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Die ökonomischen Kosten von Kreditsicherheiten im Zweigläubigerfall

  • Jochen Bigus

    (Universität Osnabrück, Stiftungslehrstuhl International Accounting, Rolandstraße 8, D-49069 Osnabrück)

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    Im Schrifttum werden Kreditsicherheiten vorwiegend positiv beurteilt, gerade weil sie Anreizprobleme entschärfen. Kreditsicherheiten können aber auch Anreizprobleme hervorrufen, wenn es zwei unterschiedliche Gläubigerparteien gibt, etwa Banken und Lieferanten. Dieser Beitrag präsentiert ein Modell zum Problem der ineffizienten Gläubigerbefriedigung: Der Unternehmer befriedigt einen Gläubiger (z.B. die Bank), der über eine Bürgschaft des Unternehmers verfügt, aus dem Unternehmensvermögen, um sein Privatvermögen zu schonen. Das Ausfallrisiko des Lieferanten erhöht sich, wenn seine Forderung nicht vollständig gesichert ist. Der Lieferant wird das Anreizproblem antizipieren und möglicherweise das Leistungsangebot beschränken. Ein vorteilhaftes Projekt wird dann eventuell nicht durchgeführt (Unterinvestition).

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    Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

    Volume (Year): 40 (2007)
    Issue (Month): 1 ()
    Pages: 131-144

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    Handle: RePEc:kuk:journl:v:40:y:2007:i:1:p:131-144
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