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L'évaluation et le financement des start-up Internet

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  • Ulrich Hege

Abstract

[fre] L'évaluation et le financement des start-up Internet. . Cet article analyse quelques phénomènes de finance d'entreprise liés aux start-up Internet, apparus durant la « bulle » des années 1998-2000. À cette période, l'arrivée des start-up Internet a produit un impact majeur sur les flux d'investissement et sur le fonctionnement du secteur du capital-risque aux États-Unis et en Europe. Ces transformations s'expliquent en partie par des problèmes d'agence spécifiques aux start-up Internet, qui sont étudiés dans une première partie. On s'intéresse ensuite successivement à l'introduction et la cotation en bourse de sociétés sans bénéfices à court et moyen terme, à la structure de capital des start-up, marquée par une prédominance des fonds propres, puis au non-paiement de dividendes. Enfin, sont discutés différents modes d'évaluation des sociétés, notamment des méthodes récentes reposant sur la théorie des options réelles et visant à mieux prendre en compte certains caractères spécifiques des start-up. [eng] The valuation and financing of internet start-ups. . 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.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 52 (2001)
Issue (Month): 1 ()
Pages: 291-312

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Handle: RePEc:prs:reveco:reco_0035-2764_2001_hos_52_1_410291

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Cited by:
  1. 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.
  2. 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.
  3. Patrick Boisselier & Dominique Dufour, 2007. "Bulle financière et introduction des sociétés Internet au Nouveau marché," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 67-93, March.
  4. 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.
  5. repec:hal:wpaper:hal-00628647 is not listed on IDEAS
  6. repec:hal:cepnwp:hal-00628647 is not listed on IDEAS
  7. Mohamed-Larbi Aribou, 2009. "L'évaluation comptable de l'immatériel dans les entreprises high-tech," Post-Print halshs-00445609, HAL.

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