Irréversibilité et financement des infrastructures par les fonds propres

Jean-Michel Josselin ()

Revue Économique, 1997, vol. 48, issue 2, 247-256

Abstract: [eng] Infrastructure investments generate highly nonredeployable assets. Following Williamson, equity would be in this case the appropriate financial instrument. This article provides a microeconomic discussion of the use of equity as opposed to debt, using the concept of irreversibility. [fre] Les infrastructures constituent largement des actifs non redéployables, au sens de Williamson. À ce titre, le mode de financement qui devrait leur être asso­cié est l'appel aux fonds propres. L'article justifie et nuance cette proposition, au plan microéconomique, en s'appuyant sur l'irréversibilité des décisions correspon­dantes.

Date: 1997
Note: DOI:10.3406/reco.1997.409873
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