In this paper a company owner (valuation subject) is interested in selling a company (valuation object). The seller must conduct a business valuation in order to sustain his economic interest, which is assumed to be wealth maximisation. He will only engage in the transaction if the offered price does not come below the computed company value. The purpose of our paper is to introduce an innovative way to fulfil the described valuation task by applying the so-called “state marginal price model” under realistic imperfect market conditions. We show how removing the short-term credit upper limit alters the minimum demandable price of the same company noticeably.
JEL Codes: D46, G31 and G34
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