Hybridanleihen als Finanzierungsinstrument
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Studienarbeit aus dem Jahr 2007 im Fachbereich BWL - Investition und Finanzierung, Note: 1,3, FOM Hochschule für Oekonomie & Management gemeinnützige GmbH, Berlin früher Fachhochschule, Sprache: Deutsch, Abstract: Bei der Kapitalbeschaffung stehen Unternehmen vor der anspruchsvollen Aufgabe, die Vor- und Nachteile der verschiedenen Finanzierungsformen miteinander zu verbinden, um eine kostenoptimale Finanzierung zu sichern, die die Bonität nicht gefährdet und keinen Verlust an Einfluss bei der Unternehmensführung bedeutet. Bereits im England des 18. Jahrhundert wurden Anleihen emittiert, die sich durch ihre lange Laufzeit von anderen Anleihen abhoben. Die langen Laufzeiten waren es, die ihnen eine Stellung zwischen Eigen- und Fremdkapital einbrachten und deshalb auch Hybridanleihen genannt werden. Doch die Unterschiede zu klassischen Anleihen sind noch umfangreicher, zumal sich Hybridanleihen, je nach Zielsetzung des Emittenten, teilweise stark in ihrer Ausgestaltung unterscheiden. Die Arbeit befasst sich mit der Einordnung des Themas Hybridanleihen in der gesamten Finanzwirtschaft und grenzt diese von klassischen Anleihen ab. Es wird beschrieben, warum eine variable Zuordnung von Hybridanleihen zum Eigen- oder Fremdkapital möglich ist und stellt Risiken sowie Chancen bei der Emission vor. Im dritten Teil der Arbeit werden Hybridanleihen aus der Sicht der Investoren analysiert. Auch hierbei werden Stärken und Schwächen eines Investments genannt. Durch die Fallbeispiele im vierten Teil soll dargestellt werden, wie Hybridanleihen in die Praxis wirken.
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