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Die Bedeutung des Leasings für die Unternehmensfinanzierung: Theoretische Perspektiven und empirische Ergebnisse

Listed author(s):
  • Hartmann-Wendels, Thomas
Registered author(s):

    Die wachsende Bedeutung von Leasing in den letzten Jahren einzig auf steuerliche oder bilanzielle Wirkungen zurückzuführen, greift sehr kurz. Über Ländergrenzen hinweg sind zunehmende Leasingquoten festzustellen, so dass die national unterschiedlichen Handels- oder Steuerrechtssysteme nicht alleinerklärend sein können. Diese These wird auch durch eine Reihe empirischer Untersuchungen gestützt. Vielmehr ist ein Erklärungsansatz zu suchen, der auf Basis der Neuen Institutionenökonomik auch Transaktionskosten berücksichtigt. Dazu existieren in der Literatur bereits einige theoretische Modelle, die sich z.B. mit Leasing und adverser Selektion oder mit Leasing und Moral Hazard befassen. Vieles spricht zudem dafür, dass Leasinggesellschaften eine besondere Verwertungskompetenz besitzen. Eine solche Eigenschaft kann ebenso über Modelle dargestellt werden und wird in der Literatur durch Untersuchungen über die Höhe von Recovery Rates bestätigt. Unter dem Aspekt der Eigentumsrechte bietet die Theorie der unvollständigen Verträge einen weiteren Ausgangspunkt für die theoretische Fundierung von Leasing.

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    File URL: https://www.econstor.eu/bitstream/10419/60280/1/71813625X.pdf
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    Article provided by Universität zu Köln, Forschungsinstitut für Leasing in its journal Leasing: Wissenschaft & Praxis, Forschungsinstitut für Leasing an der Universität zu Köln.

    Volume (Year): 2 (2004)
    Issue (Month): 2 ()
    Pages: 7-40

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    Handle: RePEc:zbw:uoclwp:60280
    Contact details of provider: Web page: http://www.leasing.uni-koeln.de/

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    1. Philippe Aghion & Patrick Bolton, 1992. "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies, Oxford University Press, vol. 59(3), pages 473-494.
    2. Igal Hendel & Alessandro Lizzeri, 2002. "The Role of Leasing under Adverse Selection," Journal of Political Economy, University of Chicago Press, vol. 110(1), pages 113-143, February.
    3. Aghion, Philippe & Bolton, Patrick, 1989. "The financial structure of the firm and the problem of control," European Economic Review, Elsevier, vol. 33(2-3), pages 286-293, March.
    4. Haunschild, Ljuba, 2004. "Leasing in mittelständischen Unternehmen: Ergebnisse einer schriftlichen Befragung," Leasing - Wissenschaft & Praxis, Universität zu Köln, Forschungsinstitut für Leasing, vol. 2(3), pages 3-98.
    5. Sharpe, Steven A. & Nguyen, Hien H., 1995. "Capital market imperfections and the incentive to lease," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 271-294.
    6. Schmit, Mathias, 2004. "Credit risk in the leasing industry," Journal of Banking & Finance, Elsevier, vol. 28(4), pages 811-833, April.
    7. Justin P. Johnson & Michael Waldman, 2010. "Leasing, Lemons, and Moral Hazard," Journal of Law and Economics, University of Chicago Press, vol. 53(2), pages 307-328, 05.
    8. Stulz, ReneM. & Johnson, Herb, 1985. "An analysis of secured debt," Journal of Financial Economics, Elsevier, vol. 14(4), pages 501-521, December.
    9. Smith, Clifford W, Jr & Wakeman, L MacDonald, 1985. " Determinants of Corporate Leasing Policy," Journal of Finance, American Finance Association, vol. 40(3), pages 895-908, July.
    10. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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