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Le financement de l’innovation et de la R & D en France : un bilan statistique

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  • Jean Belin
  • Marianne Guille

Abstract

[fre] Cet article analyse le financement des dépenses de recherche et d'innovation des entreprises. Tout d'abord, l'étude de la structure de financement des projets innovants montre l'importance des ressources internes et de l'aide publique. Elle révèle également la forte disparité des structures de financement des projets suivant les caractéristiques des entreprises. Puis, l'analyse du financement des dépenses de R& D permet de mettre en évidence les difficultés des entreprises à financer ces dépenses, en particulier pour les PME indépendantes. On note l'importance des ressources internes et de l'aide publique mais aussi des financements en provenance du groupe en période de choc conjoncturel. Enfin, les entreprises innovantes semblent posséder les structures financières les plus solides et les entreprises non-innovantes les moins favorables, la situation des entreprises de R& D se révélant intermédiaire. . Classification JEL : D8, D21, D43, E22, E44, E50 [eng] The financing of innovation and R& D in French investments . The purpose of this paper is to analyse all the available French data on the financing of innovation and R& D investments. Firstly, we study the financial structure of innovative projects. We show the importance of internal finance and to a lesser extent of public aid. In addition a high degree of heterogeneity seems to characterise firms in particular with regard to projects financial structure. Secondly, we analyse the financing of R& D investments. This allows us to highlight potential financial problems of R& D projects, specially for small independent firms. Finally, we compare the financial structure of firms engaged in R& D activities, innovating firms and non-innovating firms. Our results exhibit a hierarchy between these different types of firms : the financial structure of innovating firms appears to be more favourable than that of non-innovating firms while the financial structure of R& D firms is in-between. . JEL classification : D8, D21, D43, E22, E44, E50

Suggested Citation

  • Jean Belin & Marianne Guille, 2004. "Le financement de l’innovation et de la R & D en France : un bilan statistique," Revue d'Économie Financière, Programme National Persée, vol. 75(2), pages 313-342.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_75_2_4908
    DOI: 10.3406/ecofi.2004.4908
    Note: DOI:10.3406/ecofi.2004.4908
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    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2004_num_75_2_4908
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    References listed on IDEAS

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    1. Webb, David C, 1993. " The Trade-Off between Cash Flow and Net Present Value," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 65-75.
    2. Bronwyn H. Hall & Zvi Griliches & Jerry A. Hausman, 1984. "Patents and R&D: Is There A Lag?," NBER Working Papers 1454, National Bureau of Economic Research, Inc.
    3. Robert H. Gertner & David S. Scharfstein & Jeremy C. Stein, 1994. "Internal versus External Capital Markets," NBER Working Papers 4776, National Bureau of Economic Research, Inc.
    4. Robert H. Gertner & David S. Scharfstein & Jeremy C. Stein, 1994. "Internal versus External Capital Markets," The Quarterly Journal of Economics, Oxford University Press, vol. 109(4), pages 1211-1230.
    5. Jean Belin, 2002. "Le financement de l'innovation : bilan empirique et théorique," Post-Print hal-00153200, HAL.
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    Citations

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    Cited by:

    1. Jean Belin & Marianne Guille, 2008. "R&D et innovation en France : quel financement pour les entreprises de la Défense ?," Innovations, De Boeck Université, vol. 0(2), pages 33-59.
    2. Belin, Jean & Guille, Marianne, 2008. "Defence and firm financial structure in France," Review of Financial Economics, Elsevier, vol. 17(1), pages 46-61.

    More about this item

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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