Organisation europäischer Fußball-Clubs: Gemeinsamkeiten, Differenzen und Zukunftsprognosen in Europas Spitzenligen
©2011
Bachelorarbeit
59 Seiten
Zusammenfassung
Die letztjährige Bundesligasaison 2009/2010 hat erneut bewiesen, dass die Fußballbranche zu einem wichtigen Wirtschaftsfaktor in Deutschland geworden ist. Bereits zum sechsten Mal in Folge konnten die Erstligisten einen Umsatzrekord verbuchen und insgesamt Erlöse von 1,8 Mrd. Euro erzielen. Im Schnitt erwirtschaftete jeder Club damit ca. 100 Millionen Euro - eine bilanzielle Größenordnung, die in etwa einem mittelständischen Unternehmens entspricht. Ligakrösus war auch in dieser Spielzeit die FC Bayern München AG mit einem Rekordumsatz von 312,0 Mio. Euro. Im europäischen Vergleich belegte der Verein damit den vierten Rang. Diese bilanzielle Entwicklung der Vereine erfordert ein betriebswirtschaftlich fundiertes Management in allen Bereichen eines Vereins. Dabei steht das Management - bedingt durch die Professionalisierung und Kommerzialisierung der Fußballbranche - vor der Herausforderung, einerseits den sportlichen Erfolg zu gewährleisten und andererseits die wirtschaftliche Profitabilität zu maximieren. Lehmann und Weigand (2002) betonen daher explizit, dass ein Fußballclub Führungskräfte benötigt, die in erster Linie den wirtschaftlichen Herausforderungen gewachsen sind und die dazu nötigen fachlichen Kompetenzen besitzen.
Ziel des vorliegenden Buches ist es, Vereinsorganisationen zu analysieren und zu bewerten. Es soll versucht werden, einen Zusammenhang zwischen dem sportlichen Erfolg eines Fußballclubs und dessen Organisationsstruktur aufzuzeigen. Dazu wird unter anderem die unterschiedliche Wettbewerbssituation innerhalb der Ligen der Top-5-Nationen betrachtet.
Ziel des vorliegenden Buches ist es, Vereinsorganisationen zu analysieren und zu bewerten. Es soll versucht werden, einen Zusammenhang zwischen dem sportlichen Erfolg eines Fußballclubs und dessen Organisationsstruktur aufzuzeigen. Dazu wird unter anderem die unterschiedliche Wettbewerbssituation innerhalb der Ligen der Top-5-Nationen betrachtet.
Leseprobe
Inhaltsverzeichnis
Is
$ENU]XQJVYHU]HLFKQLV
$EE
$EELOGXQJ
$EV
$EVDW]
$*
$NWLHQJHVHOOVF%DIW
$NW*
$NWLHQJHVHW]
l*l
lhUJHUOLF%HV *HVHW]EXF%
lK-
lDODQFHG KFRUHFDUG
lKN7l
lULWLV% KN7 lURDGFDVWLQJ
EVS:
EHLVSLHOV:HLVH
lpy
lHWULHEV:LUWVF%DIWVOH%UH
E]:
EH]LH%XQJV:HLVH
-$
-OXE $WO1WLFR
FD
FLUFD
')l
'HXWVF%HU )XEDOO8lXQG H +
')y
'HXWVF%H )XEDOO yLJD *PE
'6
'HXWVF%H 6DUN
'U
'RNWRU
HEG
9EHQGD
9Y
9XURS LVF%H YQLRQ
H +
HLQJHWUDJHQHU +HUHLQ
I
IROJHQGH
II
IRUWIROJHQGH
)-
)XEDOOFOXE RGHU )RRWEDOO -OXE
)K+
)XEDOO8XQG KSRUW(HUHLQ
*PE
*HVHOOVF%DIW PLW EHVF%U QNWHU DIWXQJ
*PE *
*HVHW] EHWUHIIHQG GLH *HVHOOVF%DIWHQ PLW EHVF%U QNWHU
DIWXQJ
*l
DQGHOVJHVHW]EXF%
K+
DPEXUJHU KSRUW8+HUHLQ H +
L + P
LQ +HUELQGXQJ PLW
.DS
.DSLWHO
.
*
.
RPPDQGLWJHVHOOVF%DIW
s
.*D$
.RPPDQGLWJHVHOOVF%DIW DXI $NWLHQ
6DQY
6DQF%HVWHU YQLWHG
6LR
6LOOLRQHQ
6UG
6LOOLDUGHQ
35
3XEOLF 5HODWLRQV
3URI
3URIHVVRU
K
KHLWH
KK+
KF%:LPP8XQG KSRUW(HUHLQ
KW
KDQNW
K+
KSRUW(HUHLQ
>DE
>DEHOOH
>K*
>XUQ8XQG KSRUWJHPHLQVF%DIW
>+
>HOH(LVLRQ
X D
XQWHU DQGHUHP
Y9)$
YQLRQ RI 9XURSHDQ )RRWEDOO $VVRFLDWLRQV
YM
YQLWHG MDWLRQV
+)l
+HUHLQ IhU lH:HJXQJVVSLHOH
+Iy
+HUHLQ IhU yHLEHVhEXQJHQ
(JO
(HUJOHLF%H
+p
+RONV:DJHQ
] l
]XP lHLVSLHO
(LQIKUXQJ
'LH OHW]W %ULJH lXQGHVOLJDVDLVRQ
%DW HUQHXW EH:LHVHQ GDVV GLH )XEDOOEUDQF%H ]X
