Author
Abstract
[fre] Les transformations financières des années quatre-vingt ont affecté de manière importante le secteur des entreprises et en particulier leurs comportements d'investissement. Leur coût du capital se détermine désormais dans des marchés financiers déréglementés et plus concurrentiels, et l'utilisation de nouveaux instruments de financement rend leur structure de capital plus flexible — mais aussi plus instable. La substitution des titres de crédit émis sur un grand marché aux crédits bancaires bilatéraux engendre des relations plus distantes et une information plus standardisée entre entreprises et créditeurs. Cela facilite les comportements de désengagement (de « sortie ») et une plus grande rotation des investisseurs dans les entreprises. En même temps, le développement de nouvelles compétences, de nouveaux métiers, et de nouvelles capacités d'investissement dans le secteur d'intermédiation financière favorise des mécanismes d'information plus approfondie et des relations de partenariat actif (de « voix ») entre les entreprises et certains de leurs investisseurs/créditeurs. [eng] Industrial meaning of the financial revolution . The financial changes of the eighties have significally affected the business sector and, in particular, its investment behaviour. Their cost of capital is now computed on deregulated and more competitive financial markets, and the use of new financing instruments give more flexibility, but also more versatility, to their financing structure. The substitution of bilateral loans for debt claims issued on a big market generates more distant relationship and more standardised information between business and creditors. This facilitates some behaviour of disinvolvement ("exit") and a greater turnover of investors in business. In the same time, the development of new skill, jobs and investment capacities in the financial intermediation industry contributes to a more deepening information mechanisms and the rise of active partnerships ("voice") between enterprises and some of their investors/creditors. .
Suggested Citation
Rauf Gönenç, 1988.
"La signification industrielle de la mutation financière,"
Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 67-84.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4643
DOI: 10.3406/ecofi.1988.4643
Note: DOI:10.3406/ecofi.1988.4643
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