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Le financement de l’innovation et de la R & D en France : un bilan statistique

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DOI: 10.3406/ecofi.2004.4908


The financing of innovation and R& D in French investments The purpose of this paper is to analyse all the available French data on the financing of innovation and R& D investments. Firstly, we study the financial structure of innovative projects. We show the importance of internal finance and to a lesser extent of public aid. In addition a high degree of heterogeneity seems to characterise firms in particular with regard to projects financial structure. Secondly, we analyse the financing of R& D investments. This allows us to highlight potential financial problems of R& D projects, specially for small independent firms. Finally, we compare the financial structure of firms engaged in R& D activities, innovating firms and non-innovating firms. Our results exhibit a hierarchy between these different types of firms : the financial structure of innovating firms appears to be more favourable than that of non-innovating firms while the financial structure of R& D firms is in-between. JEL classification : D8, D21, D43, E22, E44, E50

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