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Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen

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  • Gebhardt, Georg
  • Schmidt, Klaus M.

Abstract

Der Aufsatz gibt zunächst einen kurzen Überblick über die Entwicklung des Marktes für Wagniskapital in den USA und in Deutschland. Dann wird gezeigt, mit welchen besonderen Anreiz- und Vertragsproblemen die Finanzierung von Innovationen zu kämpfen hat und welche neuen Instrumente von der Wagniskapitalbranche in den letzten Jahrzehnten entwickelt wurden, um diese Probleme in den Griff zu bekommen. Schließlich diskutieren wir die wichtigsten Argumente für die staatliche Subventionierung von Innovationen und zeigen, in welcher Form die Förderung der Wagniskapitalfinanzierung möglichst effizient erfolgen sollte.

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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Discussion Papers in Economics with number 31.

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Date of creation: Aug 2001
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Handle: RePEc:lmu:muenec:31

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Keywords: Wagniskapital ; Anreizprobleme ; Innovationsförderung;

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References

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Cited by:
  1. Andrea Schertler, 2005. "European venture capital markets: fund providers and investment characteristics," Applied Financial Economics, Taylor & Francis Journals, vol. 15(6), pages 367-380.
  2. Engel, Dirk, 2002. "The Impact of Venture Capital on Firm Growth: An Empirical Investigation," ZEW Discussion Papers 02-02, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Stolpe, Michael, 2003. "Learning and Signalling in The French and German Venture Capital Industries," EIFC - Technology and Finance Working Papers 24, United Nations University, Institute for New Technologies.
  4. Clemens Fuest & Bernd Huber & Philipp Tillessen, 2003. "Tax Policy and Entrepreneurship in the Presence of Asymmetric Information in Capital Markets," CESifo Working Paper Series 872, CESifo Group Munich.
  5. Heneric, Oliver & Engel, Dirk & Champenois, Claire, 2004. "The Birth of German Biotechnology Industry: Did Venture Capital run the Show?," ZEW Discussion Papers 04-09, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  6. Carola Jungwirth & Petra Moog, 2003. "Support Strategies in Venture Capital Financing: Nurturing or Selection," Working Papers 0018, University of Zurich, Institute for Strategy and Business Economics (ISU).
  7. Michael Stolpe, 2004. "Europe's Entry into the Venture Capital Business: Efficiency and Policy," Kiel Working Papers 1223, Kiel Institute for the World Economy.

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