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Moral Hazard, Risikoteilung und Earn-Out bei der Unternehmernachfolge im Mittelstand

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  • Mertens, Raphael

Abstract

Wir analysieren die Entscheidungssituation eines Jungunternehmers, der die Nachfolge eines mittelständischen Altunternehmers als Eigentümer und Geschäftsführer antreten möchte. Zu diesem Zweck unterbreitet der Jungunternehmer dem Senior ein Übernahmeangebot, wobei der Jungunternehmer zwischen den Vertragstypen "Einmalzahlung" und "Earn-Out" wählen kann. Bei der Einmalzahlung erhält der Altunternehmer den gesamten Kaufpreis bei Vertragsabschluss, beim Earn-Out wird ein Teil des Kaufpreises erst ex post auf Basis realisierter Größen ausbezahlt. An einem einfachen Modell werden die jeweiligen Vertragskomponenten unter Anreizaspekten und Risikoaspekten optimiert. Dabei zeigen wir, dass der Jungunternehmer-Nachfolger seinen Nutzen durch die Wahl des Vertragstyps "Earn-Out" bei optimaler Gestaltung immer steigern kann - bei konstantem Nutzenniveau des Altunternehmers. Unter bestimmten Umständen wird durch den Earn-Out-Vertrag eine Einigung erzielt, während bei Einmalzahlung kein Einigungsspielraum existierte.

Suggested Citation

  • Mertens, Raphael, 2003. "Moral Hazard, Risikoteilung und Earn-Out bei der Unternehmernachfolge im Mittelstand," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 571, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:571
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    References listed on IDEAS

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    More about this item

    Keywords

    Unternehmensnachfolge; Earn-Out; Klein- und Mittelunternehmen; Kaufpreisfindung;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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