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Warum halten Unternehmen Kasse?: Eine Analyse der Einflussfaktoren auf die Liquidität

Warum halten Unternehmen Kasse?: Eine Analyse der Einflussfaktoren auf die Liquidität

          
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About the Book

Bachelorarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Universität Trier (Lehrstuhl für Unternehmensfinanzierung und Kapitalmärkte), Sprache: Deutsch, Abstract: Cash Holdings verschaffen Liquidität. Das Thema ist nicht nur wegen den hohen Cash Holdings von Unternehmen wie Microsoft, GE und Apple aktueller denn je. Einerseits wegen der Finanzkrise. Durch die eingeschränkte Kreditvergabe der Banken erschwerte sich die externe Finanzierung von Unternehmen dramatisch, mit negativen Folgen für die Realwirtschaft. Auch in der aktuellen Euroschuldenkrise wird befürchtet, dass die Banken ihre Kreditvergabe an die Unternehmen einschränken. Andererseits ist das Thema gerade nicht nur wegen der kurzfristigen Konjunkturzyklen bedeutend. Von 1980 bis 2006 stieg die durchschnittliche Höhe der Cash Holdings um ein halbes Prozent pro Jahr von 10,5% auf 23,2%. Der Anstieg ist so enorm, dass erstmalig amerikanische Unternehmen im Durchschnitt in 2004, 2005 und 2006 alle ihre Verbindlichkeiten mit ihren Cash Holdings hätten begleichen können. Das Ziel dieser Arbeit ist es aufzuzeigen, welche Faktoren die Höhe von Cash Holdings der Unternehmen beeinflussen. Zur wissenschaftlichen Einordnung und zur Abgrenzung des Untersuchungsgegenstandes werden die wesentlichen drei Theorien, die Pecking Order, die Free Cash Flow und die Trade-Off Theorie, kurz erläutert. Die Pecking Order Theorie geht von einer Rangordnung der Finanzierung aus. Theoretische Grundlage sind die Kosten asymmetrischer Informationsverteilungen. Ein Unternehmen versucht sich zuerst über interner Finanzierung, dann über Fremdkapitalfinanzierung bis zur Eigenkapitalaufnahme als letzte Maßnahme zu finanzieren. Die Free Cash Flow Theorie vertritt die Annahme, dass das Management ein Interesse an der Akkumulation von Cash Flow hat. Cash Holdings können im Gegensatz zur Aufnahme von Fremdkapital diskreter verwendet werden. Die Trade-Off Theorie sieht die optimale Höhe der Cash Holdi


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Product Details
  • ISBN-13: 9783656558804
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Weight: 91 gr
  • ISBN-10: 3656558809
  • Publisher Date: 14 Dec 2013
  • Height: 210 mm
  • No of Pages: 60
  • Series Title: German
  • Sub Title: Eine Analyse der Einflussfaktoren auf die Liquidität
  • Width: 148 mm


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Warum halten Unternehmen Kasse?: Eine Analyse der Einflussfaktoren auf die Liquidität
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