Théorie des signaux et augmentation de capital
Institution:
Bordeaux 4Disciplines:
Directors:
Abstract EN:
So the classic financial theory, that rests on the initial theorem of modigliani and miller and its evolution, that the modern financial theory, which is based on the theory of the agency and signaling theory and stipulates the asymmetry of the information between insiders and outsiders, accredit the essential role of the debt. To the opposite, many relative empirical studies of the behavior of the stock price following the announcement of an operation on the capital and the financial facts whose intensity confers to the decade 1990 its title of "equity decade", exalt the role of equity. The appropriateness between theory and reality undertakes when the increase of capital is no longer considered as a simple relative operation to the financial structure of the firm but as a real financial strategy that under - tender many decisions. The increase of equity coats consequently elementary and induced dimensions allowing it to express more to the light of the theory of the financial signaling. Particularly due to the fact of interdependences for the less narrow with operations that possess the real financial signal status.
Abstract FR:
Tant la theorie financiere classique, celle qui repose sur le theoreme initial de modigliani et miller et ses evolutions, que le neoclassicisme financier, lequel se fonde sur la theorie de l'agence et la theorie des signaux et stipule l'asymetrie de l'information entre intervenants, accreditent le role essentiel de l'endettement. A l'inverse, de nombreuses etudes empiriques relatives au comportement du cours de l'action suite a l'annonce d'une operation sur le capital et des faits financiers dont l'intensite confere a la decennie 1990 son titre de "decennie des fonds propres", exaltent le role des capitaux propres. La mise en adequation entre theorie et realite s'effectue lorsque l'augmentation de capital n'est plus consideree comme une simple operation relative a la structure financiere de la firme mais comme une veritable strategie financiere que sous-tend de nombreuses decisions. L'accroissement des fonds propres revet par consequent des dimensions tant elementaires qu'induites lui permettant de s'exprimer davantage a la lumiere de la theorie de la signalisation financiere. Particulierement du fait d'interdependances pour le moins etroites avec des operations qui possedent le veritable statut de signal financier.