Goldene Finanzierungsregeln Beispiel Essay

Definition Goldene Finanzierungsregel

Die Goldene Finanzierungsregel (auch als Goldene Bankregel bezeichnet) fordert eine Fristenkongruenz zwischen der Kapitalaufbringung und anschließenden Kapitalrückzahlung (Finanzierung) und der Mittelverwendung (Investition).

D.h.: langfristiges Vermögen (z.B. Gebäude, Maschinen) sollte auch langfristig (mit Eigenkapital oder langfristigen Darlehen) finanziert sein, da es ansonsten über die Laufzeit zu Finanzierungsproblemen kommen kann.

Erklärung Goldene Finanzierungsregel

Zur Begründung dieser Forderung sei auf das Beispiel zur Fristenkongruenz zur Goldenen Bilanzregel verwiesen.

Formeln der Goldenen Finanzierungsregel

Die Formeln für die Goldene Finanzierungsregel lauten:

(Langfristiges Vermögen/Langfristiges Kapital) <= 1

Das langfristige Vermögen (Zähler der Formel) ist das Anlagevermögen, das langfristige Kapital (Nenner der Formel) setzt sich aus dem Eigenkapital und dem langfristigen Fremdkapital (z.B. Anleihen, Bankdarlehen, Pensionsrückstellungen) zusammen.

(Kurzfristiges Vermögen/Kurzfristiges Kapital) >= 1

Das kurzfristige Vermögen (Zähler der Formel) umfasst das Umlaufvermögen, das kurzfristige Kapital (Nenner der Formel) umfasst v.a. Lieferverbindlichkeiten (offene Lieferantenrechnungen), sonstige Verbindlichkeiten (z.B. aus Umsatzsteuer) und kurzfristig fällige Bankdarlehen.

Zusammenhang der beiden Formeln

Die beiden Formeln stehen sich spiegelbildlich gegenüber: wenn die erste Formel erfüllt, d.h., das Ergebnis <= 1 ist, ist auch die zweite Formel automatisch erfüllt.

Das kann man auch an dem weiter unten gezeigten Beispiel nachvollziehen.

Beispiel: Goldene Finanzierungsregel

Beispiel: Berechnung der Goldenen Finanzierungsregel

Zum 31. Dezember 2010 liegt für ein Unternehmen folgende Bilanz vor:

AktivaPassiva
Anlagevermögen840Eigenkapital500
UmlaufvermögenFremdkapital
Vorräte60Pensionsrückstellungen200
Forderungen aus L+L40Verbindlichkeiten aus L+L100
Kasse, Bank60Bankdarlehen (> 1 Jahr)200
1.0001.000

Die Verbindlichkeiten aus Lieferungen und Leistungen ("offene Lieferantenrechnungen") stellen in dem Fall die kurzfristigen Verbindlichkeiten dar, während Pensionsrückstellungen und Bankdarlehen in dem Beispiel langfristig sind.

Berechnung der Goldenen Finanzierungsregel

Langfristiges Vermögen/Langfristiges Kapital = 840 /(500 + 200 + 200) = 0,93 (gerundet) (d.h. <= 1).

Kurzfristiges Vermögen/Kurzfristiges Kapital = (60 + 40 + 60) / 100 = 1,6 (d.h. >= 1).

D.h., die Goldene Finanzierungsregel ist erfüllt.

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