| Titre | Rachats d'entreprise avec endettement (LBO et MBO) : motivations micro-économiques, effets sur l'efficacité des entreprises et risques macro-économiques | |
|---|---|---|
| Auteur | Francois Lecointe, Philippe Ducos, Patrick Artus | |
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Revue | Economie et prévision |
| Numéro | no 102-103, 1992/1-2 Micro-économie appliquée | |
| Rubrique / Thématique | Micro-économie appliquée |
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| Page | 89-104 | |
| Résumé anglais |
Purchasing Firms with borrowed funds (Leveraged Buyouts and Management Buyouts): Micro-Economic Reasons, Effects on the Efficiency of the Firms and Macro-economic Risks,
by Patrick Artus, Philippe Ducos, François Lecointe.
After having summarized the main features of the LBO/MBO movement in the United States, we analyzed the microeconomic reasons behind such operations, comparing them to those involving the choice of the leverage of a high debt level and those of mergers and acquisitions, similar to the former in many respects. The typical LBO model is based on asymmetry in information and conflicts between managers and shareholders and the resulting loss of efficiency, in particular, as far as the choice of an investment programme is concerned. The microeconomic benefit of LBOs can however be offset by the increase in bankruptcy risk resulting from the increase in the debt level. It is not sure that, on the whole and at the macroeconomic level, LBOs have favourable effects. Lastly this point is examined from an empirical point of view using macroeconomic data for the United States. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1992_num_102_1_5278 |
