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L'encadrement des sociétés de capital de risque : analyse et recommandations

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  • Cécile Carpentier
  • Jean-Marc Suret

Abstract

To ease the financing of growing SMEs, governments found or indirectly fund venture capital companies. These companies act in a context of extreme information asymmetry and potentially exorbitant agency costs. The rigorous governance of these companies is thus pivotal to their performance. We analyze the financial reporting guidelines put in place for American SBICs by the Small Business Administration, along with the valuation guidelines issued by venture capital associations and institutions in several countries. SBICs are subject to rigorous uniform financial reporting and valuation standards, which likely partly explains their performance in recent years. We also describe the efforts of diverse institutions to develop venture capital valuation guidelines. The most rigorous methods entail filing the initial terms of the financial deal, which could allow more efficient control of the selection process of investments. The Quebec government would benefit from implementing more rigorous reporting and valuation guidelines. Pour faciliter le financement des entreprises en croissance, les gouvernements mettent en place ou financent indirectement des sociétés de capital de risque. Celles-ci interviennent dans un contexte d'asymétrie informationnelle où les coûts d'agence sont potentiellement très élevés. L'encadrement strict de ces sociétés est donc une condition essentielle à leur performance. Nous analysons le cadre de reddition de comptes mis en place pour les Small Business Investment Companies (SBICs) par la Small Business Administration américaine, puis les normes d'évaluation des placements préconisés par les associations et organismes de capital de risque dans plusieurs pays. Les SBICs sont soumises à un cadre uniforme strict de reddition de comptes et d'évaluation, qui explique probablement en partie leur bonne performance dans les années récentes. Nous montrons également les efforts déployés par divers organismes pour développer un cadre d'évaluation des placements de capital de risque. Les méthodes les plus rigoureuses demanderaient l'archivage des conditions initiales du placement, ce qui contribuerait à un contrôle plus efficace du processus de sélection des investissements. Les initiatives québécoises gagneraient très certainement à disposer d'un cadre de reddition de comptes et d'évaluation plus strict que celui qui semble actuellement prévaloir.

Suggested Citation

  • Cécile Carpentier & Jean-Marc Suret, 2005. "L'encadrement des sociétés de capital de risque : analyse et recommandations," CIRANO Project Reports 2005rp-07, CIRANO.
  • Handle: RePEc:cir:cirpro:2005rp-07
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    File URL: http://www.cirano.qc.ca/files/publications/2005RP-07.pdf
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    Keywords

    public policy; venture capital; governance; reporting guidelines; valuation guidelines ; politique publique; capital de risque; gouvernance; normes comptables; normes d'évaluation;

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