Gegenstand der Arbeit ist die Untersuchung der jüngsten Veränderungen in der institutionellen Mikrostruktur des deutschen Kapitalmarktes, die geeignet sind die Bedingungen für die Versorgung junger Technologieunternehmen mit Eigenkapital zu verbessern. Behandelt werden insbesondere die Funktionsweise und zunehmende Bedeutung professioneller Venture Capital-Intermediäre und die hierzu komplementäre Rolle des “Neuen Marktes” in Deutschland.
Der Autor zeigt, wie die Finanzierung junger Technologieunternehmen durch strukturelle Imperfektionen des Kapitalmarktes in besonderem Maße beeinträchtigt wird. Unter Berücksichtigung der fundamentalen Aussagen der neoklassischen Kapitalmarkttheorie und der Neuen Institutionenökonomik wird die Hypothese entwickelt, daß die durch die Unvollkommenheit der Märkte bedingten Risikoprämien und Transaktionskosten im Falle von Frühphaseninvestitionen in innovativen Unternehmen besonders hoch sind. Somit besteht im Falle dieser Investitionen eine erhebliche Spanne zwischen den vom Unternehmer zu tragenden Kapitalkosten und den vom Financier empfangenen Nettoerträgen.
Bestimmte Institutionen des Kapitalmarktes, d. h. spezialisierte Intermediäre und regulierte Marktsegmente sind geeignet diese Spanne zwischen Kapitalkosten und Nettoerträgen zu vermindern, indem nicht-projektinhärente Risiken oder Transaktionskosten reduziert werden. Das für die Investitionsentscheidung maßgebliche Risiko-Rendite-Verhältnis einer Investition wird somit durch institutionelle Rahmenbedingungen erheblich beeinflußt.
Der Autor diskutiert vor diesem theoretischen Hintergrund umfassend die konkreten Veränderungen des deutschen Venture-Capital-Marktes in der jüngsten Zeit und entwirft verschiedene Szenarien für dessen zukünftige Entwicklung.
Keywords: Venture Capital, Neuer Markt, Unternehmensgründung, Innovationsmanagement
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Venture Capital Finance and the New Technology Based Firm
- Telling the difference: Venture Capital and Private Equity
- What is Venture Capital?
- Private Equity distinguished
- Early Stage and other Venture Capital Investments
- The Life-Cycle-Model: Early and other Stages of Venture Capital Finance
- Divestments and Holding Periods
- New Companies and Special Situations Segment
- The Nature of Early Stage Investments
- The New Technology Based Firm
- What is a New Technology Based Firm?
- The Life Cycle of a New Technology Based Firm
- Strategic Idiosyncrasies of Technology Industries
- Venture Capitalist and the New Technology Based Firm
- RIGHT-ES²: Early Stage Investments in New Technology Based Firms
- Telling the difference: Venture Capital and Private Equity
- The Landscape of Venture Capital Finance
- Informal Investors
- The Organized Venture Capital Market
- Financial Investors
- Private Investors
- Institutional Investors
- Financial Intermediaries
- Specialized Added Value Intermediaries: Venture Capitalists
- Strategic Investors: Corporate Venture Capitalists
- Political Investors: Government and its Agencies
- Financial Investors
- Institutional Venture Capital - How „hot” is it really?
- Institutions of the Venture Capital Market in Germany
- Venture Capital in Capital Market Theory and New Institutional Economics
- Venture Capital as an Institution
- Venture Capital as a Finance Technology
- Equity
- Visibility, Reputation and Trust
- Selection and Assessment
- Monitoring and Incentive Alignment
- Management Support and Added Value
- Which strategy is right? Diversification or specialization?
- Venture Capitalist, its Network and Portfolio Companies as a governance structure
- Comparing Venture Capital Firm, its Network and Portfolio Companies with Multidivisional Organizations - A Visual Stop-Over
- The Discovery Part: V-CTORY - The Virtual Venture Capital Network Factory
- Venture Capital as a Finance Technology
- The Role of the Neuer Markt
- Why the Geregelter Markt failed
- Why the Neuer Markt may succeed
- The role of venture capital in the development of new technology-based firms
- The changing nature of the venture capital market in Germany
- The application of capital market theory and new institutional economics to understand venture capital finance
- The impact of government policies on venture capital activity
- The role of innovation and technological progress in driving economic growth
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This work aims to explore the landscape of early stage investments in new technology-based firms in Germany, specifically focusing on venture capital finance. It examines the role of venture capital in the context of capital market theory and new institutional economics. The work also analyzes the changing German landscape of venture capital finance, considering factors like the rise of the Neuer Markt and the influence of government policies. Here are some of the key themes examined in the text:Zusammenfassung der Kapitel (Chapter Summaries)
The first chapter provides an introduction to the topic of early stage investments in new technology-based firms, emphasizing their growing significance in the global economy. It highlights the role of innovation as a key driver of competitiveness and economic growth, discussing the concept of innovation rents and the dynamic nature of competitive markets. The chapter also introduces the unique challenges faced by new technology-based firms, such as high uncertainty and the need for rapid growth. The second chapter delves into the specific characteristics of venture capital finance and the new technology-based firm. It differentiates between venture capital and private equity, outlining the life-cycle stages of venture capital investments, and highlighting the nature of early stage investments. The chapter also explores the characteristics of new technology-based firms, including their strategic idiosyncrasies and the close relationship between venture capitalists and these firms. The third chapter provides a comprehensive overview of the landscape of venture capital finance in Germany, encompassing various types of investors, including informal investors, organized venture capital markets, corporate venture capitalists, and government agencies. The chapter examines the role of institutional venture capital and its importance in the German economy. Chapter four delves deeper into the institutional structure of the venture capital market in Germany, examining the application of capital market theory and new institutional economics to understand venture capital finance. It explores venture capital as a finance technology, analyzing its key features such as equity, visibility, reputation, selection, monitoring, and management support. The chapter also discusses the importance of network structures and portfolio companies in venture capital finance and explores different venture capital strategies like diversification or specialization. The chapter concludes by analyzing the role of the Neuer Markt, comparing it to the Geregelter Markt and assessing its potential for success.
Schlüsselwörter (Keywords)
The primary focus of this work revolves around early stage investments, venture capital finance, new technology-based firms, and the evolving German venture capital market. Key themes explored within this context include innovation, technological progress, capital market theory, new institutional economics, and government policies. It examines the relationship between venture capitalists and their portfolio companies, highlighting the significance of network structures, diversification strategies, and the role of institutions like the Neuer Markt in shaping the German venture capital landscape.- Quote paper
- Fritz Holger Ludewig (Author), 1998, Early Stage Investments in New Technology Based Firms - Analyzing the Changing German Landscape of Venture Capital Finance in the Light of Capital Market Theory and New Institutional Economics, Munich, GRIN Verlag, https://www.grin.com/document/185244
