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L'étude des effets micro-économiques produits par les opérations de fusion absorption (une analyse appliquée à l'industrie française et au cas du secteur du ciment)

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  • Patrick Navatte

Abstract

[fre] Patrick Navatte : L'étude des effets micro-économiques produits par les opérations de fusion-absorption.. Après avoir examiné brièvement les hypothèses et les méthodes, en fonction desquelles il paraît possible de mesurer les effets des opérations de fusion, absorption, l'auteur analyse successivement deux catégories d' effets. L'analyse empirique permet de dégager tout d'abord un effet de rentabilité positif, de l'ordre de 12 % cumulés sur trois ans. Mais la dispersion des résultats tend à indiquer l'ampleur du risque encouru. Enfin, l'analyse d'opérations particulières de fusion-absorption dans l'industrie du ciment tend à suggérer que, si la rotation du capital a été accrue, par contre peu de gains de productivité ont été réalisés. [eng] Patrick Navatte : The micro economic effets of corporate mergers. After a short review of hypothesis and methods for measuring the performances of corporate mergers, the author is examining successively two sets of possible effects. The empirical analysis shows firstly a positive profitability effect - a cumulative effect of 12 % over 3 years - but the importance of the risks involved may be inferred from the dispersion of the results. On the other hand, the analysis of particular merger operations in the cement industry tends to show that, while the turnover of capital has been increasing, no productivity gains have been obtained.

Suggested Citation

  • Patrick Navatte, 1978. "L'étude des effets micro-économiques produits par les opérations de fusion absorption (une analyse appliquée à l'industrie française et au cas du secteur du ciment)," Revue d'Économie Industrielle, Programme National Persée, vol. 4(1), pages 117-142.
  • Handle: RePEc:prs:recind:rei_0154-3229_1978_num_4_1_1894
    DOI: 10.3406/rei.1978.1894
    Note: DOI:10.3406/rei.1978.1894
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