IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_1995_num_35_4_2224.html
   My bibliography  Save this article

Recyclage de l'épargne, développement industriel et actionnaires de référence

Author

Listed:
  • Philippe Buchet
  • Christian Huveneers
  • Antoine Mérieux
  • Christophe Marchand

Abstract

[eng] The role of professional shareholders for investment . Are saving flows channelled efficiently by relying only on Financial Markets or do stable shareholders (stakeholders) have to complement the Market ? . Financial savings are not invested to a large extent in equities (risk capital). The Stock Exchange and portfolio theories do not necessarily meet the needs of industrialists. Henceforth, professional stakeholders have a role to play in order to attract and « federate » small shareholders into industrial projects. . The paper also makes the proposition that equities and long term debts may have a common long-run time horizon. Professional shareholders are the ones who can provide simultaneously equities and debt : either Universal Banks of the German type (which hold large shares of equity in some of their clients' capital) or Groups formed by a holding company with an affiliated bank (preferably an investment bank). [fre] Dans le recyclage de l'épargne vers les investissements des entreprises, le marché (financier) suffit-il ou faut-il le compléter par des actionnaires professionnels de référence ? . L'analyse constate la faible orientation de l'épargne financière vers le capital à risque. Elle observe des éléments de découplage entre marchés boursiers et théories du portefeuille d'une part, et besoins industriels d'autre part. Aussi, des actionnaires professionnels sont-ils importants pour fédérer les « petits épargnants » dans des projets de développement industriel. . L'article développe également la thèse selon laquelle les fonds propres (passif non exigible) et les fonds de tiers peuvent partager une logique commune de capitaux permanents. Et les actionnaires professionnels sont ceux qui peuvent fournir simultanément ces deux types de capitaux permanents par une solution soit intégrée (la banque mixte de type allemand), soit souple (groupes formés par le couple holding-banque, en particulier banque d'affaire).

Suggested Citation

  • Philippe Buchet & Christian Huveneers & Antoine Mérieux & Christophe Marchand, 1995. "Recyclage de l'épargne, développement industriel et actionnaires de référence," Revue d'Économie Financière, Programme National Persée, vol. 35(4), pages 207-226.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1995_num_35_4_2224
    DOI: 10.3406/ecofi.1995.2224
    Note: DOI:10.3406/ecofi.1995.2224
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.1995.2224
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecofi_0987-3368_1995_num_35_4_2224
    Download Restriction: no

    File URL: https://libkey.io/10.3406/ecofi.1995.2224?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_1995_num_35_4_2224. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.