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The financial resources of private equity in France: a strategic "master-key" towards business innovation?
[Les ressources financières du capital-investissement en France : un « passe partout » stratégique vers l’innovation des entreprises ?]

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  • Jonathan Labbé

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

Abstract

This paper examines the role of syndication and the different type of venture capitalists' in the financing of companies and the effect on innovation. Specifying the strategic « side » or financial resources we try to identify if it can have an impact on innovation. The setting up of a database including a sample of firms funded by private, public venture capitalists' and syndication in France using as a measure, innovation 'inputs' (R&D expenditure) and 'outputs' (number of registered patents), this article highlights important elements. We find that funding by private venture capitalists', syndication and syndication leads by private VC has a positive effet on innovation measured by number of registered patents. Financing by public VC has a negative effect on innovation measured by number of registered patents.

Suggested Citation

  • Jonathan Labbé, 2019. "The financial resources of private equity in France: a strategic "master-key" towards business innovation? [Les ressources financières du capital-investissement en France : un « passe par," Post-Print hal-03000101, HAL.
    • Handle: RePEc:hal:journl:hal-03000101
    Note: View the original document on HAL open archive server: https://hal.science/hal-03000101
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    Keywords

    Capital-investissement; Gouvernance; Innovation; Capital-investisseur public; Capital-investisseur privé; Syndication; Brevets; R&D; France;
    All these keywords.

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