Genussschein und Unternehmensanleihen: Risiken und Chancen

Seit dem Beginn der Finanzkrise 2008 haben sich viele Anleger von riskanteren Wertpapieren abgewandt und viel Geld in sehr sichere Staatspapiere investiert. Allerdings hat dieser Trend zusammen mit anderen Faktoren dazu geführt, dass die Verzinsung für sichere Staatspapiere (beispielsweise Bundesschatzbriefe) sehr niedrig ausfallen. Deutlich bessere Renditen sind gegenwärtig mit dem Genussschein oder den Unternehmensanleihen möglich. Allerdings haben Genussschein und Unternehmensanleihe spezielle Risikoprofile, die man beim Investment mitdenken muss.

Der Genussschein verbrieft das Recht auf einen bestimmten Ertrag, den ein Unternehmen für die Zukunft verspricht. Ein Genussschein ist von der Ausgestaltung her nicht geregelt und das Genussschein ausgebende Unternehmen unterliegt auch nicht so starken Prüfvorgängen wie beispielsweise ein Dax-Unternehmen bei der Ausgabe von Aktien. Je nach Ausgestaltung kann sich ein Genussschein mehr an einer Aktie oder mehr an Unternehmensanleihen orientierten. Allerdings ist mit der Aktie ein Mitspracherecht des Anlegers verbunden, die sich auch in stärken Kontrollmöglichkeiten der Geschäftspolitik ausdrücken kann. Der Genussschein schließt immer ein Mitspracherecht des Genussschein-Inhabers an der Geschäftspolitik aus. Dies gilt auch für die Unternehmensanleihen, bei denen es sich letztlich um Darlehen des Anlegers an das Unternehmen handelt.

Das Hauptrisiko vom Genussschein und Unternehmensanleihen liegt in der möglichen Insolvenz des ausgebenden Unternehmens. Die Aussage, die man gelegentlich hört „Jedenfalls herrscht das geringste Risiko bei fest verzinslichen Wertpapieren“ (Quelle) gilt nur in Bezug auf laufende Kursschwankungen, nicht in Bezug auf das grundlegende Geschäftsmodell. Geht das Unternehmen, das einen Genussschein oder Unternehmensanleihen herausgibt, in Konkurs, dann ist das Geld, das in den Genussschein oder die Unternehmensanleihen investiert wurde, weg. Dies gilt zwar auch für eine Aktie, doch bei sehr intensiv gehandelten Papieren kann der Anleger im Vorfeld der Krise dies am Kursverfall klar erkennen und mit einem schnellen Verkauf noch agieren. Dies ist beim Papier auf Genussscheinbasis und bei Unternehmensanleihen eher schwieriger, weil diese oft kein so hohes Handelsvolumen haben.

Wenn man also einen Genussschein oder Unternehmensanleihen erwirbt, dann sollte man sich trotz fehlender Mitsprache sehr gründlich um dem Geschäftsmodell des Unternehmen auseinandersetzen und sich einigermaßen sicher sein, dass dieses Geschäftsmodell auch langfristige Entwicklungschancen hat. Schließlich gilt auch hier der Satz: „Hohe Zinsen – hohes Risiko“; Angebote vom Genussschein oder von Unternehmensanleihen, die hohe Renditen mit geringem Risiko bewerben, sollten mit starker Skepsis betrachtet werden.

Für mich persönlich wäre bei einem Investment im Genussschein oder Unternehmensanleihen auch wichtig auf das Volumen und die Handelsfähigkeit zu achten. Genussscheine und Unternehmensanleihen sollten möglichst täglich handelbar sein und man sollte auf einfachem Wege auch jederzeit auf einen Verkaufskurs als Information zurückgreifen können. Dann hat man die Gewissheit, auch bei einer Krise noch durch Verkauf des Genussscheins oder der Unternehmensanleihe agieren zu können.

Genussschein und Unternehmensanleihen: Wer Chancen und Risiken klug bewertet, kann hier durchaus bessere Renditen als mit anderen Anlagen erwirtschaften.

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