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Börsen als Instrument der kapitalmarktbasierten Finanzierung von Klein- und Mittelbetrieben in Österreich. Internationale Beispiele und Ansatzpunkte

Author

Listed:
  • Werner Hölzl
  • Michael Böheim

    (WIFO)

  • Klaus Friesenbichler
  • Thomas Jud

    (convelop cooperative knowledge design gmbh)

Abstract

In Europa gibt es – im Gegensatz zu den USA – mit den Alternative Investment Markets eigene Märkte für kleine börsennotierte Unternehmen ("Small Caps"). Solche KMU-Börsen bauen auf dem Freiverkehr auf, sind aber weniger umfangreich reguliert als die Hauptmärkte. Die Kapitalaufnahme erfolgt in der Regel über Privatplatzierungen. Zentral für das Funktionieren von KMU-Märkten ist das Vorliegen eines kapitalmarktorientierten "Finanz-Ökosystems".

Suggested Citation

  • Werner Hölzl & Michael Böheim & Klaus Friesenbichler & Thomas Jud, 2017. "Börsen als Instrument der kapitalmarktbasierten Finanzierung von Klein- und Mittelbetrieben in Österreich. Internationale Beispiele und Ansatzpunkte," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(8), pages 629-638, August.
    • Handle: RePEc:wfo:monber:y:2017:i:8:p:629-638
    Note: With English abstract.
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    References listed on IDEAS

    as
    1. Thomas Jud & Jürgen Marchart & Klaus Friesenbichler & Michael Peneder & Stefan Haslinger, 2013. "Risikokapital in Österreich. Angebots- und nachfrageseitige Erklärungen der geringen Ausprägung und Empfehlungen zu ihrer Überwindung," WIFO Studies, WIFO, number 46677, March.
    2. David Weild & Edward Kim & Lisa Newport, 2013. "Making Stock Markets Work to Support Economic Growth: Implications for Governments, Regulators, Stock Exchanges, Corporate Issuers and their Investors," OECD Corporate Governance Working Papers 10, OECD Publishing.
    3. Harwood, Alison & Konidaris, Tanya, 2015. "SME exchanges in emerging market economies : a stocktaking of development practices," Policy Research Working Paper Series 7160, The World Bank.
    4. Werner Hölzl & Klaus Friesenbichler & Michael Böheim & Thomas Jud, 2016. "KMU-Börsen in Europa," WIFO Studies, WIFO, number 58896, March.
    5. Silvio Vismara & Stefano Paleari & Jay R. Ritter, 2012. "Europe's Second Markets for Small Companies," European Financial Management, European Financial Management Association, vol. 18(3), pages 352-388, June.
    6. Thomas Jud, 2013. "Funktionsmodell und Rahmenbedingungen der Risikokapitalfinanzierung," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(8), pages 663-672, August.
    7. Klaus Friesenbichler & Thomas Url, 2013. "Standortfaktoren und Investitionspotential von Risikokapital in Österreich," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(8), pages 673-683, August.
    8. Michael Peneder & Gerhard Schwarz, 2008. "Venture Capital: Ergebnisse der Wirkungsanalyse für Österreich," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(6), pages 461-471, June.
    9. Gao, Xiaohui & Ritter, Jay R. & Zhu, Zhongyan, 2013. "Where Have All the IPOs Gone?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 48(6), pages 1663-1692, December.
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    Cited by:

    1. Michael Peneder & Nicole Schmidt-Padickakudy & Anna Strauss-Kollin & Stefan Weingärtner, 2018. "Österreichs Wettbewerbsfähigkeit im internationalen Vergleich," WIFO Working Papers 565, WIFO.
    2. Jürgen Janger & Agnes Kügler, 2018. "Innovationseffizienz. Österreich im internationalen Vergleich," WIFO Studies, WIFO, number 61111, March.

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