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

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  • Hartmann-Wendels, Thomas

Abstract

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.

Suggested Citation

  • Hartmann-Wendels, Thomas, 2004. "Die Bedeutung des Leasings für die Unternehmensfinanzierung: Theoretische Perspektiven und empirische Ergebnisse," Leasing - Wissenschaft & Praxis, Universität zu Köln, Forschungsinstitut für Leasing, vol. 2(2), pages 7-40.
    • Handle: RePEc:zbw:uoclwp:60280
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    References listed on IDEAS

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    1. Linden, Andreas, 2009. "Der Revisionsprozess des IAS 17," Leasing - Wissenschaft & Praxis, Universität zu Köln, Forschungsinstitut für Leasing, vol. 7(1), pages 37-72.

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