Valuation techniques, such as discounted cash flow and multiples, are applied in transactions and are also relevant for accounting, tax, and litigation issues. Within these and other valuation purposes, the techniques are crucial for “social interactions” like market processes and legal affairs. We examine this “social dimension” of business valuation and look especially at the advancement of valuation knowledge and techniques. For this purpose, we employ an approach based on “actor-network-theory” (ANT). In order to study specific margins of business valuation, the focus lies on the dissemination of the capital asset pricing model (CAPM) in German judicial valuation. We conclude, inter alia, that “the” CAPM has developed into a growing actor-network over the time, a well-established infra-structure which allows other actors to link to it. The CAPM-network deploys specific actors which enable to conduct or implement advantageous actions. In this context we discuss concepts like co-authorities, (vague) labelling, vague referencing and responsibility at a distance. Moreover, we identify specific arguments which are used by courts regarding the application of the CAPM. We suggest that these arguments are particular important to solidify and perpetuate the application of the model in judicial practice. The present study intends to shed light on the process of the construction of valuation techniques, the actors which are involved in this process, and the interactions of these actors. In doing so, we intend to facilitate and objectify the dialogue between actors in business valuation and thus to improve further ambitions to construct valuation techniques.

估值技术，例如贴现现金流和倍数，应用于交易中，也与会计、税务和诉讼问题相关。在这些和其他估值目的中，这些技术对于市场流程和法律事务等“社会互动”至关重要。我们研究企业估值的“社会维度”，并特别关注估值知识和技术的进步。为此，我们采用了基于“行动者网络理论”（ANT）的方法。为了研究企业估值的具体边际，重点在于资本资产定价模型（CAPM）在德国司法估值中的传播。我们得出的结论是，随着时间的推移，“”CAPM 已经发展成为一个不断增长的参与者网络，一个完善的基础设施，允许其他参与者链接到它。 CAPM 网络部署了能够执行或实施有利行动的特定参与者。在此背景下，我们讨论共同权威、（模糊）标签、模糊引用和远距离责任等概念。此外，我们还确定了法院在适用 CAPM 时使用的具体论点。我们认为，这些论点对于巩固和延续该模型在司法实践中的应用特别重要。本研究旨在阐明估值技术的构建过程、参与该过程的参与者以及这些参与者之间的相互作用。在此过程中，我们打算促进和客观化企业估值参与者之间的对话，从而进一步提高构建估值技术的雄心。