{"id":50493,"date":"2018-04-11T11:35:34","date_gmt":"2018-04-11T09:35:34","guid":{"rendered":"https:\/\/www.accuracy.com\/?p=50493"},"modified":"2024-12-12T10:08:31","modified_gmt":"2024-12-12T09:08:31","slug":"la-valeur-de-la-diversification-la-theorie-et-la-pratique-option-finance","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/en_gb\/la-valeur-de-la-diversification-la-theorie-et-la-pratique-option-finance\/","title":{"rendered":"La valeur de la diversification : la th\u00e9orie et la pratique – Option Finance"},"content":{"rendered":"
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L\u2019ann\u00e9e 2017 a \u00e9t\u00e9 une ann\u00e9e record en ce qui concerne les fusions et acquisitions. Parmi les raisons avanc\u00e9es pour justifier ces op\u00e9rations, l\u2019une d\u2019entre elles, \u00e0 savoir la volont\u00e9 de \u00abdiversification strat\u00e9gique\u00bb des groupes, peut poser question sur le plan financier.<\/strong><\/p>\n

Depuis les travaux de Markowitz (1958), la finance enseigne qu\u2019une partie importante du risque peut \u00eatre \u00e9limin\u00e9e par la diversification (risque sp\u00e9cifique) et que les investisseurs ont tout int\u00e9r\u00eat \u00e0 se diversifier. En revanche, d\u2019apr\u00e8s la th\u00e9orie, ce qui est vrai pour l\u2019investisseur ne l\u2019est pas pour l\u2019entreprise. La diversification d\u2019une entreprise engendre en effet des co\u00fbts importants pour les actionnaires\u00a0: absence de taille critique dans chacun des m\u00e9tiers, mauvaise qualit\u00e9 de l\u2019information comptable, co\u00fbts d\u2019agence \u00e9lev\u00e9s (les dirigeants des diff\u00e9rents m\u00e9tiers s\u2019affrontent pour disposer des ressources de l\u2019entreprise, etc.). Au total, l\u2019actionnaire peut tr\u00e8s bien se diversifier seul, et \u00e0 moindre co\u00fbt. Ce n\u2019est donc pas le r\u00f4le de l\u2019entreprise de diversifier ses investissements \u00e0 sa place. Ainsi, le cadre de la finance classique impose une repr\u00e9sentation de ce que doit \u00eatre une entreprise\u00a0: sp\u00e9cialis\u00e9e, elle doit concentrer toutes ses ressources dans une seule ligne de m\u00e9tier. Elle est valoris\u00e9e consid\u00e9rant son seul risque syst\u00e9matique et sa capacit\u00e9 \u00e0 diversifier les risques en interne n\u2019a pas de valeur.<\/p>\n

Voir l’article complet ici<\/a>.<\/p>\n

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Henri Philippe, in collaboration with Franck Bancel<\/em><\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

L\u2019ann\u00e9e 2017 a \u00e9t\u00e9 une ann\u00e9e record en ce qui concerne les fusions et acquisitions. Parmi les raisons avanc\u00e9es pour justifier ces op\u00e9rations, l\u2019une d\u2019entre elles, \u00e0 savoir la volont\u00e9 de \u00abdiversification strat\u00e9gique\u00bb des groupes, peut poser question sur le plan financier. Depuis les travaux de Markowitz (1958), la finance enseigne qu\u2019une partie importante du […]<\/p>\n","protected":false},"author":38,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[318],"tags":[],"class_list":["post-50493","post","type-post","status-publish","format-standard","hentry","category-fr-press"],"acf":[],"yoast_head":"\nLa valeur de la diversification : la th\u00e9orie et la pratique - Option Finance - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/en_gb\/la-valeur-de-la-diversification-la-theorie-et-la-pratique-option-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La valeur de la diversification : la th\u00e9orie et la pratique - Option Finance\" \/>\n<meta property=\"og:description\" content=\"L\u2019ann\u00e9e 2017 a \u00e9t\u00e9 une ann\u00e9e record en ce qui concerne les fusions et acquisitions. Parmi les raisons avanc\u00e9es pour justifier ces op\u00e9rations, l\u2019une d\u2019entre elles, \u00e0 savoir la volont\u00e9 de \u00abdiversification strat\u00e9gique\u00bb des groupes, peut poser question sur le plan financier. 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