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Sofinance the Venture Capital Industry As an Alternative Source of Financing for Small and Medium Industrial Enterprises-Sofinance Case Study

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Sofinance the Venture Capital Industry As an Alternative Source of Financing for Small and Medium Industrial Enterprises-Sofinance Case Study 113 95 2020 02 09 : Sofinance The Venture Capital 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 Business School) (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. Paris: 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 Switzerland : 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 Private Equity 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 & Geneva: 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 113 .
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