L.T.SACHS cité dans le Journal de l’OCDE (Financial Market Trends, Vol. 2012/1)

J’avais été invité en avril dernier  par l’OCDE à participer comme expert à la table ronde annuelle sur les services financiers, dont l’objet est de faciliter un dialogue informel entre le Comité Marchés Financiers de l’OCDE et des représentants choisis du secteur privé. Le sujet traité était le financement des PME dans un environnement de diminution de la taille des bilans bancaires. J’y avais insisté sur l’impérieuse nécessité de l’innovation comme facteur de compétitivité des entreprises, sur l’importance du rôle des business angels et d’un environnement fiscal favorable (ce qui prend cette semaine un goût particulier avec l’annonce d’un projet de loi budgétaire rétrograde).

L’organisateur de la table ronde, Dr. Gert Wehinger (Senior Economist, Financial Affairs Division of the OECD Directorate for Financial and Enterprise Affairs), me cite dans son article «Bank deleveraging, the move from bank to market-based financing, and SME financing» qui paraîtra bientôt dans le Journal de l’OCDE: Financial Market Trends, Vol. 2012/1:

Equity financing for SMEs, as opposed to debt financing, was seen as appropriate in particular for small, innovative start-up companies that are essential to improve an economy’s competitiveness and underpin dynamic growth.15 Many company owners hesitate to raise equity capital for fear of losing control to investors, yet research shows that venture capital (VC) supported firms in the US are on average three times more innovative than comparable, non VC-funded firms. But the venture capitalist threshold is high, creating a so-called equity gap that is making it harder for most entrepreneurs to secure financing between EUR 200.000 and EUR 2.000.000. Business angels play a key role in filling this gap. Studies have shown that business angels are important for companies’ survival and their ability to secure later-stage financing. It was noted that Europe is lagging behind the United States in this regard. To develop business angel channels, high-net-worth individuals should be encouraged to invest directly in young companies. But funding could also be more broadly based, like in the US where the JOBS Act recently legalised crowd funding for start-ups that can now raise up to USD 1 million per year from small investments online and through social media. While such an approach was found interesting, it was admitted, however, that it is too early to assess its impact. (OECD JOURNAL: FINANCIAL MARKET TRENDS – VOLUME 2012 ISSUE 1 © OECD 2012, p.12.).

15 This and the following paragraph are based on written remarks by Laurent Sachs, L.T. Sachs, submitted for the OECD Financial Roundtable, April 2012. (OECD JOURNAL: FINANCIAL MARKET TRENDS – VOLUME 2012 ISSUE 1 © OECD 2012, note 15, p.15.).