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Warum beteiligen sich Banken an anderen Unternehmen?

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  • Streitferdt, Felix

Abstract

In diesem Beitrag wird im Rahmen eines theoretischen Modells untersucht, ob Banken mittels ihrer Beteiligungen an anderen Unternehmen ihre Interessen auf Kosten der restlichen Aktionäre durchsetzen. Insbesondere wird die Frage untersucht, ob es dadurch zu einer ineffizienten Unternehmenspolitik kommt. Für den Fall einer sich im Streubesitz befindlichen Aktiengesellschaft wird gezeigt, daß die Gefahr von Ineffizienzen immer dann vorhanden ist, wenn eine Bank zur Beeinflussung der Unternehmenspolitik nicht das gesamte Eigenkapital halten muß. Auch die Existenz eines Großaktionärs führt nicht dazu, daß diese Ineffizienzen verhindert werden können. Zuletzt wird argumentiert, daß Bankbeteiligungen dazu dienen, die durch opportunistisches Verhalten des Kreditnehmers entstehenden Transaktionskosten zu begrenzen. Damit tragen Bankbeteiligungen dazu bei, den relativ hohen Anteil von Bankkrediten bei der Finanzierung japanischer und deutscher Unternehmen zu erklären.

Suggested Citation

  • Streitferdt, Felix, 1999. "Warum beteiligen sich Banken an anderen Unternehmen?," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 513, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:513
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    References listed on IDEAS

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    1. Andreani, Ettore, 2003. "Corporate Control and the Financial System in Germany: Recent Changes in the Role of Banks," Thuenen-Series of Applied Economic Theory 37, University of Rostock, Institute of Economics.
    2. Nippel, Peter, 1999. "Kreditfinanzierung, Kreditrationierung und Kreditsicherheiten bei beschränkter und unbeschränkter Opportunitätsmenge des Kreditnehmers," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 519, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

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