Quel mode de financement pour les jeunes entreprises innovantes. Financement interne, prêt bancaire, ou capital-risque ?

Frédérique Savignac

Revue économique, 2007, vol. 58, issue 4, 863-889

Abstract: This article aims at determining the optimal external financing for young innovative firms. In our model, the firm may use banking loan or venture capital?s investments. We assume that there is an adverse selection problem between the firm and the bank whereas the venture capitalist has an expertise which allows to identify the risk of the innovative project. Depending on the firm?s characteristics, the optimal financing source is: i) equity funding from venture capital, ii) banking loans, or iii) no external finance. The simulations of the model are consistent with the empirical features of the financing of innovation in start-ups. Classification JEL : G24

JEL-codes: G24 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (6)

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