{"id":111722,"date":"2024-01-22T17:19:50","date_gmt":"2024-01-22T16:19:50","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/111722\/"},"modified":"2024-11-07T03:58:37","modified_gmt":"2024-11-07T02:58:37","slug":"venture-capital-ergebnisse-der-wirkungsanalyse-fuer-oesterreich","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/111722\/","title":{"rendered":"Venture Capital: Results of the Impact Study for Austria"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-111722","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Exerting special financing, selection and value adding functions, private equity and venture capital are considered to have an important impact on the overall economic development. The article tests these effects for Austria by using company data and a two-stage matching procedure. The findings demonstrate that private equity and venture capital are channelled towards enterprises whose innovativeness is above-average and which would not have sufficient alternative financial resources. They also generate additional momentum for growth in the firms' turnover and employment.","onlinedate":"2008-06-12 02:00:00","lang":"German","publication_series":"","publication_date":"20080601","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Venture Capital Private Equity Risikokapital Risikofinanzierung\"]","jelcodes":"[]","related_publications":"[]","pdf":330491,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"81","monthly_report_pages":"461-471","monthly_report_pages_sort":"461","issue":"6","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3491],"collaboration":"","persons":[3776,3843],"persons_data":"[{\"personId\":3776,\"personName\":\"Michael Peneder\",\"organisationNames\":[]},{\"personId\":3843,\"personName\":\"Gerhard Schwarz\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Peneder, M.<\\\/span><span>, &amp; Schwarz, G.<\\\/span> (2008). <span>Venture Capital: Ergebnisse der Wirkungsanalyse f\u00fcr \u00d6sterreich<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>81<\\\/em>(6), 461-471. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/32622\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/32622<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Peneder M<\\\/span><span>, Schwarz G<\\\/span>. <span class=\\\"title\\\"><span>Venture Capital: Ergebnisse der Wirkungsanalyse f\u00fcr \u00d6sterreich<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2008 Jun;81(6):461-471.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{d9045506592347a18fc91ab146ce5d67,<\\\/div><div>  title    = \\\"Venture Capital: Ergebnisse der Wirkungsanalyse f{\\\\\\\"u}r {\\\\\\\"O}sterreich\\\",<\\\/div><div>  abstract = \\\"Private Equity und Venture Capital (PE-VC) werden mit der besonderen Finanzierungs-, Selektions- und Mehrwertfunktion drei f{\\\\\\\"u}r die gesamtwirtschaftliche Entwicklung wichtige Wirkungen zugeschrieben. Eine Analyse von Unternehmensdaten f{\\\\\\\"u}r {\\\\\\\"O}sterreich zeigt, dass die besondere Finanzierungsfunktion das durch die Kombination von Unsicherheit und asymmetrischer Information entstehende Marktversagen traditioneller Kapitalm{\\\\\\\"a}rkte reduziert. Aufgrund der Selektionsfunktion investieren PE-VC-Gesellschaften meist in {\\\\\\\"u}berdurchschnittlich innovative und exportorientierte Unternehmen, sodass die PE-VC-M{\\\\\\\"a}rkte die Modernisierung und den Strukturwandel einer Volkswirtschaft insgesamt unterst{\\\\\\\"u}tzen. {\\\\\\\"U}berdies leisten PE-VC-Geber einen kausalen Mehrwert, etwa indem sie verst{\\\\\\\"a}rkt auf die Vermarktung neuer Produkte hinwirken und die Kommerzialisierung von Innovationen vorantreiben.\\\",<\\\/div><div>  keywords = \\\"Venture Capital Private Equity Risikokapital Risikofinanzierung, Venture Capital Private Equity Risikokapital Risikofinanzierung\\\",<\\\/div><div>  author   = \\\"Michael Peneder and Gerhard Schwarz\\\",<\\\/div><div>  note     = \\\"Venture Capital\\\",<\\\/div><div>  year     = \\\"2008\\\",<\\\/div><div>  month    = jun,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"81\\\",<\\\/div><div>  pages    = \\\"461--471\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Venture Capital: Ergebnisse der Wirkungsanalyse f\u00fcr \u00d6sterreich<\\\/p><p>AU  - Peneder, Michael<\\\/p><p>AU  - Schwarz, Gerhard<\\\/p><p>N1  - Venture Capital<\\\/p><p>PY  - 2008\\\/6<\\\/p><p>Y1  - 2008\\\/6<\\\/p><p>N2  - Private Equity und Venture Capital (PE-VC) werden mit der besonderen Finanzierungs-, Selektions- und Mehrwertfunktion drei f\u00fcr die gesamtwirtschaftliche Entwicklung wichtige Wirkungen zugeschrieben. Eine Analyse von Unternehmensdaten f\u00fcr \u00d6sterreich zeigt, dass die besondere Finanzierungsfunktion das durch die Kombination von Unsicherheit und asymmetrischer Information entstehende Marktversagen traditioneller Kapitalm\u00e4rkte reduziert. Aufgrund der Selektionsfunktion investieren PE-VC-Gesellschaften meist in \u00fcberdurchschnittlich innovative und exportorientierte Unternehmen, sodass die PE-VC-M\u00e4rkte die Modernisierung und den Strukturwandel einer Volkswirtschaft insgesamt unterst\u00fctzen. \u00dcberdies leisten PE-VC-Geber einen kausalen Mehrwert, etwa indem sie verst\u00e4rkt auf die Vermarktung neuer Produkte hinwirken und die Kommerzialisierung von Innovationen vorantreiben.<\\\/p><p>AB  - Private Equity und Venture Capital (PE-VC) werden mit der besonderen Finanzierungs-, Selektions- und Mehrwertfunktion drei f\u00fcr die gesamtwirtschaftliche Entwicklung wichtige Wirkungen zugeschrieben. Eine Analyse von Unternehmensdaten f\u00fcr \u00d6sterreich zeigt, dass die besondere Finanzierungsfunktion das durch die Kombination von Unsicherheit und asymmetrischer Information entstehende Marktversagen traditioneller Kapitalm\u00e4rkte reduziert. Aufgrund der Selektionsfunktion investieren PE-VC-Gesellschaften meist in \u00fcberdurchschnittlich innovative und exportorientierte Unternehmen, sodass die PE-VC-M\u00e4rkte die Modernisierung und den Strukturwandel einer Volkswirtschaft insgesamt unterst\u00fctzen. \u00dcberdies leisten PE-VC-Geber einen kausalen Mehrwert, etwa indem sie verst\u00e4rkt auf die Vermarktung neuer Produkte hinwirken und die Kommerzialisierung von Innovationen vorantreiben.<\\\/p><p>KW  - Venture Capital Private Equity Risikokapital Risikofinanzierung<\\\/p><p>KW  - Venture Capital Private Equity Risikokapital Risikofinanzierung<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 81<\\\/p><p>SP  - 461<\\\/p><p>EP  - 471<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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