Credit Rating Im Mittelstand
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Credit Rating Im Mittelstand
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Author : Miriam Brockhaus
language : de
Publisher: diplom.de
Release Date : 2002-01-29
Credit Rating Im Mittelstand written by Miriam Brockhaus and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-29 with Business & Economics categories.
Inhaltsangabe:Einleitung: Der Entwurf der neuen Baseler Eigenkapital (EK)-Vereinbarung (Basel II oder Der neue Baseler Akkord) des Baseler Ausschusses für Bankenaufsicht ist der Ausgangspunkt der aktuellen Diskussion um Ratings und deren Auswirkungen auf das Kreditgewerbe und die Unternehmen. In Zeiten zunehmender Liberalisierung und Globalisierung der Märkte sowie des technischen Fortschritts hat sich an den Finanzmärkten in den letzten Jahren ein Prozess tiefgreifender Veränderungen vollzogen, der sich auch auf die traditionellen Bankgeschäfte auswirkt. Angesichts der angestiegenen Insolvenzentwicklung sowie der erhöhten Ausfallrisiken von Kreditengagements, werden heute vermehrt Anstrengungen unternommen, um die Stabilität der Finanzmärkte besser abzusichern. Dabei steigen die Anforderungen an das Kredit- und Risikomanagement von Banken und Unternehmen gleichermaßen. Mit der Weiterentwicklung des bankenaufsichtlichen Regelwerkes (Basel I), welches die Mindest-EK-Unterlegung bei Banken bestimmt, soll nun der zunehmenden Komplexität und dem steigenden Risikogehalt der Finanzgeschäfte Rechnung getragen werden. Aus diesem Grund hat der Baseler Ausschuss den Entwurf des neuen Baseler Akkords (Basel II) vorgelegt. Im Mittelpunkt der laufenden Diskussion um Basel II steht die Frage der adäquaten EK-Unterlegung der zunehmend erhöhten Risiken im Finanzgeschäft. Zukünftig soll sich die Höhe des erforderlichen EKs, welches Banken für die von ihnen gewährten Kredite unterlegen müssen, um den Verpflichtungen ihrer eigenen Gläubiger nachkommen zu können, stärker an den individuellen Risiken der vergebenen Kredite der einzelnen Bank orientieren. Somit lässt Basel II Ratings, die zukünftig die unterschiedliche Bonität aller Kreditnehmer bestimmen sollen, zum Dreh- und Angelpunkt bei der Kreditvergabe werden. Mit Hilfe von Ratings, die bis jetzt hauptsächlich bei internationalen Finanz- und Großkonzernen Anwendung fanden, soll nunmehr auch bei kleinen und mittleren Unternehmen Transparenz geschaffen werden. Durch die in Basel II vorgesehene grundlegende Änderung der EK-Unterlegung für Kreditrisiken bei Banken, werden sich die „Spielregeln“ im Firmenkunden-Kreditgeschäft erheblich ändern. Aufgrund des kausalen Zusammenhangs zwischen der EK-Unterlegung von Banken für Kreditgeschäfte und der Fremdkapital (FK)-Zinsen für Unternehmen kann diese Veränderung ganz besonders für die traditionell sehr ausgeprägte Kreditfinanzierung der mittelständischen Wirtschaft in [...]
A Comparative Analysis Of Internal And External Credit Ratings
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Author : Kevin Elsäßer
language : en
Publisher: GRIN Verlag
Release Date : 2016-06-08
A Comparative Analysis Of Internal And External Credit Ratings written by Kevin Elsäßer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-08 with Business & Economics categories.
Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1,5, EBS European Business School gGmbH, language: English, abstract: The text contains a 'Comparative Analysis of Internal and External Credit Ratings'. It compares and explains both concept, and concludes what impact both have on the Mid-Market Companies in Germany. In 2012, mid-market companies (KMU) based in Germany generated revenues of 2,149.0 billion Euros. They are responsible for 35,3% of all revenues generated in Germany. These mid-market companies employed 15.97 million people, a workforce of 59,6% of all employees in Germany (IFM Bonn, 2014). Clearly, mid-market companies are elementary for the German economy. To continue to be a primary motor of the economy, they need sufficient funding. Nevertheless, financing for mid-market companies in Germany will become more difficult. Standard & Poor’s Ratings Services (2015, pp. 2-3) estimated that European mid-market companies are going to have difficulties to meet their financing needs, as banks reduce their lending to the mid-market sector as consequence of stricter regulations. Especially, smaller mid-market companies face problems to access credit loans (Standard & Poor's Financial Services LLC, 2014, p. 3). The reason for these difficulties is the implementation of Basel III. Financial institutions have to deleverage their business during the next years (Zainzinger, 2013). The problem is that mid-market companies traditionally relied on bank funding. Especially German mid-market companies relied on credit loans from financial institutions (Huber & Simmert, 2007, p. 167-196). The new regulations for deleveraging create a “scarcity of finance for European companies”; it will generate an acute financing problem for mid-market companies (Dimitrijevic & Wade, 2014, pp. 1-2). In 2013, the German mid-market financing gap already amounted to 38,9 billion Euros (KfW, 2014, p. 7). Therefore, these companies have to find new funding sources. They have to find solutions to improve the access to external financing. Credit ratings provide an opportunity to help in this process. The existence of credit ratings is widely known. They often appear in several newspapers, and magazines (Handelsblatt, 2014). Nevertheless, various mid-market companies cannot estimate the impact and importance of credit ratings. Specifically, differences between internal credit and external ratings are often unclear. [...]
Rating Und Finanzierung Im Mittelstand
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Author : Cornelia Langer
language : de
Publisher: Springer-Verlag
Release Date : 2012-10-29
Rating Und Finanzierung Im Mittelstand written by Cornelia Langer and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-29 with Business & Economics categories.
Der kompakte Leitfaden gibt Entscheidern in mittelständischen Unternehmen einen Einblick in die Denk- und Handlungsweisen der Banken und erläutert, welchen Zwängen diese bei Kreditentscheidungen unterliegen. Verständlich wird dargestellt, wie das Rating nach Basel III funktioniert und wie das Rating in der Unternehmenspraxis verbessert werden kann. Das Buch versetzt Unternehmer in die Lage, Bankgespräche auf Augenhöhe zu führen. Praktische Tipps von der steuerlichen Optimierung bis zum Einsatz von öffentlichen Fördermitteln als sinnvolle Finanzierungsinstrumente sowie Checklisten zur Umsetzung im Unternehmen machen das Buch zu einem unverzichtbaren Ratgeber.
Credit Rating And The Impact On Capital Structure
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Author : Christian Kronwald
language : en
Publisher: GRIN Verlag
Release Date : 2010-03-25
Credit Rating And The Impact On Capital Structure written by Christian Kronwald and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-25 with Business & Economics categories.
Seminar paper from the year 2009 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Hohenheim (Lehrstuhl für Bankwirtschaft und Finanzdienstleistungen), language: English, abstract: The question about capital structure is one of the most important issues which the management of a company faces in implementing their daily business. Therefore, the question of which factors affect capital structure decisions attracts high attention in the past and recent literature on capital structure. There are many papers providing valuable insights into capital structure choices, starting with the paper of Modigliani and Miller (1958). The MM-Theorem is generally considered a purely theoretical result since it ignores important factors in the capital structure decision like bank-ruptcy costs, taxes, agency costs and information asymmetry. Based on this paper many other theories which consider factors neglected by Modigliani and Miller have been evolved. Two major theories are the Tradeoff- and the Pecking-Order-Theory. The former loosens assumptions stated in the MM-Theorem by including bankruptcy costs and taxes while the latter introduces information asymmetry into the capital structure discussion. Chapter 2.1 will give a brief overview of these theories. For complexity reasons these models cannot capture all relevant factors affecting the capital structure policy of a company. However, all these theories disregard one cru-cial factor which plays an important role on capital markets all over the world. The significance of Credit Ratings is gradually increasing, and it is doing so in many re-spects. This paper focuses on the Credit Rating-Capital Structure-Hypotheses (CRCS) developed by Darren J. Kisgen as a modern approach to the capital structure discussion. The hypothesis argues that credit ratings have an impact on capital struc-ture decisions due to discrete costs (benefits) associated with a rating change. Firstly, reasons why credit ratings are material for capital structure decisions will be out-lined. Then, situations in which credit rating effects play a role will be examined. For this issue it is very important to show how it can be measured whether a firm is con-cerned about a rating change or not. Afterwards the CR-CS will be empirically tested. The traditional theories don’t explain the results obtained in these tests. Therefore credit rating effects will be combined with factors discussed in the Tradeoff- and Pecking-Order-Theory. In subsequent empirical tests credit rating factors will be integrated into previous capital structure test to show that the results of the CR-CS tests remain statistically significant...
