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Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?


  • Stephanie Lenger

    (Ruhr-Universität Bochum, Lehrstuhl für Accounting, insb. Auditing, Universitätsstraße 150, D-44801 Bochum)

  • Jürgen Ernstberger

    (Ruhr-Universität Bochum, Lehrstuhl für Accounting, insb. Auditing, Universitätsstraße 150, D-44801 Bochum)


This article examines the financing behavior of German firms in the period 2000–2006. The analyses show that the investment volumes of non-listed small and medium-sized firms, which – insofar as external sources of finance are concerned – depend on bank lendings to an especially large extent, are strongly determined by internal resources. Moreover, small and medium-sized firms – unlike listed and large non-listed firms – are not able to substitute other financial resources for bank loans. The results of this article suggest that the decline in the aggregated credit volume in the period under review does not exclusively represent a response to structural changes on the demand side. They rather indicate the existence of supply-oriented disturbances in the credit market („credit crunch“) adversely affecting the firms examined to varying degrees.

Suggested Citation

  • Stephanie Lenger & Jürgen Ernstberger, 2011. "Das Finanzierungsverhalten deutscher Unternehmen – Hinweise auf eine Kreditklemme?," Credit and Capital Markets, Credit and Capital Markets, vol. 44(3), pages 367-392.
  • Handle: RePEc:kuk:journl:v:44:y:2011:i:3:p:367-392

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    Cited by:

    1. Alexandra Schindele & Andrea Szczesny, 2016. "The impact of Basel II on the debt costs of German SMEs," Journal of Business Economics, Springer, vol. 86(3), pages 197-227, April.

    More about this item

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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