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Défaut de paiement stratégique et loi sur les défaillances d’entreprises

  • Bertrand Chopard
  • Eric Langlais

    ()

    (CEREFIGE - BETA)

L’enseignement qui est habituellement retenu des travaux empiriques réalisés à la suite de La Porta, Lopez-de-Silanes, Shleifer et Vishny (1997), est qu’il convient de promouvoir un haut niveau de protection juridique des créanciers. A l’inverse de cette recommandation, certains pays européens (Royaume-Uni, Allemagne) ont pourtant récemment réformé leurs dispositifs touchant au droit des défaillances dans un sens qui les rapprochent de pays qui traditionnellement privilégient la préservation des emprunteurs (Etats-Unis, France). Ce papier analyse les conditions sous lesquelles une telle orientation du droit de la défaillance s’accompagne d’un bénéfice social, dans un modèle stylisé où la capacité de remboursement de l’emprunteur est une information privée. On étudie tout d’abord l’effet de l’orientation des règles juridiques (système pro-créanciers versus pro-débiteurs) sur le comportement des parties au contrat en fonction du type de concurrence bancaire. Nous discutons ensuite les instruments à la disposition des autorités judiciaires afin de garantir que l’évolution d’un système pro-créanciers vers un système pro-débiteurs dégage un bénéfice social. Nos résultats suggèrent qu’il existerait, en fonction de l’objectif assigné au droit, une cohérence entre l’orientation des dispositifs encadrant la défaillance et l’intensité de la concurrence bancaire.

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File URL: http://cerefige.univ-lorraine.fr/sites/cerefige.univ-lorraine.fr/files/users/cahier_de_recherche_langlais_01_09.pdf
File Function: First version, 2009
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Paper provided by CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine in its series Cahiers du CEREFIGE with number 0901.

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Length: 52 pages
Date of creation: 2009
Date of revision: 2009
Handle: RePEc:fie:wpaper:0901
Contact details of provider: Postal: Pôle Lorrain de Gestion, 13 rue Michel Ney, 54 000 Nancy
Phone: 03.83.39.63.91
Fax: 03.83.39.63.90
Web page: http://repec.cerefige.univ-lorraine.fr
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  1. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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    • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
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