HLQHP :LF%WLJHQ pLUWVF%DIWVIDNWRU LQ 'HXWVF%ODQG JH:RUGHQ LVW lHUHLWV ]XP VHF%VWHQ 6DO LQ
)ROJH NRQQWHQ GLH 9UVWOLJLVWHQ HLQHQ YPVDW]UHNRUG (HUEXF%HQ XQG LQVJHVDPW 9UOVH (RQ ,
6UG 9XUR HU]LHOHQ [P KF%QLWW HU:LUWVF%DIWHWH HGHU -OXE GDPLW FD
6LOOLRQHQ 9XUR ±
HLQH ELODQ]LHOOH *UHQRUGQXQJ GLH LQ HW:D HLQHP PLWWHOVW QGLVF%HQ YQWHUQH%PHQV HQW8
VSULF%W yLJDNUVXV :DU DXF% LQ GLHVHU KSLHO]HLW GLH )- lD7HUQ 6hQF%HQ $* PLW HLQHP 5H8
NRUGXPVDW] (RQ 0
6LR 9XUR
0
[P HXURS LVF%HQ +HUJOHLF% EHOHJWH GHU +HUHLQ GDPLW GHQ
(LHUWHQ 5DQJ 'LHVH ELODQ]LHOOH 9QW:LFNOXQJ GHU +HUHLQH HUIRUGHUW HLQ EHWULHEV:LUWVF%DIWOLF%
IXQGLHUWHV 6DQDJHPHQW LQ DOOHQ lHUHLF%HQ HLQHV +HUHLQV 'DEHL VWH%W GDV 6DQDJHPHQW ±
EHGLQJW GXUF% GLH 3URIHVVLRQDOLVLHUXQJ XQG .RPPHU]LDOLVLHUXQJ GHU )XEDOOEUDQF%H ± (RU GHU
HUDXVIRUGHUXQJ HLQHUVHLWV GHQ VSRUWOLF%HQ 9UIROJ ]X JH: %UOHLVWHQ XQG DQGHUHUVHLWV GLH :LUW8
VF%DIWOLF%H 3URILWDELOLW W ]X PDbLPLHUHQ yH%PDQQ XQG pHLJDQG
EHWRQHQ GD%HU HbSOL8
]LW GDVV HLQ )XEDOOFOXE )h%UXQJVNU IWH EHQWLJW GLH LQ HUVWHU yLQLH GHQ :LUWVF%DIWOLF%HQ HU8
DXVIRUGHUXQJHQ JH:DF%VHQ VLQG XQG GLH GD]X QWLJHQ IDF%OLF%HQ .RPSHWHQ]HQ EHVLW]HQ 'D8
]X JH%UW ODXW *DHGH XQG 6D%OVWHGW
0 HLQ SURIHVVLRQHOOHV 5LVLNRPDQDJHPHQW XP HW:DL8
JH ILQDQ]LHOOH 3UREOHPH IUh%]HLWLJ ]X HUNHQQHQ MLF%WV GHVWR WURW] VHL :HLWHU%LQ HLQH K7QHUJLH
(RQ VSRUWOLF%HQ XQG EHWULHEV:LUWVF%DIWOLF%HQ )DF%NHQQWQLVVHQ LP 6DQDJHPHQW QRW:HQGLJ
/
)UDJHVWHOOXQJ XQG $XIEDX GHU $UEHLW
'LH |UJDQLVDWLRQ GHXWVF%HU )XEDOOFOXEV :DU LQ GHQ OHW]WHQ \D%UHQ HLQHQ JURHQ YPEUXF%
XQWHU:RUIHQ ± EHGLQJW GXUF% GLH YP:DQGOXQJ (RQ GHU UHLQHQ +HUHLQVVWUXNWXU ]XU 3HUVRQHQ8
XQG .DSLWDOJHVHOOVF%DIW 'LHVH :XUGH DXI HLQHU RUGHQWOLF%HQ KLW]XQJ GHV ')l LP |NWREHU
, EHVF%ORVVHQ 'LH YUVDF%HQ XQG $XV:LUNXQJHQ GLHVHV lHVF%OXVVHV :LH ]XP lHLVSLHO GLH
3URIHVVLRQDOLVLHUXQJ GHV 6DQDJHPHQWV :HUGHQ LQ .DSLWHO GHU $UEHLW DXVIh%UOLF% EHWUDF%WHW
'DV IROJHQGH .DSLWHO 0 EDXW GDUDXI DXI XQG HUUWHUW GLH %HXWLJHQ $QIRUGHUXQJHQ DQ GDV 6D8
QDJHPHQW YQWHU DQGHUHP HUIROJW GDEHL HLQH $EJUHQ]XQJ ]:LVF%HQ GHP NDXIP QQLVF%HQ XQG
VSRUWOLF%HQ .RPSHWHQ]EHUHLF% [QQHU%DOE GLHVHV .DSLWHOV :LUG GDUhEHU %LQDXV XQWHU 3XQNW 0 0
/ &
&
&
s
&>
Z
&
D
^
D
& W
^
>
&
s
^
s >
t
^
s
s '
D
^
PLW GHU )XEDOO8KFRUHFDUG HLQ .RQ]HSW (RUJHVWHOOW GDV GLH YPVHW]XQJ (RQ YQWHUQH%PHQVVWUD8
WHJLHQ LQ )XEDOO(HUHLQHQ XQWHUVWhW]W
'DV (LHUWH .DSLWHO VROO GD]X GLHQHQ GLH XQWHUVF%LHGOLF%HQ 5HF%WVIRUPHQ XQG +HUHLQVRUJDQLVD8
WLRQHQ GHXWVF%HU 6DQQVF%DIWHQ GDU]XVWHOOHQ XQG YQWHUVF%LHGH LQ GHU H:HLOLJHQ KWUXNWXU XQG
)LQDQ]LHUXQJVPJOLF%NHLWHQ DXI]X]HLJHQ 'DV IhQIWH .DSLWHO QLPPW GLH HQJOLVF%H XQG VSDQL8
VF%H yLJD LQ GHQ )RNXV 'DEHL :HUGHQ XQWHU DQGHUHP GLH JHVHW]OLF%HQ lHVWLPPXQJHQ GHU
H:HLOLJHQ +HUE QGH VR:LH GLH NRQRPLVF%HQ *HJHEHQ%HLWHQ DQDO7VLHUW =XGHP :HUGHQ DXV8
JH: %OWH -OXEV JHQDXHU XQWHUVXF%W XP EHVRQGHUH 6HUNPDOH GHU +HUHLQVRUJDQLVDWLRQ ]X LGHQ8
WLIL]LHUHQ XQG JJI YQWHUVF%LHGH ]X GHXWVF%HQ +HUHLQHQ RIIHQ]XOHJHQ 9LQ DEVF%OLHHQGHU
+HUJOHLF% DOOHU GUHL yLJHQ HUIROJW GDQQ LQ .DSLWHO
[Q .DSLWHO / :LUG HLQ )D]LW JH]RJHQ XQG
HLQ $XVEOLFN DXI GLH PJOLF%H ]XNhQIWLJH 9QW:LFNOXQJ GHV 3URILIXEDOOV LQ 9XURSD JHJHEHQ
=LHOVHW]XQJ GHU $UEHLW
=LHO GLHVHU $UEHLW LVW HV +HUHLQVRUJDQLVDWLRQHQ ]X DQDO7VLHUHQ XQG ]X EH:HUWHQ 9V VROO (HU8
VXF%W :HUGHQ HLQHQ =XVDPPHQ%DQJ ]:LVF%HQ GHP VSRUWOLF%HQ 9UIROJ HLQHV )XEDOOFOXEV XQG
GHVVHQ |UJDQLVDWLRQVVWUXNWXU DXI]X]HLJHQ ± LP *HJHQVDW] ]X lOXWQHU 6HLVWHU pLONHVPDQQ
GLH NHLQHQ GHWHUPLQLVWLVF%HQ =XVDPPHQ%DQJ ]:LVF%HQ GHU |UJDQLVDWLRQVVWUXNWXU XQG
