Increasing share of financial assets and decreasing rate of return to capital

The paper investigates the increasing ratio of financial asset aquisition to net fixed capital formation using the financial account statistic of the Deutsche Bundesbank. An increasing ratio is measured for all german sectors as well as for the producing enterprises, Using descriptive methods the relative increasing stock of financial assets held by producing enterprises is found to be caused by an extreme increase in currency and seight deposits, Regression analysis shows that the ratio of aquisition of financial assets to net fixed capital formation depends negatively on Tobins q and on the change of the inflation rate.