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Bedingte Kaufpreisanpassungen, Informationsasymmetrien und Shareholder Value: Eine empirische Analyse deutscher Unternehmensübernahmen

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Author Info

  • Elmar Lukas

    ()
    (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg)

  • Christian Heimann

    ()
    (Department Economics, University Paderborn)

Abstract

Gerade in Zeiten der globalen Finanzkrise eignen sich Earn-out-Vereinbarungen in besonderem Maße, um den gesteigerten Informationsasymmetrien im Rahmen einer Unternehmensübernahme begegnen zu können. Doch wie stark profitieren die Käufer vom Einsatz eines solchen Instrumentes und was bestimmt die Intensität und Richtung? Im Rahmen einer branchenübergreifenden Untersuchung wird der Einfluss von Earn-out-Regelungen auf den Unternehmenswert deutscher Käufer untersucht. Die Ergebnisse zeigen, dass der deutsche Kapitalmarkt den Einsatz von Earn-outs grundsätzlich positiv bewertet. Bei näherer Betrachtung zeigt sich, dass neben dem Abbau von Informationsasymmetrien, auch ein höheres Earn-out-Ratio, eine nied-rigere Earn-out-Laufzeit und ein geringerer Verschuldungsgrad einen positiven Effekt haben. Der Einfluss des Earn-out-Ratios wird allerdings durch eine längere Laufzeit be-grenzt und ins Gegenteil verkehrt.

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File URL: http://www.ww.uni-magdeburg.de/fwwdeka/femm/a2010_Dateien/2010_06.pdf
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Bibliographic Info

Paper provided by Otto-von-Guericke University Magdeburg, Faculty of Economics and Management in its series FEMM Working Papers with number 100006.

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Length: 31 pages
Date of creation: Feb 2010
Date of revision:
Handle: RePEc:mag:wpaper:100006

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Keywords: Unternehmensübernahme; Earn-out; Ereignisstudie; Shareholder Value; Informationsasymmetrien;

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  1. Michael Reinhard, 2001. "Absorptionskapazität und Nutzung externen technologischen Wissens in Unternehmen," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 54(04), pages 28-39, 01.
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