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Le financement des Capital-Investisseurs et Business Angels et l'effet sur l'innovation des entreprises

Author

Listed:
  • Stéphane Koffel

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

  • Jonathan Labbé

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

Abstract

Cet article vise à étudier les effets d'un financement par Capital-Investissement et par Business Angels sur l'innovation. En précisant la définition de l'innovation et en la mettant en lien avec le besoin de financement des entreprises pour soutenir cette innovation, nous tentons d'identifier si certains modes de financement ont un impact sur celle-ci. Par la construction d'une base de données regroupant un ensemble d'entreprises financées par Capital-Investissement et par Business Angels dans six pays européens, et en prenant comme mesure de l'innovation le niveau des frais de Recherche et Développement des entreprises de notre échantillon, nous mettons en évidence deux éléments principaux. Le financement par Capital-Investissement et par Business Angels a un effet positif sur le niveau des frais de Recherche et Développement, et investissent dans des entreprises ayant déjà un haut niveau de frais de Recherche et Développement. Ces résultats tendent à montrer que le financement par Capital-Investissement et par Business Angels a un effet sur l'innovation au sein des entreprises This study examines how Venture Capitalists' and Business Angels' financing affects innovation. Specifying firms' financing needs and definition of innovation, we try to identify if financing source have an impact on innovation. The setting up of a database including a sample of firms with R&D expenditure level as measure for innovation and companies funded by venture capital and business angels in six European countries highlights two important elements. We find that Venture capitalists' and business angels' financing has a positive effect on R&D expenditures and investments. Venture capitalists' and business angels' invest in companies with high level of R&D expenditures. These results argue that Venture capital and business angels' funding has an effect on firm's innovation.

Suggested Citation

  • Stéphane Koffel & Jonathan Labbé, 2017. "Le financement des Capital-Investisseurs et Business Angels et l'effet sur l'innovation des entreprises," Post-Print hal-03556272, HAL.
    • Handle: RePEc:hal:journl:hal-03556272
    Note: View the original document on HAL open archive server: https://hal.science/hal-03556272
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    References listed on IDEAS

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