Abstracts
Résumé
Cet article récapitule les résultats des divers travaux qui, dans le monde anglosaxon, ont étudié le financement direct (ou informel) de la PME. Le financement direct se compose de capitaux fournis par des particuliers, sans garanties, en dehors de tout processus formel d’intermédiation et en l’absence de liens familiaux. Ces particuliers sont connus sous le terme d’anges. Contrairement aux études antérieures, celle-ci aborde le financement direct du point de vue de l’entreprise à la recherche de fonds et tente d’apporter des éléments de réponse à trois questions. 1) Qui sont les anges et quel type d’investissement réalisent-ils ? 2) De quelle manière et sur quels critères ces investisseurs prennent-ils leurs décisions? 3) Quels sont les coûts et conditions de ce mode de financement et quelle est l'offre globale de capital direct? Le survol des études montre que le financement direct est un phénomène important sur le plan économique, bien que son caractère même en rende l’évaluation précise impossible. Les travaux antérieurs permettent de tracer un portrait des investisseurs directs et de caractériser les réseaux non structurés qui les lient. Finalement, l’analyse des modes de fonctionnement des anges permet de dégager certains avantages et problèmes propres au financement direct et de préciser la manière dont les PME devraient aborder ce type de financement.
Mots-clés :
- PME,
- Financement,
- Investissement direct,
- Capital informel
Abstract
This research presents a synthesis of the results of past studies on direct (or informal) investment in small business. Direct investment can be characterized as unguaranteed capital provided by individuals without any family relations to the financed businesses and in the absence of any intermediation. The individuals providing the financing are known in the literature as “angels”. As contrasted to past publications on the subject, this research adopts the point of view of the company seeking financing and attempts to provide answers to the following typical questions. Who are the angels and what types of investments do they undertake? How do they analyse possible companies for investment, and according to what criteria do they choose the companies financed? What are the conditions and costs of this type of financing, and what is the overall supply of direct capital? The survey indicates that direct investment is a material contribution to small business financing in spite of the impossibility of its precise evaluation. Past research provides a general description of the characteristics of direct investors and the unstructured networks by which they are linked. Finally, the analysis of the methods employed by angels to undertake direct financing activities permits the identification of certain advantages and problems specific to direct investment and some suggestions for small companies wishing to obtain access to this type of financing.
Resumen
Es así como en este artículo se recopila los resultados de diversos trabajos que, en el medio de habla inglesa, han tomado al financiamiento directo (o informal) de las pequeñas y medianas empresas (PyMEs) como tema principal. El financiamiento directo se caracteriza por ser un capital proveniente de particulares sin ningún vínculo familiar, por no tener ninguna garantía, y por estar fuera de todo proceso formal de intermediación. Estos particulares son conocidos bajo el nombre de «ángeles». A diferencia de estudios anteriores, en este trabajo se adopta el punto de vista de la empresa en busca de fondos, y se intenta responder a las siguientes preguntas: 1) ¿ Quiénes son los llamados ángeles y qué tipo de inversión realizan? 2) ¿ De qué manera y sobre qué criterio éstos toman la decisión de investir en una determinada empresa? 3) ¿ Cuáles son los costos y las condiciones de este tipo de financiamiento, y cuál es la oferta global de capital directo?
Se llega a demostrar que el financiamiento directo representa una contribución importante para el tipo de empresa en estudio, a pesar que es imposible una estimación precisa de este tipo de financiamiento. Los estudios anteriores permiten revelar las características de los inversionistas directos, y describir la red no estructurada que los unen. Finalmente, el análisis de los métodos utilizados por los «ángeles» permite esclarecer algunas ventajas y problemas específicos del financiamiento directo, además sugiere la forma por la cual las PyMEs deben abordar este tipo de financiamiento.
