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Investissement irréversible, taux d’utilisation des capacités et coûts de faillite

Published online by Cambridge University Press:  17 August 2016

Jean-Bernard Chatelain
Jean-Bernard Chatelain*
Affiliation:
CEPII, Paris
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Résumé

Ce modèle étudie les effets joints de l’irréversibilité et des coûts de faillite sur la décision d’investissement. Les coûts de faillite supportés par le prêteur accentuent son conflit d’intérêt avec l’emprunteur: il est principalement concerné par la partie basse de la distribution du risque, alors que l’emprunteur est concerné par la partie restante. On établit l’existence d’un optimum du second ordre, où l’investissement dépend non seulement de la profitabilité et de l’espérance de la demande mais aussi de la richesse ou des fonds propres de l’entreprise. Le taux d’utilisation des capacités de production optimal diminue en présence de coûts de faillite. Le coût du capital est alors plus élevé puisqu’il inclue les coûts de faillite.

Summary

Summary

This two-period model yields an investment function when firms are facing uncertain demand and bankruptcy costs. It links profitability and expected demand to investment, when there is a conflict between lenders concerned on the bottom tail of the demand distribution, and borrowers concerned by the remaining part of the distribution. Two financial regimes are possible for the firm according to its debt/equity ratio, uncertainty, and the strength of bankruptcy costs: first best with no bankruptcy where financial and real decisions are independent, second best with bankruptcy costs. Compared to first best, second best investment decision provides a lower level of investment, a higher degree of capacity utilisation, and a higher rate of interest, as the cost of capital embodies bankruptcy costs, and so is higher.

Keywords

E22D24G32E22D24G32
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 61 , Issue 2 , 1995 , pp. 217 - 241
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1995 

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Footnotes

(*)

Je remercie Fabrice Berjot, David de la Croix, Eric Hansen, Pierre Villa, et trois rapporteurs anonymes pour leurs commentaires. Les erreurs restent miennes. Un financement des communautés européennes B/SPES/915020 a permis l’aboutissement de ce travail, poursuivi dans le cadre d’un programme d’action concertée à TIRES, Université catholique de Louvain.

References

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