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Comment la structure financière influence-t-elle les choix stratégiques ? Étude de cas dans l'industrie du vin

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  • Olivier Saulpic
  • Hervé Tanguy

Abstract

[eng] How do financial structure influence firm's strategic behavior? Case study in the french wine industry - Industrial strategies of growth must be backed by relevant financial structures; but the choice of these structures (level of debt and debt/equity ratio) is restricted by the more or less efficiency of the monitoring systems which can be used by funds providers. Evaluating the potential for value creation as well as understanding the yearly economic performance of wine-traders is dramatically complex in the world of Appellations d'Origine Contrôlée. This could explain why, because of credit rationing, a priori strategically relevant policies which need external funding don't rise up in France. This working assumption is tested through a comparative case study between two well known AOC regions: Burgundy and Champagne. [fre] Si les stratégies de développement doivent être supportées par des structures financières adaptées, le choix de ces structures (niveau d'endettement et ratio capitaux propres sur dettes) est contraint par la plus ou moins grande efficacité des systèmes de contrôle qui vont pouvoir se mettre en place entre bailleurs de fonds et managers. Or les problèmes d'appréciation du potentiel de création de valeur et du suivi de la performance économique des entreprises de négoce sont particulièrement aigus dans le monde des Appellations d'origine contrôlées. Ceci permettrait d'expliquer pourquoi des stratégies a priori fondées au plan stratégique mais gourmandes en cash ne voient pas le jour, faute d'accès au financement. Cette hypothèse est mise à l'épreuve d'une étude de cas comparative entre deux régions d'élection du négoce viti-vinicole : Bourgogne et Champagne.

Suggested Citation

  • Olivier Saulpic & Hervé Tanguy, 2004. "Comment la structure financière influence-t-elle les choix stratégiques ? Étude de cas dans l'industrie du vin," Économie rurale, Programme National Persée, vol. 281(1), pages 39-58.
    • Handle: RePEc:prs:recoru:ecoru_0013-0559_2004_num_281_1_5483
    DOI: 10.3406/ecoru.2004.5483
    Note: DOI:10.3406/ecoru.2004.5483
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    References listed on IDEAS

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    1. Giraud-Heraud, Eric & Soler, Louis-Georges & Tanguy, Herve, 1999. "Avoiding Double Marginalisation in Agro-Food Chains," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 26(2), pages 179-198, June.
    2. Tanguy, H., 1989. "La réhabilitation des modèles et des plans dans l'entreprise : le cas d'une maison de champagne," Cahiers d'Economie et de Sociologie Rurales (CESR), Institut National de la Recherche Agronomique (INRA), vol. 10.
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