Author
Abstract
[fre] Le financement par l'emprunt paraissait naturel aux entreprises lorsque les actions étaient dépréciées et les taux d'intérêt faibles devant l'inflation. La santé de la bourse, l'envolée des taux d'intérêt, le recul de l'inflation ont permis aux entreprises françaises de renforcer leurs fonds propres et d'alléger leurs dettes. Cette évolution rapide ne permet plus d'évoquer la question d'une répartition optimale du financement entre le capital et la dette sans considérer leurs prix relatifs. Certaines innovations financières apparaissent alors comme des transitions nécessaires, et le comportement récent des entreprises et de leurs actionnaires, ressort comme cohérent. L'augmentation de capital ne peut plus être considérée comme « un mode de financement résiduel ». [eng] The choice between equity and debt : stocks versus bonds . The debt financing seems natural to the corporations at the time where the stocks were depreciated and the interest rates weak in front of inflation. The soundness of the stock market, the rise of the interest rates and the climbing of inflation allowed trench corporations to reinforce equity and reduce their debts. With this fast change, it is impossible to treat the issue of the optimal distribution between equity and debt without considering their relative prices. Some financial innovations emerge as necessary transitions, and the recent behaviour of the corporations and their majority and minority shareholders appears to be perfectly consistent. The new equity issues cannot be more considered as a "residual means of financing".
Suggested Citation
Michel Piermay, 1988.
"Arbitrage entre le capital et la dette : actions contre obligations,"
Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 123-129.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4647
DOI: 10.3406/ecofi.1988.4647
Note: DOI:10.3406/ecofi.1988.4647
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