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Verschuldung, Konkursrisiko, Kreditverträge und Marktwert von Aktiengesellschaften

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  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 14, Issue 3
  5. pp. 287–319

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Drukarczyk, J. Verschuldung, Konkursrisiko, Kreditverträge und Marktwert von Aktiengesellschaften. Credit and Capital Markets – Kredit und Kapital, 14(3), 287-319. https://doi.org/10.3790/ccm.14.3.287
Drukarczyk, Jochen "Verschuldung, Konkursrisiko, Kreditverträge und Marktwert von Aktiengesellschaften" Credit and Capital Markets – Kredit und Kapital 14.3, 1981, 287-319. https://doi.org/10.3790/ccm.14.3.287
Drukarczyk, Jochen (1981): Verschuldung, Konkursrisiko, Kreditverträge und Marktwert von Aktiengesellschaften, in: Credit and Capital Markets – Kredit und Kapital, vol. 14, iss. 3, 287-319, [online] https://doi.org/10.3790/ccm.14.3.287
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Verschuldung, Konkursrisiko, Kreditverträge und Marktwert von Aktiengesellschaften

Drukarczyk, Jochen

Credit and Capital Markets – Kredit und Kapital, Vol. 14 (1981), Iss. 3 : pp. 287–319

1 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.14.3.287
Language
Multiple languages
Pages
33

Drukarczyk, Jochen

Cited By

  1. Die Finanzierung von Realoptionen unter Informationsasymmetrie

    Nippel, Peter

    Credit and Capital Markets – Kredit und Kapital, Vol. 29 (1996), Iss. 1 P.123

    https://doi.org/10.3790/ccm.29.1.123 [Citations: 0]

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Abstract

Debts, Risk of Bankruptcy, Credit Contracts Market Value of Limited Companies

This paper is a contribution to the problem, which factors limit the proportion of debt that companies hold in their advantages of debt tend to be offset by anticipated (direct) bankruptcy costs. This opinion is critisized in this paper. First the tax advantage of debt is elaborated. Second the foundations of models explaining restrictions of the proportion of debt by anticipated (direct) bankruptcy costs are discussed. It is shown, that these models are not convincing. They give no convincing reason why bankruptcy should occur of all; bankruptcy costs are therefore introduced in an arbitrary manner. Third, it has to be explained how conflicts between share - and bondholders could be solved. An analysis reveals, that - given homogeneous expectations - direct bankruptcy costs are not very likely to occur: it is to be presumed that they do not offset the rather important tax advantages of debt. Fourth, it is elaborated that risky debt might be disadvantageous to bondholders and/or shareholders in four cases. These disadvantages could be avoided, if the time-state-dependent claims of creditors, who hold risky positions during the multi-period-history of the contract could be set up precisely. It is shown that the design of such contracts is desirable for bondholders and shareholders, because the positions of both could otherwise be expropriated. The results are important costs of design and control and disadvantages resulting from restrictions on managerial decisions. These costs have to be opposed to the tax advantages of debt.

Table of Contents

Section Title Page Action Price
Jochen Drukarczyk: Verschuldung, Konkursrisiko, Kreditverträge\rund Marktwert von Aktiengesellschaften 287
I. Das Problem 287
II. Marktwerte, steuerliche Regelungen und Transaktionskosten 289
III. Marktwerte, Ausfallrisiko von Gläubigern und Konkurskosten 296
1. Ausfallbedrohte Fremdmittel und Konkurskosten 296
2. Eigentümer-Gläubiger-Konflikte und Konkursstrategien 300
3. Zwischenergebnisse 304
IV. Andere Bestimmungsfaktoren für Verschuldungsgrenzen 306
V. Ergebnisse 315
Literatur 316
Zusammenfassung: Verschuldung, Konkursrisiko, Kreditverträge und Marktwert von Aktiengesellschaften 317
Summary: Debts, Risk of Bankruptcy, Credit Contracts Market Value of Limited Companies 318
Résumé: Endettement, risque de faillite, contrats de prêts et valeur marchande des sociétés anonymes 318

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