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Standortfaktoren und Investitionspotential von Risikokapital in Österreich

Author

Listed:
  • Klaus S. Friesenbichler
  • Thomas Url

    (WIFO)

Abstract

Risikokapitalgeber investieren in Unternehmen mit großem Wachstums- bzw. Ertragsteigerungspotential. Sie nehmen eine wichtige Rolle im Innovations- und Finanzierungssystem ein. Da der österreichische Risikokapitalmarkt unterentwickelt ist, bleibt ein Teil des Wachstums- und Beschäftigungspotentials ungenutzt. Lediglich 0,04% des jährlichen Bruttoinlandsproduktes wurden zwischen 2007 und 2011 als Venture Capital und Wachstumsfinanzierung zur Verfügung gestellt, wesentlich weniger als im Durchschnitt von Vergleichsländern wie Belgien, Dänemark (je 0,09%) oder Deutschland (0,06%). Bestimmungsfaktoren für die Höhe von Risikokapitalinvestitionen sind im internationalen Vergleich neben dem Finanzierungs- und Innovationssystem auch das Regulierungsumfeld der Branche, die Industriestruktur sowie die Unternehmensdynamik, die den Pool möglicher Investitionsprojekte bestimmt. Die Berechnungen mit einem ökonometrischen Schätzmodell ergeben vor diesem Hintergrund ein beträchtliches Potential für Risikokapitalinvestitionen in Österreich.

Suggested Citation

  • Klaus S. Friesenbichler & Thomas Url, 2013. "Standortfaktoren und Investitionspotential von Risikokapital in Österreich," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(8), pages 673-683, August.
    • Handle: RePEc:wfo:monber:y:2013:i:8:p:673-683
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    References listed on IDEAS

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    1. Groh, Alexander Peter & von Liechtenstein, Heinrich & Lieser, Karsten, 2010. "The European Venture Capital and Private Equity country attractiveness indices," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 205-224, April.
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    Cited by:

    1. Jürgen Janger & Agnes Kügler & Andreas Reinstaller & Fabian Unterlass, 2017. "Österreich 2025 – Die "Frontier" in Wissenschaft, Technologie, Innovationen und Wirtschaft. Messung und Bestimmungsfaktoren," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(2), pages 141-151, February.
    2. Werner Hölzl & Michael Böheim & Klaus S. Friesenbichler & Thomas Jud, 2017. "Börsen als Instrument der kapitalmarktbasierten Finanzierung von Klein- und Mittelbetrieben in Österreich. Internationale Beispiele und Ansatzpunkte," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(8), pages 629-638, August.
    3. N. N., 2017. "WIFO-Monatsberichte, Heft 2/2017," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(2), February.

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