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

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  • Engelhardt, Lutz
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    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. -- For quite a while, Germany has been putatively suffering from an undersupply of venture capital. To rectify this situation, a series of institutional innovations on the Frankfurt Stock Exchange has been undertaken. Two of the more recent and major changes were the creation of the Neuer Markt and the establishment of the Entry Standard. The Neuer Markt came into being in 1997, but had to be closed down by 2003. The Entry Standard was established in 2005. Both of these market innovations created growth segments for young, venture-capital-backed high-tech companies. In both cases, the fledgling German venture capital industry received abundant financial support and could use these growth segments of the Stock Exchange as exit channels for their high-tech investments. This paper examines the problem of institutional innovation. Specifically, it addresses the question of whether an Anglo-Saxon institutional form can be successfully adopted within the German economic system. The paper proceeds by comparing the experience of the Neuer Markt to the Entry Standard at the Frankfurt Stock Exchange. In contrast to the Neuer Markt, the actors within the Entry Standard appear to have adopted more rational expectations and strategies. This suggests that the second effort at institutional adaptation may prove to be successful.

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    Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, Research Unit: Institutions, States, Markets with number SP II 2007-05.

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    Date of creation: 2007
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    Handle: RePEc:zbw:wzbism:spii200705

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    Keywords: Frankfurter Wertpapierbörse; Neuer Markt; Entry Standard; Prime Standard; Wagniskapital; Institutionen; Hochtechnologie; Technologiepolitik;

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    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.
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      • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
      • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
      • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    4. Audretsch, David B, 1995. "The Innovation, Unemployment and Competitiveness Challenge in Germany," CEPR Discussion Papers 1152, C.E.P.R. Discussion Papers.
    5. Manishi Prasad & Peter Wahlqvist & Rich Shikiar & Ya-Chen Tina Shih, 2004. "A," PharmacoEconomics, Springer Healthcare | Adis, vol. 22(4), pages 225-244.
    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, Social Science Research Center Berlin (WZB).
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