GHP VSRUWOLF%HQ 9UIROJ VH%HQ
,
'D]X :LUG XQWHU DQGHUHP GLH XQWHUVF%LHGOLF%H pHWWEH:HUEVVL8
WXDWLRQ LQQHU%DOE GHU yLJHQ GHU >RS8 8MDWLRQHQ EHWUDF%WHW KR LVW GHU yLJD:HWWEH:HUE LQ
'HXWVF%ODQG XQG )UDQNUHLF% GHXWOLF% DXVJHJOLF%HQHU DOV GHU pHWWEH:HUE LQ GHU LWDOLHQLVF%HQ
KHULH $ XQG GHU VSDQLVF%HQ 3ULPHUD 'L(LVL Q 'DV KF%OXVVOLF%W ELOGHW GLH HQJOLVF%H 3UHPLHU
yHDJXH PLW UHODWL( HLQVHLWLJHQ >LWHON PSIHQ 'LHVH KLWXDWLRQ VROO Q %HU EHWUDF%WHW XQG DQ8
VF%OLHHQG HUO XWHUW :HUGHQ MLF%WV GHVWR WURW] :LUG GLH 3UHPLHU yHDJXH DOV GLH VW UNVWH yLJD
9XURSDV DQJHVH%HQ
'LHV ]HLJW VLF% DXF% LQ GHU Y9)$8 8\D%UHV:HUWXQJ LQ GHU 9QJODQG
GHXWOLF% (RU KSDQLHQ Ih%UW 'HXWVF%ODQG NRQQWH DXIJUXQG DQ%DOWHQGHU VSRUWOLF%HU 9UIROJH [WDOL8
HQ hEHU%ROHQ XQG EHOHJW GHQ GULWWHQ 5DQJ )UDQNUHLF% LVW )hQIWHU 9LQ *UXQG GDIhU OLHJW ODXW
)UDQFN
GDULQ GDVV GHU )XEDOOFOXE LQ 3UL(DWEHVLW]
0
:LH HV LQ 9QJODQG % XILJ GHU )DOO
s
D
t
^
d
E
&
^
&
/
s
d E
s
>
s
z
&
>
D
Z
LVW GLH hEHUOHJHQH |UJDQLVDWLRQVIRUP LP 3URILIXEDOO VHL KHLQHU 6HLQXQJ QDF% LVW HV QXU
QRF% HLQH )UDJH GHU =HLW ELV GHU pHJ IhU 3UL(DWHLJHQWhPHU DXF% LQ GHU lXQGHVOLJD IUHL LVW
'LH $UEHLW VROO DXI]HLJHQ LQ:LHIHUQ GLHVH 3URJQRVH HLQWUHIIHQ NDQQ XQG RE GLHVH )RUP GHU
+HUHLQVRUJDQLVDWLRQ HLQ 9UIROJVPRGHOO IhU GLH lXQGHVOLJD VHLQ NQQWH
(QWZLFNOXQJ GHU 9HUHLQVRUJDQLVDWLRQ LQ 'HXWVFKODQG
$P
'H]HPEHU
VRUJWH GHU 9XURS LVF%H *HULF%WV%RI PLW GHP VR JHQDQQWHQ lRVPDQ8
YUWHLO IhU QDF%%DOWLJH QGHUXQJHQ DXI GHP HXURS LVF%HQ )XEDOOPDUNWT Ä'DV lRVPDQ8YUWHLO
VHOEVW %DW PLW +HU:HLV DXI GLH GXUF% $UWLNHO 0 9Y8+HUWUDJ JDUDQWLHUWH )UHL]hJLJNHLW GHU $U8
EHLWQH%PHU QXU GLH =D%OXQJ HLQHU >UDQVIHUHQWVF% GLJXQJ EHLP pHF%VHO HLQHV 3URILVSLHOHUV
QDFK $EODXI VHLQHV +HUWUDJV XQWHUVDJW³
KRPLW NDQQ HLQ )XEDOOVSLHOHU QDF% lHHQGLJXQJ
VHLQHV +HUWUDJHV GHQ +HUHLQ DEOVHIUHL :HF%VHOQ 'LHV Ih%UWH ]X HLQHP $QVWLHJ GHU KSLHOHUJH8
% OWHU LQ 9XURSD GD GLH +HUHLQH QXU VR L%UH KSLHOHU %DOWHQ NRQQWHQ +HUJOHLF%W PDQ GLH KSLH8
OHU8 XQG >UDLQHUJH% OWHU GHV \D%UHV
, PLW ,, VR ODJHQ VLH
, PLW
6LR 9XUR XP
%%HU DOV
,, MHEHQ GHP GXUF% GDV lRVPDQ8YUWHLO HU]HXJWHQ pHWWEH:HUEVGUXFN
VWHOOWH DXF% GLH ]XQH%PHQGH .RPPHU]LDOLVLHUXQJ GHV )XEDOOPDUNWHV GLH +HUHLQH (RU QHXH
HUDXVIRUGHUXQJHQ
YP GLHVHQ 9QW:LFNOXQJHQ JHUHF%W ]X :HUGHQ QD%P GHU ')l LP $SULO
9LQIOXVV DXI GLH
)h%UXQJVVWUXNWXU GHU lXQGHVOLJD(HUHLQH MHEHQ GHQ LQ 4
l*l
/
HQW%DOWHQHQ +RUVF%ULIWHQ
VHW]WH GHU ')l GXUF% GDVV ]XV W]OLF% HLQ $XIVLF%WV8 +HU:DOWXQJVUDW VR:LH HLQ pD%ODXVVF%XVV
JHELOGHW :HUGHQ PhVVHQ
,
$P
|NWREHU
, EHVF%ORVV GHU ')l GDUhEHU %LQDXV (RQ QXQ
DQ QHEHQ GHU WUDGLWLRQHOOHQ |UJDQLVDWLRQV8 XQG 5HF%WVIRUP GHV +HUHLQV DXF% .DSLWDOJHVHOO8
VF%DIWHQ IhU GHQ KSLHOEHWULHE ]X]XODVVHQ [Q GHU KDW]XQJ GHV yLJD(HUEDQGV %HLW HV GD]XT
Ä+HUHLQH GHU yL]HQ]OLJHQ XQG .DSLWDOJHVHOOVF%DIWHQ PLW GHQ LQ VLH DXVJHJOLHGHUWHQ yL]HQ]8
VSLHOHUDEWHLOXQJHQ E]: :HLWHUHQ :LUWVF%DIWOLF%HQ *HVF% IWVEHWULHEHQ HU:HUEHQ GLH 6LWJOLHG8
VF%DIW LP yLJD(HUEDQG PLW 9UWHLOXQJ GHU EHDQWUDJWHQ yL]HQ] GXUF% GHQ yLJD(HUEDQG ³
s &
^
D
^
^
s '
^
'
s
s
s
s
W
s
D
s
s D
^
^
^
>
Ä*RLQJ 3XEOLF³ ± )XEDOOFOXEV DP .DSLWDOPDUNW
'LH $XVJOLHGHUXQJ GHU yL]HQ]VSLHOHUDEWHLOXQJ LQ HLQH .DSLWDOJHVHOOVF%DIW HUPJOLF%W )XEDOO8
FOXEV :HLWUHLF%HQGH )LQDQ]LHUXQJVPJOLF%NHLWHQ GXUF% GHQ =XJDQJ ]XP .DSLWDOPDUNW >URW]
GLHVHU 6JOLF%NHLW LVW lRUXVVLD 'RUWPXQG ELV GDWR GHU HLQ]LJH GHXWVF%H lXQGHVOLJD(HUHLQ GHU
GHQ lUVHQJDQJ :DJWH =XP +HUJOHLF%T [Q *UREULWDQQLHQ %DEHQ VHLW
