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Shareholder Value-Maximierung ALS Zielsetzung Des Managements

Shareholder Value-Maximierung ALS Zielsetzung Des Managements


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About the Book

Die einfuhrenden Zitate spiegeln die in den Medien zum jetzigen Zeitpunkt wie auch in den letzten Jahren intensiv diskutierten Fragen nach der Zielsetzung einer Aktiengesellschaft und den moralischen Anspruchen an deren Management wider. Der aus den Vereinigten Staaten stammende Ansatz der exklusiven Anteilseignerorientierung - Shareholder Value-Maximierung - pragt dabei sowohl die wissenschaftliche als auch die sozialpolitische Diskussion massgeblich und initiierte einen zum Teil tief greifenden Wandel der unternehmerischen Wirklichkeit in deutschen Unternehmen. Als eine operative Auspragung der grundlegenden Idee der wertorientierten Unternehmensfuhrung wird der Shareholder Value-Ansatz das Thema dieser Arbeit bilden. Die dabei zu klarenden Fragen lauten: Wo liegen die Wurzeln des Shareholder Value und weshalb ruckt die Konzeption auch in Deutschland immer mehr in den Vordergrund strategischer Zielsetzungen? Welche Auswirkungen auf das Management sind dabei erkennbar? Kann die Idee ohne Weiteres auf den deutschen Kapitalmarkt ubernommen werden, oder gibt es berechtigte Gegenargumente? Der Gang der Untersuchung stellt sich wie folgt dar: Zunachst wird in Kapitel 2 die historische Entstehung des Shareholder Value-Ansatzes sowie dessen formale Grundlage, die Berechnung des Shareholder Value mit Hilfe der Methode des Discounted Cash-Flow (DCF), dargestellt. In Kapitel 3 erfolgt eine kritische Wurdigung des Ansatzes, beginnend mit der Frage nach den Auswirkungen der Implementierung auf das Zielsystem von Managern. Weiterhin wird das kontrare Konzept der Stakeholder-Orientierung an dieser Stelle vorgestellt und letztlich auf den Einwand der kurzfristigen und einseitigen Interessenverfolgung eingegangen. Ziel der Arbeit ist es, einen Uberblick uber die Shareholder Value-Maximierung als Zielsetzung eines wertorientierten Managements zu geben und durch die Skizzierung der aktuellen Kritikansatze eine Grundlage fur die weitere Diskussion zu bilden


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Product Details
  • ISBN-13: 9783638374699
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Language: German
  • ISBN-10: 3638374696
  • Publisher Date: 01 Jan 2005
  • Binding: Digital (delivered electronically)
  • No of Pages: 20


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