{"id":11736,"date":"2022-03-11T20:35:37","date_gmt":"2022-03-11T19:35:37","guid":{"rendered":"https:\/\/aedic.eu\/?page_id=11736"},"modified":"2022-07-08T21:14:28","modified_gmt":"2022-07-08T19:14:28","slug":"il-ruolo-degli-attori-finanziari","status":"publish","type":"page","link":"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/","title":{"rendered":"Le r\u00f4le des acteurs financiers"},"content":{"rendered":"<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduzione\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Par nature, les jeunes entreprises n'ont pas acc\u00e8s aux m\u00eames ressources financi\u00e8res que les entreprises plus grandes ou plus matures. En fait, pour les start-ups op\u00e9rant dans les secteurs de la connaissance et de la haute technologie, un certain nombre d'obstacles \u00e0 la cr\u00e9ation d'entreprises sont \u00e0 surmonter.<strong>&nbsp;barri\u00e8res<\/strong>&nbsp;y compris des niveaux \u00e9lev\u00e9s de&nbsp;<strong>incertitude<\/strong>, pr\u00e9sence de&nbsp;<strong>asym\u00e9tries<\/strong>&nbsp;l'information et le manque de<strong>&nbsp;ant\u00e9c\u00e9dents<\/strong>&nbsp;o&nbsp;<strong>garanties<\/strong>&nbsp;En cas de succ\u00e8s, elles limitent la capacit\u00e9 \u00e0 obtenir des financements aupr\u00e8s des sources traditionnelles. Ce sc\u00e9nario est g\u00e9n\u00e9ralement appel\u00e9<em><strong>&nbsp;d\u00e9ficit de financement<\/strong><\/em>situation qui se pr\u00e9sente lorsque le&nbsp;<strong>demandes de financement&nbsp;<\/strong>d'une entreprise sont sup\u00e9rieurs au capital fourni par les petits bailleurs de fonds, mais insuffisants pour \u00eatre pris en compte par les grands bailleurs de fonds priv\u00e9s.&nbsp;<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table des mati\u00e8res\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/#Introduzione\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/#Fase_di_sviluppo_del_progetto\" >Phase de d\u00e9veloppement du projet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/#Tipo_di_progetto_1\" >Type de projet \/1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/#Proprieta_e_controllo\" >La propri\u00e9t\u00e9, c'est le contr\u00f4le<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/#Risorse_dellinvestitore\" >Ressources pour les investisseurs<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>La cr\u00e9ation et le d\u00e9veloppement d'une entreprise innovante n\u00e9cessitent&nbsp;<strong>le capital financier<\/strong>. L'acc\u00e8s au financement fait r\u00e9f\u00e9rence \u00e0 la capacit\u00e9 des jeunes entreprises innovantes \u00e0 obtenir des sources de financement.&nbsp;<strong>plus appropri\u00e9<\/strong>&nbsp;applicables \u00e0 leur stade de d\u00e9veloppement.&nbsp;<br>Un entrepreneur, avant d'aborder le monde <a href=\"https:\/\/aedic.eu\/fr\/business-in-africa\/cameroun-ifc-augmente-le-soutien-financier-aux-pme-dans-le-segment-de-lagriculture-et-de-lagro-industrie\/\" >du capital financier<\/a>doit r\u00e9pondre aux quatre questions suivantes.<\/p>\n\n\n\n<ol><li><em>Quelle est la phase de d\u00e9veloppement de l'initiative commerciale (amor\u00e7age, stade pr\u00e9coce, stade avanc\u00e9) ?<\/em><\/li><li><em>Quel type d'activit\u00e9 se cache derri\u00e8re l'entreprise (entreprise de produits, entreprise technologique, entreprise de conseil) ?<\/em><\/li><li><em>Quelle est l'attitude du groupe d'entreprises \u00e0 l'\u00e9gard de la croissance et du partage de la propri\u00e9t\u00e9 et du contr\u00f4le ?<\/em><\/li><li><em>Quelles sont les ressources apport\u00e9es par les diff\u00e9rents investisseurs ?&nbsp;<\/em><\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fase_di_sviluppo_del_progetto\"><\/span>Phase de d\u00e9veloppement du projet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>Qu'est-ce que la&nbsp;<strong>phase de d\u00e9veloppement<\/strong>&nbsp;de l'initiative entrepreneuriale (amor\u00e7age, stade pr\u00e9coce, stade avanc\u00e9) ?