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Peut-on expliquer les rachats d'actions finances par emission de dette?

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  • Artus, P.

Abstract

On observe depuis plusieurs annees aux Etats-Unis, et dans la periode plus recente en Europe, une hausse forte de la dette des entreprises servant a racheter (et a annuler) leurs actions. Sans imperfection financiere, ces operations (qui accroit la volatilite des resultats et le risque de faillite) ne peuvent pas profiter a la fois aux vendeurs (les petits actionnaires) et aux acheteurs (les grands actionnaires) et nedevraient donc pas avoir lieu. Nous proposons l'explication suivante: les grands actionnaires ont des possibilites de diversification de leurs portefeuilles superieures aux petits actionnaires, et, de ce fait, il est possible de definir un prix de rachat des actions qui satisfasse toutes les parties, permettant ainsi la reduction du capital.

Suggested Citation

  • Artus, P., 1999. "Peut-on expliquer les rachats d'actions finances par emission de dette?," Papers 1999-14/fi, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:1999-14/fi
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    More about this item

    Keywords

    MARCHE FINANCIER ; FINANCEMENT DE L'ENTREPRISE ; ACTIONNAIRES;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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