Politická ekonomie
Politická ekonomie
Politická ekonomie
TEORETICKÝ ČASOPIS • ISSN 0032-3233 (Print) • ISSN 2336-8225 (Online)

Politická ekonomie Vol. 66 No. 1

Vliv velikosti podniku na transakční násobitele

DOI: https://doi.org/10.18267/j.polek.1181

[plný text (PDF)]

Jana Skálová, Tomáš Podškubka, Petr Diviš

This article focuses on problematic of company’s size with connection to its valuation multiples. The phenomenon of company’s size effect is described in theory and empirically tested. The knowledge of dependence on transaction multiples on company’s size is essential for valuation and decision about acquisition or disinvestment. The article follows on the Jeřábek’s and Čihák’s article (2008). The aim of the article is empirically verified the statement that the buyers are willing to pay relatively lower amount of money for smaller companies than in case of investment in larger companies. The aim does not determine the specific amount of the size risk premiums but demonstrates increasing multiple in connection to company’s size. Furthermore, it is necessary to take into account the bigger companies have, in comparison with smaller entities, not only higher relative value, but also absolute. In other words, it means higher transaction multiple or lower discount rate.

JEL klasifikace: F23, G12, G34

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