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Finanzierungsstrukturen und -strategien kleiner und mittlerer Unternehmen: Eine Bestandsaufnahme

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  • Pahnke, André
  • Schröder, Christian
  • Leonhardt, Fabian
  • Wiedemann, Arnd

Abstract

Das Finanzierungsumfeld für kleine und mittlere Unternehmen (KMU) befindet sich im Wandel. Die Veränderungen des konjunkturellen Umfelds und der damit verbundenen Niedrigzinspolitik sowie die Basel-Regulierungen zeigen einen deutlichen Einfluss auf die Finanzierungsstrukturen der KMU. So konnten KMU ihre Eigenkapitalquoten deutlich stärker als Großunternehmen erhöhen und haben damit ihren Rückstand vollständig aufgeholt. Diese Entwicklung erstreckt sich über alle Regionen und Branchen. Die Untersuchung verschiedener Finanzierungsquellen zeigt, dass der Bankkredit zwar weiterhin das zentrale Fremdfinanzierungsinstrument für KMU ist, jedoch im Vergleich zur Innenfinanzierung durch einbehaltene Unternehmensgewinne deutlich an Bedeutung verliert.

Suggested Citation

  • Pahnke, André & Schröder, Christian & Leonhardt, Fabian & Wiedemann, Arnd, 2015. "Finanzierungsstrukturen und -strategien kleiner und mittlerer Unternehmen: Eine Bestandsaufnahme," IfM-Materialien 242, Institut für Mittelstandsforschung (IfM) Bonn.
    • Handle: RePEc:zbw:ifmmat:242
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    References listed on IDEAS

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    Cited by:

    1. Löher, Jonas & Paschke, Max & Schröder, Christian & Norkina, Alinia, 2017. "Kooperationen zwischen etabliertem Mittelstand und Start-ups," IfM-Materialien 258, Institut für Mittelstandsforschung (IfM) Bonn.
    2. Kranzusch, Peter & Icks, Annette, 2018. "Die Nutzung insolvenzrechtlicher Sanierungswege durch kleine und mittlere Unternehmen: Das Beispiel der Eigenverwaltung," Daten und Fakten 19, Institut für Mittelstandsforschung (IfM) Bonn.
    3. Jan Behringer & Till van Treeck, 2018. "Revisiting debt-led and export-led growth models: a sectoral balances approach," IMK Working Paper 195-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Dienes, Christian & Pahnke, André & Wolter, Hans-Jürgen, 2018. "Investitionsverhalten von kleinen und mittleren Unternehmen," IfM-Materialien 268, Institut für Mittelstandsforschung (IfM) Bonn.
    5. Löher, Jonas & Schröder, Christian, 2017. "Einfluss des Regionalbankensystems auf die Mittelstandsfinanzierung," IfM-Materialien 267, Institut für Mittelstandsforschung (IfM) Bonn.
    6. Welter, Friederike & Levering, Britta & May-Strobl, Eva, 2016. "Mittelstandspolitik im Wandel," IfM-Materialien 247, Institut für Mittelstandsforschung (IfM) Bonn.
    7. Bijedić, Teita & Kay, Rosemarie & Schlepphorst, Susanne & Suprinovič, Olga & Ettl, Kerstin, 2017. "Familienunternehmen von Migranten," IfM-Materialien 261, Institut für Mittelstandsforschung (IfM) Bonn.
    8. Schlepphorst, Susanne & Schlömer-Laufen, Nadine, 2016. "Schnell wachsende Unternehmen in Deutschland: Charakteristika und Determinanten ihres Wachstums," IfM-Materialien 246, Institut für Mittelstandsforschung (IfM) Bonn.

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    More about this item

    Keywords

    KMU; Finanzierung; Kapitalstruktur; Eigenkapitalquote; SME; Financing; Capital Structure; Equity Ratio;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

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