Summary
It will be shown that the capital budgeting subgoals which generally are used to determine the optimal investment and financing program of a corporation are not necessarily consistent with the objective of maximizing the expected utility of the terminal wealth of its shareholders. This holds true also if there is no conflict of interest between the shareholders. The analysis is based on a portfolio model and a stock market equilibrium model.
Zusammenfassung
Es wird gezeigt, daß die Zielfunktionen, mit denen in der Regel bei der Bestimmung des optimalen Investitionsprogramms einer Kapitalgesellschaft gearbeitet wird, nicht zwingend im Einklang stehen mit dem Oberziel der Maximierung des erwarteten Nutzens der Anteilseigner. Dies gilt auch dann, wenn kein Interessenkonflikt zwischen den Anteilseignern besteht. Die Analyse basiert auf einem Portfolio Modell und einem darauf aufbauenden Modell zur Bestimmung der Gleichgewichtskurse von Aktien.
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Vorgel. v.:H. Schneeweiss
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Laux, H. Expected utility maximization and capital budgeting subgoals. Unternehmensforschung Operations Research 15, 130–146 (1971). https://doi.org/10.1007/BF01939820
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DOI: https://doi.org/10.1007/BF01939820