,0 :HLW PH%U DOV
-OXEV GHQ KF%ULWW Ä*RLQJ 3XEOLF³ (ROO]RJHQ [Q JDQ] 9XURSD VLQG HV LP \D%U
LQVJH8
VDPW QXU QRF% 0 +HUHLQH GLH DQ GHU lUVH JH%DQGHOW :HUGHQ
0
[P )ROJHQGHQ :HUGHQ GLH
*UhQGH XQG +RUDXVVHW]XQJHQ GHV lUVHQJDQJV HLQHV )XEDOO(HUHLQV JHQDXHU EHWUDF%WHW XQG
DQVF%OLHHQG DQ%DQG GHV lHLVSLHOV (RQ lRUXVVLD 'RUWPXQG DQDO7VLHUW XQG EH:HUWHW
$QUHL]H
'HU JUWH $QUHL] IhU )XEDOO(HUHLQH IhU HLQHQ lUVHQJDQJ LVW JHQDX :LH EHL DQGHUHQ :LUW8
VF%DIWOLF%HQ YQWHUQH%PXQJHQ DXF% GLH 9UVF%OLHXQJ IULVF%HU *HOGHU YP GHP VWHLJHQGHQ
pHWWEH:HUEVGUXFN LQ 9XURSD VWDQG]X%DOWHQ VLQG GLH +HUHLQH JHQWLJW QHXH 9LJHQNDSLWDOPLW8
WHO ]X EH]LH%HQ XP EHLVSLHOV:HLVH KSLHOHUJH% OWHU ]X EH]D%OHQ RGHU LQ GLH HLJHQH [QIUDVWUXNWXU
]X LQ(HVWLHUHQ 'DUXQWHU IDOOHQ [Q(HVWLWLRQHQ LQ GHQ HLJHQHQ MDF%:XF%V ]XP lHLVSLHO GXUF%
GLH 9UULF%WXQJ (RQ yHLVWXQJVLQWHUQDWHQ DEHU DXF% [Q(HVWLWLRQHQ LQ GDV HLJHQH KWDGLRQ XP GHU
9QW:LFNOXQJ GHU =XVF%DXHU]D%OHQ LQ 'HXWVF%ODQG :HLWHU JHUHF%W ]X :HUGHQ pDUHQ HV LQ GHU
KSLHO]HLW
,, , QRF% /
=XVF%DXHU SUR KSLHO LQ GHU HUVWHQ lXQGHVOLJD VR NDPHQ
PLW
,
=XVF%DXHUQ SUR KSLHO EHUHLWV PH%U DOV GRSSHOW VR (LHOH YP DQ GLHVHU
9QW:LFNOXQJ ]X SDUWL]LSLHUHQ PhVVHQ GLH KWDGLHQ DXVJHEDXW XQG DQ VWHLJHQGH .RPIRUWDQ8
VSUhF%H GHU )DQV DQJHSDVVW :HUGHQ $XF% GHU lDX (RQ 6XOWLIXQNWLRQVDUHQHQ NDQQ :HLWHUH
9LQQD%PH2XHOOHQ %HU(RUEULQJHQ $OV +RUUHLWHU GLHQW %LHU GLH Ä$UHQD DXI KF%DONH³ LQ GHU EHL8
VSLHOV:HLVH .RQ]HUWH >+8K%R:V XQG lLDW%ORQ8pHWWN PSIH VWDWWILQGHQ
9LQ :HLWHUHU *UXQG IhU GLH YP:DQGOXQJ ]XU .DSLWDOJHVHOOVF%DIW LVW % XILJ GDV +HUODQJHQ
QDF% HLQHU 3URIHVVLRQDOLVLHUXQJ GHU )h%UXQJVVWUXNWXU 'DEHL :LUG DUJXPHQWLHUW GDVV LQ +HUHL8
QHQ PLW YPV W]HQ LQ 6LOOLRQHQ%%HQ UHOH(DQWH 9QWVF%HLGXQJHQ QLF%W DOOHLQ GHU 6LWJOLHGHU8
(HUVDPPOXQJ hEHUODVVHQ :HUGHQ GhUIHQ
/
9%UHQDPWOLF%H +RUVLW]HQGH :HUGHQ LQ GLHVHP
s
^
d
W
m
'
s '
^
s
^
^
d
^
s
W
^
s
&>
Z
^
^
^
s
s
^
KF%ULWW GXUF% %DXSWDPWOLF%H *HVF% IWVIh%UHU HUVHW]W
,
'LHVH |UJDQLVDWLRQVIRUP PLW %DXSWDPW8
OLF%HQ )XQNWLRQ UHQ XQG SURIHVVLRQHOOHQ KWUXNWXUHQ LVW +RUDXVVHW]XQJ IhU GLH .RQNXUUHQ]I 8
%LJNHLW DXI QDWLRQDOHU XQG LQWHUQDWLRQDOHU 9EHQH
5HFKWOLFKH 9RUDXVVHW]XQJHQ
$XV UHF%WOLF%HU KLF%W LVW HV QRW:HQGLJ GDVV HLQ lXQGHVOLJD(HUHLQ DOV 6XWWHU(HUHLQ VHLQH yL8
]HQ]VSLHOHUDEWHLOXQJ DXI HLQHQ HbWHUQHQ 5HF%WVWU JHU GLH >RF%WHUJHVHOOVF%DIW DXVJOLHGHUW
'LHVH HU% OW GDQQ XQPLWWHOEDU VHOEVW GLH yL]HQ] [VW GLHV GHU )DOO VR NRPPHQ QDF% 4 F KDW8
]XQJ ')l GLH $NWLHQJHVHOOVF%DIW $* GLH *HVHOOVF%DIW PLW EHVF%U QNWHU DIWXQJ *PE
VR:LH GLH .RPPDQGLWJHVHOOVF%DIW DXI $NWLHQ .*D$ DOV PJOLF%H 5HF%WVIRUPHQ LQ )UDJH
0
[QQHU%DOE GHU .*D$ JLEW HV GDUhEHU %LQDXV VHLW HLQHP lHVF%OXVV GHV lXQGHVJHULF%WV%RIV DXV
GHP \D%U
/ GLH EHVRQGHUH 9QW:LFNOXQJVIRUP ]XU *PE & -R .*D$
0
'LH yL]HQ] :LUG
(RP ')l XQWHU DQGHUHP DEHU QXU GDQQ HUWHLOW :HQQ GHU DXVJOLHGHUQGH 6XWWHU(HUHLQ PH%U8
%HLWOLF% DQ GHU >RF%WHUJHVHOOVF%DIW EHWHLOLJW LVW 'DV EHGHXWHW GDVV HU hEHU
GHU KWLPPDQ8
WHLOH ]X]hJOLF% PLQGHVWHQV HLQHV :HLWHUHQ KWLPPDQWHLOV LQ GHU +HUVDPPOXQJ GHU $QWHLOVHLJQHU
(HUIhJW
0
lHL GHU .RPPDQGLWJHVHOOVF%DIW DXI $NWLHQ EHGDUI HV NHLQHU 9LQ%DOWXQJ GHU KWLPP8
DQWHLOH :HQQ GHU 6XWWHU(HUHLQ RGHU HLQH (RQ L%P ]X
EH%HUUVF%WH >RF%WHUJHVHOOVF%DIW
GLH KWHOOXQJ GHV .RPSOHPHQW UV PLW GHU L%P JHVHW]OLF% HLQJHU XPWHQ +HUWUHWXQJV8 XQG *H8
VF% IWVIh%UXQJVEHIXJQLV %DW 6XWWHU(HUHLQH XQG >RF%WHUJHVHOOVF%DIWHQ GHU lXQGHVOLJLVWHQ
GhUIHQ GDEHL :HGHU XQPLWWHOEDU QRF% PLWWHOEDU DQ DQGHUHQ >RF%WHUJHVHOOVF%DIWHQ EHWHLOLJW
