113 95 2020 02 09 :

Sofinance The Industry as an alternative source of financing for small and medium industrial enterprises-Sofinance Case Study-

2 1

[email protected] 1 [email protected] 2

2020 12 31 2020 12 02 2020 10 31

Sofinance

Sofinance Sofinance Sofinance G24 JEL Abstract: This study aims to define venture capital and highlight its characteristics and effectiveness as an alternative to financing for small and medium-sized industrial enterprises. It also aims to highlight the extent of the contribution of the company "Sofinance" to the financing of small and medium- sized industrial enterprises using the risk capital technique. The study concluded that venture capital is an effective alternative to financing small and medium-sized industrial enterprises, as it goes well with one of its most important financial characteristics, which is the property of information asymmetry. It also concluded that the number of small and medium- sized enterprises operating in the industrial sector and financed by the company "Sofinance" according to the venture capital technique remains acceptable if we consider the total number of small and medium-sized enterprises financed by the technique of risk capital in the company "Sofinance". Keywords: Venture capital industry, The financing, Small and medium-sized industrial enterprises, Company "Sofinance". Jel Classification Codes: G24 [email protected]

95

1

Sofinance

Sofinance

96 Sofinance

Sofinance

Sofinance

2

1.2 1899 Georges Doriot

(Harvard (Mangement 1921 ) (Bouatouata, 2005, p. 70) 1926 industriel)

(La recherche- George Doriot 1940

(Bouatouata, 2005, pp. 69-71) George Doriot

97

(Bouatouata, 2005, p. 71) (Businessmen Classiques) Karl 1946 Georges Doriot Massachusetts Compton (American Research & Development-ARD)

335 70 (ARD) 26

(Glachant & al, (Limited Partnership) 2008, p. 29)

Iowa Cornell University State University

20 2007

98 Sofinance

(Lachmann, 1999, p. 20) 3.7 4.4 7.7 2018 (Dealroom.co, February 2019) 0.6 2.2

Pierre BATTINI

(Battini, 2006, p. 13)

(Bastie & Cieply, 2008) (EVCA)

13 2009

99

2006 04

10 3 (Surveillance intensive)

1

+

10 3

Source: (Cherif, 2000, p. 19) 3.2

1.3.2

(Cherif, Le capital- risque, 2008, p. 49)

100 Sofinance

2.3.2 (Haut de Bilan) (Bas de Bilan)

(Lachmann, 1999, p. 15)

12 2010 3.3.2

10 3

(Engelhardi & Gantenbein, 2010, p. 11) 4.3.2

(Cherif, Le capital-risque, 2008, p. 49)

13 2010 5.3.2

101

(Battini, 2006, p. 31)

6.3.2

(Minoritaire) (Majoritaire)

(Battini, 2006, p. 31) 7.3.2

(De Fontaine Vive, 2008, p. 45) 2

Institutional Investors

Returns Capital

Venture Capital institution

Debt Liquidity Capital

Entrepreneur

Source: (J. Cumming & A. Johan, 2009, p. 04)

102 Sofinance

3

3

NASDAQ - Société de - Love Money - Business capital-risque - Group Angels industriels

Source: (Cherif, Le capital-risque, 2008, p. 39) 1.3 (Stephany, 2003, p. 09) (Lachmann, 1999, p. 30)

(Analysis of the Market) (R&D)

103

(Business Angels) (Love Money)

(Engelhardi & Gantenbein, 2010, p. 13) (Lachmann, 1999, p. 30) 2.3 (La post-

(Onimus, 2011, p. 08) 1594 2005

(Engelhardi & Gantenbein, 2010, p. 13) 3.3 (Seuil de (Stephany, 2003, p. 09)

(Lachmann, 1999, p. 31) (Lachmann, 1999, (Second stage) pp. 31-32)

104 Sofinance

(Expansion capital)

(Bridge Financing) (Mezzanine Financing)

(Capital-transmission) 4.3 (Stephany, 2003, p. 09) (Capital-reprise)

