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Schierenbeck, H. Zur Integration von Betriebsergebnis- und Effektivzinsrechnung bei Disagiokrediten mit Festzinsvereinbarung. Credit and Capital Markets – Kredit und Kapital, 19(1), 76-109. https://doi.org/10.3790/ccm.19.1.76
Schierenbeck, Henner "Zur Integration von Betriebsergebnis- und Effektivzinsrechnung bei Disagiokrediten mit Festzinsvereinbarung" Credit and Capital Markets – Kredit und Kapital 19.1, 1986, 76-109. https://doi.org/10.3790/ccm.19.1.76
Schierenbeck, Henner (1986): Zur Integration von Betriebsergebnis- und Effektivzinsrechnung bei Disagiokrediten mit Festzinsvereinbarung, in: Credit and Capital Markets – Kredit und Kapital, vol. 19, iss. 1, 76-109, [online] https://doi.org/10.3790/ccm.19.1.76

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Zur Integration von Betriebsergebnis- und Effektivzinsrechnung bei Disagiokrediten mit Festzinsvereinbarung

Schierenbeck, Henner

Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 1 : pp. 76–109

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Henner Schierenbeck, Münster

Abstract

On the Integration of Operating Statement and Effective Interest Statement for Loans at a Discount with Fixed-rate Agreement

Especially in the case of sales finance transactions with a fixed-interest agreement, frequently a debt discount is agreed upon, which has an interest-substitution function and offers the possibility of fixing a lower, regular nominal interest rate. In such cases it is necessary for calculation of credit margins to convert the agreed discount together with the nominal interest rate into an effective interest rate. At the same time, however, the problem arises that the loan amount less discount is paid out to the customer and the bank has to book receipt of the discount in accordance with the principles of orderly accouhting and balance-sheet preparation. In the interests of a self-contained controlling cycle, both problem areas, the effective interest statement and the receipt of the discounts, have to be synchronized meaningfully in the operating statement. In other words, the issue is to ensure that the actually received (scheduled) interest surpluses including the pro rata discount correspond as exactly as possible to the interest surpluses calculated on the basis of the effective interest rates in the individual years. For only if that is achieved are the calculated credit margins subsequently contained in the operating statement in well-defined period-relevant form. The search for discount distribution methods which serve to attain this objective as comprehensively as possible is undertaken in this article in two steps. First, it is determined what effective-interest calculation methods are, in principle, available and with what assumptions they wörk with regard to temporal discount distribution. The, building up on this, both the methods customary in practice for balance-sheet discount distribution and the effective-interest-oriented methods found in the theories are presented and discussed on the basis of an unvarying example. Both the methods of static effective interest calculation on areal capital and nominal capital basis and the dynamic methods of the internal and real interest rate are included. In all cases, an attempt is made to derive rules for temporal discount distribution as a function of alternative amortization terms. The results of the analysis show that with our present knowledge none of the analysed methods is fully capable of ensuring a discount allocation with constant effective interest that satisfies all requirements. Since each of the methods presented exhibits specific advantages and disadvantages, in the individual case it is necessary to make a compromise giving the best possible combination of the criteria of practicability, balance-sheet reliability and adequacy of control of distribution rules

Table of Contents

Section Title Page Action Price
Henner Schierenbeck: Zur Integration von Betriebsergebnisund\rEffektivzinsrechnung bei Disagiokrediten\rmit Festzinsvereinbarung 76
A. Problemstellung 76
B. Methodenimmanente Annahmen zur zeitlichen Disagioverteilung bei Effektivzinsrechnungen 78
C. Verfahren der effektivzinskonstanten Disagioabgrenzung 81
I. Verfahren der bilanziellen Disagioabschreibung in der Praxis 82
II. Disagioabgrenzung mit Hilfe des statischen Effektivzinses auf Realkapitalbasis 83
1. Generelle Bestimmung der Disagioteilbeträge 83
2. Regeln zur zeitlichen Disagioverteilung 84
a) bei endfälliger Tilgung und Ratentilgung 84
b) bei Annuitätentilgung 87
3. Zusammenhänge zur durchschnittszinskonstanten Disagioabgrenzung 91
III. Disagioabgrenzung mit Hilfe des Internen Zinsfußes 94
1. Allgemeine Darstellung 94
2. Bestimmung der Disagioteilbeträge am Beispiel 95
a) Endfällige Tilgung 95
b) Ratentilgung ohne Freijahre 96
c) Ratentilgung mit Freijahren 98
d) Annuitätentilgung 100
3. Verwendung des Realen Zinsfußes als Verallgemeinerung des Internen Zinsfußes zur Bisagioabgrenzung 101
D. Schlußbetrachtung 104
Abkürzungsverzeichnis 106
Zusammenfassung: Zur Integration von Betriebsergebnis- und Effektivzinsrechnung bei Disagiokrediten mit Festzinsvereinbarung 107
Summary: On the Integration of Operating Statement and Effective Interest Statement for Loans at a Discount with Fixed-rate Agreement 108
Résumé: L'intégration du compte de résultats intermédiaires et du calcul du taux d'intérêt effectif pour des crédits d'escompte avec convention d'intérêts fixes 108