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Bridging Capital Gaps To Promote Innovation In France

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  • Sylvie Cieply

Abstract

With the withdrawal of state ascendancy over the financial sector, the national system of financing has taken a new turn in France. This paper deals with the capacity of this new system to promote innovation and argues that the capacity of French banks to finance innovation is now limited. In this context the supply of equity to firms is a critical factor. For small firms, however, there was a critical shortage in equity supply right up to the mid-1990s. Since then new policies and institutional reforms have been launched to cope with French financial gaps and to financially promote innovation. Amongst these institutional innovations the paper mentions the Nouveau Marche; the Development Bank for SMEs; and the impetus given the venture capital industry by earmarking a proportion of funds from the privatization of France Telecom to support innovative small enterprises.

Suggested Citation

  • Sylvie Cieply, 2001. "Bridging Capital Gaps To Promote Innovation In France," Industry and Innovation, Taylor & Francis Journals, vol. 8(2), pages 159-178.
    • Handle: RePEc:taf:indinn:v:8:y:2001:i:2:p:159-178
    DOI: 10.1080/13662710120072958
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    References listed on IDEAS

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    1. Bertero, Elisabetta, 1994. "The Banking System, Financial Markets, and Capital Structure: Some New Evidence from France," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(4), pages 68-78, Winter.
    2. Masahiko Aoki & Serdar Dinc, 1997. "Relational Financing as an Institution and its Viability under Competition," Working Papers 97011, Stanford University, Department of Economics.
    3. Malcolm Edey & Ketil Hviding, 1995. "An Assessment of Financial Reform in OECD Countries," OECD Economics Department Working Papers 154, OECD Publishing.
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    Cited by:

    1. Andrea Szalavetz, 2007. "Changing National Innovation Systems in Advanced Economies – Lessons for Catching-Up Follower Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 66-76.
    2. Cieply Sylvie, 2001. "The Radical Change of French Firms’ Financial Characteristics. Macroeconomic Consequences and Lessons for Political Economics / Die französische Finanzrevolution. Die Folgen für die Finanzstruktur der," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 556-576, October.
    3. Zhang, Lifeng & Chao, Xiangrui & Qian, Qian & Jing, Fuying, 2022. "Credit evaluation solutions for social groups with poor services in financial inclusion: A technical forecasting method," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    4. Gregory JACKSON & MIYAJIMA Hideaki, 2007. "Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA," Discussion papers 07054, Research Institute of Economy, Trade and Industry (RIETI).

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