Les déterminants de la syndication avec les Business Angels dans les opérations d'Equity Crowdfunding: le cas français

Catherine Deffains-Crapsky (), Thibault Cuenoud () and Pascal Glemain
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Catherine Deffains-Crapsky: LAREMA - Laboratoire Angevin de Recherche en Mathématiques - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique
Thibault Cuenoud: ESCEM Tours Poitiers - ESCEM School of Business and Management - Groupe école supérieure de commerce et de management Tours-Poitiers
Pascal Glemain: LIRIS - Laboratoire interdisciplinaire de recherche en innovations sociétales - UR2 - Université de Rennes 2

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Abstract: In order to support the industrial and entrepreneurial dynamics of territories, the financing of the innovation represents one of the major objectives of the local, national and European public authorities. In many countries, the Equity Crowdfunding (ECF) enables non accredited investors (the crowd) investing in projects or unlisted firms through an internet platform. This way of financing takes up an increasing place in the financing of innovative projects in an entrepreneurial situation. Within this context, we wish to investigate the following problem: what are the causes of the choice made by ECF platforms to implement a syndication strategy between the crowd and Business Angels (BA)? Our aim is to give an outline of an explanatory model of syndication strategies between the crowd and BA within ECF financing. Thereafter, it will be necessary to test the different proposals. The literature about the reasons of syndication within private equity deals and new questions induced by ECF development permit to put forward future research directions. Moreover, ECF platforms in France have been developed within a specific regulation aiming to facilitate its establishment. We describe practices of the main french ECF platforms and suggest future empirical analyses.

Keywords: Syndication; Equity crowdfunding (ECF); Co-investisseurs; Ecosystème; Financement participatif (search for similar items in EconPapers)
Date: 2016
Note: View the original document on HAL open archive server: https://univ-rennes2.hal.science/hal-01892362v1
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Published in DOCUMENT DE TRAVAIL DU GRANEM, 2016, 01 (47), pp.32

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