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Kapitalmarkteffizienz und Marktmikrostrukturüberlegungen bei Kapitalerhöhungen aus Gesellschaftsmitteln und Stock splits

Kapitalmarkteffizienz und Marktmikrostrukturüberlegungen bei Kapitalerhöhungen aus Gesellschaftsmitteln und Stock splits

          
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About the Book

Inhaltsangabe: Einleitung: Ausgangspunkt der vorliegenden Arbeit ist die Informationseffizienz. Ein hohe Informationseffizienz ist Voraussetzung für eine optimale Kapitalallokation und Bedingung für einen vollkommenen Kapitalmarkt. Für diesen hängt der Kapitalwert theoretisch nicht von Finanzierungsentscheidungen ab. Verschiedene empirische Untersuchungen der Kapitalmärkte deuten jedoch darauf hin, dass Finanzierungsentscheidungen bei börsennotierten Unternehmen Kursreaktionen auslösen, die im Rahmen von neoklassischen Gleichgewichtsmodellen nicht erklärt werden können. Die beobachteten Kursreaktionen deuten auf die Existenz von Marktunvollkommenheiten. Für deren Beschreibung existiert keine geschlossene Theorie, folglich ist nur eine Partialanalyse der Finanzierungsentscheidung mit Hilfe verschiedener Untersuchungshypothesen möglich. Die darin vorgeschlagenen Wirkungszusammenhänge lassen sich in Ereignisstudien aufzeigen. Kapitalerhöhungen sind ein wichtiges Beispiel von Finanzierungsentscheidungen. Während bei Kapitalerhöhungen gegen Bareinlagen und Neuemissionen dem Unternehmen Kapital zugeführt wird und sich somit auch die Kapitalstruktur ändert, ist dies bei Kapitalerhöhungen aus Gesellschaftsmitteln und erst recht für Stock Splits nicht der Fall. Letztere hatten am Deutschen Aktienmarkt lange Zeit keine Rolle gespielt. Erst mit dem Zweiten Finanzmarktförderungsgesetz 1994 wurde der Mindestnennwert für Aktien von 50 DM auf 5 DM verringert. Dies löste in der jüngsten Vergangenheit eine Flut von Stock Splits in Deutschland aus. Dadurch wurde auch eine wissenschaftliche Diskussion dieses Thema angeregt und seit 1994 sind fünf Studien durchgeführt worden, die KEaGM oder Stock Splits am deutschen Markt zum Gegenstand haben. Für den US-amerikanischen Aktienmarkt existieren wesentlich mehr wissenschaftliche Untersuchungen. Über die Wirkung der Ankündigung und Durchführung von KEaGM und Splits herrscht jedoch noch immer große Unsicherheit. Ziel der vorliegenden Arbei


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Product Details
  • ISBN-13: 9783838622385
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3838622383
  • Publisher Date: 20 Mar 2000
  • Height: 210 mm
  • No of Pages: 64
  • Series Title: German
  • Weight: 95 gr


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Kapitalmarkteffizienz und Marktmikrostrukturüberlegungen bei Kapitalerhöhungen aus Gesellschaftsmitteln und Stock splits
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