Earnout-Ansatz in MA-Transaktionen : Überbrückung von unterschiedlichen Preisvorstellungen in der Unternehmensnachfolge von KMU

摘要

Succession planning by means of M&A transactions fails quite often when SMEs are involved, the reason being that the parties cannot agree on a transaction price due to asymmetric information. The aim of this paper is to investigate whether earnout approaches are a suitable means to reduce asymmetric information and agency costs and thereby increase the probability of a successful M&A transaction. A specially developed catalogue of criteria is applied to a sample of 27 M&A-transactions focusing on SMEs with earnout components (case studies). The results allow the conclusion that earnout approaches are, together with other measures, for a certain group of enterprises, an appropriate instrument to reduce information asymmetries. The application of the criteria catalogue shows – in varying degrees and intensity – that earnout components generally seem to reduce information asymmetries. However, the effect on agency costs remains unclear.