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Investissement et financement dans un monopole avec bénéfices privés

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  • Jacques Thépot

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    (LaRGE Research Center, Université de Strasbourg)

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    Abstract

    Cet article étudie l'impact de bénéfices privés sur la stratégie d'investissement et de financement d'une entreprise en situation de monopole. A l'origine actionnaire à 100%, son dirigeant doit décider la part du capital qu'il cède à un investisseur extérieur et/ou l'emprunt qu'il contracte pour financer un investissement en capacité. Nous étudions ici comment se combinent ces deux sources de financement lorsque le dirigeant prélève un bénéfice privé qui renchérit le coût de production. Nous montrons que l'emprunt devient indirectement une source privilégiée de financement de ces bénéfices privés.

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    File URL: http://ifs.u-strasbg.fr/large/publications/2013/2013-02.pdf
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    Bibliographic Info

    Paper provided by Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg (France) in its series Working Papers of LaRGE Research Center with number 2013-02.

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    Date of creation: 2013
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    Handle: RePEc:lar:wpaper:2013-02

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    1. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
    2. Brisley, Neil & Bris, Arturo & Cabolis, Christos, 2011. "A theory of optimal expropriation, mergers and industry competition," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 955-965, April.
    3. Thépot, Jacques & Netzer, Jean-Luc, 2008. "On the optimality of the full-cost pricing," Journal of Economic Behavior & Organization, Elsevier, vol. 68(1), pages 282-292, October.
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