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Ausgestaltung und Einsatzbereiche von Earn-Outs in Unternehmenskaufverträgen

Author

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  • Corinna Ewelt-Knauer

    (Westfälische Wilhelms-Universität Münster)

  • Thorsten Knauer

    (Westfälische Wilhelms-Universität Münster)

  • Simon Pex

Abstract

Zusammenfassung Unternehmenstransaktionen sind durch Informationsasymmetrien zwischen dem besser informierten Verkäufer und dem potentiellen Käufer gekennzeichnet, die zu divergenten Preisvorstellungen und in der Folge zu einem Abbruch der Übernahmeverhandlungen fÜhren können. Als Instrument zur Flexibilisierung des Kaufpreises tragen Earn-Outs zu einer Überwindung dieser Bewertungsdifferenzen bei. Die Studie analysiert anhand einer Stichprobe von 10.670 europäischen Unternehmenstransaktionen im Zeitraum von 2005 bis 2009, inwieweit der Einsatz von Earn-Outs im informationsökonomischen Kontext erklärt werden kann, und wie diese Regelungen konkret ausgestaltet sind. Es zeigt sich, dass Earn-Outs bei nicht börsennotierten, kleineren Zielobjekten aus der Computerindustrie und dem Biotechnologiesektor besonders häufig eingesetzt werden. Ferner hat das Informationsniveau des potentiellen Käufers einen signifikanten Einfluss auf den Einsatz von Earn-Outs, weshalb diese bei branchen- und länderÜbergreifenden Transaktionen häufiger und bei Management Buy-Outs seltener verwendet werden. Hinsichtlich der Charakteristika der Earn-Outs zeigt sich eine hohe Bandbreite der zwischen den Vertragsparteien konkret vereinbarten Regelungen. Insgesamt weisen die Ergebnisse sowohl fÜr die Einsatzbereiche als auch fÜr die Ausgestaltungsmerkmale signifikante Unterschiede zwischen kontinentaleuropäischen und britischen beziehungsweise irischen Zielobjekten auf.

Suggested Citation

  • Corinna Ewelt-Knauer & Thorsten Knauer & Simon Pex, 2011. "Ausgestaltung und Einsatzbereiche von Earn-Outs in Unternehmenskaufverträgen," Schmalenbach Journal of Business Research, Springer, vol. 63(4), pages 371-400, June.
    • Handle: RePEc:spr:sjobre:v:63:y:2011:i:4:d:10.1007_bf03373686
    DOI: 10.1007/BF03373686
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    References listed on IDEAS

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