Diskonteringsräntan vid nedskrivning av goodwill
(2014) FEKN90 20141Department of Business Administration
- Abstract
- Title: The discount rate used in the impairment testing of goodwill – A comparison of
market-based assessments
Seminar date: 2014-05-23
Course: FEKN90, Business Administration: Master Thesis in Corporate Finance, 30 HP
Authors: Victor Håkansson and Anton Persson
Advisor: Erling Green
Key words: Goodwill, impairment testing, discount rate, market-based assessments and IAS
36.
Purpose: The purpose of this thesis was to investigate whether Swedish companies, listed on
the Stockholm Stock Exchange, based their valuations of their discount rates in respect to
their goodwill on market-based assessments during 2005-2013. We also aimed to investigate
if a potential distinction could be explained by an opportunistic... (More) - Title: The discount rate used in the impairment testing of goodwill – A comparison of
market-based assessments
Seminar date: 2014-05-23
Course: FEKN90, Business Administration: Master Thesis in Corporate Finance, 30 HP
Authors: Victor Håkansson and Anton Persson
Advisor: Erling Green
Key words: Goodwill, impairment testing, discount rate, market-based assessments and IAS
36.
Purpose: The purpose of this thesis was to investigate whether Swedish companies, listed on
the Stockholm Stock Exchange, based their valuations of their discount rates in respect to
their goodwill on market-based assessments during 2005-2013. We also aimed to investigate
if a potential distinction could be explained by an opportunistic perspective.
Methodology: The thesis used a quantitative research strategy with a deductive method
approach. The company specific discount rates were retrieved from each company’s annual
report and compared with the operationalized discount rates based on the market-based
assessments. Theory, previous studies and recent reports represent the foundation for the
operationalization along with the assumptions of the thesis. We estimated the discount rates
based on market-based assessments using the valuation models CAPM and the Fama French
Three-Factor Model.
Theoretical perspectives: We start of by providing a basic review of IFRS, CAPM, the Fama
French Three-Factor Model and an historical analysis of the Swedish economy in order to
increase the comprehension of the purpose of this thesis. Furthermore, we provided an
explanation of Positive Accounting Theory with focus on an opportunistic perspective.
Finally, we describe previous studies and recent reports in the field.
Empirical foundation: The result showed that the majority of the actual discount rates
differed from its market-based assessments. Other observations were that the discount rates
based on market-based-assessments, on average, fell below the actual discount rates and that
the actual discounts rates only marginally changed throughout the duration of the study.
Conclusion: The thesis showed that the companies listed on the Stockholm Stock Exchange
did not entirely incorporate marked-based assessments when estimating their discount rates.
Instead, the valuation of discount rates was based on different circumstances. (Less) - Popular Abstract (Swedish)
- Titel: Diskonteringsräntan vid nedskrivning av goodwill - En jämförelsestudie av
marknadsmässiga bedömningar
Seminariedatum: 2014-05-23
Ämne/kurs: FEKN90, Företagsekonomi: Examensarbete i Corporate Finance på
magisternivå. 30hp.
Författare: Victor Håkansson och Anton Persson
Handledare: Erling Green
Nyckelord: Goodwill, nedskrivningsprövning, diskonteringsränta, marknadsmässiga
bedömningar och IAS 36.
Syfte: Syftet med studien är att undersöka huruvida svenska börsnoterade bolag på OMX
Stockholm baserar sina värderingar av diskonteringsräntor - vid kassaflödesvärdering av
goodwills återvinningsvärde - på marknadsmässiga bedömningar under perioden 2005-2013.
Vidare ämnar vi att diskutera om en eventuell skillnad i... (More) - Titel: Diskonteringsräntan vid nedskrivning av goodwill - En jämförelsestudie av
marknadsmässiga bedömningar
Seminariedatum: 2014-05-23
Ämne/kurs: FEKN90, Företagsekonomi: Examensarbete i Corporate Finance på
magisternivå. 30hp.
Författare: Victor Håkansson och Anton Persson
Handledare: Erling Green
Nyckelord: Goodwill, nedskrivningsprövning, diskonteringsränta, marknadsmässiga
bedömningar och IAS 36.
Syfte: Syftet med studien är att undersöka huruvida svenska börsnoterade bolag på OMX
Stockholm baserar sina värderingar av diskonteringsräntor - vid kassaflödesvärdering av
goodwills återvinningsvärde - på marknadsmässiga bedömningar under perioden 2005-2013.
