Capital-investissement et stratégies de syndication : le cas de la france

Cet article propose d’analyser les stratégies de syndication des sociétés de capital-investissement françaises et de les comparer à celles de leurs homologues européennes et nord-américaines. La syndication est en effet une stratégie qui permet globalement aux investisseurs d’améliorer leurs performances par exemple en partageant les risques ou encore en ajoutant de la valeur aux firmes. Cet article montre que les motifs de syndication varient en fonction du stade de développement de la firme que l’on finance mais aussi en fonction de la nature des sociétés de capital-investissement. Cet examen approfondi des choix de syndication du capital-investissement français, quand on les compare à ceux des sociétés localisées aux États-Unis, semble révéler une certaine « spécialisation » de ce dernier.This article proposes to analyze the syndication strategies of the French venture capital firms and to compare them with their European and North-American counterparts. Syndication is a strategy allowing investors to improve their performances for instance through risk-sharing-based and expertise-based cooperation. This paper shows that syndication motives vary depending on the stage of development of the firm financed but also depending on the type of venture capital firms. This detailed examination of the choice for syndication of French venture capital firms, compared with the one located in the United States, seems to reveal a degree of “specialization” of the French venture capital industry

The impact of the quality of VC financing and monitoring on the survival of IPO firms

International audienc

Capital-investissement et performances des firmes : le cas de la France

Numéro spécial - Prix de thèse 2011This paper analyses venture capital contribution to the financing and performance of innovative companies via its ability to provide financing for innovative projects. From a hand-collected data set based on a sample of French companies that went public at the "Nouveau Marché", we show that : i) venture capital financing does not have a positive impact on the performance of French companies, measured by their survival rate and ii) the distinction between different types of venture capitalists does not affect this result. Thus, our results contribute to show that European venture capital industry seems to be quite homogeneous in terms of performance.Notre objectif dans ce papier est d'analyser dans quelle mesure le capital-investissement peut contribuer à améliorer la performance des jeunes entreprises innovantes via sa capacité à assurer le financement des projets innovants. A partir d'une base de données collectée à la main et basée sur un échantillon d'entreprises françaises introduites sur le Nouveau Marché, nous montrons que i) le financement par capital-investissement n'a pas l'impact positif attendu sur la performance des entreprises françaises, mesurée par leur taux de survie et que ii) la prise en compte de la nature des sociétés de capital-investissement ne modifie pas ce résultat. Nos résultats contribuent ainsi à renforcer l'idée selon laquelle il semble exister une certaine homogénéité européenne quant à la performance de ce mode de financement

Innovation, Credit Constraints and National Banking Systems: A comparison of developing nations

International audienceThis chapter extends exiting micro-level studies on the financing decisions of enterprises in developing countries by connecting these decisions both to firms’ innovation activity and to the wider institutional framework formed by the national banking system. The national banking system is recognized as being central to the ability of developing-country firms to acquire the resources and develop the capabilities needed for innovation. We investigate the links between innovation and financial system characteristics for a sample of 36 developing nations spread across 5 regions of the world: Sub-Saharan Africa, the Middle East and North Africa, East Asia and Pacific, South Asia and Central Asia. Our results show that credit constraints have a significant negative impact on innovation performance and that the depth and breadth of the national banking system indirectly affect innovation through their impact on the likelihood that firms face these financing constraints. Moreover, we find that large firms tend to benefit disproportionately from increases in banking system depth while small firms, and to a lesser extent medium-sized firms, reap relative innovation benefits from increases in banking system breadth

Where do we go? VC firm heterogeneity and the exit routes of newly listed high-tech firms

In this paper, we study how the support of heterogeneous venture capital firms (VCs), that is: independent venture capital firms (IVCs), bank-affiliated venture capital firms (BVCs), and corporate venture capital firms (CVCs), shapes the delisting route of companies through business failure and merger and acquisitions (M&As), while distinguishing between European M&As and extra-EU M&As after the initial public offering (IPO). We find that the influence of the VCs in the firms’ post-IPO delisting varies according to the mode of delisting and the type of venture capitalist. In particular, we find that the presence of leading IVC and BVC investments before IPO is related to a lower likelihood of exiting the stock market through business failure but does not significantly affect the likelihood of M&As. In contrast, the presence of CVC investors is related to a higher likelihood of delisting through extra-EU M&As.Initiative d'excellence de l'Université de Bordeau

L'influence des stratégies de capital-risque sur la performance de leurs investissements en Europe

National audienc

Faut-il assurer les entrepreneurs ?Assurance chômage, liquidation judiciaire et rebond entrepreneurial

International audienc