La blockchain, un outil innovant au service du financement des entreprises

Élise Alfieri (elise.alfieri@u-pec.fr), Geoffroy Enjolras and Radu Burlacu (radu.burlacu@univ-grenoble-alpes.fr)
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Élise Alfieri: IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel

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Abstract: Corporate financing has recently benefitted from innovative technics and solutions based on the blockchain technology. In order to analyze them, this article proposes a theoretical framework based on risks: market mechanisms, information asymmetries, opportunistic behavior, legal guarantees and operational risks. We develop a typology of financing instruments through two dimensions: means of exchange and contracts. A study of four situations supports this classification and demonstrates the potential of blockchain despite the appearance of new risks. Le financement des entreprises bénéficie de l'introduction de techniques et solutions innovantes fondées sur la technologie blockchain. Afin de les analyser, cet article propose un cadre théorique centré sur les risques : les mécanismes de marché, les asymétries d'information, l'opportunisme, les garanties juridiques et les risques opérationnels. A partir d'une analyse de la littérature, nous développons une typologie des modes de financement en nous appuyant sur deux dimensions : les moyens d'échange et les contrats. Une étude de quatre situations appuie cette classification et démontre le potentiel de la blockchain en dépit de l'apparition de nouveaux risques.

Keywords: Blockchain; Mode de financement; ICO; Levées de fonds; Risques (search for similar items in EconPapers)
Date: 2021
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Published in Recherches en sciences de gestion, 2021, 143, pp.115 - 142

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03364927

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