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Working Capital Management in der wertorientierten Unternehmenssteuerung bei Siemens Transformers

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  • Frintrop, Philipp
  • Gruber, Thomas

Abstract

Die Erhöhung operativer Cash Flows führt nach dem Discounted-Cash-Flow-Modell unmittelbar zu einer Unternehmenswertsteigerung. Die Praxis der wertorientierten Unternehmensführung misst demgegenüber den Erfolg zumeist auf Basis des Economic Value Added. In diesem Konzept schlagen sich Cash-Flow-Verbesserungen nur mittelbar durch reduzierte Kapitalkosten erfolgserhöhend nieder. Die Siemens AG hat den Zusammenhang von Cash Flows, Kapitaleffizienz und Wertsteigerung frühzeitig erkannt und im Jahr 2007 ihr Konzept der wertorientierten Unternehmensführung weiterentwickelt. Seitdem werden auf Basis der Cash Conversion Rate Cash-Flow-Wirkungen unmittelbar berücksichtigt. Am Beispiel des Working Capital Managements bei Siemens Transformers wird das neue Steuerungskonzept im Hinblick auf die Incentivierung des Managements und die Umsetzung operativer Maßnahmen untersucht.

Suggested Citation

  • Frintrop, Philipp & Gruber, Thomas, 2010. "Working Capital Management in der wertorientierten Unternehmenssteuerung bei Siemens Transformers," Working Papers 56, Berlin School of Economics and Law, Institute of Management Berlin (IMB).
    • Handle: RePEc:zbw:imbwps:56
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    Cited by:

    1. Warmdt, Luca & Užik, Martin & Löcher, Markus, 2018. "Financial signaling with open market share repurchases and private redemptions," Working Papers 93, Berlin School of Economics and Law, Institute of Management Berlin (IMB).

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