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Performance des entreprises financées par Equity-Crowdfunding

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  • Stéphane Koffel

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

Abstract

Cet article vise à étudier l'impact du financement par Equity-Crowdfunding sur la performance des entreprises financées. Ce nouveau mode de financement en fonds propres des entreprises fait intervenir deux nouveaux acteurs, la foule et la plateforme. Ces acteurs interviennent généralement dans des entreprises en phase de démarrage, et peuvent ainsi se retrouver dans des projets semblables à un autre acteur de la finance d'entreprise : les Business Angels. En précisant les caractéristiques principales de ces modes de financement, nous cherchons à identifier les effets que leur intervention peut produire sur la création de valeur de l'entreprise. A partir d'un échantillon de 952 entreprises financées par ces investisseurs dans quatre pays européens et d'une méthodologie quantitative de comparaison de moyenne et d'appariement par les scores de propension, nous proposons de voir si le financement par Equity-Crowdfunding participe ou non à la création de valeur d'une entreprise, et en quoi sa contribution peut différer de celle d'un Business Angel. Les résultats de notre étude montrent que si les entreprises financées par ces deux investisseurs présentent des performances comparables, l'effet de leur intervention sur cette performance diffère.

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  • Stéphane Koffel, 2017. "Performance des entreprises financées par Equity-Crowdfunding," Post-Print hal-03553731, HAL.
    • Handle: RePEc:hal:journl:hal-03553731
    Note: View the original document on HAL open archive server: https://hal.science/hal-03553731
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