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Leasing und asymmetrische Informationsverteilung

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

    Steigende Leasingquoten trotz der schwachen konjunkturellen Entwicklung der letzten beiden Jahre in Deutschland werfen die Frage auf, wie sich dieser Trend erklären lässt. Die klassischen Argumente für Leasing, wie z.B. bilanzielle Effekte oder steuerliche Vorteile, können die Motivation, Investitionen durch Leasing zu finanzieren, nicht hinreichend begründen. Hier bietet die Informationskostenökonomik einen weiteren Erklärungsansatz. Asymmetrische Informationsverteilung kann eigentlich vorteilhafte Investitionsprojekte verhindern oder kann dazu führen, dass der besser informierte Transaktionspartner seinen Informationsvorsprung ausnutzt. Leasing ist bei asymmetrischer Informationsverteilung aufgrund des Aussonderungsrechts im Insolvenzfall ebenso wie ein besicherter Kredit dem herkömmlichen Kreditvertrag überlegen. Der Vorteil des Leasings gegenüber dem besicherten Kredit liegt in der besseren Verwertungskompetenz der Leasinggesellschaften.

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    File URL: http://econstor.eu/bitstream/10419/60286/1/718457293.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): 4 (2006)
    Issue (Month): 1 ()
    Pages: 15-27

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    Handle: RePEc:zbw:uoclwp:60286
    Contact details of provider: Web page: http://www.leasing.uni-koeln.de/

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    1. 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.
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    8. 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.
    9. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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    12. Bigus, J. & Langer, T. & Schiereck, D., 2004. "Wie werden Kreditsicherheiten in der Praxis eingesetzt? - Ein Überblick über empirische Befunde," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35181, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
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