Unternehmensfinanzierung is the planning and execution of all tasks, which are concerned with the financialeconomical range of the enterprise. It has essentially two tasks: Procurement of capital and liquidity protection.

Terms

• The capital is the sum of all means, which the enterprise for achievement production for the order. Those are plants, rights, money etc. (see also: Balance)

• Liquidity is the ability to be able to fulfill due liabilities punctually.

For both tasks an enterprise must procure currencies. If the means come from the outside, one speaks Aussenfinanzierung.Das from counterpart to it is the internal financing: The procurement of currencies from own Kraft.

For and the relationship from own to outside capital is important, why in the broader sense also questions of the capital structure belong to the Unternehmensfinanzierung. (see also Leverage effect)

Unternehmensfinanzierung covers thus the procurement of currencies and/or capital, the financial plan and further, associated tasks.

Procurement of capital

One differentiates between here the external and the internal capital market. With the internal the different departments and/or ranges are financed by means, which gained the enterprise. During the external Unternehmensfinanzierung the enterprise goes to the capital market and supplies themselves in such a way with fresh capital. In principle outside capital and own capital funds are differentiated. Outside capital givers are located in the payment stream (cash-flow) always before the own capital funds givers, but the expected net yield of the own capital funds givers is higher. Thus with higher risk there is also a higher expected net yield. There are however also combinations from this, e.g. the change and Optionsanleihen. Own capital funds are for example shares or GmbH portions. Outside capital are for example loans.

Why finds now mix from stranger and self financing instead Because one can increase thereby the yield on equity. This called lever effect and increased also the risk of an inability to pay of the enterprise, i.e. if interest and repayment cannot be served any longer.

An example

For the lever effect the following example is mentioned:

A lunch counter has 100 euro own capital funds and a yield on equity of 20 per cent per year. That is, in one year from the 100 euro 120 euro became. Now the lunch counter takes 100 euro outside capital on to 10 per cent of interest per year, can these 100 euro however profitably put on and obtains also on this 20 per cent of net yield in the enterprise. Now the calculation looks in such a way that 200 euro total capital (100 euro EK and 100 euro fiber plastic) bring in 20 per cent, thus 40 euro, from which became 200 euro 240 euroof to have now the 10 per cent of fiber plastic interest to the outside capital givers is paid, i.e. we to have still 30 euro remaining. The 100 euro outside capital served by the interest, remain thus for the 100 euro own capital funds 30 euro. We have thereby a yield on equity of 30 per cent. That is i.e. the lever effect, levering the yield on equity from 20 per cent to 30 per cent. And lets rise the enterprise value.

One can besides still the paid interest from the taxes set off, which results in an additional tax benefit from the indebtedness (Tax Shield). Because interest means expenditure, this reduces the profit and thus must less profit be paid duty. This was neglected above however in the example.

Risks from the indebtedness

But why the enterprises are not to blame for themselves now infinitely and have thereby a very high yield on Because starting from a certain point costs (legal charges, lawyers etc.) of the insolvency must be included. The probability that during a very high indebtedness the interest cannot be paid, rises very strongly on the enterprise can not all payments serve and is insolvent thereby which means a total loss for the own capital funds givers. The consequence is a again falling enterprise value, if one exceeded the optimum of the indebtedness and would continue to itself be to blame for. Also the lever effect can work, i.e. negatively if the fiber plastic costs (interest) are higher than what one gains in the enterprise thereby. In our example that would be the case, if the lunch counter under 10 per cent would gain on the assigned capital.

See also

• Leverage effect
• Corporate Finance

Web left

• Ingrid Peter Stahlecker, Eckhardt Wohlers: Financing behavior in the division as overall economic factor of risk, 1999

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