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Der Einfluss von Insolvenz, Kapitalstruktur und Fremdkapitalfälligkeit auf den Unternehmenswert
[The Impact of Default Risk, Capital Structure, and Debt Maturity on Firm Value]

Author

Listed:
  • Alexander Lahmann

    (HHL Leipzig Graduate School of Management)

  • Maximilian Schreiter

    (HHL Leipzig Graduate School of Management)

  • Bernhard Schwetzler

    (HHL Leipzig Graduate School of Management)

Abstract

Zusammenfassung Dieser Beitrag analysiert den Einfluss von Insolvenz und Finanzierungsstrategie auf den Wert eines Unternehmens. Neben der gewählten Kapitalstruktur wird auch die Wahl der Laufzeit des Fremdkapitals berücksichtigt. Mithilfe geschlossener Bewertungsgleichungen wird der Einfluss der gewählten Finanzierungsstrategie auf die Barwerte der Steuervorteile, der Refinanzierungs- sowie der Insolvenzkosten ermittelt. Weiterhin können die Unternehmenswert-maximierende Kapital- und Fälligkeitsstruktur, der nominelle Zinssatz, den die Fremdkapitalgeber für das übernommene Risiko verlangen, sowie die Insolvenzwahrscheinlichkeit bestimmt werden. Die Modellergebnisse bzgl. der Relation zwischen Fälligkeits- und Kapitalstruktur sowie der Insolvenzwahrscheinlichkeit liegen innerhalb der Bandbreite empirischer Observationen. Der Unternehmenswert hängt nicht nur vom klassichen Trade-Off zwischen Steuervorteilen und Insolvenzkosten, sondern ebenfalls von der Abwägung des Vorteils einer kurzfristigen Anpassung des Fremdkapitalbestandes an die ökonomische Situation des Unternehmens und den damit verbundenen Refinanzierungskosten ab.

Suggested Citation

  • Alexander Lahmann & Maximilian Schreiter & Bernhard Schwetzler, 2018. "Der Einfluss von Insolvenz, Kapitalstruktur und Fremdkapitalfälligkeit auf den Unternehmenswert [The Impact of Default Risk, Capital Structure, and Debt Maturity on Firm Value]," Schmalenbach Journal of Business Research, Springer, vol. 70(1), pages 73-123, March.
    • Handle: RePEc:spr:sjobre:v:70:y:2018:i:1:d:10.1007_s41471-017-0047-8
    DOI: 10.1007/s41471-017-0047-8
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