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Capital risque, intervention publique et marché : le cas des biotechnologies françaises

Listed author(s):
  • Valérie Revest


    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

  • Christophe Le Guehennec

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

Registered author(s):

    L'objet de ce travail est de mettre en lumière les étapes de la construction en France d'un marché des « jeunes entreprises innovantes en biotechnologie ». Selon nous l'émergence de l'industrie des biotechnologies peut être considérée comme l'émergence d'un marché spécifique, où la demande est représentée par les jeunes entreprises et l'offre par les apporteurs de capitaux, privés et publics. L ‘analyse du marché des jeunes entreprises françaises innovantes en biotechnologie montre d'une part que si le capital risque joue un rôle essentiel au cœur de ce marché, comme acteur du financement privé, il ne peut être appréhendé de manière isolé. Son rôle est notamment indissociable de l'action des pouvoirs publics dans la mise en place d'une architecture institutionnelle. D'autre part, elle met en exergue le poids la spécificité de l'activité de biotechnologie - forte incertitude, processus de recherche longs et coûteux, nécessité de différentes formes de coopération et d'association - dans la structuration finale du marché et les conditions concrètes de son fonctionnement.

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    Paper provided by HAL in its series CEPN Working Papers with number halshs-00200839.

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    Date of creation: 21 Dec 2007
    Handle: RePEc:hal:cepnwp:halshs-00200839
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    1. Lynne G. Zucker & Michael R. Darby & Marilynn B. Brewer, 1994. "Intellectual Capital and the Birth of U.S. Biotechnology Enterprises," NBER Working Papers 4653, National Bureau of Economic Research, Inc.
    2. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
    3. Mark Harvey & Sally Randles, 2002. "Markets, the Organisation of Exchanges and « Instituted economic process » - An Analytical Perspective," Revue d'Économie Industrielle, Programme National Persée, vol. 101(1), pages 11-30.
    4. Steven N. Kaplan & Per Stromberg, 2001. "Venture Capitalists As Principals: Contracting, Screening, and Monitoring," NBER Working Papers 8202, National Bureau of Economic Research, Inc.
    5. Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2003. "Moral Hazard and Capital Structure Dynamics," Journal of the European Economic Association, MIT Press, vol. 1(4), pages 890-930, June.
    6. Audretsch, David B & Stephan, Paula E, 1996. "Company-Scientist Locational Links: The Case of Biotechnology," American Economic Review, American Economic Association, vol. 86(3), pages 641-652, June.
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