金融科技初创公司:失败、融资成功与创新能力

11301 2024 August 2024 Fintech Startups in Germany: Firm Failure, Funding Success, and Innovation Capacity Lars Hornuf, Matthias Mattusch Electronic copy available at: https://ssrn.com/abstract=4991799Impressum: CESifo Working Papers ISSN 2364-1428 (electronic version) Publisher and distributor: Munich Society for the Promotion of Economic Research - CESifo GmbH The international platform of Ludwigs-Maximilians University’s Center for Economic Studies and the ifo Institute Poschingerstr. 5, 81679 Munich, Germany Telephone +49 (0)89 2180-2740, Telefax +49 (0)89 2180-17845, email office@cesifo.de Editor: Clemens Fuest https://www.cesifo.org/en/wp An electronic version of the paper may be downloaded · from the SSRN website: www.SSRN.com · from the RePEc website: www.RePEc.org · from the CESifo website: https://www.cesifo.org/en/wp Electronic copy available at: https://ssrn.com/abstract=4991799CESifo Working Paper No. 11301 Fintech Startups in Germany: Firm Failure, Funding Success, and Innovation Capacity Abstract Fintech startups have set out to revolutionize the financial world. However, little is known about how successful and innovative these firms actually are. This paper investigates firm failure, funding success, and innovation capacity using a hand-collected dataset of 892 German fintechs founded between 2000 and 2021. We find that founders with a business degree and entrepreneurial experience have a better chance of obtaining funding, while founder teams with science, technology, engineering, or mathematics backgrounds file more patents. Early third-party endorsements and foreign partnerships substantially increase firm survival. We also establish the following stylized facts: (1) fintechs focusing on business-to-business models and which position themselves as technical providers prove to be more effective; and (2) fintechs competing in segments traditionally reserved for banks are generally less successful and less innovative. These results have important implications for the early-stage success management of fintech firms and the investment decisions of venture capital funds and government startup programs. JEL-Codes: G240, M130. Keywords: Fintech industry, firm funding, firm failure, innovation capacity. Lars Hornuf Dresden University of Technology Chair of Business Administration, esp. Finance and Financial Technology Helmholtzstr. 10 Germany – 01069 Dresden lars.hornuf@tu-dresden.de Website: www.hornuf.com Matthias Mattusch Dresden University of Technology Chair of Business Administration, esp. Finance and Financial Technology Helmholtzstr. 10 Germany – 01069 Dresden matthias.mattusch@tu-dresden.de This version: August 18, 2024 Electronic copy available at: https://ssrn.com/abstract=4991799 3 1. Introduction Over the past decade, traditional financial institutions have been confronted with financial technology firms (fintechs) targeting their most lucrative business segments. Fintechs frequently offer specific fi

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金融
2024-11-18
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