Shareholder Value (Rappaport)

In: Business and Management

Submitted By JulieN
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Shareholder-Value Konzept (nach Rappaport) I. Einführung Der Shareholder Value-Ansatz geht auf das im Jahr 1986 veröffentlichte Buch von Alfred Rappaport zurück. Es handelt sich um ein betriebswirtschaftliches Konzept, welches das Unternehmensgeschehen als eine Reihe von Zahlungen (Cash-Flows) betrachtet, analog zu der aus einer (Sach-)Investition resultierenden Zahlungsreihe. Der Shareholder Value ergibt sich dabei aus den auf den Bewertungszeitpunkt diskontierten Freien Cash Flows abzüglich des Marktwertes des Fremdkapitals (also z. B. Bankverbindlichkeiten). Eine auf Shareholder Value angelegte Unternehmenspolitik wird demnach versuchen, den Kurswert der Aktien und damit den Marktwert des Gesamtunternehmens zu maximieren. Umfassend wird darunter allerdings nicht allein eine kurzfristige Steigerung des Börsenkurses, sondern eine langfristige Optimierung der Wettbewerbsfähigkeit und Profitabilität verstanden. Heute wird das Shareholder-Value-Prinzip weltweit von Unternehmen angewandt, allerdings kommt es zu immer stärkeren Gesellschaftspolitischen Diskusionen, II Gesellschaftliche Diskussion In den 90er Jahren hat der Shareholder Value Ansatz eine hohe Popularität erreicht da er als Allheilmittel bei der Unternehmenssteuerung diente, sogar die Hause an den Aktienmärkten wurde der Verfolgung des Shareholder Ansatzes zugeschrieben. Mit der Baisse an den Aktienmärkten Anfang 2000, den Unternehmenszusammenbrüchen und Bilanzmanipulation drehte sich diese positive Einschätzung. Für diese Krisenphase wurden ebenfalls die Shareholder Value Konzepte ausgemacht, die die Marktbewertung der Unternehmen in die Höhe getrieben haben und das Management zwangen, sich kurzfristig an den Aktienkurssteigerungen zu orientieren. Auch wird vielfach der Shareholder Value als unvereinbar mit dem Stake holder-Value verstanden. Die Fokussierung auf den…...

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