das  Bezugsrecht

C1

Estimated CEFR level.

/bəˈtsuːksˌʁɛçt/

📖 What does das Bezugsrecht mean?

Das Bezugsrecht (neuter noun, article: das) generally refers to a right to obtain, acquire, or receive something specific. It's a compound noun formed from Bezug (receipt, supply, reference) and Recht (right, law).

In finance, especially in stock corporation law (Aktienrecht), das Bezugsrecht is the legally established right of existing shareholders (Altaktionäre) to acquire new ('young') shares (neue/junge Aktien) in proportion to their existing stake during a capital increase (Kapitalerhöhung). This is intended to prevent the dilution of the voting rights and the relative share of assets of the existing shareholders.

Other meanings:

• In tenancy law (Mietrecht): A (rarer) right to have priority in renting a specific apartment when it becomes vacant.
• In publishing (Verlagswesen): The right to regularly receive a specific publication (e.g., a magazine), essentially a subscription (Abonnement).

There is only one article for this word: das. ⚠️ Confusion with similar terms like die Bezugsquelle (the source from which something is obtained) is possible, but they have different meanings.

🧐 Grammar Spotlight: das Bezugsrecht

The noun Bezugsrecht is neuter (sächlich). Its declension is as follows:

📝 Example Sentences

1. Der Aktionär übte sein Bezugsrecht aus, um neue Aktien zu erwerben.
   (The shareholder exercised his subscription right to acquire new shares.)
2. Das Bezugsrecht schützt Altaktionäre vor einer Verwässerung ihrer Anteile.
   (The subscription right protects existing shareholders from a dilution of their stakes.)
3. Der Wert eines Bezugsrechts kann an der Börse berechnet und gehandelt werden.
   (The value of a subscription right can be calculated and traded on the stock exchange.)
4. Dem Mieter wurde vertraglich ein Bezugsrecht für die Nachbarwohnung eingeräumt.
   (The tenant was contractually granted a pre-emption right for the neighboring apartment.)

💡 Usage in Daily Life and Specialized Language

The word Bezugsrecht is predominantly used in specific contexts:

• Finance & Stock Market: This is the most common area of application. It concerns the right of shareholders during capital increases. People talk about "Ausüben" (exercising), "Handeln" (trading), or "Berechnen" (calculating) the Bezugsrecht.
• Law in General: Less frequently, it refers to a Vorkaufsrecht (right of first refusal) or a right to receive a service or item (e.g., in tenancy law, inheritance law, or cooperatives).
• Publishing/Subscriptions: Sometimes, the right to regularly receive a newspaper or magazine is called a Bezugsrecht, although Abonnement (subscription) is more common.

In everyday language outside these specialized fields, the word is rarely used. One would more likely speak of a "Recht auf etwas" (right to something) or a "Vorkaufsrecht", depending on the context.

Distinction: Das Bezugsrecht is a right to obtain something, whereas die Bezugsquelle is the place or person from which one obtains something.

🧠 Mnemonics and Memory Aids

Article Mnemonic: Think of "das Recht" (the right, the law). Since Bezugsrecht ends in "-recht" and many legal terms in German are neuter (das Gesetz - the law, das Urteil - the judgment, das Recht itself), it's also das Bezugsrecht.

Meaning Mnemonic: Imagine you beziehst (obtain/refer to) something you have a Recht (right) to. You have the right to *obtain* supplies – the Bezugsrecht. In finance: You obtain new shares because you have the right to do so.

↔️ Synonyms, Antonyms, and Similar Terms

⚠️ Similar but Different Terms:

• Bezugsquelle (die): The source from which one obtains something (e.g., a supplier).
• Bezugspunkt (der): A point of reference.
• Bezugnahme (die): The act of referring to something.

😄 A Little Joke

Fragt der junge Aktionär den erfahrenen Börsenmakler: "Was ist der Unterschied zwischen einem Bezugsrecht und meiner Frau?"
Makler: "Keine Ahnung."
Aktionär: "Das Bezugsrecht kann ich auch mal verkaufen!" 😉

(Young shareholder asks the experienced stockbroker: "What's the difference between a subscription right (Bezugsrecht) and my wife?"
Broker: "No idea."
Shareholder: "I can actually sell the subscription right sometimes!")

📜 A Poem about das Bezugsrecht

Das Kapital, es soll sich mehren,
die Firma will die Kasse leeren?
Nein, Aktien neu, welch frohe Kunde,
für Aktionäre macht die Runde.

Damit dein Anteil nicht zerfließt,
und Wehmut dir ins Auge schießt,
gibt's das Bezugsrecht, klar und rein,
du darfst der Erste Käufer sein.

Ob du es nutzt, verkaufst, entscheidest du,
doch dieses Recht, das hast du nu'.

(The capital, it should increase,
the company wants the coffers to cease?
No, new shares, what happy news,
for shareholders, it diffuses.)

(So that your stake does not dilute,
and sadness doesn't take root,
there's the subscription right, clear and pure,
you can be the first buyer, for sure.)

(Whether you use it, sell it, you decide,
but this right, you now have inside.)

❓ Can You Guess? A Riddle

Ich bin ein Recht, doch nicht vor Gericht.
Ich helf' dem Aktionär, dass sein Anteil nicht zerbricht.
Bei neuem Kapital werd' ich relevant,
wer Aktien hält, hat mich zur Hand.

Was bin ich?

(I am a right, but not in court's sight.
I help the shareholder, so their stake doesn't break its might.
With new capital, I become relevant,
who holds shares, has me readily sent.)

(What am I?)
(Answer: das Bezugsrecht / the subscription right)

🧩 Other Interesting Details

Word Composition:

The word "Bezugsrecht" is a compound noun (Kompositum), composed of:

• Bezug: Derived from the verb "beziehen" (to obtain, to relate to, to refer to).
• -s-: A linking element (Fugen-s) often used to connect nouns in German compounds.
• Recht: The noun "Recht" (right, law, entitlement).

It literally means the "right of obtaining" or the "right to receive".

Financial Mathematics: The value of a subscription right (Wert eines Bezugsrechts, often abbreviated BR) can be calculated mathematically. A common formula is: Value BR = (Old Share Price - New Issue Price) / (Subscription Ratio + 1).