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Asymétrie d'information, marchés financiers et pays émergents d'Asie du Sud-Est

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  • Laurent Augier
  • Mahdi Mokrane

Abstract

[eng] ASYMMETRIC INFORMATION AND SECURITY DESIGN IN SOUTH-EAST ASIAN EMERGING MARKETS . In this paper we analyze the choice of the type of optimal financial instrument (equity, debt, or hybrid) to issue for a firm that takes into account the informational asymmetries that exist in credit relationships, particularly in emerging markets. Investors are assumed heterogenous in the sens that they do not all have access to the same information concerning the quality of firms seeking funds. We adopt, and generalize, Boot and Thakor's (1993) approach, for whom the motivation to innovate emanates from the issuer who has the option to split its asset's revenues and thus create complex securities. We show that splitting assets is not always optimal for a good quality firm and that one of the determinant factors is the shape of the random demand from the least informed investors in the market. However, in certain cases, issuing complex securities may enhance the quality of available market information. The market thus becomes more liquid and efficient. We discuss the link between financial market informativeness and economic growth. [fre] Cet article présente un modèle de choix optimal du mode de financement (investissement direct ou appel au marché) pour une entreprise qui doit tenir compte des asymétries d'information présentes dans les relations de crédit des pays à économies émergentes de l'Asie du Sud-Est. Dans un contexte où les investisseurs sont supposés « hétérogènes » car ne disposant pas tous de la même information concernant la qualité des entreprises, nous montrons que le financement par le marché n'est pas toujours une stratégie optimale. Nous donnons cependant des conditions pour que la diversité des titres financiers rende les placements suffisamment attractifs pour permettre la coexistence d'investisseurs diversement informés. Dans ce cas, la présence d'actifs complexes améliore la qualité de l'information disponible sur le marché financier, qui devient alors plus informatif et donc plus liquide. Ceci nous permet d'établir un lien entre liquidité des marchés financiers et croissance économique.

Suggested Citation

  • Laurent Augier & Mahdi Mokrane, 1998. "Asymétrie d'information, marchés financiers et pays émergents d'Asie du Sud-Est," Revue Économique, Programme National Persée, vol. 49(1), pages 181-194.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409971
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    References listed on IDEAS

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