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Quel mode de financement pour les jeunes entreprises innovantes. Financement interne, prêt bancaire, ou capital-risque ?

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  • Frédérique Savignac

Abstract

This article aims at determining the optimal external financing for young innovative firms. In our model, the firm may use banking loan or venture capital?s investments. We assume that there is an adverse selection problem between the firm and the bank whereas the venture capitalist has an expertise which allows to identify the risk of the innovative project. Depending on the firm?s characteristics, the optimal financing source is: i) equity funding from venture capital, ii) banking loans, or iii) no external finance. The simulations of the model are consistent with the empirical features of the financing of innovation in start-ups. Classification JEL : G24

Suggested Citation

  • Frédérique Savignac, 2007. "Quel mode de financement pour les jeunes entreprises innovantes. Financement interne, prêt bancaire, ou capital-risque ?," Revue économique, Presses de Sciences-Po, vol. 58(4), pages 863-889.
    • Handle: RePEc:cai:recosp:reco_584_0863
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    Citations

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    Cited by:

    1. Elodie Gardet & Caroline Mothe, 2009. "Les mécanismes de garantie au sein d’un réseau d’alliances développant un projet d’innovation," Revue Finance Contrôle Stratégie, revues.org, vol. 12(3), pages 131-160, September.
    2. Anabela Santos & Michele Cincera & Giovanni Cerulli, 2019. "Assessing Financing, Innovation and Growth Linkage: New Evidence for Policy," Working Paper 54d93216-99f7-4438-975d-2, European Microfinance Network.
    3. Sophie BOUTILLIER & DimitriUZUNIDIS, 2010. "La Fonction De L’Entrepreneur Aujourd’Hui La « Societe Entrepreneuriale » Controversee The Function Of The Entrepreneur Today. The Questionable “Entrepreneurial Society”," Working Papers 233, Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation.
    4. Julien Salin & Nadine Levratto, 2020. "Are business angel-backed companies truly different? a comparative analysis of the financial structure," EconomiX Working Papers 2020-5, University of Paris Nanterre, EconomiX.
    5. repec:dau:papers:123456789/15015 is not listed on IDEAS

    More about this item

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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