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Finanzierungstheorie

Finanzierungstheorie

          
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About the Book

1. 1 Zur Konzeption der Finanzierungstheorie Die Finanzierung der Unternehmung wird in sehr unterschiedlicher Form definiert. Die Mehrzahl der Autoren stellt bei der Umschreibung der Fi- nanzierung den Zugang von liquiden (disponiblen) Mitteln in den Vorder- grund (monetiirer FinanzierungsbegrifJ) [HAX, K., 1966, S. 416; KOHLER 1969]. Die Aufnahme eines Kredits ist nach dieser Auffassung eben so ein Finanzierungsvorgang wie der Verkauf eines Anlagegegenstands gegen Bar- zahlung. Ein solcher Finanzierungsbegriff hat u. a. den Nachteil, daB der AbfluB von finanziellen Mitteln flir Kreditriickzahlungen, Gewinnaus- schiittungen usw. nicht erfaBt wird, und daB er - ohne Modifikatio- nicht auf Sacheinlagen oder das Leasing anwendbar ist. Weiter laBt ein monetarer Finanzierungsbegriff keine eindeutige Abgrenzung zwischen Finanzierung und Investition einschlieBlich Desinvestition zu [zu der Pro- blematik eines monetaren Finanzierungsbegriffs vgL VORMBAUM 1971, S. 19-22]. Diesem Buch solI daher ein Finanzierungsbegriff zugrundegelegt werden, der zwar samtliche Probleme der Kapitalautbringung und -riickzahlung erfaBt, Fragen der Kapitalverwendung jedoch ausschlieBt. Es wird unter Finanzierung der Untemehmung in sehr allgemeiner Weise die Gestaltung der Beziehungen der Unternehmung zu ihren Kapitalgebern subsumiert. Fi- nanzierungsentscheidungen haben nicht nur zum Inhalt, in welchem Ver- haltnis Kapital von Anteilseignem und Kreditgebem beschafft werden solI, sie beziehen sich auch auf die zu gewahrenden Kreditbedingungen, wie die Fristigkeit der Mittel, die Sicherungen, die Zinssatze und die Informations- und Mitspracherechte der Kapitalgeber. Finanzierungsentscheidungen miissen daher nicht unmittelbar mit einem ZufluB oder AbfluB finanzieller Mittel verbunden sein. Auch Sacheinlagen, die Beschaffung von Vermogens- gegenstanden gegen Kredit (Lieferantenkredit), Kreditprolongationen oder ZinsfuBanderungen gehen auf Finanzierungsentscheidungen zuriick.


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Product Details
  • ISBN-13: 9783790801156
  • Publisher: Physica-Verlag GmbH & Co
  • Binding: Paperback
  • Height: 229 mm
  • No of Pages: 223
  • Series Title: German
  • Weight: 336 gr
  • ISBN-10: 3790801151
  • Publisher Date: 01 Jan 1973
  • Edition: 1973
  • Language: German
  • Returnable: N
  • Spine Width: 13 mm
  • Width: 152 mm


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