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L'analyse du financement de l'entreprise selon la théorie des options

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  • Nathalie Mourgues
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    [fre] L'objet du présent article est de montrer comment la théorie des options associée à une vision contractuelle de l'entreprise permet de rendre compte de questions aussi complexes que celles du partage du financement de l'entreprise entre capitaux propres et dette, de la valeur de l'option de défaillance ou valeur de la responsabilité limitée de l'actionnaire et du partage éventuel du risque d'activité ou risque économique entre actionnaire et créancier. La démarche méthodologique prend appui sur un modèle d'entreprise. Une description des sources traditionnelles de financement en termes de contrats d'options est proposée. Une simulation du modèle donne l'évaluation des termes de la relation contractuelle entre actionnaires et créanciers et décrit la formation des structures de financement possibles. Le choix d'une structure financière est discuté ainsi que les facteurs qui influencent le ratio d'endettement de l'entreprise. [eng] This article shows how the theory of options associated with a contractual approach to corporate behaviour enables a number of complex questions to be taken into account. These include the distinction in corporate finance between stockholders' equity and long term debt, the put option (the evaluation of default risks) corresponding to the limited liability of shareholders and the possible sharing of the activity risk (or economic risk) between shareholders and creditors. The methodology is based on a specific corporate model. From there the paper suggests a description of the traditionnal sources of corporate finance in terms of options. Secondly a model simulation leads to an evaluation of the terms of the contractual relationship between shareholders and creditors and describes the very possible financial structures. Finally the paper examines the choice of a financial structure as well as the factors influencing the leverage ratio of a corporation.

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

    Volume (Year): 6 (1991)
    Issue (Month): 4 ()
    Pages: 89-119

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1991_num_6_4_1296
    Note: DOI:10.3406/rfeco.1991.1296
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