Trends And Issues In Global Tourism 2008
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Author : Roland Conrady
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-03-15
Trends And Issues In Global Tourism 2008 written by Roland Conrady and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03-15 with Business & Economics categories.
This book offers insight into important trends in the global travel and tourism industry and analyzes developments in the aviation and hospitality industry and destination management. The most recent developments in marketing and sales as well as in travel technology and business travel are of key importance for managing travel and tourism companies. The articles are based on presentations and panel discussions presented at the world ́s largest tourism convention, the ITB Convention Market Trends & Innovations.
Certified Rating Analyst
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Author : Oliver Everling
language : de
Publisher: Oldenbourg Verlag
Release Date : 2008
Certified Rating Analyst written by Oliver Everling and has been published by Oldenbourg Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Dies ist fur Ratinganalysten das erste Lehr- und Lernbuch in deutscher Sprache. Auch international durfte es kaum einen vergleichbaren Titel geben. Die Aufgaben des "Ratinganalysten" haben zwar in den Finanzsystemen in Amerika, Asien, Europa und auch in Afrika ihren festen Platz, spiegeln sich aber kaum in der Literatur. Auf uber 500 Seiten gibt dieses Rating-Buch eine kompakte Ubersicht mit Lernzielen, Merksatzen, Zusammenfassungen und Ubungsfragen. Mit 35 Autoren folgt es nicht einer einzelnen Lehrmeinung, sondern bildet die Pluralitat ab, die auch fur CRA-Ausbildungsgange kennzeichnend ist."
Innovation Employment And Firm Performance In The German Service Sector
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Author : Ulrich Kaiser
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Innovation Employment And Firm Performance In The German Service Sector written by Ulrich Kaiser and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Empirical and theoretical evidence on the German service sector is inversely related to its growing overall importance for the entire economy. This monograph offers a comprehensive theory-based econometric treatment of three important and severely understudied issues related to services: innovative activity, the effects of innovation on the demand for labour, and the performance of newly founded firms. In addition, the book contains detailed descriptive statistics on innovative activity, skill mix as well as on growth and current economic importance. It offers researchers, policy makers, and practitioners a unique opportunity to gain knowledge on the new German service economy.
The Risks And Benefits Of Credit Default Swaps And The Impact Of A New Regulatory Environment
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Author : Christoph Theis
language : en
Publisher: Haupt Verlag AG
Release Date : 2014
The Risks And Benefits Of Credit Default Swaps And The Impact Of A New Regulatory Environment written by Christoph Theis and has been published by Haupt Verlag AG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Credit derivatives categories.
