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Le rôle de la dette dans le LBO : une revue de la littérature

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  • Ouidad Yousfi

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Après 1985, un tiers des projets LBO n'ont pas pu honorer leur dette, les conséquences furent désastreuses, parmi les cas les plus célèbres les rachats via LBO de Federated Department Stores par Campeau et de Gateway par Macy's). Le grand nombre de faillite a remis en question le rôle de la dette LBO : est ce que cette dette est aussi avantageuse ? Le but de cet article est de répondre à cette question au travers des études théoriques et empiriques qui ont traité d'une façon ou d'une autre la dette buyout. Les théories revisitées se partagent en deux volets : Le premier soutient l'hypothèse selon laquelle la dette LBO est créatrice de valeur (les théories d'agence, des économies d'impôt, de l'asymétrie d'information et des free cash-flows). Le deuxième volet présente cette dette comme un moyen de transférer les gains de richesses d'un agent à un autre (la théorie des transferts).

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  • Ouidad Yousfi, 2007. "Le rôle de la dette dans le LBO : une revue de la littérature," Working Papers hal-04139236, HAL.
    • Handle: RePEc:hal:wpaper:hal-04139236
    Note: View the original document on HAL open archive server: https://hal.science/hal-04139236
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    References listed on IDEAS

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