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La croissance des PME est-elle favorisée par les Business Angels ? Une analyse à partir du cas français en 2008 et 2009

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  • Nadine Levratto
  • Luc Tessier

Abstract

Les recherches sur la contribution des Business Angels (BA) à la croissance de l’économie sont encore récentes et relativement peu diffusées, en France notamment. Afin de comparer la dynamique d’entreprises adossées à des BA à des entreprises qui ne le sont pas, nous proposons une méthode d’analyse empirique consistant à estimer des modèles multivariés permettant de rendre compte de l’influence de l’intervention des BA sur différents indicateurs de structure de l’entreprise. Notre analyse repose sur une base de données unique composée de 300 sociétés françaises financées par des investisseurs providentiels. Les résultats obtenus permettent de rendre compte de l’influence de l’intervention d’un BA sur les trajectoires des entreprises. Celle-ci exerce un effet contrasté sur la croissance de l’effectif et un effet quasi nul sur le chiffre d’affaires mais favorise visiblement la réalisation d’investissements productifs. Ces résultats sont robustes dans la mesure où ils ne dépendent pas de l’échantillon contrefactuel retenu. Ils demeurent également valides sous différentes spécifications des modèles obtenues grâce à l’introduction de diverses variables expliquées.

Suggested Citation

  • Nadine Levratto & Luc Tessier, 2014. "La croissance des PME est-elle favorisée par les Business Angels ? Une analyse à partir du cas français en 2008 et 2009," EconomiX Working Papers 2014-48, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2014-48
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    References listed on IDEAS

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    More about this item

    Keywords

    Business Angels; croissance des PME; financement; France.;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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