Syndication et financement de l'innovation : motif de partage du risque versus expertise (notice n° 833635)
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| fixed length control field | 03100cam a2200277 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250123135907.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Dal-Pont Legrand, Muriel |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Syndication et financement de l'innovation : motif de partage du risque versus expertise |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2010.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 20 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Les sociétés de capital-risque sont connues pour être des intermédiaires financiers spécifiques, fournissant non seulement des fonds mais aussi leur expertise aux projets innovants. Ce papier analyse les conséquences qu’une syndication des investissements en capital-risque pour un motif d’expertise peut avoir sur les décisions d’investissements et sur l’engagement ex-post des investisseurs. Dans cette perspective, nous utilisons le cadre analytique de la littérature Soft (versus Hard) Budget Constraint et plus spécifiquement, le papier publié par Huang and Xu [2003] qui examine la capacité d’une syndication pour diversification du risque à constituer un engagement irréversible de la part des investisseurs à stopper le financement des projets inefficaces à court terme. Nous reformulons ce modèle et considérons la spécificité d’une syndication pour expertise et son impact sur les décisions de refinancement des investisseurs ainsi engagés. Le modèle discute des conditions pour lesquelles une syndication pour expertise se révèle plus profitable pour les investisseurs que la syndication pour seul motif de diversification du risque. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Syndication and financing of innovation : risk sharing versus expertise Venture capital firms are known as specific financial intermediaries, providing not only funds but also expertise to innovative projects. This paper analyses the consequences venture capital investments syndication for an expertise motive can have on investment decisions and on post-investment involvement of investors. In that perspective, we use the analytical framework provided by the Soft (versus Hard) Budget Constraint literature and more specifically the paper published by Huang and Xu [2003] in which the capacity of syndication for risk diversification to refinance short-run inefficient projects is examined. We develop an extension of that model in order to consider the specificity of syndication for expertise and what could be its impact on investors’ refinancing decision. Then, the model discusses the conditions for which syndication for expertise motive may be more profitable for venture capitalists than syndication for a pure risk diversification motive. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | approche fondée sur les ressou |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | motivation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | capital-risque |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | syndication |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | resource-based strategy |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | venture capital |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | motivation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | syndication |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Pommet, Sophie |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue d'économie politique | 120 | 4 | 2010-12-01 | p. 643-668 | 0373-2630 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-d-economie-politique-2010-4-page-643?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-d-economie-politique-2010-4-page-643?lang=fr&redirect-ssocas=7080</a> |
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