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La nature de la firme et la théorie des options : quel fondement juridique ?

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  • Didier Danet
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    Abstract

    [fre] L'analyse optionnelle décrit la firme comme un ensemble d'actifs patrimoniaux qui forment le support d'un contrat d'option liant les actionnaires et les créanciers sociaux. Cette analyse met en évidence les limites d'une conception juridique trop strictement comprise de la personnalité morale des sociétés; elle rend compte du contrôle exercé par les actionnaires principaux sur l'activité économique de l'entreprise. Cependant, la théorie des droits de propriété, qui constitue le fondement juridique de l'analyse optionnelle, présente des faiblesses rédhibitoires. Il est donc nécessaire de revoir le fondement juridique de la théorie des options en lui substituant une analyse en termes de contrôle. [eng] In the optional analysis, the assets of the firm are the support of a contract between shareholders and creditors. From a juridical point of view, the company is no more an indépendant person; the control of the leading shareholders is pointed out. A weakness still affects the results: the theory of property rights, which is the basis of the analysis, is not relevant in the French case. The juridical foundation of the theory must be revisited; a better basis is the theory of control.

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    File URL: http://dx.doi.org/10.3406/rfeco.1992.1317
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    File URL: http://www.persee.fr/articleAsPDF/rfeco_0769-0479_1992_num_7_3_1317/rfeco_0769-0479_1992_num_7_3_1317.pdf?mode=light
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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue française d'économie.

    Volume (Year): 7 (1992)
    Issue (Month): 3 ()
    Pages: 95-111

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1992_num_7_3_1317

    Note: DOI:10.3406/rfeco.1992.1317
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    Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

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