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Eigenfinanzierung Und Aktienbewertung

Eigenfinanzierung Und Aktienbewertung


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About the Book

Hildegard Schroeder geb. von Mellenthin in dankbarer Liebe zugeeignet Fragen der Eigenfinanzierung geh6ren sicher nicht zu einem der aktuellen Problem- bereiche der Betriebswirtschaftslehre. Aber auch zuruckliegend hat die Literatur ihnen erheblich weniger Aufmerksamkeit gewidmet als den Problemen der Fremdfinanzie- rung. Es lag daher nahe, einen Ausgleich zu versuchen. Die Bedeutung der Gesamtkapitalstruktur fur den Wert der Unternehmung und des Eigenkapitals wird seit 1958 diskutiert. Die Fremdkapitalstruktur behandelte Swoboda 1973 systematisch. Eine entsprechend umfassende Behandlung der Eigenkapitalstruk- tur fehlt bisher. Sie wird auch von dem vorliegenden Buch nicht angestrebt; der Verfasser beschrankt sich vielmehr darauf, die Bedeutung der Struktur des Eigenkapitalzuganges fur die Bewertung von Unternehmensanteilen zu erfassen. Es ist unm ittelbar einsichtig, dar!, diese Bedeutung in erster Linie eine Foige des Systems der Ertrags-und Einkommens- besteuerung ist. Ais erster Schwerpunkt der Arbeit wird mithin der Zusammenhang zwischen Besteuerungssystem und Aktienwerten untersucht. Zwei Oberlegungen geben Anlar!" sich anschlier!, end der Kapitalerh6hL!ng mit Bezugs- recht als fallweiser Eigenfinanzierungsmar!, nahme zuzuwenden. Einerseits ist die Ak- tienkursbewegung als Reaktion auf die Ankundigung einer Kapitalerh6hung ein vor- treffliches Beispiel, das Zusammenwirken von Kapitalmarkt und Informationsflur!, zu diskutieren. Auf der anderen Seite ist das Bezugsrecht Ergebnis der bisherigen Selbst- finanzierungspolitik und zugleich Instrument der kunftigen Ausschuttungspolitik. Die beiden Aspekte sind interdependent: die Funktion des Bezugsrechtes als Instrument der Dividendenpolitik i.w.S. mur!, vorab herausgearbeitet werden, wenn die ., infor- matorischen Aspekte" der Ankundigung einer Kapitalerh6hung und ihrer Bedingungen diskutiert werden sollen.


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Product Details
  • ISBN-13: 9783409372916
  • Publisher: Gabler Verlag
  • Publisher Imprint: Gabler Verlag
  • Edition: 1978 ed.
  • Language: German
  • Returnable: N
  • Spine Width: 16 mm
  • Weight: 539 gr
  • ISBN-10: 3409372911
  • Publisher Date: 01 Jan 1978
  • Binding: Paperback
  • Height: 244 mm
  • No of Pages: 307
  • Series Title: Neue Betriebswirtschaftliche Forschung (Nbf)
  • Sub Title: Der Einfluß Des Steuersystems, Der Ankündigung Einer Kapitalerhöhung Mit Bezugsrecht Und Der Ausgabe Von Belegschaftsaktien Auf Wert Und Preis Einer
  • Width: 170 mm


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