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Bilanzielle Behandlung von hybriden Finanzinstrumenten: Eine Übersicht

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  • Schröder, Michael
  • Gans, Julia

Abstract

Im Zusammenhang mit den neuen „Basel-II“-Regelungen, die die Kreditvergabe an Unternehmen verändern, wächst das Interesse besonders kleiner und mittlerer Unternehmen an hybriden Finanzierungsinstrumenten. Diese Finanzierungsform wird auch als Mezzanine-Finanzierung bezeichnet. Je nach Ausgestaltung weist sie mehr Eigenkapital- oder mehr Fremdkapitalcharakter auf. Auf Grund einer Vielzahl an Gestaltungsmöglichkeiten bieten diese Finanzierungsinstrumente den Emittenten eine große Flexibilität bei der Kapitalbeschaffung. Sie stellen für Investoren, aufgrund der höheren Rendite von Mezzanine-Kapital, eine attraktive Anlageform dar, die in Konkurrenz tritt zu traditionellen Anlageinstrumenten. Jedoch ist bei der Handhabung der hybriden Instrumente eine Vielzahl betriebswirtschaftlicher, bilanzieller und rechtlicher Fragen zu beachten. --

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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 09-009.

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Date of creation: 2009
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Handle: RePEc:zbw:zewdip:7534

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Keywords: Hybride Finanzinstrumente; Mezzanine-Kapital; Bilanzierung;

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