Wertorientierte Unternehmensführung bei Siemens

  • Heinz-Joachim Neubürger
Wissenschaft und Praxis — Gedankenaustausch zu aktuellen Fragen


Siemens continues to drive its entire management system enterprise-wide to focus on Economic Value Added (EVA), known at Siemens as “Geschäftswertbeitrag” (GWB). Basically, GWB is defined as net operating profit after taxes (NOPAT) before financing costs minus capital cost, which represent the return minimum on capital employed. According to this concept a business creates value only when it recovers its cost of capital and furthermore fulfills the expectations of capital markets regarding GWB improvements. Because the three major components of Siemens — Operations, Financing and Real Estate, and Pension Fund — are fundamentally different from each other, Siemens adjusts its calculations of GWB for each one. Ambitious GWB targets, GWB-oriented compensation schemes and extensive value reporting are integral components of value-oriented management at Siemens.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Ehrbar, A. (1998): EVA — The Real Key to Creating Wealth.Google Scholar
  2. Ehrbar, A. (1999): Economic Value Added — Der Schlüssel zur wertsteigernden Unternehmensführung.Google Scholar
  3. Lücke, W. (1955): Investitionsrechnung auf der Grundlage von Ausgaben oder Kosten?, in: ZfhF N. F., 7. Jg. (1955), S. 310–324.Google Scholar
  4. Stewart, G. B. (1990): The Quest for Value — The EVA Management Guide.Google Scholar

Copyright information

© Schmalenbach-Gesellschaft.eV. 2000

Authors and Affiliations

  • Heinz-Joachim Neubürger
    • 1
  1. 1.Siemens AGMünchenDeutschland

Personalised recommendations