With the increasing competitive importance of scientific innovations associated with the

new economy it has become critical to understand the dynamics of its’ firm growth during

this early and potentially critical stage of development. This study analyses the relationship

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between firm size and growth for Neuer Markt firms from its inception in 1997 until 2000

Evidence supports the hypothesis that smaller firms on the Neuer Markt grew faster than

larger firms. Further, by using an alternative specification for growth, this study provides

evidence that liquidity constraints impact firm growth, even when controlling for firm size

and age. Results further indicate that while smaller firms grew faster in the new economy,

larger firms grew faster in the old economy, supporting the notion that smaller German

firms may be playing a larger role than previously in bringing new technologies to the

market place.

An Examination of the Relationship Between Firm Size, Growth and Liquidity in the Neuer Markt

Julie Ann Elston

(University of Central Florida)

Discussion paper 15/02

Economic Research Centre

of the Deutsche Bundesbank

June 2002

The discussion papers published in this series represent

the authors’ personal opinions and do not necessarily reflect the views

of the Deutsche Bundesbank.

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The aim of this article is to compare the former German alternative market – the Neuer Markt – with the current Entry Standard, in the context of providing capital access to small and medium enterprises. It will cover the legal framework, main entry criteria, issuers obligations to provide information and status reports.

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This analysis will answer the question if the creation of the Entry Standard was, just like the Neuer Markt, the answer to overcoming the equity gap, by providing small and medium companies access to capital. This article was based on the available literature, empirical data from press articles and FSE publications.

Alternative Trading Systems in Germany – Entry Standard vs. Neuer Markt

Sonia Woś*1

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数字经济背景下德国Neuer Markt上市公司的特点

波鸿鲁尔大学

“组织社会学与共同决策”主题系列研究报告

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目录

前言 1

1 引言：知识社会的工作 2

1.1 研究问题及目标设定 2

1.2 调研方法 3

2 觉醒与危机：关于“新经济”的讨论 4

2.1 关于新经济和数字经济的讨论 4

2.2 数字经济中的共同决策和个性化参与 5

3 NEMAX综合股指作为研究领域 7

3.1 Neuer Markt作为研究对象 7

3.2 Neuer Markt是新经济的缩影？ 8

3.3 从NEMAX到TecDAX——Neuer Markt的巩固 8

4 Neuer Markt企业的特点 10

4.1 Neuer Markt指数简介 10

4.2 Neuer Markt企业的结构特征 13

4.3 暂时结论一：Neuer Markt反映德国新经济？ 19

5 新经济中的工作和员工参与 21

5.1 Neuer Markt企业的调查 21

5.2 Neuer Markt企业中的工作 26

5.3 影响新经济企业工作模式的因素 34

5.4 暂时结论二：新经济中的工作 39

6 总结与展望：创新与传统的融合 41

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Deutsche Börse Group

www.deutsche-boerse.com

Financial report

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2015

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Deutsche Börse Group

www.deutsche-boerse.com

Financial report

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2015

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