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Le placement privé et la dimension réglementaire du financement des entreprises

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  • Cécile Carpentier

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  • Jean-Marc Suret

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    Abstract

    Acknowledging that securities regulation penalizes small growing firms in their attempt to raise equity capital, most of the Canadian provinces have recently reformed their exemption rules. These rules allow the issuance of securities outside the boundaries of securities regulation. The rules governing the resale of securities issued within the exemption system have been eased considerably. In part because this task is fairly complex, securities regulations are not yet harmonized across the provinces. The first objective of this paper is to present to non-specialists of securities regulation the broad outlines and the challenges of this liberalization. Non-conventional financing, such as accessing the stock market via capital pool companies or private placements in public equities, along with reverse takeovers, are becoming more common than non-exempted issues. This trend in business financing, together with the growing liberalization, is taking shape in a context of reinforcement of regulation and control of disclosure and governance for public companies that follow financial scandals. The co-occurrence of these events raises important questions that have received little attention to date, and implies serious risks that remain unexplored. Analysis of these risks is the second objective of this study. In particular, we assess the risks inherent in the decrease in market liquidity and in market quality. As some American works assert that private equity development may engender significant risks for investors, public policy makers should put in place efficient mechanisms to monitor these transactions and issuers in the new regulatory context. Acceptant l’argument qui veut que la réglementation des valeurs mobilières puisse pénaliser le financement des entreprises de petite taille en croissance, la plupart des provinces canadiennes ont modifié récemment leur réglementation des régimes de dispenses. Ceux-ci permettent l’émission de titres en dehors du cadre standard de la réglementation des valeurs mobilières. Les règles qui régissent la revente des titres émis par voie de dispense ont également été fortement assouplies. Il s’agit de sujets complexes, d’autant que les réglementations ne sont pas encore harmonisées. Le premier objectif de ce texte est de présenter, à des non spécialistes du droit des valeurs mobilières, les grandes lignes et les enjeux de cette libéralisation. Les opérations de financement non conventionnelles, telles que l’entrée en Bourse par l’intermédiaire de sociétés de capital de démarrage, les placements privés par des sociétés ouvertes, et les prises de contrôle inversées sont devenues plus fréquentes que celles régies par les dispositions fondamentales de la réglementation des valeurs mobilières. Les modifications de comportement des entreprises et la libéralisation des règles surviennent par ailleurs au moment où les exigences et les contrôles en termes de gouvernance et d’information sont renforcés pour les sociétés ouvertes, à la suite des scandales boursiers. La coïncidence de ces divers facteurs soulève d’importantes questions qui ne semblent pas avoir été étudiées, et comporte des risques sérieux qui n’ont pas été évalués. Leur analyse est le second objectif de cette étude. Nous évoquons notamment les risques liés à la réduction de la liquidité du marché et de la qualité du marché. Il semble également, sur la base des travaux américains, que le développement du placement privé puisse faire courir des risques importants aux investisseurs. Les autorités devraient donc mettre en place des mécanismes efficaces d’observation des transactions et de l’évolution des entreprises dans le cadre de ces nouvelles réglementations.

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    Bibliographic Info

    Paper provided by CIRANO in its series CIRANO Working Papers with number 2004s-51.

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    Date of creation: 01 Nov 2004
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    Handle: RePEc:cir:cirwor:2004s-51

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    Keywords: private placement; securities regulation; financing; placement privé; réglementation des valeurs mobilières; financement;

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    1. Paul Gompers & Josh Lerner, 2000. "The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities," NBER Chapters, in: Concentrated Corporate Ownership, pages 17-54 National Bureau of Economic Research, Inc.
    2. Steven Kaplan & Antoinette Schoar, 2003. "Private Equity Performance: Returns, Persistence and Capital," NBER Working Papers 9807, National Bureau of Economic Research, Inc.
    3. Tykvová, Tereza, 2000. "What do economists tell us about venture capital contracts?," ZEW Discussion Papers 00-62, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    4. Ganor, Mira, 2004. "Improving the Legal Environment for Start-Up Financing by Rationalizing Rule 144," Berkeley Olin Program in Law & Economics, Working Paper Series qt1467f53t, Berkeley Olin Program in Law & Economics.
    5. Douglas Cumming & Sofia Johan, 2006. "Provincial preferences in private equity," Financial Markets and Portfolio Management, Springer, vol. 20(4), pages 369-398, December.
    6. Janney, Jay J. & Folta, Timothy B., 2003. "Signaling through private equity placements and its impact on the valuation of biotechnology firms," Journal of Business Venturing, Elsevier, vol. 18(3), pages 361-380, May.
    7. Alexander Ljungqvist & Matthew Richardson, 2003. "The cash flow, return and risk characteristics of private equity," NBER Working Papers 9454, National Bureau of Economic Research, Inc.
    8. Wu, YiLin, 2004. "The choice of equity-selling mechanisms," Journal of Financial Economics, Elsevier, vol. 74(1), pages 93-119, October.
    9. Michael Hertzel & Michael Lemmon & James S. Linck & Lynn Rees, 2002. "Long-Run Performance following Private Placements of Equity," Journal of Finance, American Finance Association, vol. 57(6), pages 2595-2617, December.
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