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Le financement des entreprises innovantes

Abstract : This thesis aims at analysing the existence and impact of financing constraints as possible obstacle to innovation by firms.
First, we explore the existence of specific financing constraints for innovative firms. To this end, we specify a structural model defining the probability that a firm contracts new bank loans. The estimates shows that innovative firms have a lower probability, other thing equal, to contract new bank loans because of a higher latent interest rate and a stronger sensitivity of this interest rate to the borrowed amount.
Then, the impact of financial constraints on innovation is studied. Whereas previous studies have examined the effect of financial constraints by estimating the R&D sensitivity to cash-flow, here we use a direct measure of the existence of financial constraint given by a survey (FIT, Sessi). We take into account the endogeneity of this indicator and we find that the probability to engage into innovative activities is significantly reduced by the existence of financing constraints.
Finally, we study the financing decision of young innovative companies. A simple theoretical model is proposed to established the best way to finance young innovative firms according to their features (collateral, size of the project, risk) : bank loans, venture capital or internal finance. Then, this model is calibrated with the available data.
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Contributor : Lucie Label <>
Submitted on : Friday, April 6, 2007 - 4:04:30 PM
Last modification on : Tuesday, January 19, 2021 - 11:08:28 AM
Long-term archiving on: : Friday, November 25, 2016 - 3:35:46 PM


  • HAL Id : tel-00140525, version 1



Frédérique Savignac. Le financement des entreprises innovantes. Economies et finances. Université Panthéon-Sorbonne - Paris I, 2006. Français. ⟨tel-00140525⟩



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