Estimering af anlægsaktivers likvidationsværdier ud fra oplysninger i aktieselskabers årsrapporter

Morten Dam

Student thesis: Master thesis

Abstract

The basis of this thesis is the need for credit officers to be able to estimate the liquidation value of the assets of a private limited company as part of the credit officers risk control of the financial institutions’ loans. If a private limited company goes bankrupt, financial institutions may, unlike shareholders, secure some of their invested capital by realizing securities in the form of assets, among other things. When credit officers are to estimate the liquidation value of the assets of a company, the annual report of the company is an important tool and therefore it may appear problematic that company reports are presented from a going concern point of view and are directly aimed at company shareholders. In this thesis it will be examined how annual reports meet the information needs that credit officers in financial institutions have in connection with their estimation of the liquidation values of the company assets. The problem will be looked into through a literature study, an analysis of selected annual reports and interviews with credit officers and a trustee. The literature expounded the relevant methods for estimating the liquidation value of assets. From these methods, the information needs of the credit officers were deduced. On the basis of the deduced information needs, selected annual reports were analyzed with a view to establishing how the information in the annual reports meets the credit officers’ information needs when estimating the liquidation value of a company. It was appraised whether book values in a annual reports were relevant for credit officer in their estimation of liquidation values of company assets. The conclusions of the analysis were then challenged through interviews with credit officers from financial institutes and a trustee. On the basis of the inquiry above, it was concluded that only in a few cases did a annual report meet the credit officers’ information needs when estimating the liquidation values of company assets through value assessment methods. The inquiry revealed that company reports generally lack information of which assets are included in the various account items. The inquiry further showed that book values of immaterial, material and financial activities respectively reflected the liquidation value to a low, low to middle and high degree respectively. It was concluded that book values of material and financial activities were relevant for credit employees in their assessment of liquidation values whereas book values of immaterial activities were not relevant.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2014
Number of pages121