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Determinanten und Effekte von Venture Capital und Private Equity: Eine Literaturanalyse

Determinants and effects of Venture Capital and Private Equity: a literature analysis

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Zusammenfassung

Die Entwicklung von Venture-Capital-Märkten stellt ein wichtiges wirtschaftspolitisches Ziel dar und wurde insbesondere durch Instrumente der EU-weiten Politik, etwa des „Juncker-Plans“ oder European Investment Fund forciert

Im ersten Teil des Beitrags werden Effekte von Venture Capital (VC) und Private Equity (PE) auf verschiedene wirtschaftliche Variablen, wie Beschäftigung, Investitionen und Wirtschaftswachstum, untersucht. Hierbei liegt der Fokus auf dem Mehrwert für die Wirtschaft, die durch Venture Capital in Form von höherer Beschäftigung, Wertschöpfung oder Innovationstätigkeit generiert wird. Risikokapital ist sowohl mikro- als auch makroökonomisch ein wichtiger Entwicklungsfaktor für eine Volkswirtschaft, welcher mit höherer Innovation, Produktivität und allgemein positiven Entwicklungen in Verbindung steht

Im zweiten Teil analysieren wir, welche Standortfaktoren für Ansiedlung von Venture Capital und Private Equity Fonds maßgeblich sind, sowie welche Faktoren Nachfrage nach VC/PE erhöhen und im Gleichgewicht zur Entwicklung von VC- und PE-Märkten führen. Es stellt sich heraus, dass die Verfügbarkeit von Risikokapital und Private Equity von einer Reihe von Standortfaktoren abhängig ist. Hierbei sind sowohl die Angebots- als auch die Nachfrageseite relevant. Wesentlich sind dabei fiskalpolitische, rechtliche und kulturelle Elemente. Insbesondere wurden Elemente aus Steuerpolitik, Regulierung, Gesellschafts- und Insolvenzenrecht u.Ä. identifiziert. Die Arbeit trägt zum besseren Verständnis für Erfolgsfaktoren einer Wirtschaft bei und ermöglicht es, umfassende wirtschaftspolitische Empfehlungen abzuleiten, um Standorte für Risikokapital und Private Equity attraktiver zu machen.

Abstract

The development of venture-capital markets represents an important economic-policy objective and has been pushed in particular by instruments of EU-wide policies, such as the “Juncker Plan” and investment of the European Investment Fund

In the first part of the paper, effects of venture capital and private equity on various economic outcomes, such as employment, investment and economic growth, are examined. Here, the focus is on the added value for the economy generated by venture capital in the form of higher employment, value creation or innovation activity. Venture capital is both micro- and macroeconomically an important development factor for an economy, which is associated with higher innovation, productivity and further positive outcomes

In the second part, we analyze which location factors are decisive for the establishment of venture capital and private-equity funds, as well as which factors increase demand for VC/PE and, in equilibrium, lead to the development of VC and PE markets. It turns out that the availability of venture capital and private equity depends on a number of location factors. Both the supply and demand sides are relevant. Fiscal policies (such as corporate taxation and taxes on carried interest), and legal and cultural elements are essential. The work contributes to a better understanding of success factors of an economy and allows to derive comprehensive economic-policy recommendations to make locations more attractive for venture capital and private equity.

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Notes

  1. Investing in Europe: Private Equity Activity 2020, Invest Europe.

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Authors and Affiliations

  1. EcoAustria – Institut für Wirtschaftsforschung, Am Heumarkt 10, 1030, Wien, Österreich

    Monika Köppl-Turyna, Johannes Berger & Ludwig Strohner

  2. Edinburgh Business School, Heriot Watt University, EH14 4 AS, Edinburgh, Großbritannien

    Stefan Köppl

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Der besseren Lesbarkeit halber, wird in nachfolgender Arbeit auch der in deutschsprachigen Publikationen häufig verwendete Begriff „Risikokapital“ verwendet.

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Köppl-Turyna, M., Köppl, S., Berger, J. et al. Determinanten und Effekte von Venture Capital und Private Equity: Eine Literaturanalyse. List Forum 47, 151–192 (2021). https://doi.org/10.1007/s41025-021-00236-1

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