<\/em><\/p>\n\n\n\n<p>Une nouvelle entreprise suit g\u00e9n\u00e9ralement un <a href=\"https:\/\/aedic.eu\/fr\/invest-in-africa\/les-acteurs-soutenant-linnovation-au-cycle-de-vie-des-entreprises\/\" >cycle de vie<\/a> se caract\u00e9risent par diff\u00e9rents stades de d\u00e9veloppement. Selon le stade auquel se trouve la nouvelle entreprise, diff\u00e9rents types d'investisseurs devraient \u00eatre les mieux \u00e0 m\u00eame de r\u00e9pondre \u00e0 ses besoins de financement.&nbsp;<\/p>\n\n\n\n<p>Dans la plupart des&nbsp;<strong>embryonnaire<\/strong>les fonds personnels, les fonds des amis et de la famille sont les formes de financement les plus appropri\u00e9es. Plus r\u00e9cemment, le crowdfunding est \u00e9galement devenu une opportunit\u00e9 int\u00e9ressante pour financer des projets entrepreneuriaux \u00e0 ce stade pr\u00e9coce. Au stade de la&nbsp;<strong>graines<\/strong>les business angels jouent le r\u00f4le principal, avec les subventions publiques, pour soutenir l'esprit d'entreprise et l'innovation.&nbsp;<strong>Par la suite<\/strong>les investisseurs en capital-risque et les autres investisseurs institutionnels deviennent des acteurs plus actifs dans le processus de financement. Enfin, dans les&nbsp;<strong>maturit\u00e9<\/strong>L'entreprise pourrait ainsi acc\u00e9der plus facilement aux formes traditionnelles de financement, telles que le financement bancaire.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tipo_di_progetto_1\"><\/span>Type de projet \/1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>Ce qu'il faut faire&nbsp;<strong>type d'activit\u00e9<\/strong>&nbsp;est \u00e0 la base de l'entreprise (entreprise de produits, entreprise technologique, entreprise de conseil) ?<\/em><\/p>\n\n\n\n<p>En tra\u00e7ant un plan cart\u00e9sien dans lequel l'axe horizontal des abscisses repr\u00e9sente le temps et l'axe vertical des ordonn\u00e9es repr\u00e9sente la valeur mon\u00e9taire, il est possible de tracer la courbe des flux de tr\u00e9sorerie g\u00e9n\u00e9r\u00e9s par l'entreprise.&nbsp;<\/p>\n\n\n\n<p>La zone situ\u00e9e sous l'axe des abscisses d\u00e9finit le moment o\u00f9 l'entreprise est incapable de cr\u00e9er de la valeur mon\u00e9taire (flux de tr\u00e9sorerie n\u00e9gatifs) et est appel\u00e9e \"vall\u00e9e de la mort\", tandis que la zone situ\u00e9e au-dessus de l'axe des abscisses repr\u00e9sente la cr\u00e9ation de valeur (flux de tr\u00e9sorerie positifs). Ce graphique pr\u00e9sente trois points d'int\u00e9r\u00eat. L'axe des x est la cr\u00e9ation de valeur (flux de tr\u00e9sorerie positifs).&nbsp;<strong>profondeur&nbsp;<\/strong>de la courbe indique le montant du capital n\u00e9cessaire au d\u00e9veloppement du projet. Le point d'intersection avec l'axe des abscisses indique l'importance du capital n\u00e9cessaire au d\u00e9veloppement du projet.&nbsp;<strong>point d'attache<\/strong>&nbsp;de sorte que les flux de tr\u00e9sorerie sont nuls. Les flux de tr\u00e9sorerie sont donc nuls.&nbsp;<strong>pente<\/strong>&nbsp;de la courbe indique la vitesse de croissance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/flussi-di-cassa-1024x579.jpg\" alt=\"\" class=\"wp-image-11744\" title=\"\" srcset=\"https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/flussi-di-cassa-1024x579.jpg 1024w, https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/flussi-di-cassa-300x170.jpg 300w, https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/flussi-di-cassa-768x434.jpg 768w, https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/flussi-di-cassa.jpg 1432w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Les tendances varient d'une entreprise \u00e0 l'autre<\/strong>. Les entreprises de<strong>&nbsp;produit<\/strong>&nbsp;n\u00e9cessitent un capital limit\u00e9, elles atteignent rapidement le seuil de rentabilit\u00e9. La combinaison de ces deux facteurs permet un rythme de croissance soutenu.