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Zur Unterscheidung von Eigenkapital und Fremdkapital : Überlegungen zu alternativen Klassifikationsansätzen der Außenfinanzierung


  • Knabe, Andreas
  • Walther, Ursula


Instrumente der Außenfinanzierung werden üblicherweise in Eigenkapital und Fremdkapital unterteilt. Die in der Finanzwirtschaft entwickelten Abgrenzungsmerkmale führen zu einer guten Charaktesierung verschiedener Finanzierungsinstrumente. Die Wahl des Merkmals "Rechststellung im Konkurs" als hartes Unterscheidungskriterium ist allerdings nicht frei von Willkür und wird nicht allen Zwecken gerecht. Der Beitrag schlägt vor, zur Klassifizierung von Finanzierungsinstrumenten konsequent am damit verbundenen Zweck anzusetzen. Statt einer diskreten Einteilung werden stetige Maße empfohlen. Zwei einfache Varianten einer kapitalmarktorientierten und produktionsfaktororientierten Lösung stehen zur Diskussion.

Suggested Citation

  • Knabe, Andreas & Walther, Ursula, 2005. "Zur Unterscheidung von Eigenkapital und Fremdkapital : Überlegungen zu alternativen Klassifikationsansätzen der Außenfinanzierung," Freiberg Working Papers 2005,08, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
  • Handle: RePEc:zbw:tufwps:200508

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    References listed on IDEAS

    1. Bernstein, Lisa, 1992. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry," The Journal of Legal Studies, University of Chicago Press, vol. 21(1), pages 115-157, January.
    2. Benson, Bruce L, 1995. "An Exploration of the Impact of Modern Arbitration Statutes on the Development of Arbitration in the United States," Journal of Law, Economics, and Organization, Oxford University Press, vol. 11(2), pages 479-501, October.
    3. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 745-776, August.
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    More about this item


    Außenfinanzierung; Eigenkapital; Fremdkapital; finanzielle Haftung; external finance; equity; debt; financial liability;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General


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