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Une analyse conventionnaliste du prix d'offre des start-up sur le Nouveau Marché français

Author

Listed:
  • Valérie Revest

    (LEFI - Laboratoire d'Economie de la Firme et des Institutions - UL2 - Université Lumière - Lyon 2)

  • Emmanuelle Dubocage

    (PESOR - UP11 - Université Paris-Sud - Paris 11)

Abstract

Cet article examine le processus de valorisation des entreprises innovantes en haute technologie lors de leur introduction sur le Nouveau Marché (1996-2005). L'examen des dossiers d'introduction montre que le plus souvent le prix d'offre est justifié au travers de deux méthodes: la méthode des Discounted Cash Flows et la méthode analogique. Après avoir mis en lumière les limites de ces méthodes dans l'évaluation de jeunes entreprises innovantes, nous montrons que ces dernières ne représentent qu'une dimension de l'évaluation. Selon nous, la détermination du prix d'offre doit être re-située au sein d'un processus plus complexe de nature conventionnelle, où l'Introducteur Teneur de Marché joue un rôle central.

Suggested Citation

  • Valérie Revest & Emmanuelle Dubocage, 2010. "Une analyse conventionnaliste du prix d'offre des start-up sur le Nouveau Marché français," Post-Print halshs-00609887, HAL.
    • Handle: RePEc:hal:journl:halshs-00609887
    as

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