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Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: Zwei Versuche institutioneller Innovation in Deutschland

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  • Engelhardt, Lutz

Abstract

Seit geraumer Zeit wird dem Standort Deutschland eine Unterversorgung mit Wagniskapital diagnostiziert. Die Etablierung eines Wachstumssegments an der Frankfurter Wertpapierbörse und die Unterstützung auf junge Hochtechnologieunternehmen spezialisierter Beteiligungsunternehmen gehören deswegen seit langem zu den Zielsetzungen deutscher Technologiepolitik. Die beiden letzten Versuche institutioneller Innovation war die Gründung des Neuen Marktes im Jahre 1997 und, nach dessen Scheitern, die Schaffung des Transparenzstandards Entry Standard im Jahre 2005. Durch einen Vergleich der beiden Märkte, ihrer notierten Unternehmen und der an ihnen tätigen Wagniskapitalgeber wird der Frage nachgegangen, ob das Scheitern des Neuen Marktes die grundsätzliche Unmöglichkeit zum Ausdruck gebracht hat, im bankenzentrierten System Deutschlands Aktienmärkte und Akteure nach angelsächsischem Vorbild zu installieren. Es zeigt sich, dass das Scheitern des Neuen Marktes eher einer historisch einmaligen Situation am deutschen Finanzplatz geschuldet war, und dass der Entry Standard neben dem General und dem Prime Standard bis jetzt eine stabilere Entwicklung genommen hat. Bezüglich der Fähigkeit der neuen Transparenzstandards der Frankfurter Wertpapierbörse, schnell wachsende Hochtechnologieunternehmen hervorzubringen und der Rolle, die deutsches Wagniskapital dabei spielen kann, kommt diese Arbeit zu einer moderat optimistischen Einschätzung.

Suggested Citation

  • Engelhardt, Lutz, 2007. "Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: Zwei Versuche institutioneller Innovation in Deutschland," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2007-05, WZB Berlin Social Science Center.
    • Handle: RePEc:zbw:wzbism:spii200705
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    References listed on IDEAS

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    More about this item

    Keywords

    Frankfurter Wertpapierbörse; Neuer Markt; Entry Standard; Prime Standard; Wagniskapital; Institutionen; Hochtechnologie; Technologiepolitik;
    All these keywords.

    JEL classification:

    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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