Wertorientierte Managemententlohnung. Eine Analyse traditioneller und wertorientierter Kennzahlen als Bemessungsgrundlage
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Masterarbeit aus dem Jahr 2014 im Fachbereich BWL - Controlling, Note: 1,3, Johannes Gutenberg-Universität Mainz, Sprache: Deutsch, Abstract: Aufgrund des zunehmenden Wettbewerbs um knappe finanzielle Ressourcen sind Unternehmen zunehmend angehalten, ihre Entscheidungen am Interesse der Anteilseigner auszurichten. Vor diesem Hintergrund rückt die Zielsetzung einer adäquaten Umsetzung des Shareholder Value-Gedankens im Sinne einer Steigerung des intrinsischen Marktwerts des Eigenkapitals in den Mittelpunkt des unternehmerischen Geschehens. Zur Erreichung dieser Zielvorgabe sind die teilweise divergierenden Interessen von Manager und Eigentümer durch die Implementierung eines geeigneten finanziellen Anreizsystems in Einklang zu bringen. In diesem Zusammenhang rückt primär die Ausgestaltung der Bemessungsgrundlage in den Vordergrund. Entsprechend ist zu überprüfen, inwieweit die verschiedenen theoretischen sowie praxisgeläufigen Kennzahlen in der Lage sind, den definierten Beurteilungskriterien gerecht zu werden, um dadurch eine anreizkompatible Bemessungsgrundlage für die wertorientierte Managemententlohnung darzustellen. Es zeigt sich, dass weder der kaufmännische Gewinn als absolute Erfolgsgrö e noch relative Ergebniskennzahlen wie der Return on Investment und der Return on Equity im Stande sind, eine Interessenharmonisierung zwischen Entscheidungsträger und Anteilseigner herbeizuführen. Auch wenn durch die Verwendung des Economic Value Added (EVA) die Möglichkeit besteht, die bestehenden Probleme, welche sich aus dem Heranziehen traditioneller Kennzahlen ergeben, zu lösen, wird deutlich, dass auch dieser dennoch nicht der Anforderung nach Anreizkompatibilität nachkommt. Im Gegensatz zum EVA eignet sich allerdings der Earnings less Riskfree Interest Charge aus theoretischer Sicht als Instrument zur Verhaltenssteuerung des Managers und ermöglicht dadurch eine zielgerichtete Umsetzung des Shareholder Value-Gedankens in der Unternehmung.
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