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La Structure De Financement Des Firmes : Les Modeles De Type Utilite Esperee Ont-Ils Encore Quelque Chose A Nous Dire ?

Author

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  • Patrick Guy

    (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier)

Abstract

In this paper, we develop a model of the firm which use a utility function with a risk aversion for the choice of its financial structure. In using several special cases, we show that the choices of this financial structure are closely linked with the environmental constraints and the accessible technology. Besides, the fact to use a negative utility function, linked with the loss of power when the firm has external shareholder, is a good way to understand the hierarchy between the different types of the funds and to suggest why the hybrid securities appear.

Suggested Citation

  • Patrick Guy, 1999. "La Structure De Financement Des Firmes : Les Modeles De Type Utilite Esperee Ont-Ils Encore Quelque Chose A Nous Dire ?," Post-Print halshs-00111640, HAL.
    • Handle: RePEc:hal:journl:halshs-00111640
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00111640
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