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L'évaluation et le financement des start-up Internet

  • Ulrich Hege

[fre] L'évaluation et le financement des start-up Internet Cet article analyse quelques phénomènes de finance d'entreprise liés aux start-up Internet, apparus durant la « bulle » des années 1998-2000. À cette période, l'arrivée des start-up Internet a produit un impact majeur sur les flux d'investissement et sur le fonctionnement du secteur du capital-risque aux États-Unis et en Europe. Ces transformations s'expliquent en partie par des problèmes d'agence spécifiques aux start-up Internet, qui sont étudiés dans une première partie. On s'intéresse ensuite successivement à l'introduction et la cotation en bourse de sociétés sans bénéfices à court et moyen terme, à la structure de capital des start-up, marquée par une prédominance des fonds propres, puis au non-paiement de dividendes. Enfin, sont discutés différents modes d'évaluation des sociétés, notamment des méthodes récentes reposant sur la théorie des options réelles et visant à mieux prendre en compte certains caractères spécifiques des start-up. [eng] The valuation and financing of internet start-ups This paper discusses some phenomena in the corporate finance of internet start-ups that emerged during the "internet buble" between 1998-2000. The advent of nternet start-ups had a major impact on the investment flow and the operations of the venture capital industry in the US and in Europe. It is argued that some of these transformations could be explained by the potential for specific agency con­flicts in the financing of internet start-ups. The paper then turns to a discussion of initial public offerings and the listing of companies without near-term profitability, the capital structure of start-ups characterized by the dominance of equity, and the absence of dividend pay-outs. Finally, the valuation of companies and innovative techniques that supposedly can overcome obstacles in the accurate valuation of internet start-ups are discussed.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 52 (2001)
Issue (Month): 1 ()
Pages: 291-312

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Handle: RePEc:prs:reveco:reco_0035-2764_2001_hos_52_1_410291
Note: DOI:10.3406/reco.2001.410291
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