Die Kapitalmarktfähigkeit von Familienunternehmen - Unternehmensfinanzierung über Schuldschein, Anleihe und Börsengang (Capital Market Financing of Family Firms)

193 Pages Posted: 26 Mar 2011

See all articles by Ann‐Kristin Achleitner

Ann‐Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies

Christoph Kaserer

Technische Universität München (TUM)

Nina Günther

Technische Universität München - Center for Entrepreneurial and Financial Studies

Sarah Volk

Technische Universität München - Center for Entrepreneurial and Financial Studies

Date Written: March 21, 2011

Abstract

The paper analyzes debt and equity capital market instruments with respect to their suitability for family firms. It highlights and evaluates different aspects in the decision process of family firms regarding the use of capital market financing. The results are based on a qualitative analysis of semi-structured, in-depth interviews with capital market experts as well as representatives of family firms. We find that the owner family takes or at least strongly influences the final decision regarding the firm’s financing structure. Still, the CFO’s expert knowledge and his experience with previous capital market transactions have a positive effect on the use of public debt and equity capital market instruments. The results show that family firms decide to go public in order to finance growth, to convert shares into cash or to increase public awareness of the company. The reasons for the use of public debt instruments include growth financing, diversification of sources of capital and reduction of dependency on bank loans as well as increase of long-term financial stability and raise of capital for liquidity purposes.

Note: Downloadable document is in German.

Keywords: Family Firms, Capital Markets, Bonds, IPO, Corporate Finance, Germany, Familienunternehmen, Kapitalmarkt, Anleihe, Schuldschein, Börsengang, Unternehmensfinanzierung

JEL Classification: G30, G32

Suggested Citation

Achleitner, Ann-Kristin and Kaserer, Christoph and Günther, Nina and Volk, Sarah, Die Kapitalmarktfähigkeit von Familienunternehmen - Unternehmensfinanzierung über Schuldschein, Anleihe und Börsengang (Capital Market Financing of Family Firms) (March 21, 2011). Available at SSRN: https://ssrn.com/abstract=1791526 or http://dx.doi.org/10.2139/ssrn.1791526

Ann-Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25181 (Phone)

Christoph Kaserer

Technische Universität München (TUM) ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25489 (Phone)
+49 89 289 25488 (Fax)

HOME PAGE: http://www.cefs.de

Nina Günther

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstr. 21
Munich, 80333
Germany
+49 89 289 25484 (Phone)

HOME PAGE: http://www.cefs.de

Sarah Volk (Contact Author)

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstraße 21
München, 80333
Germany
+498928925483 (Phone)

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