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Le rôle de la diffusion d'informations relatives aux actifs immatériels auprès des parties prenantes : synthèse et illustrations

  • Bruno Fabre

    ()

    (CR2M - CR2M Centre de recherche sur le management et les marchés - université de montpellier 2)

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    Quel rôle joue la diffusion d'informations relatives aux actifs immatériels auprès des parties prenantes ? Dit autrement, dans un contexte d'asymétrie d'information, quels motifs président à la divulgation volontaire de ce type d'informations par nature sensibles quant à l'avenir de l'entreprise ? On pressent que la réponse est contingente tant elle dépend du destinataire privilégié par cette diffusion. La littérature financière orthodoxe fournit les premières explications en privilégiant les actionnaires et les créanciers financiers comme principaux destinataires. Dans ce cadre, l'objectif consiste à augmenter la liquidité du titre, à diminuer l'incertitude, le coût d'obtention de l'information et l'asymétrie d'information. Ce faisant, le coût du capital diminue et la valeur de l'entreprise augmente (I). Néanmoins, ce cadre d'analyse ne prend pas en compte suffisamment, selon nous, le caractère parfois qualitatif et donc particulièrement ambigu de ce type d'informations ainsi que la pluralité des acteurs concernés par cette politique de diffusion d'informations relatives aux immatériels (II). D'autres motifs semblent alors présider à cette politique. Deux illustrations sont proposées à l'appui de cette vision élargie de la politique volontaire de diffusion de l'information relative aux immatériels (III).

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    Paper provided by HAL in its series Post-Print with number halshs-00525811.

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    Date of creation: 18 Jun 2010
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    Publication status: Published - Presented, Capital immatériel : état de lieux et perspectives, 2010, Montpellier, France
    Handle: RePEc:hal:journl:halshs-00525811
    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00525811/en/
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