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Investitionsverhalten von kleinen und mittleren Unternehmen

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  • Dienes, Christian
  • Pahnke, André
  • Wolter, Hans-Jürgen

Abstract

Die vorliegende Studie untersucht das Investitionsverhalten von kleinen und mittelgroßen Unternehmen anhand der Bilanzkennzahlen deutscher Unternehmen für den Zeitraum von 2005 bis 2014. Hierbei zeigte sich, dass KMU, vor allem seit der Finanzkrise 2009/2010, weniger investieren als Großunternehmen. Das trifft insbesondere auf die Kleinstunternehmen zu. Trotzdem sind KMU - gemessen an den gängigen Performance-Kennzahlen - wirtschaftlich erfolgreich. Das legt nahe, dass sie sehr selektiv und effizient investieren, um ihre Eigenkapitalbasis zu stärken und unabhängiger von (Fremd-)Kapitalgebern zu werden. Die Einflussmöglichkeiten der Wirtschaftspolitik sind zumindest kurzfristig gering. Es empfiehlt sich daher auf eine punktuelle Investitionsförderung zu verzichten und stattdessen eine langfristige, wachstumsorientierte Wirtschaftspolitik zu verfolgen.

Suggested Citation

  • Dienes, Christian & Pahnke, André & Wolter, Hans-Jürgen, 2018. "Investitionsverhalten von kleinen und mittleren Unternehmen," IfM-Materialien 268, Institut für Mittelstandsforschung (IfM) Bonn.
    • Handle: RePEc:zbw:ifmmat:268
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    More about this item

    Keywords

    Investitionen; KMU; Bilanzdaten; investments; SME; balance sheet data;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D25 - Microeconomics - - Production and Organizations - - - Intertemporal Firm Choice: Investment, Capacity, and Financing
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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