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Leveraged Buyouts: Geht die Effizienzsteigerung der Unternehmen zulasten der Arbeitnehmer?

Leveraged Buyouts: Geht die Effizienzsteigerung der Unternehmen zulasten der Arbeitnehmer?

          
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About the Book

Kaum eine Methode des Unternehmenskaufs gewann in den letzten Jahrzehnten so stark an Bedeutung wie der Leveraged Buyout. Diese fremdkapitalfinanzierte Unternehmensübernahme hat ihren Ursprung in den USA und Großbritannien und gewann später auch in Deutschland an Bekanntheit. Der Grund für die Beliebtheit von LBOs liegt in der häufig zu beobachtenden Effizienzsteigerung, welche zu hohen Renditen für die Investoren führt. Experten liefern hierfür zwei verschiedene Erklärungsansätze. Die erste Hypothese besagt, dass in einem im Rahmen des LBO erworbenen Unternehmens tatsächlich neue Werte geschaffen werden. Hingegen geht die zweite Hypothese von einem Werttransfer aus, der zulasten bestimmter Gruppen stattfindet, die mit dem Unternehmen in Verbindung stehen. In Deutschland rückte die Diskussion über die Gründe der Effizienzsteigerung von Buyouts im Jahre 2005 auch in die Öffentlichkeit. In einer politisch geführten Debatte wurde den Finanzinvestoren vorgeworfen, dass sie wie Heuschrecken über ein Unternehmen herfallen, um rücksichtslos ihre Renditeerwartungen zu erfüllen. Da PE-Investoren am Fortbestand eines Unternehmens interessiert sein müssen, um die Rendite zu erzielen, ist diese Darstellung zwar wirtschaftlich nicht haltbar, jedoch zeigt die wissenschaftliche Fachliteratur, dass Werttransfers nicht grundsätzlich ausgeschlossen werden können. Eine der dabei betroffenen Gruppen, die auch in der politischen Diskussion genannt wird, ist die Gruppe der Arbeitnehmer, aus deren Benachteiligung Gewinne für den Investor erzielt werden sollen. Vor diesem Hintergrund liefert die vorliegende Arbeit einen umfassenden Überblick über die bisherigen Forschungsergebnisse zur Vermögensumverteilung zulasten von Mitarbeitern. Dabei stellt die Studie heraus, ob die Werttransferhypothese verifiziert werden kann und inwiefern die Möglichkeit besteht, Aussagen für deutsche Buyouts zu treffen. Hierzu werden die Befunde aus Studien zu Leveraged Buyouts zusammengetragen und analysiert. I
About the Author: Stefan Bendel ist im Bankwesen tätig und spezialisiert in den Bereichen Finance, Controlling sowie Accounting.


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Product Details
  • ISBN-13: 9783863411732
  • Publisher: Bachelor + Master Publishing
  • Publisher Imprint: Bachelor + Master Publishing
  • Height: 210 mm
  • No of Pages: 54
  • Series Title: German
  • Sub Title: Geht die Effizienzsteigerung der Unternehmen zulasten der Arbeitnehmer?
  • Width: 148 mm
  • ISBN-10: 3863411730
  • Publisher Date: 22 Apr 2016
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 3 mm
  • Weight: 77 gr


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