{"id":6572,"date":"2024-04-14T14:42:52","date_gmt":"2024-04-14T18:42:52","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=6572"},"modified":"2024-04-14T14:42:52","modified_gmt":"2024-04-14T18:42:52","slug":"capital-et-creation-de-valeur","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2024\/04\/14\/capital-et-creation-de-valeur\/","title":{"rendered":"Capital et cr\u00e9ation de valeur"},"content":{"rendered":"

Par Dominique Jacquet<\/strong><\/h3>\n

\"\"<\/p>\n

 <\/p>\n

Les vid\u00e9os de ce mois posent, chacune \u00e0 leur mani\u00e8re, une question sur la relation entre capitaux propres et cr\u00e9ation de valeur.<\/p>\n

 <\/p>\n

Il est proprement stup\u00e9fiant d\u2019observer que 99,5% des droits de vote de Snap Inc. sont concentr\u00e9s dans les mains des fondateurs qui ne poss\u00e8dent qu\u2019un peu plus de 20% des titres. On comprend bien leur motivation. Ce qui est plus difficile \u00e0 appr\u00e9hender, c\u2019est la docilit\u00e9 des apporteurs en capitaux qui ont accept\u00e9 d\u2019oublier ce principe un peu fondateur du capitalisme actionnarial\u00a0: une action, un droit de vote. Alors, on va \u00e9voquer le fait que les march\u00e9s sont \u00ab\u00a0trop\u00a0\u00bb liquides et que les cr\u00e9ateurs d\u2019entreprises sont en position de force lors des lev\u00e9es de fonds et imposent leurs conditions. C\u2019est un peu rapide.<\/p>\n

 <\/p>\n

En fait, il y a des p\u00e9riodes de \u00ab\u00a0hot issues\u00a0\u00bb et des p\u00e9riodes de \u00ab\u00a0cold issues\u00a0\u00bb. Pendant les premi\u00e8res, il peut se passer un peu n’importe quoi, les investisseurs \u00ab\u00a0rationnels\u00a0\u00bb s\u2019empressant de continuer \u00e0 danser tant que la musique joue. Ceci conduit fr\u00e9quemment \u00e0 des p\u00e9riodes de sur\u00e9valuations significatives, voire de bulles sp\u00e9culatives qui ne manquent pas d\u2019\u00e9clater. Apr\u00e8s l\u2019explosion, suit une p\u00e9riode de d\u00e9grisement et une timidit\u00e9 \u00e0 apporter des fonds qui est aussi dommageable que la surexcitation pr\u00e9c\u00e9dente. Alors, en managers rationnels, les fondateurs et autres \u00ab\u00a0startuppers\u00a0\u00bb guettent avec attention et, parfois, cynisme les moments propices et les mots et concepts qui plaisent. C\u2019est le r\u00e8gne (provisoire) de Powerpoint et de la punch line.<\/p>\n

 <\/p>\n

Comme Facebook s\u2019\u00e9tait appropri\u00e9 Instagram et WhatsApp, Snap a trouv\u00e9 un terrain favorable et des investisseurs (prestigieux, au demeurant\u00a0!) en qu\u00eate de r\u00e9seaux sociaux pour profiter de l\u2019\u00e9closion rapide de ce secteur particuli\u00e8rement prometteur. Les conditions ont \u00e9t\u00e9 fix\u00e9es par les vendeurs, et le \u00ab\u00a0G\u00a0\u00bb de ESG s\u2019en est trouv\u00e9 passablement malmen\u00e9…<\/p>\n