(Bouatouata, 2005, p. 53) (Capital-retournement) 5.3

(Onimus, 2011, p. 10) (Part Majoritaire) (Plan de Redressement)

(Glachant & al, 2008, p. 25)

4

(Track record)

105

(UNCTAD, 2008, p. 93)

(Capital-risqueurs)

Lerner

(UNCTAD, 2008, p. 95)

(UNCTAD, 2008, p. 95)

5 (Sofinance)

106 Sofinance

(Sofinance) 1.5 10 2000 (Site officiel 2001 01 09 Sofinance de la Sofinance)

12 2007

12 2007

(Sofinance) 2.5 Sofinance (Site officiel de la Sofinance) Participations au capital  Sofinance (Haut de Bilan)

107

Sofinance -Bail  (Location avec cession)

 Sofinance

3.5 Sofinance (Sofinance)

Sofinance 2017 2010 2017 2010 Sofinance 4

7000000

6000000

5000000

4000000

3000000

2000000

1000000

0 2010 2011 2012 2013 2014 2015 2016 2017

(Site officiel de la Sofinance) Sofinance 2012 2010 Sofinance 2012 2010

108 Sofinance

1245626 2015 2017 2010

1047000 2016 2017 1163937

2016 %52 %57 2017 %60 2015 Sofinance 4.5

(Sofinance) 2017 2012 Sofinance 1 2017 2012

109

207 206 2018 2017 Sofinance 19 08 03 02

Sofinance 09 10 Sofinance 03 Sofinance

6

110 Sofinance

10

Sofinance

%60 Sofinance Sofinance

Sofinance

111

7 1. Battini, P. (2006). Financier son entreprise de la création à la transmission par le capital investissement. : Edition Maxima. 2. Bouatouata, K. E. (2005). Le Capital Investissement- Capital-risque (USA- Europe- Tunisie- Maroc- Algérie) Enjeux & Perspectives. Alger: Edition Grand-Alger Livres. 3. Engelhardi, J., & Gantenbein, P. (2010). Venture capital in : an Empirical Analysis of the Market for Early-stage investments and their Economic. Switzerland: Haut Berne. 4. J. Cumming, D., & A. Johan, S. (2009). Venture capital and contracted: An international Perspective. United States: Elsevier Inc. 5. Lachmann, J. (1999). Capital-risque et Capital-investissement. Paris: Edition Economica. 6. Mondher Cherif 2000 Le capital-risque pour financier la croissance et L emploi Paris: Edition d'organisation 7. Onimus, J. (2011). Assessing the economic value of venture capital contracts: An option pricing approach. Germany: Gabler. 8. Stephany, E. (2003). La relation capital-risque/PME, Fondements et Pratiques. Belgique: Editions De Boeck Université. 2018 2017 9 207 206 02 Sofinance

10. Bastie, F., & Cieply, S. (2008). Quel rôle pour les organisation de capital-investissement sur le marché de la cession-reprise ? Revue d'économie financiére, Vol 93(N 03), 149. 11. Cherif, M. (2008). Le capital-risque. Paris: Edition Revue Banque. 12. De Fontaine Vive, P. (2008). L’Europe et le capital-risque. Revue d'économie Financiére, Vol 93(N 93), p. 45. 2007 13 12 05 SOFINANCE 2009 03 31 14 13 2005 15 1594

112 Sofinance

2010 16 12 EFSA 11 06 5 4 3 2 2006 25 17 04 42 2006 06 24 18. Dealroom.co. (February 2019). Annual European Venture Capital Report (2018). Amsterdam: Dealroom.co. 19. Glachant, J., & al, e. (2008). Private equity et capitalisme français. paris: la documentation française. 20. UNCTAD. (2008). Trade and development report 2008. New York & : United Nations. 2007 21

22. Site officiel de la Sofinance. (s.d.). Consulté le Mai 23, 2020, sur Présentation de la Sofinance: http://www.sofinance.dz/presentation

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