Abstracts
Résumé
Le but de cet article est d’analyser la contribution du capital à risque à l’éclosion d’entreprises innovantes. Comme structure complexe d’intermédiation, il a pour effet de déplacer la frontière de l’innovation. Pour cela, il requiert une implication accrue de la part des investisseurs dans les étapes du choix, de la conception des contrats, et du contrôle et du suivi des participations. Au total, le capital à risque accroît l’efficience allocative dans le processus de R-D et d’innovation.
Mots-clés :
- Capital à risque,
- Innovation,
- Asymétries d’information,
- Compétences,
- Actifs incorporels,
- Efficience allocative
Abstract
The aim of this paper is to analyze the venture capital contribution to the start-ups creation. As a complex structure of intermediation, venture capital brings about the shifting of the innovation frontier. For this, it is required from venture capitalists to be highly involved in the screening, the design of contracts and the monitoring/ advising fonctions. All in all, venture capital upgrades allocative efficiency within the R-D and innovation process.
Resumen
El objetivo de este papel es analizar la contribución del capital a riesgo a la eclosión de empresas innovadoras. Como estructura compleja de la mediación, causa el cambio de la frontera de la innovación. Por tanto, se requiere una implicación incrementada de parte de estos inversionistas en la selección, la elaboración de contratos, y las funciónes de control/consejo. Total, el capital a riesgo aumenta la eficiencia allocative dentro del proceso de la R-D y de la innovación.
Zusammenfassung
Das Ziel dieses Artikels ist, den Beitrag des Risikokapitals zur Entfaltung von innovativen Unternehmungen zu analysieren. Als komplexe Vermittlerstruktur bewirkt das Risikokapital, die Innovationsgrenzen zu verschieben. Dies erfordert einen verstärkten Einfluss der Investoren in den Etappen der Wahl, der Konzeption der Verträge, der Kontrolle und der Beobachtung der Unternehmen. Insgesamt steigert das Risikokapital die effiziente Zuteilung der Ressourcen innerhalb des Forschungs- und Entwicklungsprozesse und der Innovation.
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Appendices
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