Quel mode de financement pour les jeunes entreprises innovantes. Financement interne, prêt bancaire, ou capital-risque ?
AbstractThis article aims at determining the optimal external financing for young innovative firms. In our model, the firm may use banking loan or venture capital?s investments. We assume that there is an adverse selection problem between the firm and the bank whereas the venture capitalist has an expertise which allows to identify the risk of the innovative project. Depending on the firm?s characteristics, the optimal financing source is: i) equity funding from venture capital, ii) banking loans, or iii) no external finance. The simulations of the model are consistent with the empirical features of the financing of innovation in start-ups. Classification JEL : G24
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 58 (2007)
Issue (Month): 4 ()
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- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
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- Elodie Gardet & Caroline Mothe, 2009. "Les mécanismes de garantie au sein d’un réseau d’alliances développant un projet d’innovation," Revue Finance Contrôle Stratégie, revues.org, vol. 12(3), pages 131-160, September.
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