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Shareholder Value und Fremdfinanzierung

Shareholder Value und Fremdfinanzierung

          
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About the Book

Inhaltsangabe: Gang der Untersuchung: Franco Modigliani und Merton Miller (1958) haben den ersten Meilenstein auf dem Gebiet der Finanzierungstheorie gelegt, indem sie in ihrem klassischen Aufsatz gezeigt haben, dass unter bestimmten Annahmen der Wert des Unternehmens unabhängig von der Kapitalstruktur ist, und nur von den Beständen und Prozessen auf der Aktivseite des Unternehmens abhängt. Unabhängig davon, dass die Annahmen, die sie getroffen haben, sehr restriktiv waren, und die MM-Welt, die dadurch erschaffen wurde, sehr künstlich war, war das Ergebnis für den Großteil der damaligen Finanzierungstheoretiker schockierend und wurde stark angezweifelt. Nachdem das Ergebnis schließlich allgemein akzeptiert wurde, erfolgte die weitere Entwicklung des Modells, wobei versucht wurde, die Annahmen realitätsnäher zu gestalten. In dieser Arbeit wird ähnlich vorgegangen, indem, von der MM-Theorie ausgehend, die Annahmen schrittweise gelockert werden. Im Abschnitt 2 wird das Shareholder-Value-Konzept vorgestellt und die Beziehung der Ziele „Unternehmenswertmaximierung" und „Shareholder-Value-Maximierung" untersucht. Im darauffolgenden Abschnitt 3 wird zuerst das Modigliani-Miller-Theorem in seiner klassischen Form unter Originalannahmen bewiesen, und es werden auch einige alternative Beweise vorgestellt, die mit einer geringeren Anzahl von Annahmen auskommen. Die anschließenden Abschnitte beschäftigen sich mit den essentiellen Annahmen bzw. mit den treibenden Kräften der eventuellen Relevanz der Kapitalstruktur. Es sind dies jeweils die Existenz von Steuern, asymmetrischer Information und Agency-Problemen. Am Ende diskutiert Abschnitt 8 potenzielle Begründungen für die optimale Kapitalstruktur, die der neueren Literatur entstammen und nicht so direkt in Verhältnis mit den MM-Annahmen gesetzt werden können. Es geht um die Modelle, die auf Produktmarktinteraktionen basieren. Jeder Abschnitt beginnt mit einer kurzen Beschreibung des Modells - entweder anhand eines kurzen B


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Product Details
  • ISBN-13: 9783838656724
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Width: 148 mm
  • ISBN-10: 3838656725
  • Publisher Date: 25 Jul 2002
  • Height: 210 mm
  • No of Pages: 100
  • Series Title: German
  • Weight: 140 gr


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