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Die simultane Investitions- und Finanzierungsplanungssimulation (SIPS) als heuristische Vorgehensweise auf dem unvollkommenen Kapitalmarkt unter Unsicherheit

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  • Thomas Hering
  • Johannes Schneider
  • Christian Toll

Abstract

Die Investitions- und Finanzierungsplanung bildet einen Grundpfeiler der betrieblichen Finanzwirtschaft. Häufig wird die theoretisch gegebene Methodenvielfalt aber lediglich auf Verfahren reduziert, welche die Unvollkommenheit des Kapitalmarkts ignorieren und die unsicheren Zahlungsströme der Investitionsobjekte durch Risikozuschläge verdichten. Die simultane Investitions- und Finanzierungsplanungssimulation (SIPS) wählt den entgegengesetzten Ansatz. Sie berücksichtigt explizit die Kapitalmarktunvollkommenheit und legt die mehrdeutigen Zahlungsströme offen, so daß als Ergebnis eine Bandbreite über die Zielgröße und die Entscheidungsvariablen in Abhängigkeit von Zielsetzung und Entscheidungsfeld des Unternehmers resultiert. Copyright Springer-Verlag 2011

Suggested Citation

  • Thomas Hering & Johannes Schneider & Christian Toll, 2011. "Die simultane Investitions- und Finanzierungsplanungssimulation (SIPS) als heuristische Vorgehensweise auf dem unvollkommenen Kapitalmarkt unter Unsicherheit," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 21(4), pages 405-426, April.
    • Handle: RePEc:spr:metrik:v:21:y:2011:i:4:p:405-426
    DOI: 10.1007/s00187-011-0118-7
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    References listed on IDEAS

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    1. James H. Lorie & Leonard J. Savage, 1955. "Three Problems in Rationing Capital," The Journal of Business, University of Chicago Press, vol. 28, pages 229-229.
    2. J. Hirshleifer, 1958. "On the Theory of Optimal Investment Decision," Journal of Political Economy, University of Chicago Press, vol. 66(4), pages 329-329.
    3. Rodolfo C. Salazar & Subrata K. Sen, 1968. "A Simulation Model of Capital Budgeting Under Uncertainty," Management Science, INFORMS, vol. 15(4), pages 161-179, December.
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    Cited by:

    1. Polina K. Kirilova, 2015. "Assessing the Creditworthiness of Patchwork Portfolio Entrepreneurs in Emerging Markets: an Investment Theory-Based Approach," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 53-65, March.

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