LE FINANCEMENT DES TPE : QUELLE PERSPECTIVE POUR LE CROWDFUNDING

Résumé

The purpose of this work is to evaluate the perspective of crowdfunding emergence in Moroccan context and assess its capacity to meet the financial needs of small business and young entrepreneurs. This was obviously the segment of market that shows a great difficulty to obtain financing for his project and it’s a source of reducing unemployment and enhancing economic growth. For this purpose, I try, first, to explain theoretically the crowdfung emergence as a new institutional arrangement in the context of transaction costs theory. Then, I raise the informational issues which can hamper a well functioning of this new funding form. An empirical study is achieved around main relevant actors of crowdfunding: platforms, Investors and creators. The results confirms the great potential of crowdfunding as relevant source of financing of venture and small project and his success depends on instauration of appropriate legal environment.