We describe and analyze how a stock exchange can be used to finance emerging companies and to assume the role usually played by private VCs. We find that the Canadian public VC market has a success rate which is approximately four times the corresponding rate for private VC. The public VC market provides approximately seven times as many new listings to the main market as private VCs. For a five-year horizon, the delisting rate of newly listed companies is much lower than the failure rate observed for the private VC sector in Canada. Finally, the comparison of the returns shows that the public VC market outperforms the private one. We conclude that a public VC market is indeed able to compete with a private one, even if it does not have the tools, skills and value added capabilities usually attributed to private VCs.
Nous décrivons et analysons l’utilisation d’un marché boursier pour le financement d’entreprises émergentes, alors que ce rôle est généralement dévolu aux investisseurs en capital de risque (le capital de risque privé). Le taux de succès de ce marché public de capital de risque Canadien est prés de quatre fois supérieur à celui mesuré pour le marché privé. Au Canada, le marché public amène sept fois plus de nouvelles inscriptions sur le marché principal, le TSX, que ne le fait le capital de risque privé. Pour un horizon de cinq ans, le taux de disparition des entreprises nouvellement inscrites sur la Bourse de croissance est beaucoup moindre que le taux d’échec rapporté par le capital de risque. Enfin, le rendement du marché public est largement supérieur à celui du marché privé du capital de risque. Nous en déduisons que le marché public du capital de risque est parfaitement capable de concurrencer le marché privé, même s’il ne dispose pas des outils, habiletés et moyens d’ajout de valeur que l’on associe généralement au capital de risque conventionnel.
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Daniel J. Bradley & John W. Cooney, Jr. & Steven D. Dolvin & Bradford D. Jordan, 2006.
"Penny Stock IPOs,"
Financial Management,
Financial Management Association, vol. 35(1), Spring.