VHLQ
00
.DSLWDOJHVHOOVF%DIWHQ PhVVHQ ]XP MDF%:HLV L%UHU :LUWVF%DIWOLF%HQ yHLVWXQJVI %LJNHLW
GDUOHJHQ GDVV ]XP =HLWSXQNW GHU HUVWPDOLJHQ yL]HQ]HUWHLOXQJ GDV JH]HLF%QHWH .DSLWDO
0
PLQ8
GHVWHQV
6LR 9XUR EHWU JW
0
MHEHQ GHQ UHF%WOLF%HQ +RUDXVVHW]XQJHQ VROOWHQ GDUh8
EHU %LQDXV QRF% DQGHUH )DNWRUHQ EHL HLQHP SRWHQWLHOOHQ lUVHQJDQJ EHUhFNVLF%WLJW :HUGHQT
Ä'HU VSRUWOLF%H 9UIROJ GLH PRPHQWDQH :LUWVF%DIWOLF%H yDJH GDV VSRUWOLF%H XQG :LUWVF%DIWOL8
F%H =XNXQIWVSRWHQWLDO XQG GLH gXDOLILNDWLRQ GHV 6DQDJHPHQWV EHHLQIOXVVHQ GLH pHUWVF% W8
]XQJ GHV lUVHQNDQGLGDWHQ ³
0
s ^
^
s D
^
s
^
/
W
D
//
'
m
'
'
^
^
&
^
^
'
^
>
>
^
^
$QDO\VH GHV %|UVHQJDQJV YRQ %RUXVVLD 'RUWPXQG LP -DKU
$P 0
NDP HV ]XU 3UHPLHUH LP GHXWVF%HQ 3URILIXEDOOT 6LW GHU $NWLH (RQ lRUXVVLD
'RUWPXQG :XUGH GLH HUVWH GHXWVF%H )XEDOODNWLH DP .DSLWDOPDUNW JH%DQGHOW 'LH $PELWLRQHQ
(RQ +RUVWDQG 'U *HUG MLHEDXP
0/
XQG *HVF% IWVIh%UHU 6LF%DHO 6HLHU
0,
:DUHQ GDEHL %RF%
JHVWHFNW PDQ HU%RIIWH VLF% HLQHQ %R%HQ =XIOXVV OL2XLGHU 6LWWHO (RQ IhQI ELV DF%W 6LOOLRQHQ
SRWHQWLHOOHQ $NWLHQN XIHUQ
0
+RUDXVJHJDQJHQ :DU GHP lUVHQJDQJ HLQH $XVJOLHGHUXQJ GHV
:LUWVF%DIWOLF%HQ *HVF% IWVEHWULHEHV GHV lDOOVSLHO(HUHLQV lRUXVVLD
H + 'RUWPXQG LQ GLH
lRUXVVLD 'RUWPXQG *PE & -R .*D$ DP /
LHUEHL OHLWHW GHU SHUVQOLF% %DI8
WHQGH *HVHOOVF%DIWHU GLH .*D$ XQG (HUWULWW GLH *HVHOOVF%DIW LP $XHQ(HU% OWQLV *HJHQhEHU
GHP $XIVLF%WVUDW LVW GHU SHUVQOLF% %DIWHQGH *HVHOOVF%DIWHU :HLWHVWJH%HQG HLJHQVW QGLJ 'HU
$XIVLF%WVUDW VHOEVW hEW NHLQHQ 9LQIOXVV DXI GLH =XVDPPHQVHW]XQJ GHU *HVF% IWVIh%UXQJ DXV
'LH \D%UHV%DXSW(HUVDPPOXQJ GHV H + : %OW GHQ pLUWVF%DIWVUDW QDF%GHP HLQ pD%ODXVVF%XVV
SRWHQWLHOOH .DQGLGDWHQ ]XU DXSW(HUVDPPOXQJ (RUVF%O JW 'HU JH: %OWH pLUWVF%DIWVUDW LVW
LGHQWLVF% PLW GHP lHLUDW GHU .*D$ GHU :LHGHUXP GHQ +RUVWDQG GHU *PE EHUXIW 'HU +RU8
VWDQG GHU *PE LVW LGHQWLVF% PLW GHP +RUVWDQG GHU .*D$ lRUXVVLD 'RUWPXQG %DW GDPLW
:HLWHU%LQ GLH .RQWUROOH hEHU GLH -OXEW WLJNHLW XQG hEW HLQH GRPLQLHUHQGH 5ROOH LP .RQ]HUQ8
(HUEXQG PLW GHU .*D$ DXV 'LH .RQ]HUQIh%UXQJ LVW VRPLW DE% QJLJ (RQ GHQ .RPSHWHQ]HQ
GHV +HUHLQV(RUVWDQGHV E]: GHU *HVF% IWVIh%UXQJ 'DUDXV UHVXOWLHUW HLQH $E% QJLJNHLW GHV
.RQ]HUQV lRUXVVLD 'RUWPXQG (RQ GHQ ]HQWUDOHQ 9QWVF%HLGXQJVWU JHUQ
KF%H:H XQG
yLWWNHPDQQ
:HLVHQ GDUDXI %LQ GDVV HV HLQHU OHLVWXQJVI %LJHQ -RUSRUDWH8*R(HUQDQFH8
KWUXNWXU
0
EHGDUI XP GHQ XQWHUVF%LHGOLF%HQ [QWHUHVVHQ GHU .RPPDQGLWDNWLRQ UH XQG +HU8
HLQVPLWJOLHGHU JHUHF%W ]X :HUGHQ lHLP .RQ]HUQ lRUXVVLD 'RUWPXQG VD%HQ VLH HGRF% GLH
*HID%U GDVV GLHVH KWUXNWXU QLF%W (RU%DQGHQ LVW +LHOPH%U EHVWH%H GDV 5LVLNR GDVV PDQ GHQ
9IIL]LHQ]GUXFN GHV .DSLWDOPDUNWV QLF%W QXW]H XQG GDV SRVLWL(H [PDJH GHV lUVHQJDQJV KF%D8
GHQ QH%PH
'U MLHEDXP QD%P DOV +RUVWDQGV(RUVLW]HQGHU GHU *PE & -R .*D$ GLH $XIJDEHQEHUHLF%H
YQWHUQH%PHQVIh%UXQJ KWUDWHJLH µIIHQWOLF%NHLWVDUEHLW XQG 3HUVRQDO:HVHQ XQWHU VHLQH .RQ8
WUROOH 6LF%DHO 6HLHU :DU IhU GLH )XQNWLRQHQ -RQWUROOLQJ )LQDQ]HQ XQG 5HF%QXQJV:HVHQ
'
E
W
D
D
D
s '
^
^
^
s
D
t
^
s ^
>
^
'
t
:
s ^
>
^
]XVW QGLJ lHLGH :DUHQ JHP GHU *HVF% IWVRUGQXQJ DOOHLQ(HUWUHWXQJVEHUHF%WLJW XQG DJLHUWHQ
LPPHU DOV )h%UXQJVGXR $XIJUXQG GHU %R%HQ 9QWVF%HLGXQJVNRQ]HQWUDWLRQ DXI QXU ]:HL JH8
VF% IWVIh%UHQGH +RUVW QGH XQG GHUHQ :HLWUHLF%HQGHQ .RPSHWHQ]EHUHLF%HQ LP +HUHLQ NRQQ8
WHQ 9QWVF%HLGXQJVVWDXV QLF%W (HU%LQGHUW :HUGHQ
$OV LP \D%UH
GHU lUVHQJDQJ GXUF%JHIh%UW :XUGH NRQQWHQ 0 6LR KWhFNDNWLHQ ]XP
9PLVVLRQVNXUV (RQ
