IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-00575473.html
   My bibliography  Save this paper

Syndication et financement de l'innovation: motif de partage du risque versus expertise

Author

Listed:
  • Sophie Pommet

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

Abstract

Venture capital firms are known as specific financial intermediaries, providing not only funds but also expertise to innovative projects. This paper analyses the consequences venture capital investments syndication for an expertise motive can have on investment decisionss and on post-investment involvement of investors. In that perspective, we use the analytical framework provided by the Soft (versus Hard) Budget Constraint literature and more specifically the paper published by Huand and Xu (2003) in which the capacity of syndication for risk diversification to refinance short-run inefficient project is examined. We develop an extension of that model in order to consider the specificity of syndication for expertise and what could be its impact on investors' specificity of syndication for expertise and what could be its impact on investors' refinancing decision. Then, the model discusses the conditions for which syndication for expertise motive may be more profitable for venture capitalists than syndication for a pure risk diversification motive.

Suggested Citation

  • Sophie Pommet, 2010. "Syndication et financement de l'innovation: motif de partage du risque versus expertise," Post-Print hal-00575473, HAL.
    • Handle: RePEc:hal:journl:hal-00575473
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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," Working Papers hal-04141308, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00575473. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.