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Empirische Ermittlung von Eigen-, Fremd- und Gesamtkapitalkosten: eine Untersuchung deutscher börsennotierter Aktiengesellschaften

Author

Listed:
  • Simon Krotter

    (Siemens AG, Industry Sector Accounting & Controlling)

  • Andreas Schüler

    (Universität der Bundeswehr München)

Abstract

Zusammenfassung Es wird ein Gerüst zur Berechnung von Eigen-, Fremd- und Gesamtkapitalkosten auf Basis empirischer Daten entwickelt und auf deutsche börsennotierte Aktiengesellschaften für den Zeitraum von Anfang 1988 bis März 2006 angewandt. Datengrundlage sind Zinsstrukturkurven, Aktienmarktrenditen, Betawerte, Verschuldungsquoten, Finanzkennzahlen, Spreads sowie Ausfallwahrscheinlichkeiten und Befriedigungsquoten. Neben den nach Jahren und Sektoren geordneten Kapitalkostensätzen schätzen wir unter anderem auch Risikozuschläge für Fremdkapitalgeberansprüche sowie Steueref-fekte der Fremdfinanzierung (Tax Shields) in Abhängigkeit von der unterstellten Finanzierungspolitik und von der Intensität ihrer Nutzbarkeit.

Suggested Citation

  • Simon Krotter & Andreas Schüler, 2013. "Empirische Ermittlung von Eigen-, Fremd- und Gesamtkapitalkosten: eine Untersuchung deutscher börsennotierter Aktiengesellschaften," Schmalenbach Journal of Business Research, Springer, vol. 65(5), pages 390-433, September.
    • Handle: RePEc:spr:sjobre:v:65:y:2013:i:5:d:10.1007_bf03372880
    DOI: 10.1007/BF03372880
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    More about this item

    Keywords

    G30; G31; G32;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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