, La recherche d'une nouvelle doctrine de financement pour la croissance durable, p.12

, Des interrogations sur le lien entre capital-investissement et croissance, Financer une croissance pérenne, un enjeu persistant des politiques publiques

, Le soutien du capital-investissement à l'innovation remis

, Chapitre 2. La thèse de l'equity gap invalidée empiriquement

, Une demande en levée de fonds limitée ?

A. De-la-demande-structurelle and .. .. ,

, Chapitre 1. Quelles variables pour tracer la régénération ?

.. .. , Limites des traceurs issus de la littérature économique : nouveaux produits

R. .. Quantité-de,

. Le-financement-de-l'innovation-dans-le-cadre-du-manuel-de-frascati, indissociabilité entre renouvellement des connaissances et

, Rôle de la promesse dans la relation entre stratégie d'investissement et croissance générative

, Exemples de stratégies de conception menant à des formes de croissance générative dans la

U. Construction-du-modèle-c and K. .. ,

C. Modèle, U. , K. .. Le-modèle, C. , U. et al., 172 4.3 Retour sur les modèles d'investissement standards avec

.. .. Build, 187 1.2 Analyse au prisme des données issues des produits-K : un historique impressionnant de consolidations et d'intégrations gageant d'une croissance future exponentielle, 1 Présentation générale du cas : caractéristiques clés et périodisation de l'histoire

U. .. Energie and K. .. , 192 2.1 Présentation générale du cas : caractéristiques clés et périodisation de l'histoire actionnariale ..... 192 2.2 Analyse au prisme des données issues des produits-K : valorisation des produits existants et risque 2.3 dû au déclin des marges

K. .. , U. , and K. .. , 202 3.3 Analyse de l'évolution de l

.. .. Proposition,

, Deux raisonnements d'investissement : investisseur concepteur et investisseur rationalisateur

C. Portée-interprétative-du-modèle, U. , and K. .. , 218 1.2 Une conséquence de la prise en compte du raisonnement d'investisseur concepteur : enrichissement des logiques d'investissement de Bpifrance

, 3 Stratégie post-investissement : le passage de stratégies d'optimisation ou d'accélération à la régénération et la réalisation de promesses

, 226 3.1 Risques de désaccord autour de l'investissement dans la régénération

?. .. Faut,

, 237 1.1 Caractérisation d'une forme de croissance soutenable et vertueuse : la croissance générative

.. .. Limites-de-la-recherche, 242 2.2 Limites liées aux cadres d'analyse mobilisés

.. .. Perspectives-de-la-recherche,

, 243 3.2 Repenser les modèles financiers pour les régimes d'innovation

, Nouvelles logiques pour l'investisseur responsable

, Si l'action de l'Etat est souvent justifiée par l'existence d'externalités aux activités de l'entreprise innovante (Cumming and Johan 2014), certains chercheurs la remettent en cause. Par exemple, aux Etats-Unis dans les années 70, des chercheurs dénonçaient le constat d'equity gap et soulignaient que l'apport à l'intérêt général des entreprises soutenues restait à démontrer (Bean, Schiffel et al. 1975). D'où les problématiques de savoir si l'action publique aide ou concurrence les acteurs privés (Leleux and Surlemont 2003) ou encore, s'il vaut mieux, Les questions soulevées sur la légitimité de l'intervention de l'Etat dans le cadre du capital-risque sont à priori transposables au cas des entreprises matures, 2002.

L. Ekeland, Plutôt que d'analyser l'intervention étatique comme une simple logique d'augmentation des fonds disponibles, 2016.

, Refus d'une stratégie de rationalisation : de l'investisseur concepteur à l'investisseur à mission

, Une croissance vertueuse et une création de valeur au-delà de l'entreprise supposent nécessairement une stratégie de régénération et par conséquent

, Bpifrance s'engage à refuser une logique de rationalisation qui impliquerait un démantèlement de l'entreprise ou une délocalisation. Or, ces stratégies génèreraient pourtant une rentabilité financière. Ainsi, Bpifrance doit compenser en concevant une stratégie alternative permettant de viser une rentabilité au moins équivalente. Si Bpifrance adopte une position d'investisseur concepteur, la valeur du premium à atteindre est alors définie par ce manque à gagner. Le premium incarne la valeur que doit générer un investisseur responsable pour pouvoir être compétitif dans le processus d'enchère, et in fine, conclure la transaction. Il devient un outil d'engagement. La stratégie d'innovation représente donc une voie permettant à l'investisseur de porter des engagements supplémentaires (ancrage territorial, Dans un des cas étudiés dans la thèse, 2017.

, permet de d'envisager un renouvellement du rôle de l'investisseur, à la fois vis-à-vis de l'entreprise et de l'écosystème d'innovation. En plus d'organiser la régénération de l'entreprise, l'investisseur peut développer des logiques de synergies, par exemple entre les entreprises de son portefeuille, ou encore avec ses souscripteurs (Levillain, Hatchuel et al. 2014). Il se place alors comme un acteur clé du dispositif de création collective. Il existe aujourd'hui une variété d'investisseurs (fondation, investisseur à impact

, Simulation 2 : modèles de valorisation

, Nous souhaitons simuler trois types d'investisseurs : -Un investisseur rationalisateur qui mènera une stratégie de rationalisation une fois entré au capital. L'entreprise suit donc une évolution similaire au cas 1 (cf Tableau 21) -Un investisseur concepteur qui mènera une stratégie équilibrée entre K et U. L'entreprise suit donc une évolution similaire au cas 2 (cf Tableau 21) -Un investisseur régénérateur pur, Nous considérons qu'il

. A-un-instant-«-t-»-donné, un actionnaire de l'entreprise décide de revendre ses actions. Il n'y a donc pas d'augmentation de capital (i.e. pas d'apport d'argent frais)

, La durée de détention d'un investisseur est fixée à 20 trimestres, c'est-à-dire, 5 ans, durée de détention considérée comme moyenne pour les fonds d

, Ne prends en compte que les produits connus. -Et 5 trimestres après T : qui dépendent de la stratégie envisagée par l'investisseur. Nous formulons donc l'hypothèse d'un investisseur omniscient sur les quelques trimestres à venir Avec ce calcul, conformément au modèle de valorisation du capital-régénération, un investisseur rationalisateur ne valorise que les produits connus. En revanche, un investisseur concepteur intègre les U et les K qui seront commercialisés prochainement. Un régénérateur pur n'intègre que les U. Cela donne les projections de valorisation qui correspondent à la représentation que chaque, On projette les chiffres d'affaires sur les trimestres de T à T+20 selon une fonction obtenue par extrapolation du chiffre d'affaire de l'entreprise sur : -15 trimestres avant T : similaires pour tous

, La fonction d'extrapolation retenue est de la forme f(t) = at + ?t. On donne ci-dessous un exemple, vol.52

, Nous appliquons ensuite la formule des Discounted Cash-flow entre T et T+20 (en supposant l'absence d'impôt, et la variation de BFR et les investissements/désinvestissements nuls)

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