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Geschäftsmodelle und nationale Institutionen: Ein Vergleich britischer und deutscher Neuemissionen aus der IT-Service- und Softwareindustrie 1996-2002

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  • Engelhardt, Lutz
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    Abstract

    Der Begriff des Wachstumsunternehmens steht für eine der wichtigsten industriepolitischen Weichenstellungen im Deutschland der 90er Jahre. Um die Innovations- und Wachstumseffekte des typischen Hightech-Unternehmens des Silicon Valleys erschließen zu können, wurde versucht, institutionelle Rahmenbedingungen nach angelsächsischem Vorbild zu schaffen. Investitionsbeihilfen an Wagniskapitalgeber, die Einrichtung eines Wachstumssegmentes an der Frankfurter Börse – der Neue Markt – sowie eine allgemeine Bewerbung der Aktie als Entlohnungsart und Anlageinstrument, sollte die Innovations- und Wachstumslücke zwischen Deutschland und den angelsächsischen Ländern schließen. Anhand eines Vergleiches britischer und deutscher Neuemissionen der Jahrgänge 1996 – 2002 wird in diesem Beitrag untersucht, in wie weit dies für die am Neuen Markt gehandelten IT-Service- und Softwareunternehmen gelungen ist. Es zeigt sich zum einen, dass auch am Neuen Markt konventionelle Geschäftsmodelle wesentlich verbreiteter sind als bei den britischen Unternehmen. Im Verhältnis nahmen an den britischen Aktienmärkten rund doppelt so viele Wachstumsunternehmen eine Erstnotierung vor wie in Deutschland. Ein zweiter struktureller Unterschied zeigt sich darin, dass Wagniskapitalengagements am Neuen Markt, trotz massiver Förderung, weniger häufig und strategisch weniger pointiert vorgenommen worden sind als bei britischen Unternehmen. Es wird argumentiert, dass es vor allem die mangelnde Dynamik des deutschen Arbeitsmarktes für technisches Talent war, die eine stärkere Präsenz idealtypischer Wachstumsunternehmen am Neuen Markt verhindert hat. Dies deutet im Sinne des 'Varieties of Capitalism' – Ansatzes auf Komplementaritäten zwischen Institutionen des Finanz- und des Arbeitsmarktes hin, die für erfolgreiche institutionelle Innovationen bedacht werden müssen. -- The high tech firms of Silicon Valley inspired the concept of the 'Entrepreneurial Company,' i.e. the high growth, radically innovative startup. The promotion of this type of firm became an important policy objective in Germany during the 1990s. Since Anglo- Saxon countries appeared to provide the institutional infrastructure necessary for this type of firm's success, these countries served as a blueprint. Policy measures taken included the creation of a stock market segment for startups (the Neuer Markt), the massive subsidization of venture capital, and the promotion of stock options as a form of remuneration. This paper addresses the question of whether the Neuer Markt was a successful case of institution building. Success is measured here as the proportion of entrepreneurial companies to total companies listing on the Neuer Markt in comparison to one of its Anglo-Saxon role models, the London stock market. A number of findings emerge from this effort. First, even though the Neuer Markt was supposed to provide entrepreneurial companies with the institutional infrastructure they required, the conventional company form remained the preponderant firm type on the Neuer Markt. The share of entrepreneurial companies on the London stock market was twice as large then for Frankfurt's Neuer Markt. A related finding is that German venture capital on the Neuer Markt lacks the strategic focus of its British equivalent. Based on the Varieties of Capitalism perspective, this paper suggests that complementarities between individual institutional spheres need to be taken into account when transplanting institutions. In this case, the complementarities between financial and labour market institutions play a key role.

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    Bibliographic Info

    Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, Research Unit: Institutions, States, Markets with number SP II 2005-01.

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    Date of creation: 2005
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    Handle: RePEc:zbw:wzbism:spii200501

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    Keywords: Neuer Markt; Wagniskapital; Wachstumsunternehmen; Software; Deutschland; Großbritannien;

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    1. Engelhardt, Lutz, 2004. "Entrepreneurial business models in the German software industry: Companies, venture capital, and stock market based growth strategies on the Neuer Markt," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2004-04, Social Science Research Center Berlin (WZB).
    2. Steven Casper & Mark Lehrer & David Soskice, 1999. "Can High-technology Industries Prosper in Germany? Institutional Frameworks and the Evolution of the German Software and Biotechnology Industries," Industry and Innovation, Taylor & Francis Journals, vol. 6(1), pages 5-24.
    3. Lockett, Andy & Murray, Gordon & Wright, Mike, 2002. "Do UK venture capitalists still have a bias against investment in new technology firms," Research Policy, Elsevier, vol. 31(6), pages 1009-1030, August.
    4. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    5. Gompers, Paul A., 1996. "Grandstanding in the venture capital industry," Journal of Financial Economics, Elsevier, vol. 42(1), pages 133-156, September.
    6. Schertler, Andrea & Stolpe, Michael, 2000. "Venture mania in Europe: Its causes and consequences," Kiel Discussion Papers 358, Kiel Institute for the World Economy (IfW).
    7. Steven Casper & Henrik Glimstedt, 2001. "Economic Organization, Innovation Systems, and the Internet," Oxford Review of Economic Policy, Oxford University Press, vol. 17(2), pages 265-281, Summer.
    8. Chesbrough, Henry W, 1999. "The Organizational Impact of Technological Change: A Comparative Theory of National Institutional Factors," Industrial and Corporate Change, Oxford University Press, vol. 8(3), pages 447-85, September.
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