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L’utilisation de méthodes de paiement contingentes dans les opérations de fusion-acquisition : une solution aux problèmes d’asymétrie informationnelle ?

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  • Étienne Redor

Abstract

[eng] The Use of Contingent Means of Payment in Mergers and Acquisitions : an Answer to Information Asymmetry Problems ? . According to information asymmetry models on the means of payment in mergers and acquisitions, while cash payment allows the bidder to signal that its stocks are undervalued, it results in a risk of overpayment. The use of stock payment may limit this risk but at the same time it acts as a potential signal that the bidder’s stocks are overvalued. The aim of this article is to show thanks to real examples, how contingent methods of payment other than stocks mitigate the aforementioned negative effects that are linked to the use of cash or stock payments in mergers and acquisitions. . Classification JEL : G32, G34. [fre] Selon les modèles d’asymétrie informationnelle concernant le choix de la méthode de paiement lors des opérations de fusion-acquisition, un paiement en cash permet à la société initiatrice de signaler que ses actions sont sous-évaluées mais se traduit également par un risque d’excès de paiement. L’utilisation d’actions pourrait limiter ce risque mais signale que les actions de l’initiatrice sont surévaluées. L’objectif de cet article est de montrer, à travers des exemples réels, comment les méthodes de paiement contingentes autres que les actions permettent de limiter les effets négatifs liés à l’utilisation de cash ou d’actions dans une opération de fusion-acquisition. . Classification JEL : G32, G34.

Suggested Citation

  • Étienne Redor, 2010. "L’utilisation de méthodes de paiement contingentes dans les opérations de fusion-acquisition : une solution aux problèmes d’asymétrie informationnelle ?," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 295-307.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2010_num_97_2_5406
    DOI: 10.3406/ecofi.2010.5406
    Note: DOI:10.3406/ecofi.2010.5406
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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