Einfluss von Corporate Governance auf den Shareholder Value
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Studienarbeit aus dem Jahr 2014 im Fachbereich VWL - Finanzwissenschaft, Note: 1,0, FOM Hochschule für Oekonomie & Management gemeinnützige GmbH, Frankfurt früher Fachhochschule (Studiengang zum Master of Science Finance & Accounting), Sprache: Deutsch, Abstract: Unternehmen werden in der heutigen Zeit der zunehmenden internationalen Verflechtungen und der Globalisierung an den Kapitalmärkten besonders daran gemessen, ob es ihnen in angemessener Weise gelingt, ihre Aktienkurse zu steigern oder Dividenden auszuschütten. Diese Anforderung findet sich im Shareholder-Value-Ansatz von RAPPAPORT wieder. Dieser formuliert für die Unternehmensleitung das primäre Ziel, den Unternehmenswert bzw. die Anlegerrendite nachhaltig zu steigern. In seinem Standardwerk "Creating Shareholder Value" wird aufgezeigt, dass bei der Bewertung von Unternehmen Wertlücken zwischen möglichem und tatsächlichem Unternehmenswert entstehen. Dies geschieht dann, wenn das Management die Unternehmensressourcen nicht rendite-optimal einsetzt. Die Investitionen des Unternehmens müssen eine risikoadäquate Mindestverzinsung erreichen, ansonsten sinkt der Shareholder Value und es werden Werte vernichtet. Als grö tes Hindernis für die erfolgreiche Umsetzung des Shareholder-Value-Konzeptes werden in der Praxis Probleme auf der Managementebene genannt. Diese können durch eine sehr hohe Komplexität der Methoden entstehen. Bedeutender sind der Literatur zufolge jedoch Interessenkonflikte, die durch die Delegation von Entscheidungskompetenzen von einem Prinzipal auf einen beauftragten Agenten entstehen. Bereits SMITH beschrieb den hier relevanten Interessenkonflikt zwischen Anteilseignern und Managern. Er stellte die These auf, dass angestellte Manager das Geld der Eigentümer nicht mit der selben Sorgfalt verwalten würden, wie es die Eigentümer selbst täten. Spektakuläre Unternehmenskrisen und Insolvenzen der jüngeren Vergangenheit belegen, wie wichtig eine gute Unternehmensführung für di
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