Konzernbildung, Eigner/Gläubiger Konflikte und Unterinvestitionsproblematik

An underinvestment problem arises if an additional investment project with positive net presentvalue increases only the market value of debt, but not of equity. As a way out the shift ofthe additional investment project and possibly also other projects to a subsidiary is considered.From the viewpoint of the creditors of the parent company such a shift could be seen as akind of a risk increasing ‘asset substitution’, whereby direct property of assets is replaced byshares in a subsidiary company. This paper analyses the consequences thereof for the marketvalue of debt and equity. The effects of a possible liability of the parent group for claimsagainst the subsidiary are also considered. Finally it is pointed out that group building couldalso aggravate the problem of overinvestment into projects with negative net present value. [Hans Rau-Bredow]<p>Dieses Arbeitspapier ist außerdem als Aufsatz erschienen in: Kredit und Kapital, Band 34, 2001, S.106-129. (Redaktion EconBiz)