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The United States has the oldest and most developed venture capital industry in the OECD. Several successful high-technology companies in computers and communications, as well as in healthrelated sectors and services, were venture-backed. Young high-growth firms also benefit from a continuum of complementary finance from business angels, institutional investors and second-tier stock markets. The government played an active role in the early phases of the venture capital industry through the Small Business Investment Company (SBIC) program and various technology development schemes. A reduction in capital gains tax rates and liberalisation of rules for pension fund investments in risky assets in the late 1970s also unlocked new capital sources. Venture capital activity, however, has been quite cyclical. Periods of high fund-raising and investment in the 1980s and 1990s were followed by market downturns with negative effects on small firm survival and growth. Fundamental structural ...
Politiques de capital-risque aux Etats-Unis
Le secteur du capital-risque aux Etats-Unis est le plus ancien et le mieux développé des pays de l’OCDE. Plusieurs sociétés de haute technologie, qui ont fait leurs preuves dans l’informatique et les communications, mais aussi dans les secteurs et services liés à la santé, ont été financées par du capital-risque. Les jeunes entreprises à forte croissance bénéficient également d’apports réguliers de financements complémentaires de la part des investisseurs providentiels (business angels), des investisseurs institutionnels, et des seconds marchés. Les pouvoirs publics ont joué un rôle déterminant pendant les premières phases du développement du secteur du capital-risque aux Etats-Unis par le biais du program Small Business Investment Company (SBIC) et de divers dispositifs de promotion de la technologie. La réduction des taux d’imposition des plus-values et l’assouplissement des règles applicables aux fonds de pension permettant à ces derniers de faire des investissement à risque à ...
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