摘要：Concerning the financial shares there exist a huge variety of approaches in literature.The majority of the existing concepts for the evaluation of company shares focus on financial aspects by stressing the model of present net value or of Black – Scholes in order to approximate the “financial value"of the equity to be able to calculate a fair participation of the shareholder on the company profit.The “political value"of a share,i.e.evaluation of the voting power related to a company shares,represents a rather neglected topic.An important reason for that situation is related to the fact that the voting power of shares is considered rather as a question for the SME sector than for bigger companies.In practical business life formalized methods based on correction tables are used to include the voting power into the evaluation of company shares.These approaches are rather based on historic transactions than on an analytical concept and they do not take under account the specific situation in companies.The paper will discuss a holistic approach for the evaluation of company shares based on mathematical game theory in order to develop sustainable model for integral evaluation of the “political"value and the “financial"value of company shares.The results of the mathematical approach will then be compared with the most often used methods for the evaluation of voting power of shares in business life in order to give recommendations for more realistic and fairer evaluation methods.
关键词：evaluation of companies;voting power;game theory;mathematical models for economic problems
