Formelsammlung Corporate Finance

Professor Dr. Niklas Wagner

Lehrstuhl für Finanzcontrolling

Hinweis: Diese Formelsammlung ist der Abschlussklausur als Anlage beigefügt. Sie selbst dürfen zur Prüfung
keine eigene Formelsammlung mitbringen.
Einige Symbole

r (Kalkulations-)Zins Discount Rate

C Zahlungsstrom Cashflow
g Wachstumsrate Growth Rate
DIV Dividende Dividend
p Wahrscheinlichkeit Probability
R Wertpapierrendite Return

1. Finanzmathematik

C
Ewige Rente (Perpetuity): PV =
r

C
Wachsende ewige Rente (Growing Perpetuity): PV =
r −g

1
1−
 
(1 + r )
T

Rentenbarwertfaktor (Annuity Factor): RBF (r ,T ) = ⋅ 1 −

1 1 
=
r  ( ) 
T
1 + r r


r ⋅ (1 + r )
T

Wiedergewinnungsfaktor: WGF (r ,T ) =
1 r
= =
RBF (r ,T ) 1 (1 + r )
T
−1
(Capital Recovery Factor) 1−
(1 + r )
T

 
Annuität (Annuity): PV = C ⋅ RBF (r ,T ) = ⋅ 1 −
C  1 
r  (1 + r ) 
T

C 1   1 + g   C 0 ⋅ (1 + g )   1 + g  
T T

Wachsende Annuität (Growing Annuity): PV = ⋅ 1 −   = ⋅ 1 −   

r − g  1+ r   r −g   1+r  
   

DIV1   1 + g1   DIVN +1
T
1
Differenziertes Wachstum (Differential Growth): PV = ⋅ 1 −   + ⋅
r − g1   1 + r   r − g 2 (1 + r )N
 
2. Statistik

Erwartungswert (Mean), Zustände s = 1,..., S :

S
E (R ) = ∑ ps ⋅ Rs
s =1

Varianz (Variance), Zustände s = 1,..., S :

Var (R ) = E {(R − E (R)) } 2

2
= ∑ p ⋅ (R − E (R ))
S
s =1 s s
2
= E (R ) − E (R )
2
 

Standardabweichung (Standard Deviation), Zustände s = 1, ..., S : σ (R ) = + Var (R )

Kovarianz (Covariance), Zustände s = 1,..., S :

((
Cov (R1, R2 ) = E R1 − E (R1 ) ⋅ R2 − E (R2 ) )( ))
S
((
= ∑ s =1 ps ⋅ R1s − E (R1 ) ⋅ R2s − E (R2 ) )( ))
= E (R1 ⋅ R2 ) − E (R1 ) ⋅ E (R2 )

Korrelation (Correlation):
Cov (R1, R2 )
ρ (R1, R2 ) =
σ (R1 ) ⋅ σ (R2 )
− 1 ≤ ρ (R1, R2 ) ≤ 1

Beta:
Cov (RM , Ri ) σR ,Ri
βi = = M

Var (RM ) σ2
RM

Rechenregeln:
Var (R ) = Cov (R, R )
Cov (R1, R2 ) = σ (R1 ) ⋅ σ (R2 ) ⋅ ρ (R1, R2 )
Var (w1 ⋅ R1 + w2 ⋅ R2 ) = w12 ⋅ Var (R1 ) + w22 ⋅ Var (R2 ) + 2 ⋅ w1 ⋅ w2 ⋅ Cov (R1, R2 )
E (w1 ⋅ R1 + w2 ⋅ R2 ) = w1 ⋅ E (R1 ) + w2 ⋅ E (R2 )