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L'utilisation de méthodes de paiement contingentes dans les opérations de fusion-acquisition : une solution aux problèmes d'asymétrie informationnelle ?

Author

Listed:
  • Etienne Redor

    (Audencia Recherche - Audencia Business School)

Abstract

Selon les modèles d'asymétrie informationnelle concernant le choix de la méthode de paiement lors des opérations de fusion-acquisition, un paiement en cash permet à la société initiatrice de signaler que ses actions sont sous-évaluées mais se traduit également par un risque d'excès de paiement. L'utilisation d'actions pourrait limiter ce risque mais signale que les actions de l'initiatrice sont surévaluées. L'objectif de cet article est de montrer, à travers des exemples réels, comment les méthodes de paiement contingentes autres que les actions permettent de limiter les effets négatifs liés à l'utilisation de cash ou d'actions dans une opération de fusion-acquisition.

Suggested Citation

  • Etienne Redor, 2010. "L'utilisation de méthodes de paiement contingentes dans les opérations de fusion-acquisition : une solution aux problèmes d'asymétrie informationnelle ?," Post-Print hal-00771161, HAL.
    • Handle: RePEc:hal:journl:hal-00771161
    DOI: 10.3406/ecofi.2010.5406
    as

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    Keywords

    Fusions & Acquisitions;

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