Appendices
Bibliographie
- ARAM, J.D. (1989), «Attitudes and behaviors of informal investors toward Early-Stage investments, technology-based ventures and coinvestors», Journal of Business Venturing, vol. 4, p. 333-347. 10.1016/0883-9026(89)90005-0 Google Scholar Search this bibliographic reference on Google Scholar
- AVERY, R.B. et G.E. ELLIEHAUSEN (1986), «Financial characteristics of high income families», Federal Reserve Bulletin, vol. 72, n° 3, p. 163-177. Google Scholar Search this bibliographic reference on Google Scholar
- BATY, G.B. (1991), Entrepreneurship for the 1990s, Englewood Cliffs, N.J., Prentice-Hall. Google Scholar Search this bibliographic reference on Google Scholar
- BELLETANTE, B. (1991), «Pour une approche des spécificités financières de la PME au travers du concept de territoire financier», Revue Internationale PME, vol. 4, n°l,p. 49-79. Google Scholar Search this bibliographic reference on Google Scholar
- CARTER, R.B. et H.E. VAN AUKEN (1994), «Venture capital firms' preferences for projects in particular stages of development», Journal of Small Business Development, janvier, p. 60-73. Google Scholar Search this bibliographic reference on Google Scholar
- CARY, L. (1989), The Venture Capital Report Guide to Venture Capital in the U.K., 4e édition, Londres, Pitman. Google Scholar Search this bibliographic reference on Google Scholar
- CONSEIL DE LA SCIENCE ET DE LA TECHNOLOGIE (1993), Urgence technologique: Pour un Québec audacieux, compétitif et prospère, Québec. Google Scholar Search this bibliographic reference on Google Scholar
- CONSEIL DU PREMIER MINISTRE DE L'ONTARIO (1987), Competing in the New Global Economy, Toronto, Gouvernement de l'Ontario. Google Scholar Search this bibliographic reference on Google Scholar
- CROSS, M. (1981), New Firm Formation and Regional Development, Farnborough, Gower. Google Scholar Search this bibliographic reference on Google Scholar
- EHRLICH, S.B., A.F. DE NOBLE, T. MOORE et R.R. WEAVER (1994), « After the cash arrives: a comparative study of venture capital and private investor involvement in entrepreneurial firms», Journal of Business Venturing, vol. 9, p. 67-82. 10.1016/0883-9026(94)90027-2 Google Scholar Search this bibliographic reference on Google Scholar
- FREEAR, J. et W.E. WETZEL JR (1989), «Equity capital for entrepreneurs», dans K. Vesper (éd.), Frontiers of Entrepreneurship Research, Wellesley, Mass., Babson College. Google Scholar Search this bibliographic reference on Google Scholar
- FREEAR, J. et W.E. WETZEL JR (1990), « Who bankroll High-Tech entrepreneurs?», Journal of Business Venturing, vol. 5, n° 2, p. 77-136. 10.1016/0883-9026(90)90001-A Google Scholar Search this bibliographic reference on Google Scholar
- FREEAR, J., J.E. SOHL et W.E. WETZEL JR (1990), «Raising venture capital: entrepreneurs' views of the process», dans K. Vesper (éd.), Frontiers of Entrepreneurship Research, Wellesley, Mass., Babson Collège. Google Scholar Search this bibliographic reference on Google Scholar
- FREEAR, J. et W.E. WETZEL JR (1991), The Informal Venture Capital Market in the Year 2000, IIIe Congrès annuel sur la recherche en PME, Florida State University. Google Scholar Search this bibliographic reference on Google Scholar
- FREEAR, J., J.E. SOHL et W.E. WETZEL JR (1992), «The investment attitudes, behavior and characteristics of high net worth individuals», dans K. Vesper (éd.), Frontiers of Entrepreneurship Research, Wellesley, Mass., Babson College. Google Scholar Search this bibliographic reference on Google Scholar
- GASTON, R.S. et S. BELL (1986), Informal Risk Capital in the Sunbelt Region, Knoxille, Tenn., Applied Economies Group. Google Scholar Search this bibliographic reference on Google Scholar
- GASTON, R.S. et S. BELL (1988), «The informal supply of capital», Washington DC, Office of Economie Research, U.S. Small Business Administration. Google Scholar Search this bibliographic reference on Google Scholar
