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Le financement des entreprises en démarrage et en croissance : le point de la situation

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  • Suret, Jean-Marc

    (École de comptabilité, Université Laval, CIRANO)

Abstract

In several countries including Canada, public policies related to the financing of emerging companies involve numerous programs and large amounts of money. Major problems remain in this area, and government efforts are not always successful. In April 2010, a symposium entitled “Entrepreneurial finance and Venture capital” was organized in Montréal, drawing about 60 researchers from 18 countries. We summarize several presentations, keynote addresses and panel session discussions. We select the most relevant work from the point of view of Canadian public policies about small business finance. Three important conclusions emerged. First, the rate of return of private equity and venture capital is low; institutional investors are now reluctant to invest in this asset class. Second, the increasing rarity of IPOs (initial public offering) is likely to limit the more profitable exits in the venture capital industry. Third, conceiving and implementing public policy that favours small business finance is a challenging task. Résumé : Le financement des entreprises en croissance demeure un problème très important qui, dans de nombreux pays, dont le Canada, met en jeu des politiques publiques multiples et des montants considérables. Les résultats des efforts des pouvoirs publics ne semblent cependant pas toujours être à la hauteur des attentes. En avril 2010, un symposium sur la finance entrepreneuriale et le capital de risque a rassemblé, à Montréal, 60 experts venus de 18 pays. Nous résumons ici les présentations, discussions et propositions faites lors de cette activité. Nous avons choisi trois dimensions particulièrement importantes du point de vue des politiques publiques au Canada. La rentabilité de l’industrie du placement privé et du capital de risque est faible et les investisseurs institutionnels en ont pris conscience. Les émissions initiales sont en forte diminution, ce qui limite les possibilités de sortie très profitable du capital de risque. La conception et l’implantation de politiques publiques en faveur du capital de risque sont difficiles.

Suggested Citation

  • Suret, Jean-Marc, 2010. "Le financement des entreprises en démarrage et en croissance : le point de la situation," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(3), pages 385-411, septembre.
  • Handle: RePEc:ris:actuec:0039
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    References listed on IDEAS

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