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Risikotransferinstrumente und Unternehmensfinanzierung

Author

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  • Bernd Rudolph

    (Ludwig-Maximilians-Universität München)

Abstract

Zusammenfassung Gegenstand des Beitrags sind die Grundidee und wichtige Prinzipien, die bei der Schaffung und Emission der neuen kapitalmarktorientierten Risikotransferinstrumente, wie zum Beispiel den Collateralized Loan Obligations (CLO), von Bedeutung sind. Da ein Risikotransfer für den Originator, der einen Teil seiner Aktiva aus dem Unternehmen ausgliedert und am Kapitalmarkt refinanziert, möglichst einen Mehrwert erbringen soll, werden verschiedene Techniken eingesetzt, um einen möglichst hohen Emissionserlös am Kapitalmarkt zu erreichen. Die verwendeten Techniken lassen sich als Instrumente zur Überwindung von Unvollkommenheiten und Unvollständigkeiten des Kapitalmarktes interpretieren.

Suggested Citation

  • Bernd Rudolph, 2005. "Risikotransferinstrumente und Unternehmensfinanzierung," Schmalenbach Journal of Business Research, Springer, vol. 57(2), pages 176-181, March.
    • Handle: RePEc:spr:sjobre:v:57:y:2005:i:2:d:10.1007_bf03371635
    DOI: 10.1007/BF03371635
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    Cited by:

    1. Waldvogel, Felix, 2009. "Zertifizierung von Verbriefungstransaktionen durch die True Sale International (TSI)," Bayreuth Working Papers on Finance, Accounting and Taxation (FAcT-Papers) 2009-01, University of Bayreuth, Chair of Finance and Banking.

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    Keywords

    G20;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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