Vad speglar diskonteringsräntan - En kvantitativ studie av börsnoterade skogsbolag med biologiska tillgångar

Detta är en Kandidat-uppsats från Göteborgs universitet/Företagsekonomiska institutionen

Författare: Richard Svensson; John Sjöberg; [2020-07-09]

Nyckelord: ;

Sammanfattning: The purpose of this study is to investigate whether listed forest companies use the discount rateand thus the valuation of their biological assets as a tool to manage profit. Why this is of interestis because biological assets are valued at fair value, which means that the actual value of the assetmust be calculated. This calculation is largely based on forecasts and management's estimation asthere is often no active market for this type of asset. This means that the reliability of thevaluation can be called into question. Since a large part of the valuation is based on assessmentsand estimates, the study's hypothesis is that the valuation is affected by the companies' financialgoals and that the valuation thus does not reflect the actual value of the asset. We have found anumber of sources that support this hypothesis by looking at previous research on the subject.Our collected data and the statistical survey indicate that there are several companies that do notfollow the regulations very actively. Our central conclusion is that a large part of the companies'discount rates do not reflect the parts that they should according to the regulations. This makescomparisons between companies more difficult, which contradicts the basic idea that theregulations would entail, in the form of increased comparability.

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