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L'évaluation et le financement des start-up Internet


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  • Ulrich Hege


This paper discusses some phenomena in the corporate finance of internet start-ups that emerged during the ?internet buble? between 1998-2000. The advent of nternet start-ups had a major impact on the investment flow and the operations of the venture capital industry in the US and in Europe. It is argued that some of these transformations could be explained by the potential for specific agency conflicts in the financing of internet start-ups. The paper then turns to a discussion of initial public offerings and the listing of companies without near-term profitability, the capital structure of start-ups characterized by the dominance of equity, and the absence of dividend pay-outs. Finally, the valuation of companies and innovative techniques that supposedly can overcome obstacles in the accurate valuation of internet start-ups are discussed. Classification JEL : G31, G32, G35, L86

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 52 (2001)
Issue (Month): 7 ()
Pages: 291-312

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Handle: RePEc:cai:recosp:reco_527_0291

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Cited by:
  1. Patrick Boisselier & Dominique Dufour, 2002. "L'Introduction Des Societes Internet En Bourse : Opportunisme Ou Necessite Pour Les Actionnaires Et Capital-Risqueurs ?," Post-Print halshs-00584445, HAL.
  2. repec:hal:wpaper:hal-00628647 is not listed on IDEAS
  3. Mohamed-Larbi Aribou, 2009. "L'évaluation comptable de l'immatériel dans les entreprises high-tech," Post-Print halshs-00445609, HAL.
  4. Olivier Sautel & Cécile Cézanne-Sintès, 2007. "Firme intensive en capital humain et coordination : vers une redéfinition du rapport entre intégration et dé-intégration," Post-Print hal-00331454, HAL.
  5. Christophe Boucher, 2003. "La valorisation des sociétés de la Nouvelle économie par les options réelles : vertiges et controverses d’une analogie," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 299-315.
  6. Patrick Boisselier & Dominique Dufour, 2007. "Bulle financière et introduction des sociétés Internet au Nouveau marché," Revue Finance Contrôle Stratégie,, vol. 10(1), pages 67-93, March.
  7. Olivier Sautel & Cécile Cézanne, 2007. "The Human Capital-Intensive Firm and Coordination: Redefined Integration and Disintegration," CEPN Working Papers hal-00628647, HAL.


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