Le capital-risque et ses deux marchés

Dorothée Rivaud-Danset and Annick Vignes ()

Revue d'Économie Industrielle, 2004, vol. 107, issue 1, 171-193

Abstract: [eng] A venture capital company investing in an innovative new firm has the choice between two means of exit: introduction on the stock exchange (the IPO market) or sale to a big company (M&A). The attention of professionals has been focused on the capital market, which appeared to be an Eldorado. The lethargy shown by this market since 2000 has overshadowed the dynamism of the M&A market. These two markets could not be more different, in terms of their history, their architecture and the level of information available to buyers. However, they are not independent. This article sets out to show how the basic variables of the IPO market (number of operations, price) have played a part in the emergence of the M&A market. Econometric tests validate the idea that the auction market, prior to the over-the-counter market, enabled the latter to become established. [fre] L'organisme de capital-risque qui a investi dans une jeune entreprise innovante a deux modes de sortie : l'introduction en bourse (marché IPO) et le rachat par une grande firme (M&A). Le marché financier concentre l'attention des professionnels qui ont vu en lui un Eldorado. Sa léthargie au début des années 2000 occulte le dynamisme du marché des acquisitions par les grandes firmes. Tout différencie ces deux marchés: leur histoire, leur architecture et le niveau d'information des acheteurs. Pour autant, ils ne sont pas indépendants. Cet article montre comment les variables de base du marché IPO (nombre d'opérations, prix) ont contribué à l'émergence du marché M&A. Les tests économétriques valident l'idée que le marché d'enchères, antérieur au marché de gré à gré, a permis à ce dernier de se constituer.

Date: 2004
Note: DOI:10.3406/rei.2004.3054
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