9XUR DXVJHJHEHQ :HUGHQ 'LH .RVWHQ GHV lUVHQJDQJV EHOLHIHQ VLF%
DXI / 6LR 9XUR [P *HJHQ]XJ HQWVWDQG IhU GLH QHXH lRUXVVLD 'RUWPXQG *PE & -R
.*D$ HLQH ]XV W]OLF%H 9LJHQNDSLWDODXVVWDWWXQJ (RQ , 6LR 9XUR 6LW GHU QHXHQ 5HF%WV8
IRUP GL(HUVLIL]LHUWH GHU l+l DXF% LQ QHXH *HVF% IWVIHOGHU
/
'LH KSRUWDUWLNHOILUPD JRRRO GH
GLH 5HLVHILUPD l 9 K > GLH pHVWIDOHQVWDGLRQ 'RUWPXQG *PE & -R .* GDV [QWHUQHWSRUWDO
KSRUW & l7WHV VR:LH GDV KSRUWPHGL]LQ]HQWUXP |UW%RPHG *PE VROOWHQ GHQ )XEDOOEHUHLF%
HUJ Q]HQ 6DQ HU%RIIWH VLF% K7QHUJLHQ GLH GHQ $NWLRQ UHQ %%HUH 5HQGLWHQ EHVF%HUHQ VROO8
WHQ $Q%DQG GHU JH: %OWHQ 'L(HUVLIL]LHUXQJVVWUDWHJLH VROOWH GLH $E% QJLJNHLW GHU $NWLH (RP
VSRUWOLF%HQ 9UIROJ UHGX]LHUW :HUGHQ 'LH 9QW:LFNOXQJ GLHVHU *HVF% IWVIHOGHU (HUOLHI HGRF%
QLF%W :LH JHSODQW [Q GHU KSLHO]HLW
:XUGH PLW GHP YQWHUQH%PHQ JRRRO GH
KSRUWV:HDU *PE HLQ HLJHQHV YQWHUQH%PHQ DOV $XVUhVWHU GHU 3URILPDQQVF%DIW JHJUhQGHW
'DGXUF% (HU]LF%WHWH PDQ DXI OXNUDWL(H pHUEH(HUWU JH PLW HWDEOLHUWHQ $XVUhVWHUQ 'LH 6DUNH
NRQQWH VLF% DP KSRUWDXVUhVWHUPDUNW HGRF% QLF%W GXUF%VHW]HQ VR GDVV DE GHU KSLHO]HLW
:LHGHU MLNH +HUWUDJVSDUWQHU :XUGH
,
YP GHQ VSRUWOLF%HQ 9UIROJ ]X PDbLPLHUHQ
LQ(HVWLHUWH PDQ 5HNRUGVXPPHQ LQ LQWHUQDWLRQDOH KWDUV DQVWDWW GLH HLJHQH \XJHQG ]X IUGHUQ
.XSIHU
IDVVW GLHVH +RUJH%HQV:HLVH :LH IROJW ]XVDPPHQT Ä'LH 9UIROJVRULHQWLHUXQJ GHU
lRUXVVLD XQG L%UH $XVSU JXQJ DOV HLJHQVW QGLJHV KSRUWXQWHUQH%PHQ JHULHWHQ PLW GHU DQG8
OXQJVSUDbLV NXU]IULVWLJHU yL2XLGLW WVEHVF%DIIXQJ JHJHQ ODQJIULVWLJH $EWUHWXQJ (RQ 5HF%WHQ
XQG DQGHUHQ +HUPJHQV:HUWHQ HLQVF%OLHOLF% GHU $EJDEH ]HQWUDOHU 9UWUDJVEHUHLF%H ]XQH%8
PHQG DXI .ROOLVLRQVNXUV ³ 'LHVHU .ROOLVLRQVNXUV Ih%UWH OHW]WHQGOLF% GD]X GDVV lRUXVVLD
'RUWPXQG LQ GHU KSLHO]HLW
QXU NQDSS GHU [QVRO(HQ] HQWJLQJ
'LH .RQVROLGLHUXQJ GHV +HUHLQV HUIROJWH PLW GHP )h%UXQJV:HF%VHO
'U 5HLQ%DUG
5DXEDOO hEHUQD%P $QIDQJ
GLH 3U VLGHQWVF%DIW : %UHQG DQV8 \RDF%LP pDW]NH
DOV
s
^
s
< < <& <
^
^
s ^
t
t
^
D
D
D , d
Z
D ,
D ,
^
s
^
QHXHU *HVF% IWVIh%UHU GHU *PE (HUSIOLF%WHW :XUGH =LHO GHU QHXHQ )h%UXQJ :DU HV GHQ
+HUHLQ VWUDWHJLVF% QHX DXV]XULF%WHQ XQG (HUPH%UW DXI GLH \XJHQGDUEHLW ]X VHW]HQ =X GHQ 9U8
IROJHQ GHU QHXHQ )h%UXQJVVSLW]H ] %OW QHEHQ GHU 5HVWUXNWXULHUXQJ GHV +HUHLQV VR:LH GHU +HU8
EHVVHUXQJ GHU -RUSRUDWH8*R(HUQDQFH8KWUXNWXU DXF% HLQ QHXHV +HUVW QGQLV GHV .HUQJHVF% IWV
GHV +HUHLQV KR :XUGH GLH l+l 6HUF%DQGLVLQJ *PE JHJUhQGHW XP GHXWVF%ODQG:HLW )DQDU8
WLNHO (HUWUHLEHQ ]X NQQHQ XQG GDPLW HLQ :HLWHUHV *HVF% IWVIHOG ]X HUVF%OLHHQ
.ULWLVFKH %HXUWHLOXQJ
'LH $NWLH GHU lRUXVVLD 'RUWPXQG *PE & -R .*D$ %DW VHLW GHP lUVHQJDQJ VWDUN DQ
pHUW (HUORUHQ
0
[P \D%UH
HUUHLF%WH VLH PLW HLQHP KWDQG (RQ
-HQW L%UHQ >LHISXQNW
KHLW GHP lUVHQJDQJ NDP HV QRF% ]X NHLQHU 'L(LGHQGHQDXVVF%hWWXQJ DQ GLH $QWHLOVHLJQHU
'LHVH 9QW:LFNOXQJ LVW LQ %QOLF%HU )RUP DXF% EHL (LHOHQ DQGHUHQ $NWLHQ HXURS LVF%HU )X8
EDOOFOXEV ]X EHREDF%WHQ $EJHVH%HQ (RQ :HQLJHQ $XVQD%PHQ :LH EHLVSLHOV:HLVH 6DQF%HV8
WHU YQLWHG LVW HV NDXP HLQHP -OXE JHOXQJHQ GHQ $XVJDEH:HUW VHLQHU $NWLH ]X VWDELOLVLHUHQ
RGHU JDU ]X VWHLJHUQ 'LHV %DW PH%UHUH *UhQGHT KR LVW IhU HLQ HUIROJUHLF%HV Ä*RLQJ 3XEOLF³
QRW:HQGLJ QHEHQ GHP .HUQJHVF% IW )XEDOO :HLWHUH *HVF% IWVIHOGHU ]X HUVF%OLHHQ 'LHV LVW
XQDEGLQJEDU GD EHL HLQHP )XEDOO(HUHLQ QLF%8NDONXOLHUEDUH 9UHLJQLVVH +HUOHW]XQJHQ $E8
VWLHJ 9LQIOXVV DXI GLH :LUWVF%DIWOLF%H 9QW:LFNOXQJ GHV +HUHLQV %DEHQ XQG VRPLW GLH )XEDOO8
DNWLH HLQHQ (RODWLOHQ pHUW GDUVWHOOW
$XV GLHVHP *UXQG VROOWHQ EHL HLQHP EUVHQQRWLHUWHQ
