LA STRUCTURE DE FINANCEMENT DES FIRMES: UN MODELE STOCHASTIQUE EN TEMPS CONTINU

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 of the generated wealth for the choice of its financial structure. In using two special cases, we show that the choices of this financial structure are closely linked with the environmental constraints and the accessible technology. The evolution of this structure is correlated with the evolution of these parameters. 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 their evolution in the financial structure of the firm.

Keywords: Aversion with the risks; structure of financing; imperfection of the markets; monopoly; stochastic evolution.; Aversion aux risques; structure de financement; imperfection des marchés; monopole; évolution stochastique.; évolution stochastique (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-00111644

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