Les Choix d''endettement Des Grandes Firmes
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Imported Edition - Ships in 18-21 Days
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Les décisions d'endettement des entreprises sont complexes. En dépit des mesures incitatives destinées à faciliter l'accès aux financements de marché, les sociétés françaises, notamment les plus grandes, s'endettent majoritairement auprès des banques. Qu'y a-t-il de spécial chez ces banques ? Ce livre se propose de répondre à cette première question, à travers notamment une présentation critique de la théorie de l'intermédiation financière et une étude empirique unique sur la réaction du marché boursier français à l'annonce par les entreprises de différents types d'emprunts. Au demeurant, s'il montre que le choix de la source d'endettement des entreprises n'est pas neutre et peut avoir un impact sur le rendement de leurs titres, le présent travail permet également de déterminer les facteurs qui influencent un tel choix. Il constitue donc un premier essai sur les éléments explicatifs d'une structure d'endettement mixte des grandes sociétés françaises, et permet d'avancer que les banques et les marchés sont plus complémentaires que substituts.
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