صناعة رأ س المال المخاطر كبديل تمويلي للمؤسسات الصغيرة و المتوسطة

Résumé: Venture capital appeared in the United States of Americaduring the fifties of the last century as a nancingtechnologydirected to small and medium enterprisesthatcannotresort to traditional sources of financing (banks and the financialmarket), as thistechnologyinvolves the owner of the institution, John, guaranteeing the return and not the original amount (participation in Profits and losses), and itis not limited to providing money only, but alsoextendsit to technical and administrative advice for the development of these institutions. As a result of the success of risk capital in the major industrial countries such as the United States of America and France, governments in all countries of the world, includingAlgeria, tended to adoptthisfinancing pattern, but despite the great importance of thistechnology, the demand for it in these countries, especiallyAlgeria, is not stillweak.Wherethisstudyaimed to identifythistechnology, itsorigin, how itworks, itsappearance in Algeria, itssuitability, effectiveness and efficacy in grantingfinancing to small and medium enterprises, the ifficultiesfaced by venture capital institutions in Algeria, a comparison of thistechnologybetween the experience of Algeria and Pioneering international experiences in thisfield and drawinglessons and lessons for the advancement of thisindustry The results of thisstudyshowedthat the venture capital industryisindeed an effective and propriatefinancing alternative for financingprojects of small and medium enterprises, and that the development of thisindustry in Algeriadepends on several obstacles and constraints, includingweaklegislative and fiscal framework, kfinancialresources, weaklevel of innovation, weak The financialmarket, not giving importance and priority to developing and encouraging the investmentclimate in the field of risk capital industry, lack of financing culture for thistechnology.

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