Die Ertragskraft der österreichischen Sachgütererzeugung entsprach 2008 gemäß der WIFO-Schätzung mit 10,3% noch dem langjährigen
Durchschnitt. In den letzten Jahren erhöhte sich die Eigenkapitalquote dank der guten Ertragsentwicklung auf 38,5% im Jahr
2007 und war damit erstmals höher als im Durchschnitt der europäischen Vergleichsländer (36,7%). Das Finanzanlagevermögen
der österreichischen Sachgütererzeugung war 2007 mit 15,6% der Bilanzsumme im internationalen Vergleich eher niedrig und stieg
in den letzten Jahren nur wenig. Die produzierenden Unternehmen sind demnach gegenüber der Finanzmarktkrise wesentlich weniger
exponiert als in anderen Ländern.
Forschungsbereich:Industrie-, Innovations- und internationale Ökonomie
Sprache:Deutsch
Weakening of the Earning Power in Austrian Manufacturing
Based on a small panel of NACE 2-digit industries, econometric estimates indicate a cash flow to sales ratio of Austrian manufacturing
firms of approximately 10.3 percent in 2008. This marks a significant drop from the extraordinarily high 13.7 percent in 2007,
and can be explained by the beginning of the current crisis in the last quarter of 2008. Comparative international figures
are only available up to 2007. This development contributed to the increase of the Austrian equity ratio to 38.5 percent,
which for the first time lies above the European average of 36.7 percent. Both cash flow and equity of selected service industries
differ significantly in their levels, which can be roughly be explained by economies of scale and market concentrations.
The cash earnings of Austrian manufacturing, estimated by WIFO at 10.3 percent of the turnover in 2008, were close to their
long-term average. During the last years, i.a., due to rising cash flows, the equity ratio rose to 38.5 percent in 2007, exceeding
for the first time the European average of 36.7 percent. Financial assets of Austrian manufacturers, at a ratio of 15.6 percent
of the balance sheet total in 2007, was rather low by international standards and rose only little in the last few years.
Thus, manufacturing companies are by this measure substantially less exposed to the financial market crisis than those of
other countries.
