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La gestion des risques financiers par les entreprises : explications théoriques versus études empiriques

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  • Constantin Mellios

Abstract

[fre] La gestion des risques financiers ou couverture des risques, à l'aide des produits dérivés, est une des composantes de la politique financière des entreprises. Paradoxalement, le même raisonnement d'absence d'opportunités d'arbitrage qui permet, par exemple, de déterminer le nombre de contrats de ces actifs, peut conduire, dans le cadre du paradigme de Modigliani-Miller, à l'impertinence de la gestion des risques. En relâchant certaines des hypothèses de ce paradigme, il a été montré dans la littérature que les entreprises peuvent être amenées à couvrir leurs risques. Cet article propose une revue de la littérature et analyse la logique sous-jacente des apports théoriques et du lien, notamment, entre la gestion des risques financiers et la valeur de la firme, ainsi que des résultats des tests empiriques. L'utilisation des produits dérivés exige une compréhension approfondie de ces produits et de leurs mécanismes, ainsi que des déterminants de la gestion des risques par les entreprises. . Classification JEL : G30, G10 [eng] Corporate FinanciaI Risk Management : Theories versus empirical evidence . Financial risk management or financial hedging, using derivatives, is an aspect of corporate financial policy. Paradoxically, the same arbitrage argument that allows to calculate, for instance, the hedging ratios also implies, according to the Modigliani-Miller paradigm, that financial hedging is irrelevant. By relaxing one or more of the Modigliani-Miller assumptions one can show that firms may wish to hedge. This paper surveys and analyzes the intuition of theoretical models, especially the logic of the links between financial risk management and the firm value as well as the accumulating empirical evidence. The use of derivatives requires a detailed understanding of these instruments and of the determinants of corporate hedging. . JEL classifications : G30, G10

Suggested Citation

  • Constantin Mellios, 2003. "La gestion des risques financiers par les entreprises : explications théoriques versus études empiriques," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 243-264.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_72_3_4882
    DOI: 10.3406/ecofi.2003.4882
    Note: DOI:10.3406/ecofi.2003.4882
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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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