014}},
}