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Un Test De La Théorie Du Financement Hiérarchisé Sur Données De Panel Françaises

  • Eric Molay

    ()

    (CRIFP (EA1195) - Université de Nice-Sophia Antipolis)

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    Les entreprises françaises cotées à la bourse de Paris semblent hiérarchiser leurs ressources de financement en privilégiant l'autofinancement au détriment des ressources externes. En cas de financement externe, elles préfèrent l'endettement aux émissions de capital. La validation de la théorie du financement hiérarchisé s'appuie sur l'existence d'asymétries d'information suscep-tibles d'entraîner des problèmes de sélection adverse de la part des investisseurs externes. Le rôle des asymétries informationnelles sur le choix de financement des entreprises françaises est con-firmé. Les entreprises les plus sensibles aux asymétries informationnelles recourent prioritairement à l'endettement. Au contraire, les entreprises les moins affectées par les phénomènes de sélection adverse préfèrent les émissions de capital.

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    File URL: http://halshs.archives-ouvertes.fr/docs/00/51/57/07/PDF/Un_Test_de_la_ThA_orie_du_Financement_HiA_rarchisA_sur_DonnA_es_de_Panel_FranA_aises_MOLAY_2006_.pdf
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    Paper provided by HAL in its series Post-Print with number halshs-00515707.

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    Date of creation: Jun 2006
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    Publication status: Published - Presented, 23ème Conférence Internationale de l'AFFI, 2006, Poitiers, France
    Handle: RePEc:hal:journl:halshs-00515707
    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00515707/en/
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