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Informal Private Debt

Informal Private Debt


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About the Book

Die Finanzierungsmöglichkeiten und -bedingungen kleiner und mittlerer Unternehmen (KMU) haben sich in Zusammenhang mit der Diskussion und der Einführung der neuen Vorschriften für die Eigenkapitalunterlegung von Bankkrediten entsprechend der Unt- nehmensbonitäten in den letzten Jahren grundlegend verändert. Zwar sind die Banken nach wie vor die Hauptfinanziers von KMU, es werden jedoch einerseits strengere Anforderungen an die Erhältlichkeit von Krediten gestellt, andererseits erfolgt eine Anpassung der Fin- zierungskosten an die individuelle Bonität der Kreditnehmer. Die Mehrzahl der KMU steht also vor dem Dilemma, die von den Banken geschaffene Situation zu akzeptieren und zu versuchen, maßgeschneiderte Kredite zu erhalten (was zunehmend auf Schwierigkeiten stößt), oder sich nach neuen Finanzierungsquellen außerhalb des Bankensystems umzusehen. Dabei kann es zu individuellen Lösungen, oft in Zusammenwirken mit den Kunden der KMU, kommen. Mit diesen Lösungen wird Neuland außerhalb des etablierten Kreditmarktes und des nur zum Teil für KMU zugänglichen öffentlichen Kapitalmarkt betreten. Als Kennzeichnung hat sich in Analogie zum privaten Markt für Beteiligungskapital (Private Equity Market) dafür der Begriff des privaten Marktes für Schuldtitel (Private Debt Market) - zumindest unter Insidern - herausgebildet. Es liegt auf der Hand, dass die Marktverhältnisse des Private Debt Markets sich von denen des Public Debt Markets grundlegend unterscheiden. Weitere Einschränkungen der Finanzierungen mittels Private Debt ergeben sich für KMU dann, wenn sie - beispielsweise aus Kostengründen oder aus marketingbedingten Überlegungen - auf die Mitwirkung von Finanzintermediären verzichten. Sie wenden sich in diesen Fällen direkt an private Anleger, denen sie auf dem Wege der Selbstemission die Schuldtitel anbieten.
About the Author: Dr. Rainer Bizenberger promovierte bei Prof. Dr. Guido Eilenberger am Institut für Betriebswirtschaftslehre an der Universität Rostock. Er ist als Project Manager im Competence Center Restructuring & Corporate Finance von Roland Berger Strategy Consultants tätig.


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Product Details
  • ISBN-13: 9783834912527
  • Publisher: Gabler Verlag
  • Binding: Paperback
  • Height: 210 mm
  • No of Pages: 270
  • Series Title: Schriften Zum Europäischen Management
  • Sub Title: Ein Beitrag Zur Innovativen Finanzwirtschaft Von Unternehmen
  • Width: 148 mm
  • ISBN-10: 3834912522
  • Publisher Date: 11 Dec 2008
  • Edition: 2009 ed.
  • Language: German
  • Returnable: Y
  • Spine Width: 15 mm
  • Weight: 399 gr


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