L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français
Cet article étudie dans quelle mesure la politique d'investissement ainsi que la gestion opérationnelle des firmes françaises reprises dans le cadre d'un leveraged buy-out (LBO) peuvent expliquer la dégradation de leur surperformance après l'opération. L'étude empirique porte sur 132 LBO réalisés en France de 1989 à 1994. Les résultats obtenus montrent qu'on ne peut expliquer la réduction anormale de la rentabilité économique de ces firmes par un effet mécanique imputable à des surinvestissements, ni par une dérive de la gestion de leurs actifs et passifs d'exploitation. En revanche, l'augmentation des frais de personnels ainsi que des consommations intermédiaires et/ou des réductions de prix de vente à caractère commercial anormales joueraient un rôle majeur.
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| Length: | 30 pages |
| Date of creation: | Oct 2002 |
| Date of revision: | |
| Publication status: | forthcoming in Finance Contrôle Stratégie, vol.5, n°4, décembre 2002. |
| Handle: | RePEc:dij:wpfarg:1021001 |
| Note: | article à paraître dans Finance Contrôle Stratégie, vol.5, n°4, décembre 2002. |
| Contact details of provider: | Postal:
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| Order Information: | Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France Email: |
References listed on IDEAS
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