{"id":6324,"date":"2022-12-30T11:55:48","date_gmt":"2022-12-30T16:55:48","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=6324"},"modified":"2022-12-30T11:55:48","modified_gmt":"2022-12-30T16:55:48","slug":"dette-et-disparition","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2022\/12\/30\/dette-et-disparition\/","title":{"rendered":"Dette et disparition\u2026"},"content":{"rendered":"<h3><strong>Par Dominique Jacquet<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-6343\" src=\"https:\/\/ocpgroup.ecademydj.com\/wp-content\/uploads\/2022\/12\/debtanddemisedecember2022.jpeg\" alt=\"\" width=\"800\" height=\"533\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>La th\u00e9orie financi\u00e8re ne cesse d\u2019exprimer sa perplexit\u00e9 face au niveau optimal d\u2019endettement des firmes.<\/p>\n<p>&nbsp;<\/p>\n<p>Nous devons un apport consid\u00e9rable \u00e0 MM. Modigliani et Miller qui ont d\u00e9montr\u00e9 que, m\u00eame si le cr\u00e9ancier financier exigeait un rendement plus faible que l\u2019actionnaire pour cause de risque, l\u2019endettement n\u2019apportait rien \u00e0 la valeur de l\u2019entreprise, si ce n\u2019est un gain fiscal assez limit\u00e9. Apr\u00e8s ce coup de ma\u00eetre(s), la th\u00e9orie s\u2019est focalis\u00e9e sur des aspects plus \u00ab\u00a0manag\u00e9riaux\u00a0\u00bb. Il est plus facile de convaincre un banquier qu\u2019un actionnaire (la \u00ab\u00a0hi\u00e9rarchisation des financements\u00a0\u00bb, traduction fran\u00e7aise pompeuse du <em>pecking order<\/em> de Myers\u00a0: l\u2019ordre de picorage des gallinac\u00e9es\u2026). Lever de la dette montre sa confiance dans le futur (th\u00e9orie du signal). La dette permet de contr\u00f4ler les managers (th\u00e9orie de l\u2019agence).<\/p>\n<p>&nbsp;<\/p>\n<p>Les march\u00e9s financiers sont les premiers \u00ab\u00a0clients\u00a0\u00bb de ces contributions th\u00e9oriques qui, si elles pr\u00e9sentent toutes des aspects informatifs tr\u00e8s pertinents, laissent l\u2019outil industriel et la strat\u00e9gie de d\u00e9veloppement un peu au second plan.<\/p>\n<p>&nbsp;<\/p>\n<p>Int\u00e9ressons-nous \u00e0 l\u2019activit\u00e9.<\/p>\n<p>&nbsp;<\/p>\n<p>J\u2019ai toujours essay\u00e9 de convaincre mes auditeurs qu\u2019il \u00e9tait fortement recommand\u00e9 de ne pas prendre deux risques en m\u00eame temps. Concr\u00e8tement, ajouter un risque financier \u00e0 un risque op\u00e9rationnel. Par exemple, une firme qui se lance dans une croissance externe volontariste et prend le risque de ne pas r\u00e9ussir l\u2019int\u00e9gration de ses acquisitions et, par cons\u00e9quent, de ne pas d\u00e9gager les synergies anticip\u00e9es, doit conserver une strat\u00e9gie financi\u00e8re conservatrice. On n\u2019empile pas un risque financier au-dessus d\u2019un risque op\u00e9rationnel.<\/p>\n<p>&nbsp;<\/p>\n<p>La raison vient du fait que la dette place l\u2019entreprise en position de vuln\u00e9rabilit\u00e9 par rapport \u00e0 ses concurrents, \u00e0 un monde qui \u00e9volue de mani\u00e8re incontr\u00f4l\u00e9e et impr\u00e9dictible, \u00e0 une rupture technologique, ou autres.<\/p>\n<p>&nbsp;<\/p>\n<p>C\u2019est un principe tr\u00e8s simple, mais pas souvent appliqu\u00e9.<\/p>\n<p>&nbsp;<\/p>\n<p>Dans le film consacr\u00e9 \u00e0 Lafarge (f\u00e9vrier 2020), j\u2019ai repris la s\u00e9quence d\u2019acquisitions du groupe qui a \u00e9t\u00e9 tr\u00e8s r\u00e9ussie, notamment au Royaume-Uni, mais financ\u00e9e par l\u2019endettement afin de limiter la dilution des actionnaires, un grand classique. Cons\u00e9quence de l\u2019endettement,\u00a0les frais financiers en forte croissance, co\u00fbts fixes par excellence, ont r\u00e9duit la capacit\u00e9 de r\u00e9ponse de la firme \u00e0 une agression concurrentielle. La division Ciment du groupe Orascom a tent\u00e9 de conqu\u00e9rir des parts de march\u00e9 en lan\u00e7ant une guerre de prix, facteur d\u00e9terminant pour l\u2019acte d\u2019achat dans un march\u00e9 de commodit\u00e9s. R\u00e9pondre \u00e0 l\u2019agression en ajustant les prix \u00e0 la baisse a un impact direct sur le r\u00e9sultat d\u2019exploitation. Les frais financiers constituent une limite \u00e0 la baisse, donc la capacit\u00e9 de r\u00e9action de Lafarge a \u00e9t\u00e9 limit\u00e9e par leur augmentation, et la firme a r\u00e9pondu en achetant l\u2019agresseur pour 8,6 milliards d\u2019Euros, donc 6 milliards financ\u00e9s, \u00e0 nouveau, par la dette financi\u00e8re, avec un deal sign\u00e9 en d\u00e9cembre 2007. La crise des <em>subprimes<\/em> a d\u00e9j\u00e0 d\u00e9but\u00e9, m\u00eame si le monde n\u2019a pas encore subi le choc Lehman. Cet ultime financement par la dette, combin\u00e9 \u00e0 une crise \u00e9conomique violente, va conduire Lafarge \u00e0 des cessions d\u2019actifs, une augmentation de capital fortement dilutive, et la fusion avec Holcim en vue de \u00ab\u00a0cr\u00e9er de la valeur actionnariale\u00a0\u00bb\u2026 Les grands gagnants seront les vendeurs \u00e0 d\u00e9couvert qui avaient pari\u00e9 sur la chute de cet embl\u00e8me industriel.<\/p>\n<p>&nbsp;<\/p>\n<p>La fusion sera annonc\u00e9e \u00ab\u00a0entre \u00e9gaux\u00a0\u00bb, ce qui ne va pas faire illusion longtemps. Holcim va s\u2019engager (promesse \u00e9lectorale\u00a0?) \u00e0 conserver une partie des activit\u00e9s du si\u00e8ge social en France, puis va les fermer. Dernier acte de la trag\u00e9die\u00a0: Lafarge abandonne sa cotation sur la Bourse de Paris le 30 d\u00e9cembre prochain. Comment dispara\u00eetre en ne respectant pas une r\u00e8gle financi\u00e8re de bon sens\u2026<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Par Dominique Jacquet &nbsp; &nbsp; La th\u00e9orie financi\u00e8re ne cesse d\u2019exprimer sa perplexit\u00e9 face au niveau&hellip;<\/p>\n","protected":false},"author":2,"featured_media":6322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dette et disparition\u2026 - 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