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Bilanzielle Behandlung von hybriden Finanzinstrumenten: Eine Übersicht

Author

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  • Schröder, Michael
  • Gans, Julia

Abstract

Im Zusammenhang mit den neuen 'Basel-II'-Regelungen, die die Kreditvergabe an Unternehmen verändern, wächst das Interesse besonders kleiner und mittlerer Unternehmen an hybriden Finanzierungsinstrumenten. Diese Finanzierungsform wird auch als Mezzanine-Finanzierung bezeichnet. Je nach Ausgestaltung weist sie mehr Eigenkapital- oder mehr Fremdkapitalcharakter auf. Auf Grund einer Vielzahl an Gestaltungsmöglichkeiten bieten diese Finanzierungsinstrumente den Emittenten eine große Flexibilität bei der Kapitalbeschaffung. Sie stellen für Investoren, aufgrund der höheren Rendite von Mezzanine-Kapital, eine attraktive Anlageform dar, die in Konkurrenz tritt zu traditionellen Anlageinstrumenten. Jedoch ist bei der Handhabung der hybriden Instrumente eine Vielzahl betriebswirtschaftlicher, bilanzieller und rechtlicher Fragen zu beachten.

Suggested Citation

  • Schröder, Michael & Gans, Julia, 2009. "Bilanzielle Behandlung von hybriden Finanzinstrumenten: Eine Übersicht," ZEW Discussion Papers 09-009, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  • Handle: RePEc:zbw:zewdip:7534
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    Keywords

    Hybride Finanzinstrumente; Mezzanine-Kapital; Bilanzierung;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General

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