 <\/p>\n

La mise en bourse de l\u2019a\u00e9roport d\u2019Ath\u00e8nes rel\u00e8ve d\u2019un raisonnement plus complexe parce que relevant de la dynamique des syst\u00e8mes. Ce qui conduit \u00e0 privatiser un a\u00e9roport, c\u2019est souvent un manque de ressources financi\u00e8res. A l\u2019origine, un partenariat Public-Priv\u00e9, donc une interaction confrontant des fonctions d\u2019utilit\u00e9 assez diff\u00e9rentes. L\u2019histoire du Financement de Projet est remplie de r\u00e9alisations remarquables qui n\u2019auraient pas vu le jour sans qu\u2019une alchimie se construise autour d\u2019un projet r\u00e9unissant des int\u00e9r\u00eats tr\u00e8s divers, mais compl\u00e9mentaires et satisfaits de la relation contractuelle qui les r\u00e9unit. Je ne peux que vous conseiller la lecture de l\u2019excellent ouvrage de Michel Lyonnet du Moutier qui fait profiter le lecteur de sa vaste exp\u00e9rience professionnelle et d\u2019une profonde r\u00e9flexion th\u00e9orique et acad\u00e9mique[1]<\/a>. Les bonnes intentions des parties prenantes et leurs comp\u00e9tences professionnelles ne sont pas mises en doute, mais il reste que la propri\u00e9t\u00e9 du capital est une question de premi\u00e8re importance\u00a0: privatiser un a\u00e9roport conduit sa direction \u00e0 demander aux compagnies a\u00e9riennes de r\u00e9mun\u00e9rer les capitaux investis \u00e0 hauteur d\u2019un co\u00fbt du capital que l\u2019on peut estimer voisin de 7% en fonction du niveau actuel des taux d\u2019int\u00e9r\u00eats. Si ce m\u00eame actif reste dans le domaine public, la r\u00e9mun\u00e9ration exig\u00e9e par l\u2019\u00c9tat sera moindre, par exemple 3% car la dette souveraine est en comp\u00e9tition avec ce que les investisseurs appellent le taux \u00ab\u00a0sans risque\u00a0\u00bb, alors que les actionnaires ont pour r\u00e9f\u00e9rence le march\u00e9 financier avec des taux de rendement largement sup\u00e9rieurs.<\/p>\n

 <\/p>\n

Tout ceci ne serait qu\u2019une discussion d\u2019experts si la r\u00e9alit\u00e9 du d\u00e9veloppement \u00e9conomique territorial n\u2019\u00e9tait pas un enjeu de premi\u00e8re importance. Augmenter le co\u00fbt du transport a un impact n\u00e9gatif sur la comp\u00e9titivit\u00e9 locale, ce qui interpelle ce m\u00eame \u00c9tat qui privatise pour r\u00e9cup\u00e9rer des ressources financi\u00e8res et limiter son endettement. Il y a donc, dans cette question, un conflit d\u2019objectifs particuli\u00e8rement d\u00e9licat \u00e0 r\u00e9soudre. L\u00e0 encore, nous allons mobiliser l\u2019ESG, mais plut\u00f4t du c\u00f4t\u00e9 du \u00ab\u00a0S\u00a0\u00bb. La double mat\u00e9rialit\u00e9 est apparue dans sa complexit\u00e9 avec le souhait de rendre l\u2019entreprise comptable de l\u2019impact sur son environnement. Il ne s\u2019agit plus d\u2019identifier comment l\u2019ext\u00e9rieur peut fortement impacter la firme, mais aussi comment cette derni\u00e8re cr\u00e9e ou d\u00e9truit de la valeur par la cr\u00e9ation d\u2019externalit\u00e9s souvent significatives et difficiles \u00e0 identifier et quantifier.<\/p>\n

 <\/p>\n

Dans le cas d\u2019infrastructures de transport, la double mat\u00e9rialit\u00e9 est d\u2019autant plus int\u00e9ressante \u00e0 analyser que l\u2019acteur principal de la d\u00e9cision, la puissance publique, va d\u00e9cider de quel c\u00f4t\u00e9 va pencher la mat\u00e9rialit\u00e9. Aucun syst\u00e8me n\u2019est parfait, mais une r\u00e9flexion syst\u00e9mique s\u2019impose.<\/p>\n

 <\/p>\n

Rappelons qu\u2019Adam Smith dans la Richesse des Nations (1776) estimait que l\u2019\u00c9tat \u00e9tait, au-del\u00e0 du r\u00e9galien, en charge de l\u2019\u00e9ducation, de la sant\u00e9 et des infrastructures. On cite souvent la fameuse \u00ab\u00a0main invisible\u00a0\u00bb pour l\u00e9gitimer le laisser-faire incontr\u00f4l\u00e9 sans rappeler cet aspect critique de la pens\u00e9e d\u2019Adam Smith et, au passage, son inqui\u00e9tude face \u00e0 la mont\u00e9e en puissances des grandes corporations. 250 ans, pas une ride.<\/p>\n

 <\/p>\n

 <\/p>\n

[1]<\/a> Financement de projet et partenariats public-priv\u00e9, 2023<\/p>\n","protected":false},"excerpt":{"rendered":"

Par Dominique Jacquet   Les vid\u00e9os de ce mois posent, chacune \u00e0 leur mani\u00e8re, une question…<\/p>\n","protected":false},"author":2,"featured_media":6570,"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-6572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"\nCapital et cr\u00e9ation de valeur - CDI Alumni E-Cademy<\/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:\/\/cdialumni.ecademydj.com\/fr\/2024\/04\/14\/capital-et-creation-de-valeur\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital et cr\u00e9ation de valeur - 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