شركات رأس المال المخاطر و دورها في خلق و تمويل المشاريع الناشئة

Abstract

"The appearance of this kind of companies, Venture capital firms represent an alternative of the project’s funding unlike traditional banks. These firms support the greatestrisk, which permits the existence of projects that can never exist without this kind of companies, knowing that the legislator had reason when he introduced this kind of firms to finance emerging projects under the law 06-11 . In this study, we have preceded to the exposure of different historical and legal facets of these companies, also to the conception of their financial technical, real causes of their creation, the distinction between them and the traditional methods of financing. With approach to the question of their establishment and the differentiation between venture capital firms and the SPA, with its submission to anterior and posterior control with giving details about sentences adopted by this company to arrive to the decision of granting the funding for the project discussed; by exposing different strategies adopted byventure capital firms and mechanisms of activation so that they can play the pivotal role,in order to enable them to reduce obstacles that confrontthe launch of investment projects and their impact on the economic development, however these companies are actually recent in Algeria and remain feeble, this is why the government should furnish more efforts of reformfor the investment’s climate in a general manner. Because of their specific nature to support risks beyond the average permitted by processes of funding represented specially by banks, it is also a state’s duty to present them to investors with keeping them under control to adjust their sensible activity to preserve the general interest and the realization of the principle objective of their creation with taking into consideration challenges that the economy confront and its local and international development in the shadow of competition to get the best. Showing the efficiency of this kind of companies in developed countries because they have contributed to the creation and the financing of multitude of emerging projects that have been developed to huge projects that occupythe leadership internationally. Algeria must do the same to realize the objectives aimed and especially after the difficulty of implementation of traditional means in this field."