LA STRUCTURE DE FINANCEMENT DES FIRMES: LES MODELES DE TYPE UTILITE ESPEREE ONT-ILS ENCORE QUELQUE CHOSE A NOUS DIRE ?

Patrick Guy ()
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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

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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.

Keywords: Uncertainty; aversion with the risks; structure of financing; imperfection of the markets; monopoly; oligopoly.; Incertitude; aversion aux risques; structure de financement; imperfection des marchés; oligopole; monopole; oligopole. (search for similar items in EconPapers)
Date: 1999
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Published in 1999

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00111640

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