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Clusters et efficacité du capital-risque: une analyse des stratégies différenciées des fonds indépendants et des fonds industriels

Author

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  • Eric Nasica

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

  • Dominique Torre

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

  • Dufour Dominique

    (IAE Nice - Institut d'Administration des Entreprises - Nice - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur)

Abstract

L'objectif de ce travail est d'étudier l'impact des caractéristiques particulières des capital-risqueurs indépendants (IVC) et des capital-risqueurs industriels (CVC) en termes de ressources spécifiques, de comportements stratégiques et de niveau de complémentarité des projets financés sur leur efficacité en matière de financement du capital-risque. Nous expliquons tout d'abord en quoi ces éléments induisent des différences de rentabilité entre les projets financés par les CVC et ceux financés par des IVC. Nous analysons également les conditions dans lesquelles le financement de projets technologiques complémentaires, favorisés notamment par leur implantation au sein de clusters, remet en cause l'hypothèse de moindre rentabilité associée a priori aux investissements réalisés par les CVC. Nous montrons que, sous certaines conditions, le financement par des CVC conduit non seulement à accroître le nombre de projets financés mais aussi la sélectivité, voire la rentabilité des capital-risqueurs.

Suggested Citation

  • Eric Nasica & Dominique Torre & Dufour Dominique, 2016. "Clusters et efficacité du capital-risque: une analyse des stratégies différenciées des fonds indépendants et des fonds industriels," Post-Print halshs-01389932, HAL.
    • Handle: RePEc:hal:journl:halshs-01389932
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    More about this item

    Keywords

    venture capital; cluster; capital-risque;
    All these keywords.

    JEL classification:

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

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