)XEDOO(HUHLQ GLH >UDQVIHUDXVJDEHQ ]XQ F%VW LQ GHQ LQWHUJUXQG JHUDWHQ XQG JHP GHV 'L8
(HUVLILNDWLRQVNRQ]HSWHV GHV +HUHLQV [Q(HVWLWLRQHQ LQ QHXH pLUWVF%DIWV]:HLJH JHW WLJW :HUGHQ
'DUhEHU %LQDXV NDQQ GHU lUVHQJDQJ HLQ]HOQHU +HUHLQH 9LQIOXVV DXI GHQ yLJD8pHWWEH:HUE
QH%PHQ KR Ih%UW HU lUVHQJDQJ (RQ QXU (HUHLQ]HOWHQ +HUHLQHQ GD]X GDVV HV ]X HLQHP ILQDQ8
]LHOOHQ YQJOHLF%JH:LF%W ]:LVF%HQ GHQ +HUHLQHQ NRPPW :DV :LHGHUXP LQ VSRUWOLF%H pHWWEH8
:HUEVQDF%WHLOH PhQGHQ NDQQ +LHOH lXQGHVOLJD(HUHLQH VLQG GXUF% GDV lHLVSLHO lRUXVVLD
'RUWPXQG VLF%HUOLF% DEJHVF%UHFNW :RUGHQ GHQ lUVHQJDQJ ]X :DJHQ KR LVW HV LQ QD%HU =X8
NXQIW XQ:D%UVF%HLQOLF% GDVV HV HLQHQ :HLWHUHQ GHXWVF%HQ +HUHLQ DP .DSLWDOPDUNW JHEHQ
:LUG
^
^
^
^
s
s
m
^
D
Z
D
:
<
s
E
:
^
^
<
'LH
5HJHO
9V JLEW NHLQH DQGHUH 5HJHO LQ GHQ KWDWXWHQ GHV ')l GLH ]X VR HLQHU JURHQ 'HEDWWH ]:LVF%HQ
)DQV )XQNWLRQ UHQ XQG GHP +HUHLQ JHIh%UW %DW :LH GLH VR JHQDQQWH
5HJHO
/
'LHVH VROO
PLW GHU (RP ')l (RUJHVF%ULHEHQHQ 6LQGHVWEHWHLOLJXQJ GHV 6XWWHU(HUHLQV DQ GHQ KWLPPDQ8
WHLOHQ GHU >RF%WHUJHVHOOVF%DIW LQ %H (RQ
SOXV HLQHQ KWLPPDQWHLO HLQH )UHPGEHVWLP8
PXQJ GHU .DSLWDOJHVHOOVF%DIW DXHU%DOE GHV 6XWWHU(HUHLQV (HU%LQGHUQ
,
KRPLW :LUG (HU%LQ8
GHUW GDVV HbWHUQH [Q(HVWRUHQ :LH EHLVSLHOV:HLVH LQ GHU 3UHPLHU yHDJXH PJOLF% PH%U DOV
GHU .OXEDQWHLOH HU:HUEHQ NQQHQ
'HU JUWH *HJQHU GLHVHU 5HJHOXQJ LQ GHU lXQGHVOLJD LVW DNWXHOO 6DUWLQ .LQG 'HU .OXEF%HI
(RQ DQQR(HU
VWHOOWH
HLQHQ $QWUDJ ]XU $EVF%DIIXQJ GHU 5HJHO VF%HLWHUWH GDPLW H8
GRF% EHL HLQHU 6LWJOLHGHU(HUVDPPOXQJ GHU 0 9UVW8XQG =:HLWOLJLVWHQ )hU HLQH KDW]XQJV QGH8
UXQJ % WWH HV HLQH 0 6H%U%HLW EHQWLJW 6LW 0 KWLPPHQ IhU GHQ 9U%DOW GHU 5HJHO GUHL 9QW8
%DOWXQJHQ XQG QXU HLQHU *HJHQVWLPPH :XUGH .LQGV $QWUDJ GHXWOLF% DEJHOH%QW [P +RUIHOG
GHU 6LWJOLHGHU(HUVDPPOXQJ %DWWH 6DUWLQ .LQG VF%RQ DQJHNhQGLJW LP )DOOH HLQHU MLHGHUODJH
(RU GDV KF%LHGVJHULF%W GHV ')l RGHU JDU (RU GHQ 9XURS LVF%HQ *HULF%WV%RI ]X ]LH%HQ Ä9V LVW
HLQH JURH -%DQFH (HUWDQ :RUGHQ [F% ELQ :HLWHU%LQ GHU 6HLQXQJ GDVV HLQH +HU QGHUXQJ GHU
5HJHO QRW:HQGLJ LVW XP GHQ )XEDOO8lXQGHVOLJLVWHQ PH%U pHWWEH:HUEVPJOLF%NHLWHQ
]X HUIIQHQ ³ $XF% pROIJDQJ RO]% XVHU VSULF%W VLF% JHJHQ GLH 5HJHO DXV 6DQ PhVVH
VHLQHU 6HLQXQJ QDF% HLQH 5HJHOXQJ ILQGHQ GXUF% :HOF%H GLH +HUHLQH GLH -%DQFH EHNRPPHQ
IULVF%HV *HOG ]X %ROHQ 'LH )XEDOOIDQV LQ 'HXWVF%ODQG VLQG GD DQGHUHU 6HLQXQJ [P +RU8
IHOG GHU 6LWJOLHGHU(HUVDPPOXQJ %DWWH GLH [QWHUHVVHQJHPHLQVF%DIW ÄYQVHUH .XU(H³ GHP yLJD8
SU VLGHQWHQ 'U 5HLQ%DUG 5DXEDOO HLQH YQWHUVF%ULIWHQOLVWH PLW PH%U DOV
YQWHU]HLF%8
QXQJHQ IhU GHQ 9U%DOW GHU 5HJHO hEHUJHEHQ 6DQ %DEH $QJVW GD(RU GDVV ÄGLH 6LWJOLHGHU GHU
+HUHLQH GDV KDJHQ (HUOLHUHQ XQG GLH .OXEV L%UH KHHOH ³
0
YQWHU GLHVHQ YPVW QGHQ LVW GLH 78
s
^
^
&
s
Z
Z
t
^
'
>
W
>
s
Z
s
SRW%HVH (RQ )UDQFN
GDVV GLHVH 9QW:LFNOXQJ IhU GLH 'HXWVF%H lXQGHVOLJD XQXPJ QJ8
OLF% VHL XQG EDOG 9LQ]XJ %DOWH ]X (HUQHLQHQ
$QIRUGHUXQJHQ DQ GDV 0DQDJHPHQW KHXWLJHU 3URIL )XEDOOFOXEV
6LW GHU 9QW:LFNOXQJ (RQ +HUHLQHQ ]X .DSLWDOJHVHOOVF%DIWHQ LVW GLH RIIQXQJ (HUEXQGHQ GDVV
HLQ :LUWVF%DIWOLF% RULHQWLHUWHV DG 2XDW DXVJHELOGHWHV 6DQDJHPHQW GLH H%UHQDPWOLF%HQ +HU8
HLQVSU VLGHQWHQ DEOVW (JO GD]X .DSLWHO
GLHVHU $UEHLW 'DEHL VROOWH GHU lOLFN HGRF%
QLF%W DOOHLQ DXI GDV )LQDQ]LHUXQJVSRWHQWLDO HLQHV ]XNhQIWLJHQ lUVHQJDQJV JHULF%WHW VHLQ
'HQQ DXF% R%QH HLQHQ JHSODQWHQ *DQJ DQ GHQ .DSLWDOPDUNW EUDXF%HQ )XEDOOFOXEV DXIJUXQG
GHU '7QDPLN GHV )XEDOOPDUNWV HLQ SURIHVVLRQHOOHV 6DQDJHPHQW GHVVHQ )RNXV EHVRQGHUV DXI
