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Börsennotierungen: Warum und wo? Evidenz aus Theorie und Empirie

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  • Josef Zechner

    (Institute for Finance and Investments)

Abstract

Zusammenfassung Neben der Aufbringung notwendiger finanzieller Mittel liegen wichtige Gründe für eine Börsennotierung in der Risikostreuung existierender Kapitalgeber, der Erhöhung der Liquidität im Sekundärmarkt, der glaubwürdigen Bindung an höhere Governancestandards und der Generierung positiver PR-Effekte. Dem stehen direkte und indirekte Kosten, wie Listing Fees, IPO-Underpricing und die Kosten zusätzlicher Regulierungsvorschriften gegenüber. Empirisch zeigt sich, dass gerade im Hinblick auf Auslandsnotierungen, Größe und Wachstumsraten eines Unternehmens wichtige Treiber dieser Entscheidung sind. Im Kampf um neue Listings gewinnen jene Börsen, welche eine höhere Liquidität und Marktkapitalisierung bieten können. Weitere wichtige Entscheidungsfaktoren für ein Listing an einer ausländischen Börse sind besserer Investorenschutz, bessere Vertragsdurchsetzungsmöglichkeiten und effizientere Verwaltungsstrukturen. In den letzten Jahrzehnten haben signifikante Veränderungen des Listingverhaltens von Unternehmen stattgefunden. Während die U.S. Börsen Ende des letzten Jahrhunderts einen rasant steigenden Anteil aller Auslandsnotierungen realisieren konnten, kam es zu Beginn dieses Jahrhunderts zu einem dramatischen Einbruch der U.S. Auslandsnotierungen. Wichtige Ursachen für diese Veränderungen sind die zunehmende Effizienz von Kapitalmärkten außerhalb der USA, sowie die gestiegenen Offenlegungs- und Compliancekosten für Unternehmen mit US Notierungen.

Suggested Citation

  • Josef Zechner, 2008. "Börsennotierungen: Warum und wo? Evidenz aus Theorie und Empirie," Schmalenbach Journal of Business Research, Springer, vol. 60(2), pages 195-210, March.
    • Handle: RePEc:spr:sjobre:v:60:y:2008:i:2:d:10.1007_bf03371735
    DOI: 10.1007/BF03371735
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    References listed on IDEAS

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    1. Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002. "The Geography of Equity Listing: Why Do Companies List Abroad?," Journal of Finance, American Finance Association, vol. 57(6), pages 2651-2694, December.
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    3. Stoughton, Neal M & Wong, Kit Pong & Zechner, Josef, 2001. "IPOs and Product Quality," The Journal of Business, University of Chicago Press, vol. 74(3), pages 375-408, July.
    4. Robert C. Merton, 1995. "A Functional Perspective of Financial Intermediation," Financial Management, Financial Management Association, vol. 24(2), Summer.
    5. Christopoulos, Dimitris K. & Tsionas, Efthymios G., 2004. "Financial development and economic growth: evidence from panel unit root and cointegration tests," Journal of Development Economics, Elsevier, vol. 73(1), pages 55-74, February.
    6. Bassen, A. & Hartmann, I. & Schiereck, D., 2005. "Zeichnungsrenditen ausländischer Emittenten am deutschen Aktienmarkt," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35074, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    7. Grossman, Sanford J & Stiglitz, Joseph E, 1976. "Information and Competitive Price Systems," American Economic Review, American Economic Association, vol. 66(2), pages 246-253, May.
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    1. Thorsten Knauer & Christian Ledwig & Andreas Wömpener, 2012. "Zur Wertrelevanz freiwilliger Managementprognosen in Deutschland," Schmalenbach Journal of Business Research, Springer, vol. 64(2), pages 166-204, March.

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    Keywords

    G32;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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