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Les déterminants financiers des cessions-bail

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  • Jacques Sarremejeanne

    (ESG - Ecole des Sciences de la Gestion - UQAM - Université du Québec à Montréal = University of Québec in Montréal)

Abstract

Une cession-bail consiste en la vente d'un bien et sa reprise à bail immédiate par le vendeur; à l'issue de la transaction, les parties sont alors liées par un contrat de location-acquisition ou de location-exploitation. La lecture des annonces de cessions-bail montre des objectifs économiques tels que réduire certaines formes d'endettement ou réaliser des opportunités de croissance. Par ailleurs, les conclusions de la littérature empirique, relative aux effets des cessions-bail sur la richesse des actionnaires des vendeurs-preneurs offre d'autres perspectives explicatives telles que la réalisation de gains fiscaux ou la réduction de coûts de faillite. L'objectif de cette étude est d'identifier quels sont les déterminants financiers des cessions-bail et de porter un éclairage sur les motivations financières de ces transactions. Conformément à certaines hypothèses la réalisation de cessions-bail semble positivement déterminée par les coûts de détresse financière des vendeurs-preneurs, leur manque de liquidités et leur risque d'exploitation. Par contre, contrairement à d'autres, elles apparaissent négativement déterminées par les opportunités de croissance des vendeurs-preneurs et ne semblent pas influencées par leur niveau d'imposition.

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  • Jacques Sarremejeanne, 2011. "Les déterminants financiers des cessions-bail," Post-Print hal-00650571, HAL.
    • Handle: RePEc:hal:journl:hal-00650571
    Note: View the original document on HAL open archive server: https://hal.science/hal-00650571
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