GHU *H:LQQHU]LHOXQJ OLHJHQ VROOWH
'HU %HXWLJH 3URILFOXE PLW :LUWVF%DIWOLF%HU =LHOVHW]XQJ
EHVWUHEW HLQH 6DbLPLHUXQJ GHV *H:LQQV DOV 'LIIHUHQ] ]:LVF%HQ GHQ HU:DUWHWHQ 9LQQD%PHQ
XQG GHQ .RVWHQ 'LHV Ih%UW ]X HLQHU JUHU JH:RUGHQHQ lHGHXWXQJ GHV (HUHLQVLQWHUQHQ 6D8
QDJHPHQWV XQG HLQHU HLQ%HUJH%HQGHQ 'LIIHUHQ]LHUXQJ GHU |UJDQLVDWLRQVHLQ%HLWHQ 3RVLWLRQHQ
XQG +HUDQW:RUWXQJVEHUHLF%H
$EE T =HQWUDOH 9LQQD%PH2XHOOHQ (RQ )XEDOO(HUHLQHQ
gXHOOHT 9LJHQH 'DUVWHOOXQJ
pLH GLH $EELOGXQJ ]HLJW VHW]HQ VLF% GLH 9LQQD%PH2XHOOHQ HLQHV )XEDOOFOXEV DXV GHQ KHJ8
PHQWHQ >LFNHWLQJ
/
>+8+HUPDUNWXQJ KSRQVRULQJ XQG 6HUF%DQGLVLQJ
,
]XVDPPHQ 'LHV LVW
LQ DOOHQ HXURS LVF%HQ yLJHQ ]X EHREDF%WHQ HGRF% (DULLHUW GHU H:HLOLJH $QWHLO GHU 9LQQD%8
PH2XHOOHQ (RQ yDQG ]X yDQG
s &
^
s >
t
^
s '
D
h
^
m
^
s
D
W
s
&
^
^
d
ds Z
D
^
$XI GHU .RVWHQVHLWH GHU -OXEV ELOGHQ GLH *H% OWHU GHU yL]HQ]VSLHOHUDEWHLOXQJ VR:LH $EOVH8
]D%OXQJHQ GLH JUWHQ >UHLEHU 'HU *H:LQQ HLQHV -OXEV :LUG PDJHEOLF% EHVWLPPW GXUF% GLH
$WWUDNWL(LW W HLQHU 6DQQVF%DIW XQG GHUHQ VSRUWOLF%HQ 9UIROJ $XIJDEH GHV 6DQDJHPHQWV LVW
GLHVH EHLGHQ 'HWHUPLQDQWHQ PLW VHOEVW HU:LUWVF%DIWHWHQ XQG HbWHUQHQ DXIJHQRPPHQ *HOGPLW8
WHOQ VR:LH GXUF% HLQH JHHLJQHWH =XVDPPHQVWHOOXQJ GHV .DGHUV SRVLWL( ]X EHHLQIOXVVHQ
/
'LH
=LHOH GHV 6DQDJHPHQWV :HUGHQ DOVR QDF%GUhFNOLF% EHVWLPPW GXUF% GHQ VSRUWOLF%HQ 9UIROJ
*HHQHQ
XQWHUVF%HLGHW GDEHL ]:LVF%HQ NXU]IULVWLJHQ PLWWHOIULVWLJHQ XQG ODQJIULVWLJHQ
=LHOHQ =X GHQ NXU]IULVWLJHQ =LHOHQ ] %OHQ GLH $E:LFNOXQJ DXVODXIHQGHU +HUWU JH VR:LH GDV
RSHUDWL(H *HVF% IW 'LH PLWWHOIULVWLJHQ =LHOH :HUGHQ EHVWLPPW GXUF% GLH +HUSIOLF%WXQJ QHXHU
KSLHOHU XQG GHQ +HUNDXI (RU%DQGHQHU KSLHOHU VR:LH GLH ODQJIULVWLJH lLQGXQJ (RQ >DOHQWHQ LP
HLJHQHQ +HUHLQ =X GHQ ODQJIULVWLJHQ =LHOHQ JH%UW GHU $XVEDX GHU [QIUDVWUXNWXU :LH EHL8
VSLHOV:HLVH GLH 9U:HLWHUXQJ XQG 6RGHUQLVLHUXQJ GHV HLJHQHQ KWDGLRQV
/
0DQDJHPHQW LQ )XEDOOFOXEV
[Q GHU lHWULHEV:LUWVF%DIW LVW Ä6DQDJHPHQW³ HLQ K7QRQ7P IhU GLH JHVDPWH yHLWXQJ HLQHV YQ8
WHUQH%PHQV 'D]X :HUGHQ DOOH 3HUVRQHQ JH] %OW GLH LP lHWULHE OHLWHQGH $XIJDEHQ HUIhOOHQ
Ä6DQDJHU³ GDJHJHQ VLQG LP EHWULHEV:LUWVF%DIWOLF%HQ KSUDF%JHEUDXF% GLH REHUVWHQ )h%UXQJV8
NU IWH HLQHV YQWHUQH%PHQV
/
[Q GHU 3UDbLV GLIIHUHQ]LHUW PDQ ]:LVF%HQ GHP REHUHQ 6DQDJH8
PHQW
/0
GDV GLH HQWVF%HLGHQGHQ VWUDWHJLVF%HQ )UDJHQ GHU )h%UXQJVHWDJH EHDUEHLWHW XQG GHP
PLWWOHUHQ 6DQDJHPHQW GDV GLH RSHUDWL(HQ $UEHLWHQ GHU *HVF% IWVIh%UXQJ XPVHW]W
/
lHL HL8
QHP )XEDOOFOXE XPIDVVW GDV 6DQDJHPHQW GLH )h%UXQJVHEHQH DOVR +RUVWDQG E]: 3U VLGLXP
$XIVLF%WVUDW RGHU lHLUDW VR:LH GLH yHLWHU GHU )XQNWLRQVEHUHLF%H VRIHUQ L%QHQ GLH :HLWJH%HQG
HLJHQVW QGLJH )h%UXQJ L%UHV lHUHLF%HV REOLHJW
/
3HUVRQHQ GHV REHUHQ 6DQDJHPHQWV :XUGHQ
LQ GHU +HUJDQJHQ%HLW PHLVW hEHU EHVWH%HQGH .RQWDNWH LQQHU%DOE GHU lUDQF%H Ä(HUSIOLF%WHW³
RGHU :DUHQ H%HPDOLJH 3URILV GHV HLJHQHQ +HUHLQV 'LH EHWULHEV:LUWVF%DIWOLF%H gXDOLILNDWLRQ
VSLHOWH HLQH XQWHUJHRUGQHWH 5ROOH
/
[Q y QGHUQ :LH [WDOLHQ RGHU KSDQLHQ :DU XQG LVW WHLO:HLVH
DXF% HLQH )RUP GHV 6 ]HQDWHQWXPV ]X EHREDF%WHQ
//
EHL GHP :R%O%DEHQGH 3HUVQOLF%NHLWHQ
s >
t
^
s '
^
s
^
m
d
D
s
^
s
^
s d
^
^
^
Details
- Seiten
- Erscheinungsform
- Erstausgabe
- Erscheinungsjahr
- 2011
- ISBN (PDF)
- 9783955498061
- ISBN (Paperback)
- 9783955493066
- Dateigröße
- 557 KB
- Sprache
- Deutsch
- Institution / Hochschule
- Universität Münster
- Erscheinungsdatum
- 2015 (Februar)
- Note
- 1,3
- Schlagworte
- Clubmanagement Sportökonomie Sportmanagement Profifußball Fußball
