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deutschen Small Caps: Definition, Situation und Finanzkommunikation

deutschen Small Caps: Definition, Situation und Finanzkommunikation

          
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About the Book

Regelmäßig tauchen in Finanzpublikationen die Begrifflichkeiten Small, Mid oder auch Large Caps auf, ohne diese Assetklassen für den deutschen Kapitalmarkt näher zu spezifizieren. Daher ist es auch nicht verwunderlich, dass zu diesem Themenkomplex keine aktuellen wissenschaftlichen Studien bestehen, die die deutschen Small Caps klassifizieren, identifizieren und anhand ihrer Charakteristika beschreiben. Für die Bestimmung der Small Caps wurden deutsche börsennotierte Unternehmen mit einer Marktkapitalisierung von bis zu 100 Mio. Euro zugrunde gelegt. Diese Abgrenzung erscheint zum einen aus Sicht von Investment Professionals und der bestehenden Literatur als realistisch und berücksichtigt zum anderen die aus der Finanzkrise resultierenden geringen Unternehmenskapitalisierungen. Gemäß dieser Abgrenzung können 520 Unternehmen identifiziert werden und machen mit 70,8% den Hauptteil der deutschen börsennotierten Unternehmen aus, aber bilden lediglich 1,8% der Gesamtbörsenkapitalisierung ab. Dagegen stellen nur 44 Large Caps 84,3% der Gesamtbörsenkapitalisierung dar. Bereits an dieser Stelle wird der Fokus auf die Large Caps und zugleich die Vernachlässigung der Small Caps deutlich. Die identifizierten Small Caps sind eine Teilmenge des deutschen Klein- und Mittelstandes, der als Motor der Wirtschaft von höchster volkswirtschaftlicher Bedeutung ist. Unverständlich bleibt daher, dass diese Unternehmen im deutschen Börsenmarkt nur wenig berücksichtigt werden. Ein Erklärungsversuch mündet in den ungünstigen Charakteristika von Small Caps in Bezug auf die Informationsintransparenz, die hohe Volatilität, die geringe Liquidität und die bescheidene Profitabilität. Dabei handelt es sich bei den Small Caps nicht zuletzt wegen der innovativen Geschäftsmodelle und der hohen Wachstumspotenziale um chancenreiche Investments. Die Risiken liegen eindeutig in der Intransparenz der Unternehmen wie auch in dem desolaten Liquiditätsverhältnis der Aktienwerte. An dieser Stelle können Small


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Product Details
  • ISBN-13: 9783836681797
  • Publisher: Diplomica Verlag Gmbh
  • Publisher Imprint: Diplomica Verlag Gmbh
  • Height: 254 mm
  • No of Pages: 212
  • Series Title: German
  • Sub Title: Definition, Situation und Finanzkommunikation
  • Width: 178 mm
  • ISBN-10: 383668179X
  • Publisher Date: 26 Apr 2010
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 11 mm
  • Weight: 376 gr


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