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Fonds d’investissement : bulle financière ? Leviers de création de valeur, endettement et gouvernement d’entreprise

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  • Peter Harbula
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    [fre] L’objectif de cet article est de passer en revue l’évolution des fonds d’investissement sur la dernière décennie d’un point de vue de la valorisation des opérations, des leviers de création de valeur et du rôle de l’endettement et de la gouvernance. La période 2005-2007 fut une période de bulle spéculative pour les fonds d’investissement, sous l’impulsion d’un marché des crédits abondants et de l’émergence des dettes syndiquées. Si le levier financier reste un des éléments vertueux du mode de fonctionnement des fonds d’investissement, notamment grâce à son apport en termes de gouvernance, la facilité de lever de la dette a également contribuée à une inflation de la valorisation des actifs sur les dernières années. D’autres facteurs (stratégie de build-up, marché du M&A) expliquent aussi cette inflation des prix (ou des primes de contrôle) payés par les fonds d’investissement. Pour autant, le comportement des fonds d’investissement reste rationnel sur le moyen terme, ce qui suggère que ces observations sont de nature conjoncturelle et non structurelle. Classification JEL : G23, G24, G32, G34 [eng] Private equity : financial bubble ? Value creation, financial leverage and corporate governance This article aims to analyze the evolution of private equity over the last decade in terms of valuation (asset prices), determinants of private equity returns and the role that leverage and corporate governance play in the success of private equity. The years 2005-2007 were characterized by a financial bubble for private equity investments, because of the emergence of syndicated bank debt securities. Leverage remains one of the positive factors that contribute to the success of private equity, among other things through its positive impact on corporate governance as described in Jensen’s « free cash flow » theory. Nevertheless, the easy credit markets over the last three years definitely contributed significantly to rising asset pricing (or control premium offered) by LBO funds. In addition to leverage, the booming M&A market, along with an increasing trend of private equity to pursue build-up strategies were also key items that contributed to the recent asset price inflation. However, private equity on the medium term still seems to behave rationally which suggests that we do not observe a structural financial bubble. JEL Classification : G23, G24, G32, G34

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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 93 (2008)
    Issue (Month): 3 ()
    Pages: 179-200

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2008_num_93_3_5276
    Note: DOI:10.3406/ecofi.2008.5276
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    1. Shourun Guo & Edie S. Hotchkiss & Weihong Song, 2008. "Do Buyouts (Still) Create Value?," NBER Working Papers 14187, National Bureau of Economic Research, Inc.
    2. Edward I. Altman, 2007. "Global Debt Markets in 2007: New Paradigm or the Great Credit Bubble?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 19(3), pages 17-31.
    3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    4. Kaplan, Steven N., 1989. "Campeau's acquisition of federated : Value destroyed or value added," Journal of Financial Economics, Elsevier, vol. 25(2), pages 191-212, December.
    5. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254.
    6. Brian Cheffins & John Armour, 2007. "The Eclipse of Private Equity," Working Papers wp339, Centre for Business Research, University of Cambridge.
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