- GASTON, R.S. (1989), Finding Private Venture Capital for Your Firm: A Complete Guide, New York, J. Wiley. Google Scholar Search this bibliographic reference on Google Scholar
- GEOFFRON, P. (1991), «Une analyse du processus de structuration des industries de capital de risque», Revue Internationale PME, vol. 4, n°3, p. 95-114. Google Scholar Search this bibliographic reference on Google Scholar
- HAAR, N.E., J. STARR et I.C. MACMILLAN (1988), «Informal risk capital investors: investment patterns on the East Coast of the USA», Journal of Business Venturing, vol. 3, p. 11-29. 10.1016/0883-9026(88)90027-4 Google Scholar Search this bibliographic reference on Google Scholar
- HAKIM, C. (1989), «Identifying fast growth small firms», Employment Gazette, vol. 91, p. 39-41. Google Scholar Search this bibliographic reference on Google Scholar
- HARRISON, R.T. et CM. MASON (1990), «Informal risk capital in the United-Kingdom», dans K. Vesper (éd.), Frontiers of Entrepreneurship Research, Wellesley, Mass., Babson College. Google Scholar Search this bibliographic reference on Google Scholar
- HARRISON, R.T. et CM. MASON (1992a), «International perspectives on the supply of informal venture capital», Journal of Business Venturing, vol. 7, p. 459-475. Google Scholar Search this bibliographic reference on Google Scholar
- HARRISON, R.T. et CM. MASON (1992b), «The role of investors in entrepreneurial companies: a comparison of informai investors and venture capitalists», dans K. Vesper (éd.), Frontiers of Entrepreneurship Research, Wellesley, Mass., Babson College. Google Scholar Search this bibliographic reference on Google Scholar
- HARRISON, R.T. (1993), «Informal venture capital and early stages ventures: European evidence and experience», The Six Countries Program Conference, Financing the Early Stage Technology Companies in the 1990s: An International Perspective, Montréal. Google Scholar Search this bibliographic reference on Google Scholar
- JOG, V., W.M. LAWSON et A. RIDING (1991), «The venture capitalist / entrepreneur interface: expectations, conflicts, and contracts», Journal of Small Business & Entrepreneurship, vol. 8, n°2, p. 5-20. 10.1080/08276331.1991.10600368 Google Scholar Search this bibliographic reference on Google Scholar
- KNIGHT, R.M. (1985), «The financing of small high-technology firms in Canada», Journal of Small Business &. Entrepreneurship, vol. 3, n° 1, p. 5-17. Google Scholar Search this bibliographic reference on Google Scholar
- LANDSTRÖM, H. (1993), «Informal risk capital in Sweden and some international comparisons», Journal of Business Venturing, vol. 8, p. 525-540. 10.1016/0883-9026(93)90037-6 Google Scholar Search this bibliographic reference on Google Scholar
- LEVRATTO, N. (1990), «Le financement des PME par les banques: contraintes des firmes et limites de la coopération», Revue Internationale PME, vol. 3, n° 2, p. 193-213. Google Scholar Search this bibliographic reference on Google Scholar
- MACDONALD, M. ET ASSOCIÉS (1994), The Venture Capital Market in Québec, Toronto. Google Scholar Search this bibliographic reference on Google Scholar
- MASON, CM., R.T. HARRISON et J. CHALONER (1991), Informal Risk Capital in the UK: A Study of Investors Characteristics, Investment Preferences and Investment Decision Making, Venture Finance Research Project, Document de travail n° 2, University of Southampton and University of Ulster. Google Scholar Search this bibliographic reference on Google Scholar
- OCDE (1986), Le capital de risque: contexte, développement et actions des pouvoirs publics, Paris, Service des publications de l'OCDE. Google Scholar Search this bibliographic reference on Google Scholar
- Ou, C. (1987), Holdings of Privately-Held Business Assets by American Familles: Findings from the 1983 Consumer Finance Survey, Document non publié, Washington DC, Office of Economic Research, US Small Business Administration. Google Scholar Search this bibliographic reference on Google Scholar
