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Ökonomische Agency-Theorie Und Kapitalmarktgleichgewicht

Ökonomische Agency-Theorie Und Kapitalmarktgleichgewicht

          
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About the Book

Von der ökonomischen Agency-Theorie sind in den letzten Jahren wichtige Anregungen ausgegangen, die sich für die Theorie der Unternehmungsfinanzierung als sehr fruchtbar erweisen. Der Grundgedanke ist einfach: Eine Finanzierungsbeziehung kann als Beziehung zwischen einem Prinzipal als Kapitalgeber und einem Agenten, der die Unternehmung leitet und Verfügungsrnacht über das Kapital erhält, verstanden werden. Hierbei geht es nicht nur um einen Vertrag über Kapitalüberlassung gegen ein vereinbartes Entgelt. Vielmehr liegt die Problematik darin, daß die vom Prinzipal erzielte Rendite von Dispositionen des Agenten abhängt, die er nicht überwachen kann; je nachdem, wie der Vertrag zwischen Prinzipal und Agent gestaltet ist, entstehen für den Agenten Anreize, sich in einer bestimmten Weise zu verhalten. Verträge über Kapitalüberlassung sind unter dem Gesichtspunkt zu beurteilen, welche Verhaltensan- reize für den Agenten von ihnen ausgehen. Dieser theoretische Ansatz ist vor dem Hintergrund der kapitalmarkttheoretischen Gleichgewichtsmodelle zu sehen, die heute die wichtigste Grundlage der Theorie der Unternehmungsfinanzierung bilden. Die aus Gleichgewichtsmodellen abgeleiteten Irrelevanztheoreme besagen, daß die Finanzierungsweise der einzelnen Unternehmung im Marktgleichgewicht weder für ihre Investitionsentscheidungen noch für den Wohlstand der Investoren eine Rolle spielt. Die Agency-Theorie bringt hier einen neuen Gesichtspunkt herein: Wenn je nach Finanzierungsweise unterschiedliche Verhaltens- anreize für den Agenten erzeugt werden, ist es nicht mehr gleichgültig, wie der Vertrag über die Kapitalüberlassung gestaltet wird.


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Product Details
  • ISBN-13: 9783409133500
  • Publisher: Gabler Verlag
  • Publisher Imprint: Gabler Verlag
  • Edition: 1989 ed.
  • Language: German
  • Returnable: N
  • Spine Width: 17 mm
  • Width: 170 mm
  • ISBN-10: 340913350X
  • Publisher Date: 01 Jan 1989
  • Binding: Paperback
  • Height: 244 mm
  • No of Pages: 304
  • Series Title: Beiträge Zur Betriebswirtschaftlichen Forschung
  • Weight: 512 gr

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