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Warum begeben Unternehmen Wandelanleihen?

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Author Info
Wolfgang Drobetz
Matthias C. Grüninger
Claudia B. Wöhle
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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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;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

References listed on IDEAS
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