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Syndication et financement de l'innovation: motif de partage du risque versus expertise

Author

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  • Sophie Pommet

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

Abstract

Venture capital firms are known as specific financial intermediaries, providing not only funds but also expertise to innovative projects. This paper analyses the consequences venture capital investments syndication for an expertise motive can have on investment decisionss and on post-investment involvement of investors. In that perspective, we use the analytical framework provided by the Soft (versus Hard) Budget Constraint literature and more specifically the paper published by Huand and Xu (2003) in which the capacity of syndication for risk diversification to refinance short-run inefficient project is examined. We develop an extension of that model in order to consider the specificity of syndication for expertise and what could be its impact on investors' specificity of syndication for expertise and what could be its impact on investors' refinancing decision. Then, the model discusses the conditions for which syndication for expertise motive may be more profitable for venture capitalists than syndication for a pure risk diversification motive.

Suggested Citation

  • Sophie Pommet, 2010. "Syndication et financement de l'innovation: motif de partage du risque versus expertise," Post-Print hal-00575473, HAL.
    • Handle: RePEc:hal:journl:hal-00575473
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    Cited by:

    1. Nadine Levratto & Luc Tessier, 2014. "La croissance des PME est-elle favorisée par les Business Angels ? Une analyse à partir du cas français en 2008 et 2009," Working Papers hal-04141308, HAL.
    2. Nadine Levratto & Luc Tessier, 2014. "La croissance des PME est-elle favorisée par les Business Angels ? Une analyse à partir du cas français en 2008 et 2009," EconomiX Working Papers 2014-48, University of Paris Nanterre, EconomiX.

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