Venture capital, innovation and growth.

Summary This thesis deals with the problem of financing innovation through venture capital. Venture capital markets play a key role in the financing of innovation. Indeed, venture capitalists are investors who specialize in financing young innovative companies that are at the cutting edge of technology and have a risky profile. These companies generate strong growth and create jobs at a sustained rate. We study the mechanisms that contribute to the success of venture capital markets and analyze their implications for the financing of innovative projects. A matching model between venture capitalists and entrepreneurs with innovative projects allows us to understand the role of the venture capitalist's expertise in the financing of innovative projects and the proper functioning of venture capital markets. We then present a model of endogenous growth where the efficiency of the matching between venture capitalists and entrepreneurs influences the growth rate. We also analyze the role played by information asymmetry and, more specifically, the role of antiselection and its impact on the financing of innovative projects by venture capital. Finally, we ask what role the state can play in the development of venture capital markets.