<br>Le&nbsp;<strong>entreprise<\/strong>&nbsp;<strong>de conseil<\/strong>&nbsp;n\u00e9cessitent encore moins d'investissements, mais la n\u00e9cessit\u00e9 de vendre leurs services \u00e0 des clients physiques (contrairement au cas pr\u00e9c\u00e9dent o\u00f9 un produit est vendu avec une plus grande facilit\u00e9 de p\u00e9n\u00e9tration) limite la vitesse de croissance, ce qui repousse le seuil de rentabilit\u00e9 plus loin dans le temps.<br>Enfin, le&nbsp;<strong>entreprises de haute technologie<\/strong>&nbsp;sont les cas o\u00f9 un capital d'investissement initial important est n\u00e9cessaire, ce qui rend la \"vall\u00e9e de la mort\" tr\u00e8s profonde. Cela retarde consid\u00e9rablement le seuil de rentabilit\u00e9. Cependant, une fois le seuil atteint, la vitesse de croissance est nettement plus \u00e9lev\u00e9e que dans les cas pr\u00e9c\u00e9dents.<br>Cette analyse montre l'importance du capital financier requis pour les projets \u00e0 fort caract\u00e8re innovant.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"594\" src=\"https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/andamento-1024x594.jpg\" alt=\"\" class=\"wp-image-11745\" title=\"\" srcset=\"https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/andamento-1024x594.jpg 1024w, https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/andamento-300x174.jpg 300w, https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/andamento-768x446.jpg 768w, https:\/\/aedic.eu\/wp-content\/uploads\/2022\/03\/andamento.jpg 1453w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Proprieta_e_controllo\"><\/span>La propri\u00e9t\u00e9, c'est le contr\u00f4le<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>Quelle est l'attitude <a href=\"https:\/\/aedic.eu\/fr\/invest-in-africa\/market-cemac-growth-rate-2019-exceeds-25\/\" >du groupe d'entrepreneurs vers la croissance<\/a> et le partage des&nbsp;<strong>propri\u00e9t\u00e9 et contr\u00f4le<\/strong>?<\/em><\/p>\n\n\n\n<p>Si nous avons parl\u00e9 jusqu'\u00e0 pr\u00e9sent des caract\u00e9ristiques intrins\u00e8ques des entreprises, le type d'investisseur le mieux adapt\u00e9 \u00e0 chaque entreprise d\u00e9pend \u00e9galement de certains facteurs.&nbsp;<strong>caract\u00e9ristiques de l'entrepreneur<\/strong>en termes de&nbsp;<strong>aptitude \u00e0 la croissance<\/strong>&nbsp;et la propension \u00e0 partager les<strong>&nbsp;le contr\u00f4le de l'entreprise<\/strong>. En effet, selon le type d'investisseur, le montant mis \u00e0 disposition change, d\u00e9terminant ainsi une vitesse de croissance diff\u00e9rente, et le nombre d'actions de l'entreprise \u00e0 partager avec l'investisseur change \u00e9galement, limitant ainsi plus ou moins le contr\u00f4le de l'entreprise.&nbsp;<br>L'utilisation de formes de&nbsp;<em>bottes de serrage<\/em>Il s'agit d'une pratique qui consiste \u00e0 cr\u00e9er une entreprise \u00e0 partir de rien, avec uniquement des \u00e9conomies personnelles, et qui, gr\u00e2ce \u00e0 une gestion efficace des ressources et au soutien des amis et de la famille, permet de garder le contr\u00f4le total de l'entreprise, mais avec un capital disponible limit\u00e9.&nbsp;<br>L'utilisation de&nbsp;<strong>fonds publics&nbsp;<\/strong>permet d'augmenter l'apport de capitaux utiles \u00e0 la croissance, g\u00e9n\u00e9ralement en conservant le contr\u00f4le total ou en le diluant au minimum.&nbsp;<br>L'utilisation de&nbsp;<strong>capital de la dette<\/strong>&nbsp;Les entreprises peuvent ainsi augmenter leur capital tout en conservant un contr\u00f4le total, mais ces formes de financement sont rarement accessibles aux entreprises en phase embryonnaire.