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Tracking Stocks: Ein Beispiel für Risiken und Nebenwirkungen komplexer Strukturen in der Unternehmensfinanzierung

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  • Nippel, Peter
  • Mertens, Raphael

Abstract

Wir zeigen am Beispiel von Tracking Stocks Probleme und Fehlanreize auf, für die durch die Wahl einer komplexen Finanzierung Raum geschaffen wird. Derartige Nachteile werden naturgemäß nicht herausgearbeitet, wenn im Rahmen geeigneter Modellüberlegungen eine Erklärung für die Existenz von innovativen und dabei zumeist komplexen Finanzierungsweisen oder -instrumenten angestrebt wird. Eine modelltheoretische Abwägung der Vor- und Nachteile einer Abkehr von einfachen Strukturen in der Finanzierung (wie im Fall der Emission von Tracking Stocks) ist im Allgemeinen nicht möglich. Einer Erklärung von komplexen Finanzierungskonstruktionen allein auf Basis von Effizienzüberlegungen ist damit stets mit Vorsicht zu begegnen. Konkret weisen wir auf die Gefahr von Vermögensumverteilungen und zusätzlichen Wohlfahrtsverlusten hin, die auf die "fiktiven Aufspaltung" einer Unternehmung bei Emission von Tracking Stocks zurückzuführen sind.

Suggested Citation

  • Nippel, Peter & Mertens, Raphael, 2002. "Tracking Stocks: Ein Beispiel für Risiken und Nebenwirkungen komplexer Strukturen in der Unternehmensfinanzierung," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 567, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:567
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