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Les marchés financiers : péril ou opportunité pour l’industrie ? Quelques enseignements d’un épisode oublié de l’histoire de la Bourse de Paris

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  • Pierre-Cyrille Hautcoeur

Abstract

[fre] Cet article analyse l’histoire de la relation entre les entreprises industrielles et les marchés boursiers au XIXe siècle en France. Il montre que, hormis quelques secteurs requérant des financements initiaux très importants comme les chemins de fer, l’industrie était jusqu’à la fin du XIXe siècle peu intéressée par la bourse pour y trouver des financements. Elle y vint peu à peu, davantage pour trouver de la liquidité pour ses actions que pour de nouveaux capitaux. L’organisation de la bourse ne la satisfait pas : le Parquet parisien, marché le plus sûr, reste longtemps concentré sur les valeurs très importantes, tandis que les bourses de province sont trop peu actives pour assurer une liquidité minimale ; enfin le marché «gris » de la Coulisse parisienne apparaît comme trop risqué aux industriels prudents. Les réformes qui ont lieu à la fin du XIXe siècle, en mettant le marché réglementé au centre de la place financière de Paris, contribuent à attirer les entreprises en leur fournissant un marché à la fois sûr, actif et accueillant. . Classification JEL : G14, G18, G24, N13, N23, N43. [eng] Are Financial Markets a Danger or an Opportunity to Industry ? Lessons from a Forgotten Episode of History of the Paris Bourse.. This article analyses the history of the relationship between manufacturing industries and financial markets in 19th century France. It shows that most industries didn’t want to get financed by issuing new securities on stock markets, except in the few sectors where initial investments were very important. Progressively, shareholders requiring more liquidity for their portfolios obtain the listing of more firms. They face a market structure that does not satisfy them : the official Paris market – the Parquet – is not very open to manufacturing firms’ securities ; provincial stock exchanges are little liquid ; the Paris semi-illegal market– the Coulisse – appears too risky for prudent entrepreneurs. The reforms of the Parisian financial centre between 1893 and 1898 contribute to solving this dilemma by providing a safe and active market open to manufacturing shares. . Classification JEL : G14, G18, G24, N13, N23, N43.

Suggested Citation

  • Pierre-Cyrille Hautcoeur, 2011. "Les marchés financiers : péril ou opportunité pour l’industrie ? Quelques enseignements d’un épisode oublié de l’histoire de la Bourse de Paris," Revue d'Économie Financière, Programme National Persée, vol. 104(4), pages 51-69.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2011_num_104_4_5895
    Note: DOI:10.3406/ecofi.2011.5895
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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913

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