Die Bedeutung der Periodenerfolgsrechnung für die Investitionssteuerung : der Fall ungleicher Zeitpräferenzen

Der internen Unternehmensrechnung werden im allgemeinen zwei Funktionen zugeschrieben (Ewert/Wagenhofer (1997), S. 6): Sie soll einerseits Informationen für Planungszwecke bereitstellen, andererseits der Verhaltenssteuerung von Entscheidungsträgern in hierarchischen, dezentralen Organisationen dienen. In der jüngeren Vergangenheit ist die Verhaltenssteuerungsfunktion zunehmend in das Blickfeld theoretischer und praktischer Überlegungen gerückt. Gleichzeitig läßt sich eine verstärkte Marktwertorientierung deutscher Unternehmen in der Unternehmenspolitik wie auch in der internen Unternehmensrechnung beobachten. Die betriebswirtschaftliche Literatur hat darauf mit einer wachsenden Zahl von Beiträgen reagiert, die die Marktwertorientierung der internen Unternehmensrechnung vor dem Hintergrund ihrer Verhaltenssteuerungsfunktion diskutieren.1) Das Interesse dieses Beitrags gilt der Rolle der Periodenerfolgsrechnung als Teil der internen Unternehmensrechnung bei der marktwertorientierten Steuerung von Investitionsentscheidungen über Periodenerfolgsbeteiligungen. Zentrale Bedeutung kommt hierbei dem Residualgewinnkonzept aufgrund seiner Kompatibilität mit dem Marktwertkriterium (vgl. Abschnitt 5.1) zu. Dieses Konzept hat in der Praxis unter dem Namen Economic Value Added zunehmend an Popularität - insbesondere auch als Grundlage für Erfolgsbeteiligungen (vgl. z.B. Stewart (1991), Ehrbar (1998), O'Hanlon/Peasnell (1998) ) - gewonnen. Gezeigt werden soll, welche Vorteile die Periodisierung von Cash Flows im Rahmen einer Periodenerfolgsrechnung auf der Basis des Residualgewinnkonzepts gegenüber einer unbelassenen Cash Flow-Rechnung bei der Steuerung von Investitionsentscheidungen über finanzielle Anreizsysteme bietet. Betrachtet wird eine einfache bilaterale Principal-Agent-Beziehung: Eine delegierende Instanz (Prinzipal) beauftragt einen Entscheidungsträger (Agenten) mit Investitionsentscheidungen und versucht, dessen Investitionsverhalten über eine „Erfolgsbeteiligung“ in ihrem Sinne auf das Ziel der Maximierung des Barwertes aller Cash Flows gerichtet zu beeinflussen. Die Rolle des internen Rechnungswesens ist dabei auf die Bereitstellung der Bemessungsgrundlage für die Erfolgsbeteiligung beschränkt. Es wird gezeigt, daß die Periodisierung von Cash Flows und die Zugrundelegung periodisierter Größen bei der Investitionssteuerung zu besseren Lösungen des Steuerungsproblems des Prinzipals führt als eine reine Cash Flow- Beteiligung. ...This paper considers the role of accrual accounting in providing investment incentives. In a simple multiperiod principal-agent-framework, it is assumed that the agent is wealth constrained and that he discounts future cash flows at a higher discount rate than the principal. The principal designs a linear performance fee based on either cash flows or residual income. Conditions are analyzed under which accrual accounting improves the solution to the principal's problem in comparison with a cash flow based performance fee. The role of accounting lies in (i) improving cash flow-sharing between principal and agent over time and (ii) improving investment incentives. It is shown that the potential sources of conflict which are considered generally lead to „traditional“ accounting rules

Interplane magnetic coupling effects in the multilattice compound Y_2Ba_4Cu_7O_{15}

We investigate the interplane magnetic coupling of the multilattice compound Y_2Ba_4Cu_7O_{15} by means of a bilayer Hubbard model with inequivalent planes. We evaluate the spin response, effective interaction and the intra- and interplane spin-spin relaxation times within the fluctuation exchange approximation. We show that strong in-plane antiferromagnetic fluctuations are responsible for a magnetic coupling between the planes, which in turns leads to a tendency of the fluctuation in the two planes to equalize. This equalization effect grows whit increasing in-plane antiferromagnetic fluctuations, i. e., with decreasing temperature and decreasing doping, while it is completely absent when the in-layer correlation length becomes of the order of one lattice spacing. Our results provide a good qualitative description of NMR and NQR experiments in Y_2Ba_4Cu_7O_{15}.Comment: Final version, to appear. in Phys. Rev. B (Rapid Communications), sched. Jan. 9

