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Clusters et efficacité du capital-risque: une analyse des stratégies différenciées des fonds indépendants et des fonds industriels

Author

Listed:
  • Dominique Dufour

    (Université Côte d'Azur, France
    GRM & IAE)

  • Eric Nasica

    (Université Côte d'Azur, France
    GREDEG CNRS)

  • Dominique Torre

    (Université Côte d'Azur, France
    GREDEG CNRS)

Abstract

Les investisseurs en capital risque indépendants (IVC) se distinguent des organismes captifs, ces derniers étant des filiales de banques, de sociétés industrielles ou d'organismes publics. On attribue généralement aux premiers une meilleure rentabilité et une meilleure sélectivité des projets et aux seconds de moindres performances. L'objectif de notre papier est d'établir les limites de ces conclusions dans le cas des capital-risqueurs filiales de sociétés-mères industrielles, les Corporate Venture Capitalists (CVC). A l'aide d'un modèle théorique prenant appui sur des faits stylisés, nous retrouvons tout d'abord les résultats traditionnels allant dans le sens d'une meilleure efficacité des IVC, en mettant en évidence à la fois le rôle des ressources spécifiques et des comportements stratégiques des deux types de capital-risqueurs. Nous observons aussi qu'à défaut d'améliorer la rentabilité moyenne des projets financés, les CVC en accroissent dans tous les cas le nombre. Puis, nous introduisons la prise en compte de synergies entre projets, notamment au sein de districts industriels. Quand de telles interactions sont introduites, nous montrons que les CVC peuvent non seulement contribuer à financer davantage de projets mais aussi accroître la sélectivité globale du secteur. Nous illustrons ces résultats par des simulations numériques et les commentons en conclusion.

Suggested Citation

  • Dominique Dufour & Eric Nasica & Dominique Torre, 2016. "Clusters et efficacité du capital-risque: une analyse des stratégies différenciées des fonds indépendants et des fonds industriels," GREDEG Working Papers 2016-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  • Handle: RePEc:gre:wpaper:2016-33
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    capital-risque; synergies industrielles; rentabilité; sélectivité;

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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