Le comportement des Entreprises en matière de trésorerie : Endettement net, performances financières et investissement

Abstract : At the end of 1991, french corporations held approximately 313 billion dollars in cash and marketable securities except investments (132 billion dollars in 1985). Why then, do sensible firms hold it ? The increasing uncertainty in external and internal company environments means it has become worthwhile to examine the theoretical dimension of cash holdings (chapter I). This thesis puts forward a theretical framework for this atypical movement by referring to various theories of the firm relating to financial structure, dividend policy, liquidity preference, investment and portfolio management (chapters 2,3). This is explored in two essays. Using a sample of data from the Banque de France Balance Sheet Data Centre, it is demonstrated in the first essay that firms that purchase investment securities generally perform better than their counterparts (chapter 5). It is examined in the second essay the impact of holdings of cash and marketable securities on the firm's investment (chapter 6). Overall, a new methodology of financial statement analysis for firms which hold a lot of cash and marketable securities is provided (chapter 4).
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Henri Koulayom. Le comportement des Entreprises en matière de trésorerie : Endettement net, performances financières et investissement. Sciences de l'Homme et Société. Université de Paris IX Dauphine, 1997. Français. ⟨tel-01147861⟩

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