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Une approche éthique des fonds de LBO : un financement à effet de levier patrimonial ?

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  • Bénédicte Daudé

Abstract

[fre] Les fonds de LBO ont obtenu, sur les dix dernières années, un rendement double de celui du marché boursier. Cet article tente de resituer le LBO et les autres techniques de financement à effet de levier dans un cadre de gestion patrimoniale et responsable de reprise et transmission d’un tissu local de PME-PMI. Il analyse les effets de proximité relatifs à l’inscription territoriale des fonds, conjugués aux interventions de partenaires institutionnels, indispensables pour légitimer ces modes particuliers de financement. Dans ce contexte, les LBO se présentent comme des outils adéquats et pertinents pour concilier la création de valeur actionnariale et partenariale avec des préoccupations d’aménagement du territoire. . Classification JEL : G19, G23, G24, G32 [eng] LBO funds : is asset leveraging financing the spearhead of a socially responsible strategy for territory planning ? . Over the last ten years, LBO funds have had twice as much return as the stock market. The purpose of this paper is to contextualize both LBO funds and other leveraging financing techniques within a framework of asset management, responsible for the acquisition and transfer of a local SME/SMI network. This work is based on the analysis of proximity effects in connection with the territorial basis of the funds, together with the involvement of institutional partners, which is essential to legitimize such particular financing methods. Within this context, LBOs come across as appropriate and relevant tools to reconcile shareholder and partner value creation with territory planning concerns. . JEL Classification : G19, G23, G24, G32

Suggested Citation

  • Bénédicte Daudé, 2008. "Une approche éthique des fonds de LBO : un financement à effet de levier patrimonial ?," Revue d'Économie Financière, Programme National Persée, vol. 93(3), pages 167-178.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2008_num_93_3_5275
    DOI: 10.3406/ecofi.2008.5275
    Note: DOI:10.3406/ecofi.2008.5275
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    References listed on IDEAS

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    1. Philippe Desbrières & Alain Schatt, 2002. "L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 79-106, December.
    2. Ron Boschma, 2005. "Proximity and Innovation: A Critical Assessment," Regional Studies, Taylor & Francis Journals, vol. 39(1), pages 61-74.
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    More about this item

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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