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Warum begeben Unternehmen Wandelanleihen?

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  • Wolfgang Drobetz
  • Matthias C. Grüninger
  • Claudia B. Wöhle
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    Abstract

    Im vorliegenden Beitrag werden die Ergebnisse einer Fragebogenuntersuchung unter deutschen, schweizerischen und österreichischen Unternehmen über die Motive zur Emission von Wandelanleihen vorgestellt. Die Interpretation der Antworten der befragten Unternehmen bestätigt die Backdoor-Equity-Hypothese, wonach Unternehmen über die Ausgabe von Wandelanleihen eine Möglichkeit sehen, das Eigenkapital zu erhöhen. Damit zeigen sich Ähnlichkeiten zu bisherigen Untersuchungen, die sich mehrheitlich auf US-Unternehmen beziehen. Eine nachrangige Bedeutung hat die Flexibilität der Finanzierung zukünftiger Investitionsmöglichkeiten. Bei der detaillierten Auswertung der Antworten nach Unternehmensmerkmalen wie Unternehmensgröße, Verschuldungsgrad, Dividendenpolitik und Wachstumschancen Inkonsistenzen, die darauf hindeuten, dass in der Finanzierungspraxis nach wie vor die Illusion eines "Free-Lunch" nicht auszuschließen ist.

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    Bibliographic Info

    Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

    Volume (Year): 142 (2006)
    Issue (Month): III (September)
    Pages: 331-365

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    Handle: RePEc:ses:arsjes:2006-iii-2

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    Related research

    Keywords: Wandelanleihen; Agency-Probleme; Kapitalstrukturpolitik;

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    References

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