IDEAS home Printed from https://ideas.repec.org/p/zbw/wzbism/spii200705.html
   My bibliography  Save this paper

Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: Zwei Versuche institutioneller Innovation in Deutschland

Author

Listed:
  • Engelhardt, Lutz

Abstract

Seit geraumer Zeit wird dem Standort Deutschland eine Unterversorgung mit Wagniskapital diagnostiziert. Die Etablierung eines Wachstumssegments an der Frankfurter Wertpapierbörse und die Unterstützung auf junge Hochtechnologieunternehmen spezialisierter Beteiligungsunternehmen gehören deswegen seit langem zu den Zielsetzungen deutscher Technologiepolitik. Die beiden letzten Versuche institutioneller Innovation war die Gründung des Neuen Marktes im Jahre 1997 und, nach dessen Scheitern, die Schaffung des Transparenzstandards Entry Standard im Jahre 2005. Durch einen Vergleich der beiden Märkte, ihrer notierten Unternehmen und der an ihnen tätigen Wagniskapitalgeber wird der Frage nachgegangen, ob das Scheitern des Neuen Marktes die grundsätzliche Unmöglichkeit zum Ausdruck gebracht hat, im bankenzentrierten System Deutschlands Aktienmärkte und Akteure nach angelsächsischem Vorbild zu installieren. Es zeigt sich, dass das Scheitern des Neuen Marktes eher einer historisch einmaligen Situation am deutschen Finanzplatz geschuldet war, und dass der Entry Standard neben dem General und dem Prime Standard bis jetzt eine stabilere Entwicklung genommen hat. Bezüglich der Fähigkeit der neuen Transparenzstandards der Frankfurter Wertpapierbörse, schnell wachsende Hochtechnologieunternehmen hervorzubringen und der Rolle, die deutsches Wagniskapital dabei spielen kann, kommt diese Arbeit zu einer moderat optimistischen Einschätzung.

Suggested Citation

  • Engelhardt, Lutz, 2007. "Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: Zwei Versuche institutioneller Innovation in Deutschland," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2007-05, WZB Berlin Social Science Center.
    • Handle: RePEc:zbw:wzbism:spii200705
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/51221/1/534562914.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hall, Peter A. & Gingerich, Daniel W., 2004. "Varieties of Capitalism and Institutional Complementarities in the Macroeconomy," MPIfG Discussion Paper 04/5, Max Planck Institute for the Study of Societies.
    2. Schanz, Kay-Michael & Richard, Jörg & Schalast, Christoph, 2004. "Unternehmen im Prime Standard staying public oder going private? Nutzenanalyse der Börsennotiz," Frankfurt School - Working Paper Series 60, Frankfurt School of Finance and Management.
    3. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    4. Audretsch, David B, 1995. "The Innovation, Unemployment and Competitiveness Challenge in Germany," CEPR Discussion Papers 1152, C.E.P.R. Discussion Papers.
    5. Becker, Ralf & Hellmann, Thomas F., 2000. "The Genesis of Venture Capital: Lessons from the German Experience," Research Papers 1705, Stanford University, Graduate School of Business.
    6. Vitols, Sigurt & Engelhardt, Lutz, 2005. "National institutions and high tech industries: A varieties of capitalism perspective on the failure of Germany's Neuer Markt," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2005-03, WZB Berlin Social Science Center.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ahlquist, John S. & Breunig, Christian, 2009. "Country clustering in comparative political economy," MPIfG Discussion Paper 09/5, Max Planck Institute for the Study of Societies.
    2. Buchen, Clemens, 2010. "Emerging economic systems in Central and Eastern Europe – a qualitative and quantitative assessment," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 37141, March.
    3. Berthold, Norbert & Fehn, Rainer, 2002. "Struktureller Wandel, new economy und Beschäftigungsentwicklung: welche Rolle spielen die institutionellen Rahmenbedingungen auf dem Kapitalmarkt?," Discussion Paper Series 53, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    4. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," Working Papers wp281, Centre for Business Research, University of Cambridge.
    5. Gil Avnimelech & Alessandro Rosiello & Morris Teubal, 2010. "Evolutionary interpretation of venture capital policy in Israel, Germany, UK and Scotland," Science and Public Policy, Oxford University Press, vol. 37(2), pages 101-112, March.
    6. 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, WZB Berlin Social Science Center.
    7. Höpner, Martin, 2004. "Unternehmensmitbestimmung unter Beschuss: Die Mitbestimmungsdebatte im Licht der sozialwissenschaftlichen Forschung," MPIfG Discussion Paper 04/8, Max Planck Institute for the Study of Societies.
    8. Belloc, Filippo, 2010. "Corporate governance and innovation: an organizational perspective," MPRA Paper 21495, University Library of Munich, Germany.
    9. Carney, Richard, 2007. "Partisanship at the Origins of Modern Capitalist Institutions," MPRA Paper 5147, University Library of Munich, Germany.
    10. MIYAJIMA Hideaki, 2009. "Pluralistic Evolution of the Japanese-Style Enterprise System: Toward the Hybrid Model (Japanese)," Discussion Papers (Japanese) 09017, Research Institute of Economy, Trade and Industry (RIETI).
    11. Ryan Felushko & Eric Santor, 2006. "The International Monetary Fund's Balance-Sheet and Credit Risk," Staff Working Papers 06-21, Bank of Canada.
    12. Gilberto E. Arce & Edgar Robles C., 2005. "Corporate Governance in Costa Rica," Research Department Publications 3218, Inter-American Development Bank, Research Department.
    13. Marco Botta & Luca Colombo, 2016. "Macroeconomic and Institutional Determinants of Capital Structure Decisions," DISCE - Working Papers del Dipartimento di Economia e Finanza def038, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    14. Klapper, Leora F. & Love, Inessa, 2004. "Corporate governance, investor protection, and performance in emerging markets," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
    15. Díez-Esteban, José María & Farinha, Jorge Bento & García-Gómez, Conrado Diego, 2016. "The role of institutional investors in propagating the 2007 financial crisis in Southern Europe," Research in International Business and Finance, Elsevier, vol. 38(C), pages 439-454.
    16. Cooray, Arusha, 2011. "The role of the government in financial sector development," Economic Modelling, Elsevier, vol. 28(3), pages 928-938, May.
    17. DEGEORGE, François & DING, Yuan & JEANJEAN, Thomas & STOLOWY, Hervé, 2005. "Does Analyst Following Curb Earnings Management?," HEC Research Papers Series 810, HEC Paris.
    18. Lo Turco, Alessia & Maggioni, Daniela & Zazzaro, Alberto, 2019. "Financial dependence and growth: The role of input-output linkages," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 308-328.
    19. William T. Allen & Han Shen, 2011. "Assessing China's Top-Down Securities Markets," NBER Working Papers 16713, National Bureau of Economic Research, Inc.
    20. Sébastien Marchand, 2012. "Legal Origin, Colonial Origins and Deforestation," Economics Bulletin, AccessEcon, vol. 32(2), pages 1653-1670.

    More about this item

    Keywords

    Frankfurter Wertpapierbörse; Neuer Markt; Entry Standard; Prime Standard; Wagniskapital; Institutionen; Hochtechnologie; Technologiepolitik;
    All these keywords.

    JEL classification:

    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:wzbism:spii200705. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/wzbbbde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.