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Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland: Eine empirische Bestandsaufnahme

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  • Wohlers, Eckhardt
  • Größl, Ingrid
  • Stahlecker, Peter

Abstract

Der vorliegende Beitrag geht an Hand verschiedener Indikatoren der Frage nach, ob sich von der finanziellen Seite her die wirtschaftlichen Risiken bei westdeutschen Unternehmen vergrößert haben. Die Untersuchung stützt sich auf eine Sonderauswertung der Bilanzstatistik der Deutschen Bundesbank für Unternehmen verschiedener Größenklassen. Die Auswertung legt den Schluß nahe, daß sich im Zeitraum 1987-1996 insbesondere bei kleineren und mittleren Unternehmen in Westdeutschland die finanzwirtschaftlichen Risiken spürbar erhöht haben. Hinweise dafür sind der trendmäßige Anstieg des Verschuldungsgrades und der Zinsdeckungsquote, sowie eine nachlassende Fähigkeit, aus dem Cash Flow Verbindlichkeiten zu tilgen bzw. Eigenkapital zu bilden. Zusätzliche Tests zeigen überdies, daß sich bei kleineren und mittleren Unternehmen veränderte Risiken auch im Investitionsverhalten niederschlagen. Angesichts der großen Bedeutung solcher Unternehmen ergeben sich aus alledem gesamtwirtschaftlich beträchtliche Risiken für Wachstum und Beschäftigung. Zudem wird die Wirksamkeit geldpolitischer Impulse beeinträchtigt und der Handlungsspielraum der Geldpolitik eingeschränkt.

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  • Wohlers, Eckhardt & Größl, Ingrid & Stahlecker, Peter, 1999. "Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland: Eine empirische Bestandsaufnahme," HWWA Discussion Papers 83, Hamburg Institute of International Economics (HWWA).
    • Handle: RePEc:zbw:hwwadp:26235
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    1. Größl Ingrid & Stahlecker Peter, 2000. "Finanzierungsbedingungen und Güterangebot: Ein Überblick über finanzökonomische Ansätze und deren geldpolitische Konsequenzen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(2), pages 223-250, April.
    2. Größl Ingrid & Stahlecker Peter & Wohlers Eckhardt, 2001. "An Empirical Investigation of German Firms’ Financial Structure and Ensuing Risks / Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland. Eine empirische Bestandsaufn," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 491-529, October.

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