Angle-resolved photoemission study of untwinned PrBa2_2Cu3_3O7_7: undoped CuO2_2 plane and doped CuO3_3 chain

We have performed an angle-resolved photoemission study on untwinned PrBa$_2$Cu$_3$O$_7$, which has low resistivity but does not show superconductivity. We have observed a dispersive feature with a band maximum around ($\pi$/2,$\pi$/2), indicating that this band is derived from the undoped CuO$_2$ plane. We have observed another dispersive band exhibiting one-dimensional character, which we attribute to signals from the doped CuO$_3$ chain. The overall band dispersion of the one-dimensional band agrees with the prediction of $t-J$ model calculation with parameters relevant to cuprates except that the intensity near the Fermi level is considerably suppressed in the experiment.Comment: 6 pages, 10 figure

Quasi-particle Lifetimes in a d_{x^2-y^2} Superconductor

We consider the lifetime of quasi-particles in a d-wave superconductor due to scattering from antiferromagnetic spin-fluctuations, and explicitly separate the contribution from Umklapp processes which determines the electrical conductivity. Results for the temperature dependence of the total scattering rate and the Umklapp scattering rate are compared with relaxation rates obtained from thermal and microwave conductivity measurements, respectively.Comment: 14 pages, 4 figure

In Situ Investigations of Simultaneous Two-Layer Slot Die Coating of Component-Graded Anodes for Improved High-Energy Li-Ion Batteries

The use of thicker electrodes can contribute to a reduction in cell costs. However, the properties of the electrode must be kept in view to be able to meet the performance requirements. Herein, the possibility of simultaneous multilayer slot die coating is investigated to improve the electrode properties of medium- and high-capacity anodes. The stable coating window of the two-layer slot die coating process is investigated to produce property-graded multilayer electrodes. Electrodes with different styrene–butadiene rubber (SBR) gradients are investigated with regard to adhesive force and electrochemical performance. An increase in the adhesive force of up to 43.5% and an increase in the discharge capacity is observed

Quasiparticle-quasiparticle Scattering in High Tc Superconductors

The quasiparticle lifetime and the related transport relaxation times are the fundamental quantities which must be known in order to obtain a description of the transport properties of the high T_c superconductors. Studies of these quantities have been undertaken previously for the d-wave, high T_c superconductors for the case of temperature-independent elastic impurity scattering. However, much less is known about the temperature-dependent inelastic scattering. Here we give a detailed description of the characteristics of the temperature-dependent quasiparticle-quasiparticle scattering in d-wave superconductors, and find that this process gives a natural explanation of the rapid variation with temperature of the electrical transport relaxation rate.Comment: 4 page

High-Speed Coating of Primer Layer for Li-Ion Battery Electrodes by Using Slot-Die Coating

A reduction of the inactive components can increase the energy density and reduce production cost of Li‐ion batteries. But an effective reduction of the binder amount also negatively affects the adhesion of the electrode. Herein, slot‐die coating of a primer layer for Li‐ion anodes is investigated. It is shown that the use of a primer layer with only 0.3 g m$^{-2}$ can increase the adhesive force by the factor of 5 as well as the cell performance for anodes with low binder content. The process limits for a stable, defect‐free primer coating are investigated at coating speeds of up to 550 m min$^{-1}$. The limits coincide both for a setup without vacuum box and with vacuum box with theory‐based equations. By using a vacuum box, the minimum wet film thickness can be reduced by half

Magnetic Coherence as a Universal Feature of Cuprate Superconductors

Recent inelastic neutron scattering (INS) experiments on La$_{2-x}$Sr$_x$CuO$_4$ have established the existence of a {\it magnetic coherence effect}, i.e., strong frequency and momentum dependent changes of the spin susceptibility, $\chi''$, in the superconducting phase. We show, using the spin-fermion model for incommensurate antiferromagnetic spin fluctuations, that the magnetic coherence effect establishes the ability of INS experiments to probe the electronic spectrum of the cuprates, in that the effect arises from the interplay of an incommensurate magnetic response, the form of the underlying Fermi surface, and the opening of the d-wave gap in the fermionic spectrum. In particular, we find that the magnetic coherence effect observed in INS experiments on La$_{2-x}$Sr$_x$CuO$_4$ requires that the Fermi surface be closed around $(\pi,\pi)$ up to optimal doping. We present several predictions for the form of the magnetic coherence effect in YBa$_2$Cu$_3$O$_{6+x}$ in which an incommensurate magnetic response has been observed in the superconducting state.Comment: 9 pages, 12 figures; extended version of Phys. Rev B, R6483 (2000