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Die Wirkung von Private Equity und Venture Capital auf Innovation und Wachstum der Unternehmen

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  • Michael Peneder
  • Gerhard Schwarz

Abstract

Die Studie untersucht die Wirkungen der Beteiligung von Private Equity und Venture Capital auf die Innovationsleistung und das Wachstum der Unternehmen. Im Rahmen einer zweistufigen statistischen Auswahl der Kontrollgruppe wird der Einfluss von Selektionsverzerrungen (z. B. durch die Rechtsform, Branche, regionale Verteilung, Alters- und Größenstruktur, Bonität, ausgewählte Bilanzkennzahlen sowie Innovationstätigkeit und internationale Ausrichtung der Unternehmen) berücksichtigt. Die Ergebnisse zeigen einerseits, dass in Bezug auf die Innovationsleistung die Selektionseffekte dominieren. Beteiligungen von Private Equity und Venture Capital machen demnach die Unternehmen selbst nicht innovativer, finanzieren aber überdurchschnittlich innovative und exportorientierte Unternehmen. Andererseits bestätigen die empirischen Ergebnisse eine sehr robuste positive Wirkung auf das Wachstum von Umsatz und Beschäftigung der Unternehmen, die auf direkte kausale Effekte im Sinne der Mehrwertfunktion von aktiv gemanagten Beteiligungen zurückzuführen ist.

Suggested Citation

  • Michael Peneder & Gerhard Schwarz, 2007. "Die Wirkung von Private Equity und Venture Capital auf Innovation und Wachstum der Unternehmen," WIFO Studies, WIFO, number 28558.
    • Handle: RePEc:wfo:wstudy:28558
    Note: With English abstract.
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    References listed on IDEAS

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    1. Richard Blundell & Monica Costa Dias, 2009. "Alternative Approaches to Evaluation in Empirical Microeconomics," Journal of Human Resources, University of Wisconsin Press, vol. 44(3).
    2. Ansgar Belke & Rainer Fehn & Neil Foster, 2003. "Does Venture Capital Investment Spur Employment Growth?," Vienna Economics Papers vie0303, University of Vienna, Department of Economics.
    3. Kevin Amess, 2003. "The Effect of Management Buyouts on Firm–level Technical Inefficiency: Evidence from a Panel of UK Machinery and Equipment Manufacturers," Journal of Industrial Economics, Wiley Blackwell, vol. 51(1), pages 35-44, March.
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    1. Jürgen Marchart & Thomas Url, 2008. "Hemmnisse für die Finanzierung von Frühphasen- oder Venture-Capital-Fonds in Österreich," WIFO Studies, WIFO, number 32579.
    2. Michael Peneder & Gerhard Schwarz, 2008. "Venture Capital: Ergebnisse der Wirkungsanalyse für Österreich," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(6), pages 461-471, June.
    3. Jürgen Marchart & Thomas Url, 2008. "Geringe Mittelaufbringung für die Frühphasenfinanzierung. Ursachen und Maßnahmen," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(11), pages 841-853, November.
    4. Franz Sinabell & Fabian Unterlass & Peter Walder & Jochen Kantelhardt, 2017. "Austria 2025 – Innovation: A Motor of Growth and Employment in the Rural Economy," WIFO Studies, WIFO, number 60604.

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