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Corporate Venture Capital: Risikokapitalfinanzierung Deutscher Industrieunternehmen

Corporate Venture Capital: Risikokapitalfinanzierung Deutscher Industrieunternehmen

          
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About the Book

Venture Capital als Finanzierungsform gibt es in Deutschland unter dem Begriff "Wagnisfinanzierung" seit Mitte der fünfziger Jahre, seinerzeit ange- regt durch die Arbeitsgemeinschaft Selbständiger Unternehmer (ASU), die dem Eigenkapitalmangel der mittelständischen Wirtschaft, insbesondere wegen des Fehlens des Zuganges zum organisierten Kapitalmarkt, durch ein Finanzierungs-Surrogat abhelfen wollte. Daraus sind im Laufe der Jahre VC-Gesellschaften aller Bankengruppen, auch einzelne Gesellschaften unter Beteiligung der Großindustrie, entstanden, die allerdings nicht sehr erfolgreich gewesen sind. Die Fondsmittel wurden durchweg nicht aus- genutzt, was möglicherweise dem bestimmenden Einfluß der von den Ban- ken gestellten Fondsmanager zuzuschreiben ist, denen Reinhard H. Schmidt "krankhafte Risikoscheu" attestiert hat. Einer der Gründe war die Konstruktion der Beteiligungsfinanzierung, die zwar eigenkapital ähnlich dem Inhalt nach war, jedoch das VC-Management nicht mit in die unternehmerische Mitverantwortung nahm, sondern sich auf Beiratsfunktionen beschränkte und durch die Art der Ergebnisver- teilung - feste, rentenähnliche Verzinsung des Kapitals - und die Art der Beendigung des VC-Verhältnisses - in der Regel Rückkauf durch den VC- Nehmer - signalisierte, daß es sich der Natur nach um ein Kreditverhältnis handelte. Erst seit Mitte der achtziger Jahre, unter dem Einfluß von VC-Finanzierun- gen US-amerikanischer Investmentbanken, wurden vereinzelt auch VC- Modelle angeboten, bei denen die VC-Gesellschaft mit in das unterneh- merische Risiko ging und damit auch aktiv in der Geschäftsführung des VC-Nehmers tätig wurde.


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Product Details
  • ISBN-13: 9783409142229
  • Publisher: Gabler Verlag
  • Publisher Imprint: Gabler Verlag
  • Edition: 1996 ed.
  • Language: German
  • Returnable: N
  • Spine Width: 15 mm
  • Weight: 385 gr
  • ISBN-10: 3409142223
  • Publisher Date: 01 Jan 1996
  • Binding: Paperback
  • Height: 229 mm
  • No of Pages: 262
  • Series Title: Trends in Finance and Banking
  • Sub Title: Risikokapitalfinanzierung Deutscher Industrieunternehmen
  • Width: 152 mm


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