<br>Enfin, l'utilisation de&nbsp;<strong>capital-risque<\/strong>&nbsp;par l'interm\u00e9diaire de business angels et de soci\u00e9t\u00e9s de capital-risque permet une croissance plus soutenue gr\u00e2ce \u00e0 un capital plus important, mais au prix de contraintes plus lourdes pour l'entrepreneur, qui doit partager avec l'investisseur ses choix en mati\u00e8re de strat\u00e9gie, de gestion et d'exploitation.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risorse_dellinvestitore\"><\/span>Ressources pour les investisseurs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>Quelles sont les ressources apport\u00e9es par les diff\u00e9rents investisseurs ?&nbsp;<\/em><\/p>\n\n\n\n<p>Un autre \u00e9l\u00e9ment \u00e0 prendre en compte pour naviguer dans le monde des acteurs financiers est de comprendre le r\u00f4le de l'\u00c9tat.<strong>&nbsp;type de soutien<\/strong>&nbsp;La Commission a contribu\u00e9 \u00e0 ce projet en \u00e9tablissant une distinction entre deux macro-cat\u00e9gories : le capital d'investissement et le soutien \u00e0 la gestion.&nbsp;<\/p>\n\n\n\n<p>I&nbsp;<strong>Business Angel<\/strong>&nbsp;sont utilis\u00e9s pour participer \u00e0 des start-ups qui op\u00e8rent g\u00e9n\u00e9ralement dans des secteurs dans lesquels ils ont eux-m\u00eames accumul\u00e9 une forte valeur ajout\u00e9e.&nbsp;<strong>exp\u00e9rience<\/strong>. Cela permet \u00e0 l'investisseur individuel d'apporter ses propres connaissances, ce qui est vital pour les start-ups aux premiers stades de leur croissance. Toutefois, comme nous l'avons vu plus haut, le capital n'est qu'un \u00e9l\u00e9ment parmi d'autres.&nbsp;<strong>mineur<\/strong>&nbsp;que ce qui est mis \u00e0 disposition par d'autres acteurs financiers. Leur participation peut se faire par le biais d'un<em>&nbsp;syndicat&nbsp;<\/em>s'organiser avec d'autres Business Angels afin d'augmenter le montant investi.&nbsp;<\/p>\n\n\n\n<p>Contrairement \u00e0 un business angel, qui investit des capitaux personnels, un fonds d'investissement est un fonds de capital-risque.&nbsp;<strong>Capital-risque&nbsp;<\/strong>a \u00e0 son tour des investisseurs (appel\u00e9s Limited Partners), g\u00e9n\u00e9ralement des entit\u00e9s professionnelles telles que des fonds de pension, des fondations, des banques, qui apportent des capitaux et \u00e0 qui elle doit garantir des rendements avec des multiplicateurs \u00e9lev\u00e9s, en raison du risque important qu'ils assument. Cela garantit que leur contribution \u00e0 la gestion est motiv\u00e9e par l'objectif de maximiser les retours sur investissement.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Introduction De par leur nature m\u00eame, les jeunes entreprises n'ont pas acc\u00e8s aux m\u00eames ressources financi\u00e8res que les entreprises plus grandes ou plus matures. En effet, pour les start-ups op\u00e9rant dans les secteurs de la connaissance et de la haute technologie, un certain nombre d'obstacles, y compris les niveaux \u00e9lev\u00e9s d'incertitude, la pr\u00e9sence d'asym\u00e9tries d'information et le manque d'ant\u00e9c\u00e9dents ... <\/p>\n<p class=\"read-more-container\"><a title=\"Le r\u00f4le des acteurs financiers\" class=\"read-more button\" href=\"https:\/\/aedic.eu\/fr\/le-role-des-acteurs-financiers\/#more-11736\" aria-label=\"Plus sur Le r\u00f4le des acteurs financiers\">Lire plus<\/a><\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"iawp_total_views":24,"footnotes":""},"acf":[],"rankMath":{"parentDomain":"aedic.eu","noFollowDomains":[],"noFollowExcludeDomains":[],"noFollowExternalLinks":true,"featuredImageNotice":"L\u2019image en vedette devrait \u00eatre au moins 200 par 200 pixels pour \u00eatre 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