Topic of the research report

'The future interlinkage of bank-based corporate finance in Germany with the international capital markets'


Initial situation

  • Corporate financing in Germany, especially in the SME sector, is still very much dependent on banks.
  • There are many reasons for this:
    • The domestic capital market still lacks size and liquidity in international comparison.
    • The pension system is capital market-oriented to a limited extent only.
    • The small-scale structures of many small and medium-sized enterprises make access to the capital market difficult.
    • Ownership and governance structures in many companies are not capital market-oriented.
  • The environment has changed considerably with the extensive reforms of the European financial market architecture and the low-interest phase.
  • In addition, the coronavirus crisis has had a considerable impact on economic conditions and thus also on corporate financing.


Questions of the research report

  • How has bank financing in Germany developed in recent years, and how will it continue to develop? What role do non-banks play in credit financing?
  • What are the financing needs of SMEs, especially against the background of current developments?
  • What influence will the changed regulatory framework have on SME financing?
  • What potentials could an improved interlinkage between bank-based and capital market-based corporate financing unfold?
  • What lessons can be learned from the coronavirus crisis with regard to corporate financing?

Presentation of the research report

The research report was completed on 31 March 2021. 

The presentation of the research report took place in cooperation with the DIHK on 12 April 2021, from 18:00 - 19:30, in digital format via Microsoft Teams conference.



Monday, 12 April 2021

17.50 h  Dial-In  
18.00 h   

Welcome by the moderator
Dr Volker Treier, Head of Foreign Trade and Member of the Executive Board of the DIHK

18.10 h

Keynote speech
State Secretary Dr Martin Worms, HMdF

18.30 h

Presentation of the research report by the authors
Prof Dr Horst Gischer, Otto-von-Guericke-Universität Magdeburg
Prof Dr Christoph Kaserer, Technische Universität München

18.50 h

Panel discussion and audience questions
Hiltrud Thelen-Pischke, Stiftung Kapitalmarktforschung für den Finanzstandort Deutschland
Ralf Brunkow, Geschäftsführer/CFO in der WiBu Gruppe
Prof Dr Horst Gischer, Otto-von-Guericke-Universität Magdeburg
Prof Dr Christoph Kaserer, Technische Universität München

19.25 hSummary and farewell