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Gestaltung der optimalen Kapitalstruktur unter Berücksichtigung von Leverage-Effekt

Gestaltung der optimalen Kapitalstruktur unter Berücksichtigung von Leverage-Effekt

          
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About the Book

Projektarbeit aus dem Jahr 2012 im Fachbereich BWL - Investition und Finanzierung, Note: 1,7, Hamburger Fern-Hochschule, Veranstaltung: Studium Betriebswirtschaft, Sprache: Deutsch, Abstract: 1 Einleitung Für jedes Unternehmen stellt die Aufrechterhaltung des finanziellen Gleichgewichts eine Existenzbedingung dar (vgl. Wöhe et al. 2009: 35). Das finanzielle Gleichgewicht eines Unternehmens ist massiv gestört, wenn es seinen Verbindlichkeiten gegenüber Gläubigern nicht mehr nachkommen kann. Tritt dieser Fall ein, können die Gläubiger Rechtsansprüche geltend machen, die im ungünstigsten Verlauf zur Auflösung des Unternehmens im Insolvenzverfahren führen können. Deshalb ist es zwingend notwendig, dass die Grunderfordernisse des finanziellen Gleichgewichts jederzeit erfüllt sind. Eine dieser Grunderfordernisse ist die Bestimmung der optimalen Kapitalstruktur. Dabei wird die Generierung eines optimalen Verhältnisses von Eigen- zu Fremdkapital angestrebt. Eine wesentliche Komponente ist in diesem Zusammenhang der Leverage-Effekt, welcher eine Verbindung zwischen Rentabilität, Risiko und Verschuldung eines Unternehmens herstellt (vgl. Volkart 2011: 596). Demnach "steigt die Eigenkapitalrentabilität mit zunehmender Erhöhung des Fremdkapitalanteils, solange die Rentabilität des insgesamt eingesetzten Kapitals größer ist als der Fremdkapitalzinssatz" (Klinker 2010: 31). Ziel dieser Arbeit ist die Analyse der Kapitalstruktur im Hinblick auf den Leverage-Effekt. Zunächst soll ein grundlegendes Verständnis hinsichtlich der Finanzierungsregeln, der optimalen Kapitalstruktur und des Leverage-Effektes vermittelt werden. Letztlich sollen diese grundlegenden Aspekte bei der Bestimmung der optimalen Kapitalstruktur dienlich sein. Am Anfang der Arbeit wird ein Einblick in die Finanzwirtschaft mit ihren zahlreichen Finanzierungsformen und -regeln gewährt. Die theoretischen Grundlagen zu den Merkmalen der Kapitalarten sowie die Kenntnisse zu externen und internen Determinanten der betri


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Product Details
  • ISBN-13: 9783656287308
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 2 mm
  • Width: 148 mm
  • ISBN-10: 3656287309
  • Publisher Date: 30 Oct 2012
  • Height: 210 mm
  • No of Pages: 36
  • Series Title: German
  • Weight: 63 gr


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