ror.org/02rx3b187
Abstracts
Résumé
L’accès au financement des start-up en phase d’amorçage représente un défi en raison de la difficulté à évaluer leur potentiel de croissance. Notre recherche s’intéresse aux caractéristiques du marché des agences de notation de start-up en France en étudiant leur capacité à offrir une meilleure compréhension de ce potentiel. Notre méthodologie s’appuie sur une recherche qualitative et exploratoire au travers de la réalisation de dix-huit entretiens semi-directifs avec des acteurs du monde des start-up et de la notation. Nous montrons que, pour offrir une réelle plus-value et limiter simultanément les asymétries d’information et de connaissance entre dirigeants et financeurs, le processus de construction de la notation nécessite une forte fiabilité des données recueillies ainsi qu’une transparence accrue. La crédibilité de la notation suppose également le développement d’un standard axé sur trois piliers, « humain, marché et gouvernance ». La notation ainsi construite pourrait permettre de diversifier les sources de financement des start-up en phase d’amorçage et donc de soutenir leur développement.
Mots-clés:
- Notation,
- Start-up,
- Asymétrie d’information,
- Asymétrie de connaissance
Abstract
Access to financing for young and innovative firms in the seed stage is a challenge due to the difficulty of assessing their growth potential. Our analysis focuses on the characteristics of the market for start-up rating agencies in France by studying their ability to offer a better understanding of this potential. Our methodology is based on a qualitative and exploratory research through eighteen semi-directive interviews with stakeholders from the start-up and rating ecosystems. We show that, in order to offer a real added value and simultaneously limit information and knowledge asymmetries between managers and financiers, the rating construction process requires a high degree of reliability of the data collected as well as increased transparency. The credibility of the rating presupposes the development of a standard based on three pillars, “human, market and governance”. The rating thus constructed could make it possible to diversify the sources of financing for young and innovative firms in the seed stage and thus support their development.
Keywords:
- Scoring,
- Young and innovative firms,
- Information asymmetries,
- Knowledge asymmetries
Resumen
El acceso a la financiación para las empresas jóvenes e innovadoras en la fase de semilla es un reto debido a la dificultad de evaluar su potencial de crecimiento. Nuestra investigación se centra en las características del mercado de las agencias de calificación de las empresas jóvenes e innovadoras en Francia, estudiando su capacidad para ofrecer una mejor comprensión de este potencial. Nuestra metodología se basa en una investigación cualitativa y exploratoria a través de dieciocho entrevistas semiestructuradas con actores del mundo de las empresas jóvenes e innovadoras y de la calificación. Demostramos que, para ofrecer un verdadero valor añadido y limitar al mismo tiempo las asimetrías de información y conocimiento entre gestores y financieros, el proceso de construcción de la calificación requiere un alto grado de fiabilidad de los datos recogidos, así como una mayor transparencia. La credibilidad de la calificación también requiere el desarrollo de una norma basada en tres pilares, «personas, mercado y gobernanza». La calificación así construida podría permitir diversificar las fuentes de financiación de las empresas jóvenes e innovadoras en la fase de semilla y apoyar así su desarrollo.
Palabras clave:
- Calificación,
- Empresas jóvenes e innovadoras,
- Asimetrías de información,
- Asimetrías de conocimiento
Appendices
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