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Les modèles Q-investissement et les modèles d'Euler

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  • Laurent Soulat

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, ESCEM - ESCEM Tours-Poitiers - Groupe Ecole Supérieure de Commerce et de Management)

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    Abstract

    Cet article s'intéresse à l'évolution des structures financières des grandes firmes japonaises cotées à la première section du TSE sur la période 1990-1999. Il s'inscrit dans la continuité de la littérature sur les modèles Q-investissement : il étudie l'évolution de l'impact d'une affiliation à un keiretsu financier sur la sensibilité relative de l'investissement aux cash-flows. Les liens de banque principale étant traditionnellement supposés plus étroits pour les firmes affiliées, ils réduisent la contrainte de liquidité de ces firmes par rapport aux firmes indépendantes. Les résultats obtenus avec les modèles Q-investissements sont comparés à ceux provenant de l'utilisation de modèles Euler-investissement. En opposition avec les résultats la littérature économique établis sur des périodes antérieures, les firmes affiliées (quels que soient les modes de regroupement utilisés) présentent une sensibilité de l'investissement à leur richesse nette interne supérieure à celles des firmes indépendantes. La plus grande dépendance des investissements des firmes affiliées à leur capacité de financement n'est pas due à des évolutions contrastées entre les keiretsu financiers, mais résulte au contraire du degré de proximité de la firme avec le cœur du groupe (mesurée par l'appartenance à un Club des présidents) : les firmes membres des Clubs des présidents sont significativement plus dépendantes de leur richesse nette interne que les firmes affiliées non membres de Club. Ces résultats peuvent signaler que la dépendance bancaire des grandes firmes affiliées a diminué ou que les firmes les plus proches du noyau ont davantage contribuées à palier aux difficultés de leur banque principale.

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    Bibliographic Info

    Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00085680.

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    Date of creation: Jan 2006
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    Handle: RePEc:hal:cesptp:halshs-00085680

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00085680
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    Keywords: Finance d'entreprise ; structure financière.;

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