LA VALUTAZIONE DELLE AZIONI PROPRIE IN SEDE DI STIMA DEL CAPITALE ECONOMICO
By contrast, the topic of the estimate of own shares in the valuation of companies, that is jus as complex, has not been deeply investigated to date. Consequently, the practical solutions used by the appraisers are different: in some cases the own shares are considered as non-operating investments (and therefore are included in the valuation of "economic capital”) while in other cases these assets are regarded as early repayments of capital to shareholders (and then are spun off in the calculation of the "economic capital”). Furthermore, both approaches are not always applied correctly.
In this context, the paper aims to analyze the correct theoretical methods regarding the estimate of own shares in the assessment of the "economic capital”. Therefore, after introducing the legal and accounting issues, we present the two typical approaches on the estimate of these assets (here called "Reductive Approach" and "Neutral Approach") and we analyze, also comparatively, the application matters and the evaluation results.
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