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Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland - Eine empirische Bestandsaufnahme

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  • Grossl, Ingrid
  • Stahlecker, Peter
  • Wohlers, Eckhardt

Abstract

Der vorliegende Beitrag geht an Hand verschiedener Indikatoren der Frage nach, ob sich von der finanziellen Seite her die wirtschaftlichen Risiken bei westdeutschen Unternehmen vergroBert haben. Die Untersuchung stutzt sich auf eine Sonderauswertung der Bilanzstatistik der Deutschen Bundesbank fur Unternehmen verschiedener GroBenklassen. Die Auswertung legt den SchluB nahe, daB sich im Zeitraum 1987-1996 insbesondere bei kleineren und mittleren Unternehmen in Westdeutschland die finanzwirtschaftlichen Risiken spurbar erhoht haben. Hinweise dafur sind der trendmaBige Anstieg des Verschuldungsgrades und der Zinsdeckungsquote, sowie eine nachlassende Fahigkeit, aus dem Cash Flow Verbindlichkeiten zu tilgen bzw. Eigenkapital zu bilden. Zusatzliche Tests zeigen uberdies, daB sich bei kleineren und mittleren Unternehmen veranderte Risiken auch im Investitionsverhalten niederschlagen. Angesichts der groBen Bedeutung solcher Unternehmen ergeben sich aus alledem gesamtwirtschaftlich betrachtliche Risiken fur Wachstum und Beschaftigung. Zudem wird die Wirksamkeit geldpolitischer Impulse beeintr achtigt und der Handlungsspielraum der Geldpolitik eingeschrankt.

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  • Grossl, Ingrid & Stahlecker, Peter & Wohlers, Eckhardt, 1999. "Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland - Eine empirische Bestandsaufnahme," Discussion Paper Series 26235, Hamburg Institute of International Economics.
    • Handle: RePEc:ags:hwwadp:26235
    DOI: 10.22004/ag.econ.26235
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    1. Größl Ingrid & Stahlecker Peter & Wohlers Eckhardt, 2001. "An Empirical Investigation of German Firms’ Financial Structure and Ensuing Risks / Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland. Eine empirische Bestandsaufn," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 491-529, October.

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