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Investissement immatériel et utilité de l'information comptable: Etude empirique sur les marchés financiers européens

Author

Listed:
  • Olivier J. Ramond

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Jean-François Casta

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

Motivée par les récents travaux de Lev [2001b ; 2004] et les débats actuels de l'IASB portant sur la traduction comptable de l'investissement immatériel (ci-après IIM), cette étude empirique pose la question de l'utilité de l'information comptable face à de tels investissements. A l'aide d'un échantillon d'entreprises issues de quatre marchés financiers de la zone euro – Grande-Bretagne, Allemagne, France et Espagne – nous tentons (1) de quantifier les liens existant entre l'information comptable en matière d'IIM et les performances économique et concurrentielle, et (2) d'appréhender la perception de ces informations par les marchés financiers sur la période 1993-2003. Nos résultats indiquent que : (1) quelque soit le marché financier étudié les investisseurs semblent adopter une vision "myopique" dans le processus de construction de leur portefeuille, en pénalisant, sur le court terme, les entreprises reportant des IIMs élevés dans leurs états financiers ; (2) l'IIM semble faiblement relié au positionnement concurrentiel des entreprises. (3) Par ailleurs, les référentiels « latins », par opposition au référentiel anglo-saxon permettraient de relier la performance économique aux éléments immatériels, générateurs de diminution de coûts d'exploitation. Ce dernier résultat suggérerait que l'application des normes internationales au plan européen pourrait entraîner une déconnection progressive entre la mesure comptable des marges opérationnelles et la reconnaissance des immatériels dont l'évaluation, en référentiel IFRS, est plus orientée vers les marchés financiers
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Suggested Citation

  • Olivier J. Ramond & Jean-François Casta, 2005. "Investissement immatériel et utilité de l'information comptable: Etude empirique sur les marchés financiers européens," Post-Print halshs-00170496, HAL.
    • Handle: RePEc:hal:journl:halshs-00170496
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    1. Anne Cazavan-Jeny & Thomas Jeanjean, 2006. "The negative impact of R&D capitalization: A value relevance approach," European Accounting Review, Taylor & Francis Journals, vol. 15(1), pages 37-61.
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    1. Bernard Gumb & Alan Fustec, 2013. "The Story of the French Touch on "Immat?riels": A Retrospective," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2013(3-4), pages 53-73.
    2. Côme Segrétain & Denis Cormier, 2014. "Pertinence Du Goodwill Acquis Au Regard Des Resultats Residuels Nets Et Additionnels : Relation Theorique Et Etude Empirique Sur Le Marche Francais," Post-Print hal-01899436, HAL.

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