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Welche Regionen profitieren von Venture Capital-Aktivitäten?

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  • Engel, Dirk

Abstract

Mit der Venture Capital (VC)-Finanzierung als Teil eines regionalen Innovationssystems sind Erwartungen verbunden, die Kommerzialisierung neuer Forschungsergebnisse in marktfähige Produkte in einer Region zu fördern. In Erwartung positiver Effekte eines solchen Kapitalzuflusses in eine Region ist daher von Interesse, wo sich die Standorte VC-finanzierter Unternehmen befinden, d.h. welche Regionen von den VC-Aktivitäten profitieren. Weitere Fragestellung der vorliegenden Untersuchung ist, welche Faktoren die regionale Verteilung dieser Unternehmen erklären können. Datenbasis zur Bestimmung der VC-finanzierten Unternehmen in einer Region sind die ZEW-Gründungspanels. Die deskriptive Analyse zeigt, dass vor allem hochverdichtete Regionen von den VC-Aktivitäten profitieren können. Dies deckt sich mit den Ergebnissen zahlreicher Studien für die USA und Großbritannien. Bemerkenswert ist, dass etwa in der Hälfte aller Kreise kein VC-finanziertes Unternehmen anzutreffen ist. Zur Erklärung der regionalen Verteilung VC-finanzierter Unternehmen wird vier Determinanten eine hohe Bedeutung beigemessen: die Zahl VC-nachfragender Unternehmen, das technologische Potenzial einer Region, regionale Initiativen zur Förderung der Etablierung neuer Industrien sowie die lokale Verfügbarkeit von Venture Capital. Einige der Hypothesen können auf Basis der Schätzergebnisse belegt werden. Am interessantesten hierbei scheint, dass Kreise, die sich im Rahmen des BioRegio Wettbewerbs um öffentliche Fördermittel zur Förderung der Etablierung der Biotechnologieindustrie in ihrer Region bemühen, über eine höhere Zahl VC-finanzierter Unternehmen im Vergleich zu ?Nicht-Teilnehmern? an einem solchen Wettbewerb verfügen. Die lokale Verfügbarkeit von VC führt hingegen zu keiner signifikanten Erhöhung der Zahl VC-finanzierter Unternehmen in einem Kreis. Bei Differenzierung nach verschiedenen Typen von VC-Gesellschaften zeigt sich nur für die Kreise mit Geschäftsstellen von renditeorientierten VC-Gesellschaften, an denen das Land eine Beteiligung hält, eine signifikant höhere Zahl VC-finanzierter Unternehmen. Solche Gesellschaften sind jedoch vergleichsweise selten als VC-Investoren anzutreffen. Ein Vergleich zwischen Ost- und Westdeutschland bezüglich der Verbreitung von Venture Capital zeigt, dass kein Rückstand Ostdeutschlands bezüglich der Ausschöpfung der Nachfrage nach VC festzustellen ist. Eine mögliche Erklärung hierfür ist, dass VC-Gesellschaften, die auch Ziele der regionalen Wirtschafsförderung verfolgen, in Ostdeutschland deutlich häufiger an jungen Unternehmen beteiligt sind als es in Westdeutschland der Fall ist.

Suggested Citation

  • Engel, Dirk, 2002. "Welche Regionen profitieren von Venture Capital-Aktivitäten?," ZEW Discussion Papers 02-37, ZEW - Leibniz Centre for European Economic Research.
  • Handle: RePEc:zbw:zewdip:861
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    1. Heger, Diana & Tykvová, Tereza, 2007. "You can't make an omelette without breaking eggs: the impact of venture capitalists on executive turnover," ZEW Discussion Papers 07-003, ZEW - Leibniz Centre for European Economic Research.
    2. Meng, Rüdiger, 2009. "Standort und Innovation - Innovationsaktivitäten und Forschungskooperationen von Unternehmen aus regionaler Perspektive," Arbeitsmaterial der ARL: Aufsätze, in: Dannenberg, Peter & Köhler, Hadia & Lang, Thilo & Utz, Judith & Zakirova, Betka & Zimmermann, Thomas (ed.), Innovationen im Raum - Raum für Innovationen: 11. Junges Forum der ARL, 21. bis 23. Mai 2008 in Berlin, volume 127, pages 40-52, ARL – Akademie für Raumentwicklung in der Leibniz-Gemeinschaft.

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    More about this item

    Keywords

    Venture Capital; Regional Competitiveness; Technology Policy; Count Data;
    All these keywords.

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models

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