Seit dem Ausbruch der jüngsten Finanzkrise sind Credit Default Swaps (CDS) ins Rampenlicht des akademischen und medialen Interesses gerückt und bilden seitdem den Gegenstand einer kontroversen Diskussion. Auf Europäischer Ebene werden zudem neue regulatorische Rahmenbedingungen eingeführt, die weitreichende Auswirkungen auf den CDS Markt haben werden. Die angesprochenen Kontroversen sowie die bevorstehenden regulatorischen Veränderungen machen den CDS Markt daher zu einem spannenden und wichtigen Forschungsgegenstand. Die vorliegende Dissertation beschäftigt sich in vier Forschungsarbeiten mit den Implikationen des Einsatzes von CDS auf Marktteilnehmer und gibt im speziellen Antworten auf offene Fragen hinsichtlich der Anwendung von Kreditrisikomodellen, des Nutzens und der Risiken von CDS und den Auswirkungen neuer Regulierungen auf den CDS Markt. In Kapitel I werden die theoretischen Grundlagen zur Messung des Kreditrisikos gelegt, wobei der Fokus auf der praktischen Anwendung von Kreditrisikomodellen liegt. Hierbei untersuche ich die zwei gängigsten Kreditrisikomodelle: den firmenwertbasierten sowie den intensitätsbasierten Ansatz. Dabei gewinne ich wichtige Einblicke in den Einsatz von Kreditrisikomodellen im Zusammenhang mit der Nutzung von Kreditderivaten. In Kapitel II werden der Nutzen und die Risiken von CDS unter theoretischen und empirischen Gesichtspunkten einer Analyse unterzogen. Basierend auf der Analyse werden nachfolgend regulatorische Handlungsempfehlungen abgeleitet und diskutiert. Die Ergebnisse zeitigen eine Reihe von Risiken, die sich insbesondere in Krisenzeiten verstärken und daher effektivere zukünftige Regulierungen verlangen. Kapitel III konzentriert sich auf neue regulatorische Anforderungen im CDS Markt. Dabei liegt der Fokus auf der Ausgestaltung der Zentralen Gegenparteien und den Auswirkungen deren Einführung auf die Marktteilnehmer. Die Ergebnisse zeigen, dass Zentrale Gegenparteien ein.
Research Overview Credit Rating Advisory For Tax Advisors
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Author : Thomas Laufer
language : en
Publisher: GRIN Verlag
Release Date : 2011-12-06
Research Overview Credit Rating Advisory For Tax Advisors written by Thomas Laufer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-06 with Business & Economics categories.
Research Paper (postgraduate) from the year 2011 in the subject Business economics - Accounting and Taxes, grade: sehr gut, , language: English, abstract: According to a study by Sutter, 56% of tax consultancies in 2005 viewed their position in a twoyear outlook as "rather good“, with 11% even finding the outlook "very good“. On the other end of the scale, the pessimists comprised merely 11% of the respondents, judging their perspective as "rather bad“. 30% had neutral expectations and 2% made no indication. The optimism in the meantime has been rather restrained. The general economic crisis soured the mood of 2005. The 2008 branch report by Sparkassen Finanzgruppe for the branches of auditors and tax consultancies draws a conclusion that turnovers of tax consultancies saw a negative development already in the fourth quarter of 2007. The income of tax consultancies in fees mainly depends on turnover and profits of commercial enterprises, which means that the negative market trends for tax consultancies follow with a delay the general developments.[...]
The Metric Society
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Author : Steffen Mau
language : en
Publisher: John Wiley & Sons
Release Date : 2019-02-25
The Metric Society written by Steffen Mau and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-25 with Social Science categories.
In today’s world, numbers are in the ascendancy. Societies dominated by star ratings, scores, likes and lists are rapidly emerging, as data are collected on virtually every aspect of our lives. From annual university rankings, ratings agencies and fitness tracking technologies to our credit score and health status, everything and everybody is measured and evaluated. In this important new book, Steffen Mau offers a critical analysis of this increasingly pervasive phenomenon. While the original intention behind the drive to quantify may have been to build trust and transparency, Mau shows how metrics have in fact become a form of social conditioning. The ubiquitous language of ranking and scoring has changed profoundly our perception of value and status. What is more, through quantification, our capacity for competition and comparison has expanded significantly – we can now measure ourselves against others in practically every area. The rise of quantification has created and strengthened social hierarchies, transforming qualitative differences into quantitative inequalities that play a decisive role in shaping the life chances of individuals. This timely analysis of the pernicious impact of quantification will appeal to students and scholars across the social sciences, as well as anyone concerned by the cult of numbers and its impact on our lives and societies today.