- POSTMA, P.D. et M.K. SULLIVAN (1990), Informal Risk Capital in the Knoxville Region, Center of Excellence for New Venture Analysis, College of Business Administration, Knoxville, Tenn., The University of Tennessee. Google Scholar Search this bibliographic reference on Google Scholar
- RIDING, A.L. et D.M. SHORT (1987), «Some investors' and entrepreneurs' perceptions of the informal market for risk capital», Journal of Small Business & Entrepreneurship, vol. 4, p. 19-30. 10.1080/08276331.1987.10600291 Google Scholar Search this bibliographic reference on Google Scholar
- RIDING, A.L. et D.M. SHORT (1988), «On the estimation of the investment potential of informal investors: a capture / recapture approach», Journal of Small Business & Entrepreneurship, vol. 5, n° 5, p. 26-40. 10.1080/08276331.1988.10600314 Google Scholar Search this bibliographic reference on Google Scholar
- RIDING, A., P.D. ON, L. DUXBURY, G. HAINES et R. SAFRATA (1993), Informal Investors in Canada: The Identification of Salient Characteristics, Rapport soumis au ministère de l'Industrie, de la Science et des Technologies, Ottawa. Google Scholar Search this bibliographic reference on Google Scholar
- RUHNKA, J.C. et J.E. YOUNG (1987), «A venture capital model of the development process for new ventures», Journal of Business Venturing, vol. 2, p. 167-184. 10.1016/0883-9026(87)90006-1 Google Scholar Search this bibliographic reference on Google Scholar
- SULLIVAN, M.K. et A. MILLER (1990), « Applying theory of finance to informal risk capital research: promise and problems», dans K. Vesper (éd.), Frontiers of Entrepreneurship Research, Wellesley, Mass., Babson College. Google Scholar Search this bibliographic reference on Google Scholar
- SURET, J.M. (1994), «Le Gouvernement du Québec et le financement des entreprises: les mauvaises réponses à un faux problème», dans L'État interventionniste, Vancouver, The Fraser Institute. Google Scholar Search this bibliographic reference on Google Scholar
- SURET, J.M. et L. ARNOUX (1995), L'investissement direct au Québec, Québec, Conseil de la science et de la technologie, 82 pages. Google Scholar Search this bibliographic reference on Google Scholar
- TYMES, E.R. et O.J. KRASNER (1983), «Informal risk in California», dans K. Vesper (éd.), Frontiers of Entrepreneur ship Research, Wellesley, Mass., Babson College. Google Scholar Search this bibliographic reference on Google Scholar
- VENTURE ECONOMICS CANADA LTD (1990), Financing Early Stage Companies, Toronto, Venture Economics Canada Inc. Google Scholar Search this bibliographic reference on Google Scholar
- VERNA, G. (1994), «Légalité-légimité: la dialectique de l'informel», dans Les entreprises informelles, Collectif publié sous la direction de R. Arrelano, Y. Gasse et G. Verna, Sainte-Foy, Québec, les Presses de l'Université Laval. Google Scholar Search this bibliographic reference on Google Scholar
- WETZEL, W.E. JR (1981), «Informal risk capital in New England», dans K. Vesper (éd.), Frontiers of Entrepreneur ship Research, Wellesley, Mass., Babson Collège. Google Scholar Search this bibliographic reference on Google Scholar
- WETZEL, W.E. JR (1983), «Angels and informal risk capital», Sloan Management Review, vol. 24, n° 4, p. 21-34. Google Scholar Search this bibliographic reference on Google Scholar
- WETZEL, W.E. JR (1987), «The informal venture capital market: aspects of scale and market efficiency», Journal of Business Venturing, vol. 2, n° 4, p. 299-313. 10.1016/0883-9026(87)90023-1 Google Scholar Search this bibliographic reference on Google Scholar
- WETZEL, W.E. JR et J. FREEAR (1994), «Promoting informal venture capital in the United States: reflections on the history of the venture capital network», dans R.T. Harrison et CM. Mason (éd.), Informal Venture Capital: Information, Networks and Public Policy, Woodhead-Faulkner, Hemel Hempstead. Google Scholar Search this bibliographic reference on Google Scholar