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La problématique du risque dans le financement de projets innovants : une analyse juridique et managériale du crowdfunding base sur le rendement financier

Author

Listed:
  • Jean Moussavou

    (Brest Business School)

  • Gurvan Branellec

    (Brest Business School)

Abstract

Le crowdfunding (CF) s'inscrit aujourd'hui comme une alternative majeure au financement de projets innovants. Il suscite cependant certains questionnements s'agissant des risques supportés par l'investisseur : qu'est-ce que le risque en CF ? Comment celui-ci est-il évité, atténué ou empêché ? Dans quels cas la responsabilité des plateformes de crowdfunding (PC) et/ou celle des porteurs de projets est-elle engagée ? À ces questions, nous répondons en positionnant l'analyse à la croisée des sciences de gestion et du droit, et en nous focalisant sur le CF basé sur le rendement financier. L'approche méthodologique concilie étude de cas par comparaisons intersites et analyse des dispositifs réglementaires de prévention des risques. Les résultats permettent de saisir les déterminants du risque, leur intégration dans l'activité des PC, et présente les solutions juridiques visant à protéger l'épargne des investisseurs. L'analyse alimente la littérature en développement dans le CF pour laquelle la réglementation n'a reçu que très peu d'attention.

Suggested Citation

  • Jean Moussavou & Gurvan Branellec, 2018. "La problématique du risque dans le financement de projets innovants : une analyse juridique et managériale du crowdfunding base sur le rendement financier," Post-Print hal-03523751, HAL.
    • Handle: RePEc:hal:journl:hal-03523751
    DOI: 10.3917/inno.pr1.0035
    Note: View the original document on HAL open archive server: https://hal.science/hal-03523751
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    References listed on IDEAS

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    1. Ajay Agrawal & Christian Catalini & Avi Goldfarb, 2015. "Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 24(2), pages 253-274, June.
    2. Stéphane Onnee, 2016. "Vers une compréhension du rôle joué par la foule," Post-Print hal-03245144, HAL.
    3. Ajay Agrawal & Christian Catalini & Avi Goldfarb, 2014. "Some Simple Economics of Crowdfunding," Innovation Policy and the Economy, University of Chicago Press, vol. 14(1), pages 63-97.
    4. Freear, John & Sohl, Jeffrey E. & Wetzel, William Jr., 1994. "Angels and non-angels: Are there differences?," Journal of Business Venturing, Elsevier, vol. 9(2), pages 109-123, March.
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