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Fusions-acquisitions et efficience allocationnelle

Author

Listed:
  • Eric de Bodt
  • Jean-Gabriel Cousin

    (Université de Lille)

  • Gaël Imad’eddine

Abstract

Les fusions et acquisitions (F&A) sont des décisions publiquement observables qui mobilisent d'importantes ressources des entreprises acquéreuses, elles font donc l'objet d'une attention soutenue de la part de la communauté académique. Les F&A permettent-elles une réallocation efficiente des ressources dans l'économie ? Y a-t-il création nette de valeur ou simple transfert d'un agent vers l'autre ? Il existe aujourd'hui un consensus assez large sur l'impact positif des décisions de F&A à court terme sur la valeur actionnariale, au moins pour les actionnaires des entreprises acquises. Lorsqu'on prend en compte une vision élargie de l'efficience allocationnelle, les résultats sont moins tranchés. En ce qui concerne le facteur travail, cela dépend de l'environnement réglementaire. Pour les consommateurs, les F&A seraient neutres voire génératrices de valeur. Et enfin, les F&A semblent stimuler une innovation mieux ciblée. Classification JEL : G14, G34, K21.

Suggested Citation

  • Eric de Bodt & Jean-Gabriel Cousin & Gaël Imad’eddine, 2013. "Fusions-acquisitions et efficience allocationnelle," Post-Print hal-04408118, HAL.
    • Handle: RePEc:hal:journl:hal-04408118
    DOI: 10.3917/ecofi.110.0015
    as

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    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law

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