Vasko IsakovićErtrags-/risikointegrierte Bewertung von mehrperiodigen IT-Investitionen im Rahmen einer wertorientierten Unternehmensführung

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Since IT investments meanwhile account for a significant share of a company’s annual budget, the impact of IT investments on the long-term risk-/return position of the company has to be considered when valuating IT investments with respect to a value-based management. In doing so, especially the specific risks involved with IT investments have to be considered adequately within valuation, as IT investments are regarded as highly risky by nature. Induced by expectations of shareholders and capital markets as well as increased periodical disclosure requirements, many companies aim at optimizing their periodical financial results. Although the need of periodical ratios and periodical reporting for information issues is indisputable, a financial management solely focused on optimizing periodical results usually doesn`t align with the goal of a long-term and sustainable value creation. In the context of decision support and the a priori evaluation of IT Investments, the paper integrates both, the objectives of long-term oriented value-based management and those of a short-term oriented corporate management. For that, in a first step a periodical oriented optimization of IT investment decisions is contrasted with a long-term oriented optimization, taking into account an integrated view on risk and return. In a second step, based on an IT investment’s risk adjusted value proposition, this paper presents a long- and short-term integrating a priori valuation of new IT investments. While supporting the objective of long-term oriented value-based management, the demand of short-term oriented corporate management pursuing periodical targets are also satisfied. Furthermore, case studies show the importance of a long- and short term integrated view and highlight the relevance of a risk-/return based valuation of IT investments in practice.

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