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Un essai de modélisation du financement de projets innovants par le capital-risque à partir des options réelles


  • Christian PONCET



Le processus d’innovation ne concerne plus seulement l’entrepreneur innovateur qui, à l’image de Bernard Palissy, brûlerait jusqu’à ses meubles pour atteindre son objectif. L’intermédiation des institutions financières et le développement de nouveaux instruments financiers ou l’apparition d’opérateurs toujours plus spécialisés, semblent modifier sensiblement les fondements de la dynamique d’innovation industrielle. Le capital-risque joue un rôle très important dans le financement de projets innovants, et cette présentation s’inscrit dans un repérage des conditions de mobilisation de ces fonds. Le modèle présenté a donc pour objectif de repérer des variables susceptibles d’inciter les organisations impliquées, à investir dans des projets à risque, et cela, en essayant d’intégrer les pratiques financières de ces opérateurs. L’adaptation de modèles basés sur les options financières, et la construction de portefeuilles adaptés, semblent répondre aux pratiques observées du capital-risque. Ce travail se conclut alors sur une étude de la sensibilité du modèle, aux différents coefficients sur lesquels il s’appuie, plus particulièrement, sur le caractère incitatif du niveau des taux d’intérêts concernant l’entrée du capital-risque dans un projet, et sur ses conséquences sur les conditions de sortie. The process of innovation does not concern any more the innovating entrepreneur who, like Bernard Palissy, would burn to his pieces of furniture to achieve his goal. financial intermediation institutions and new financial tools development or arrival of new operators more and more specialized, seem to appreciably modify the bases of industrial innovation dynamics. the venture capital takes a very important place in the financing of innovating projects, and this presentation falls under a location of the conditions of mobilization of these funds. thus, the present model aims to locate variables likely to incite the organizations implied, to invest in projects with risk, and that, while trying to integrate the financial practices of these operators. the adaptation of models based on the financial options, and the construction of adapted portfolio, seem to answer the practices observed of the venture capital. this work is concluded then on a study from the sensitivity of the model, with the various coefficients on which it is based, more particularly, on the inciting character of the level of interest rates concerning the entry of the venture capital in a project, and on its effects on the conditions of exit.

Suggested Citation

  • Christian PONCET, 2008. "Un essai de modélisation du financement de projets innovants par le capital-risque à partir des options réelles," Working Papers 4, Réseau de Recherche sur l’Innovation. / Research Network on Innovation.
  • Handle: RePEc:rii:rridoc:4

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    Venture capital; innovating project; dynamic; portfolio management; real options; financial tools.;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics


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