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Quels sont les déterminants de la croissance externe des entreprises françaises ?

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  • Benoît Bretel
  • Jean-Noël Caubet-Hilloutou
  • Laurent Di Carlo
  • Anne Epaulard

Abstract

[eng] What Are the Deciding Factors in the External Growth of French Companies? by Benoît Bretel, Jean-Noël Caubet-Hilloutou, Laurent Di Carlo and Anne Epaulard. The purpose of this article is to ascertain the main features of companies that have carried out external growth operations as well as those launching into new acquisitions. Probit models are estimated to show that there is no conflict between external growth and internal growth, as external growth is dependent on the company's actual business and clearly forms part of a medium-term logic. Funding for external growth operations is raised mainly by indebtedness, even though companies holding equities in other companies are generally characterized by a higher than average equity/balance sheet ratio. On the other hand, corporate financial investment is only marginally dependent on production activity and essentially focuses on short-term goals. [spa] ¿ Cuáles son los elementos determinantes del crecimiento externo de las empresas francesas ? por Benoît Bretel, Jean-Noël Caubet-Hilloutou, Laurent Di Carlo y Anne Epaulard. El presente artículo tiene por objeto caracterizar las empresas que han efectuado operaciones de crecimiento extemo y aquellas que se lanzan hacia nuevas adquisiciones. Por medio de la estimación de modelos Probit se demuestra que no existen antagonismos entre el crecimiento extemo y el crecimiento interno, ya que este aecimiento extemo dépende de la actividad real de la empresa, inscribiéndose visiblemente en una lógica a plazo medio. La financiación de las operaciones de crecimiento externo parece producirse, sobre todo, por endeudamiento, incluso si, en promedio, las empresas que poseen participaciones en otras empresas se caracterizan por un ratio fondos propios/balance superior al término medio. En cambio, la actividad de las inversiones financieras de las empresas únicamente dépende en reducida proporción de la actividad de producción y parece, sobre todo, tratar de alcanzar objetivos a corto plazo. [fre] Quels sont les déterminants de la croissance externe des entreprises françaises ? par Benoît Bretel, Jean-Noël Caubet-Hilloutou, Laurent Di Carlo, Anne Epaulard. Cet article a pour objet de caractériser les entreprises qui ont réalisé des opérations de croissance externe et celles qui se lancent dans de nouvelles acquisitions. On montre à l'aide de restimation de modèles Probit qu'il n'existe pas d'antagonisme entre la croissance externe et la croissance interne, la croissance externe étant dépendante de l 'activité réelle de l 'entreprise et s 'inscrivant visiblement dans une logique de moyen terme. Le financement des opérations de croissance externe se ferait surtout par endettement même si en moyenne les entreprises qui détiennent des participations dans d'autres entreprises se caractérisent par un ratio fonds propres/bilan supérieur à la moyenne. En revanche, l'activité de placements financiers des entreprises n'est que faiblement dépendante de l'activité de production et semble surtout viser des objectifs de court terme. [ger] Welches sind die Determinanten für das externe Wachstum der franzosischen Unternehmen? von Benoît Bretel, Jean-Noël Caubet-Hilloutou, Laurent Di Carlo, Anne Epaulard. In diesem Artikel sollen die Merkmale der Unternehmen, die baeits externe Wachstumsoperationen vollzogen haben, und der Unternehmen, die neue Erwerbstransaktionen vorzunehmen beabsichtigen, beschrieben werden. Mit Hilfe der Schätzung von Probit-Modellen wird aufgezeigt, daß es zwischen externem und intemem Wachstum kein Gegensatz besteht, da das externe Wachstum von der tatsächlichen Tätigkeit eines Untemehmens abhängt und offensichtlich Teil einer mittelfristigen Logik ist. Die extemen Wachstumsoperationen würden hauptsächlich durch Verschuldung finanziert, und zwar selbst wenn im Durchschnitt die Unternehmen, die Beteiligungen an anderen Unternehmen halten, einen Eigenkapital/Bilanzsummenkoeffizienten auf weisen, der über dem Durchschnitt liegt. Dagegen hängen die Kapitalanlagen der Unternehmen nur wenig von der Produktionstätigkeit ab und scheinen vor allem kurzfristigen Zwecken zu dienen.

Suggested Citation

  • Benoît Bretel & Jean-Noël Caubet-Hilloutou & Laurent Di Carlo & Anne Epaulard, 1993. "Quels sont les déterminants de la croissance externe des entreprises françaises ?," Économie et Prévision, Programme National Persée, vol. 109(3), pages 25-37.
  • Handle: RePEc:prs:ecoprv:ecop_0249-4744_1993_num_109_3_5618 Note: DOI:10.3406/ecop.1993.5618
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    References listed on IDEAS

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    Cited by:

    1. Jean-Luc Bricout & Béatrice Colin-Sédillot, 1993. "La croissance externe des entreprises françaises à la fin des années quatre-vingt," Économie et Statistique, Programme National Persée, vol. 268(1), pages 31-43.
    2. repec:hal:wpaper:hal-00435685 is not listed on IDEAS
    3. Elisabeth Kremp, 1995. "Restructurations et rentabilité économique dans l'industrie française de 1985 à 1992," Économie et Prévision, Programme National Persée, pages 29-44.

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