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Investissement en capital immatériel et utilité de l'information comptable : étude comparative sur les marchés financiers britanniques, espagnols et français

  • Jean-François Casta

    ()

    (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris IX - Paris Dauphine)

  • Olivier Ramond

    ()

    (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris IX - Paris Dauphine)

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 (IIM), cette étude empirique pose la question de l'utilité de l'information comptable face à de tels investissements. Sur la base d'un échantillon d'entreprises issues de quatre marchés financiers de la zone euro (Grande-Bretagne, Allemagne, France et Espagne) nous nous proposons (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 déconnexion 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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Date of creation: 2008
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Publication status: Published, Investissement en capital immatériel et utilité de l'information comptable : étude comparative sur les marchés financiers britanniques, espagnols et français, Presses Universitaires d'Angers (Ed.), 2008, p. 43-83
Handle: RePEc:hal:journl:halshs-00679568
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00679568
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  1. Cockburn, Iain & Griliches, Zvi, 1988. "Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and Patents," American Economic Review, American Economic Association, vol. 78(2), pages 419-23, May.
  2. Robert E. Hall, 2001. "The Stock Market and Capital Accumulation," American Economic Review, American Economic Association, vol. 91(5), pages 1185-1202, December.
  3. Anderson, T. W. & Hsiao, Cheng, 1982. "Formulation and estimation of dynamic models using panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 47-82, January.
  4. Schankerman, Mark, 1981. "The Effects of Double-Counting and Expensing on the Measured Returns to R&D," The Review of Economics and Statistics, MIT Press, vol. 63(3), pages 454-58, August.
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  6. Lev, Baruch & Sunder, Shyam, 1979. "Methodological issues in the use of financial ratios," Journal of Accounting and Economics, Elsevier, vol. 1(3), pages 187-210, December.
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