La structure financière du capital:tests empiriques sur le marché français

Eric Molay ()
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Eric Molay: Université de Nice-Sophia Antipolis

Revue Finance Contrôle Stratégie, 2005, vol. 8, issue 4, pages 153-175

Abstract: (VF)Cette étude s’intéresse à deux théories alternatives expliquant la structure financière du capital : la théorie du financement hiérarchisé et la théorie du ratio d’endettement optimal. Les analyses empiriques sur un échantillon d’entreprises françaises cotées à la bourse de Paris montrent que leur choix de financement semble reposer sur la théorie du financement hiérarchisé aux dépens de la théorie du ratio d’endettement optimal. Les entreprises analysées privilégient le financement interne au détriment du financement externe et, en cas de recours à un financement externe, l’endettement à l’augmentation de capital.(VA) This study is a test of two alternative theories of capital structure : the pecking order theory and the static trade-off theory. The empirical tests conducted on a sample of French firms listed on the Paris stock ex-change show that their financing choice seems to be more in line with the pecking order theory than with the static trade-off theory. The tested firms prefer internal financing to external financing and, when using external financing, debt is preferred over equity.

Keywords: financement hiérarchisé; ratio d’endettement optimal; structure financière du capital; capital structure; pecking order theory; static trade-off. (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2005
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Persistent link: http://EconPapers.repec.org/RePEc:dij:revfcs:v:8:y:2005:i:q4:p:153-175

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