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

Author

Listed:
  • Emmanuelle Dubocage
  • Valérie Revest

Abstract

[fre] 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 qu’elles ne représentent qu’une dimension de l’évaluation. Selon nous, la détermination du prix d’offre doit être resituée au sein d’un processus plus complexe de nature conventionnelle caractérisé par une forte incertitude et un problème de coordination. . Classification JEL : B52, G24, D8, G12. [eng] A Conventional Analysis of the Offer Price of the Start-Ups on the French New Market. This article studies the valuation of innovating companies in high technology during their IPO on the New French Market (1996-2005). The study of several IPO documents shows that mainly the offer price is justified through two methods : the method of the discounted cash flows and the analogical method. We underline the limits of these methods in the valuation of young innovating companies and advocate that they represent only one dimension of this process. The latter is apprehended through a specific conventional approach both featured by a strong uncertainty and a problem of coordination. . Classification JEL : B52, G24, D8, G12.

Suggested Citation

  • Emmanuelle Dubocage & Valérie Revest, 2010. "Une analyse conventionnaliste du prix d’offre des start-up sur le Nouveau Marché français," Revue d'Économie Financière, Programme National Persée, vol. 96(1), pages 215-231.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2010_num_96_1_5386
    DOI: 10.3406/ecofi.2010.5386
    Note: DOI:10.3406/ecofi.2010.5386
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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