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L'impact des effets de réputation sur l'incitation des banques à soutenir des entreprises non viables

Author

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  • Laurent Vilanova

    () (COACTIS - COACTIS - UJM - Université Jean Monnet [Saint-Étienne] - UL2 - Université Lumière - Lyon 2)

Abstract

Cet article met en évidence l'impact des effets de réputation sur l'incitation des banques à retarder sciemment la liquidation d'emprunteurs non viables. Le modèle repose sur l'interaction stratégique entre la banque et les autres partenaires externes (clients, fournisseurs,...) de l'entreprise en difficulté. La banque décide de soutenir (ou de ne pas soutenir) l'emprunteur en fonction de son anticipation sur les revenus issus d'une continuation de l'activité. Or, ces revenus dépendent de la réaction des partenaires externes qui, après avoir observé la décision de renouvellement de la banque, décident de continuer (ou de cesser) leur collaboration avec l'emprunteur. Dans ce contexte, il existe un risque de collusion entre la banque et l'entreprise condamnée. Ces deux agents peuvent en effet décider de créer une apparence trompeuse de solvabilité afin d'exproprier une partie des fonds investis par les partenaires externes dans le redressement de l'entreprise. Nous montrons que ce risque est réduit lorsque les banques sont des joueurs à long terme sur le marché du crédit. Ces dernières peuvent en effet être incitées à développer une réputation de « liquidateur inflexible ». Ces effets de réputation, en augmentant la crédibilité du soutien bancaire, encouragent les autres partenaires à collaborer au redressement des entreprises et permettent d'éviter la liquidation d'emprunteurs viables.

Suggested Citation

  • Laurent Vilanova, 2002. "L'impact des effets de réputation sur l'incitation des banques à soutenir des entreprises non viables," Post-Print halshs-00467735, HAL.
  • Handle: RePEc:hal:journl:halshs-00467735
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00467735
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    References listed on IDEAS

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    Cited by:

    1. Laurent Vilanova, 2002. "Risque juridique et rôle des banques dans le gouvernement des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 137-175, December.

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