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Kapitalstrukturentscheidungen in Publikumsgesellschaften: Ein Informationsökonomischer Ansatz by Michael Wosnitza

Kapitalstrukturentscheidungen in Publikumsgesellschaften: Ein Informationsökonomischer Ansatz

by Michael Wosnitza
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Book cover type: Paperback
  • ISBN13: 9783409131728
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Gabler Verlag
  • Publisher Imprint: Gabler Verlag
  • Publication Date:
  • Pages: 256
  • Original Price: EUR 51.39
  • Language: German
  • Edition: 1995
  • Item Weight: 327 grams
  • BISAC Subject(s): Economics / General

Die Einbeziehung von Principal-Agent-Beziehungen hat die Finanzierungstheorie entscheidend befruchtet. Kapitalstruktur und Dividendenpolitik, die insbesondere von Modigliani und Miller als irrelevant erwiesen wurden, sind es bei Berück- sichtigung von Agency-Aspekten nicht mehr. Wie sich nachträglich herausstellte, implizieren die Prämissen der Modigliani-Miller-Theoreme im wesentlichen den Ausschlu von heterogener Information bei unterschiedlichen Interessen von Managern und diversen Kapitalgebergruppen. Die Crux an der Einbeziehung von Principal-Agent-Beziehungen in Finanzie- rungsmodelle liegt darin, da bei mehr als einem Principal und/oder mehr als einem Agent eine Vielzahl miteinander verflochtener Agency-Beziehungen simul- tan zu beachten wäre. Vereinfachungen sind daher erforderlich. Die bisherigen Literaturansätze, die der Autor in Abschnitt II. 3 äu erst eindrucksvoll beschreibt, begnügen sich meist damit, eine bestimmte Principal-Agent-Beziehung und zumeist auch nur eine Form heterogener Information herauszugreifen und alle anderen zu negieren. Der Grad der Allgemeingültigkeit der aus solchen Modellen abgeleiteten Ergebnisse ist entsprechend gering. Das in der vorliegenden Monographie präsentierte Modell hebt sich von den bis- herigen Ansätzen dadurch ab, da es in umfassender Weise auf die Principal- Agent-Relationen zwischen drei Personengruppen (Manager, Eigenkapitalgeber und Kreditgeber) abstellt. Dafiir verzichtet der Autor darauf, durch ModelIierung der Interessen dieser drei Gruppen und der Art der heterogenen Information eine Gleichgewichtslösung abzuleiten. Er gibt vielmehr die Lösungsstruktur vor: Der Manager maximiert seinen von Gehalt und Anstrengungsniveau abhängigen Nut- VI zen unter den Restriktionen, da bestimmte Mindestwahrscheinlichkeiten sowohl fiir die Bedienung des Fremdkapitals als auch fiir eine Mindestrendite des Eigen- kapitals gewährleistet sind.

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