IDEAS home Printed from https://ideas.repec.org/a/cai/recosp/reco_584_0863.html
   My bibliography  Save this article

Quel mode de financement pour les jeunes entreprises innovantes. Financement interne, prêt bancaire, ou capital-risque ?

Author

Listed:
  • Frédérique Savignac

Abstract

This 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

Suggested Citation

  • Frédérique Savignac, 2007. "Quel mode de financement pour les jeunes entreprises innovantes. Financement interne, prêt bancaire, ou capital-risque ?," Revue économique, Presses de Sciences-Po, vol. 58(4), pages 863-889.
  • Handle: RePEc:cai:recosp:reco_584_0863
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_584_0863
    Download Restriction: free

    File URL: http://www.cairn.info/revue-economique-2007-4-page-863.htm
    Download Restriction: free

    References listed on IDEAS

    as
    1. Laffond, Gilbert & Laine, Jean, 2000. "Representation in majority tournaments," Mathematical Social Sciences, Elsevier, vol. 39(1), pages 35-53, January.
    2. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, vol. 10(2), pages 187-217, April.
    3. Hartvigsen, David, 2006. "Vote trading in public elections," Mathematical Social Sciences, Elsevier, vol. 52(1), pages 31-48, July.
    4. Fishburn, Peter C, 1971. "The Theory of Representative Majority Decision," Econometrica, Econometric Society, vol. 39(2), pages 273-284, March.
    5. Gibbard, Allan, 1973. "Manipulation of Voting Schemes: A General Result," Econometrica, Econometric Society, vol. 41(4), pages 587-601, July.
    6. Sebastian Bervoets & Vincent Merlin, 2006. "Stability and Manipulation in Representative Democracies," UFAE and IAE Working Papers 669.06, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. repec:dau:papers:123456789/15015 is not listed on IDEAS

    More about this item

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_584_0863. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire). General contact details of provider: http://www.cairn.info/revue-economique.htm .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.