Vidare ämnar vi att diskutera om en eventuell skillnad i bedömningarna kan bero på
opportunistiskt beteende.
Metod: Studien använder en kvantitativ metod med deduktiv ansats. Insamlingen av data till
de faktiska diskonteringsräntorna hämtas från företags årsredovisningar. Referensramen,
tidigare studier och aktuella rapporter ligger till grund för operationaliseringen av
värderingsmodellernas variabler samt studiens antaganden. Genom CAPM-metoden och
Fama Frenchs trefaktorsmodell uppskattar vi de teoretiskt marknadsmässiga bedömningarna
som vidare i resultatet jämförs med företagens faktiska diskonteringsräntor och antagandena.
Teoretiska perspektiv: För att ge läsaren en grundläggande förståelse av studiens syfte börjar
referensramen med en genomgång av IFRS-regelverk, CAPM, Fama Frenchs
trefaktorsmodell samt en marknadsanalys av den svenska marknaden. Slutligen förklaras
positivistisk redovisningsteori med fokus på opportunistiskt beteende och en empirisk
referensram av tidigare studier och aktuella rapporter.
Empiri: Empirin visar att en klar majoritet av de faktiska diskonteringsräntorna skiljde sig
från de marknadsmässiga bedömningarna. Ytterligare iakttagelser som gjordes var att de
marknadsmässigt bedömda diskonteringsräntorna i genomsnitt understeg de faktiska.
Slutligen kunde vi endast påvisa marginella förändringar i de faktiska diskonteringsräntorna.
Slutsats: Studien tyder på att svenska börsnoterade företag listade på OMX Stockholm inte
fullständigt har inkluderat markandsmässiga bedömningar vid värderingen av sina
diskonteringsräntor utan baserat sina värderingar på alternativa omständigheter. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/4927345
- author
- Håkansson, Victor LU and Persson, Anton LU
- supervisor
-
- Erling Green LU
- organization
- alternative title
- En jämförelsestudie med marknadsmässiga bedömningar
- course
- FEKN90 20141
- year
- 2014
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- Key words: Goodwill, impairment testing, discount rate, market-based assessments and IAS 36.
- language
- Swedish
- id
- 4927345
- date added to LUP
- 2015-01-13 15:55:43
- date last changed
- 2015-01-13 15:55:43
@misc{4927345,
abstract = {{Title: The discount rate used in the impairment testing of goodwill – A comparison of
market-based assessments
Seminar date: 2014-05-23
Course: FEKN90, Business Administration: Master Thesis in Corporate Finance, 30 HP
Authors: Victor Håkansson and Anton Persson
Advisor: Erling Green
Key words: Goodwill, impairment testing, discount rate, market-based assessments and IAS
36.
Purpose: The purpose of this thesis was to investigate whether Swedish companies, listed on
the Stockholm Stock Exchange, based their valuations of their discount rates in respect to
their goodwill on market-based assessments during 2005-2013. We also aimed to investigate
if a potential distinction could be explained by an opportunistic perspective.
Methodology: The thesis used a quantitative research strategy with a deductive method
approach. The company specific discount rates were retrieved from each company’s annual
report and compared with the operationalized discount rates based on the market-based
assessments. Theory, previous studies and recent reports represent the foundation for the
operationalization along with the assumptions of the thesis. We estimated the discount rates
based on market-based assessments using the valuation models CAPM and the Fama French
Three-Factor Model.
Theoretical perspectives: We start of by providing a basic review of IFRS, CAPM, the Fama
French Three-Factor Model and an historical analysis of the Swedish economy in order to
increase the comprehension of the purpose of this thesis. Furthermore, we provided an
explanation of Positive Accounting Theory with focus on an opportunistic perspective.
Finally, we describe previous studies and recent reports in the field.
Empirical foundation: The result showed that the majority of the actual discount rates
differed from its market-based assessments. Other observations were that the discount rates
based on market-based-assessments, on average, fell below the actual discount rates and that
the actual discounts rates only marginally changed throughout the duration of the study.
Conclusion: The thesis showed that the companies listed on the Stockholm Stock Exchange
did not entirely incorporate marked-based assessments when estimating their discount rates.
Instead, the valuation of discount rates was based on different circumstances.}},
author = {{Håkansson, Victor and Persson, Anton}},
language = {{swe}},
note = {{Student Paper}},
title = {{Diskonteringsräntan vid nedskrivning av goodwill}},
year = {{2014}},
}