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A model of adaptive relationship between the entrepreneur and the bank Inra
Cadot, J.; Couderc, J.P.; AFFI, Association Française de Finance (FRA).
Dans cette contribution, nous proposons de modéliser la relation entre la banque et l’entrepreneur à partir du modèle de sous-investissement de Myers (1977). Nous y introduisons les concepts de pouvoir de négociation et de réputation, qui ont un impact direct sur la valeur du projet, du point de vue de l’entrepreneur, puisqu’ils conditionnent ses droits de propriété sur la rente et les actifs du projet. Cependant, comme la construction de la réputation est étroitement liée à son pouvoir de négociation, l’entrepreneur peut accepter de « gager » une part importante de ces droits de propriété sur le projet au moment d’initier le processus d’investissement. Dans ce cas, la perte de valeur initiale peut être compensée par une probabilité plus élevée de...
Tipo: Meeting Paper Palavras-chave: CREDIT; ENTREPRENARIAT; FINANCEMENT; ENTREPRISE.
Ano: 2007 URL: http://www.prodinra.inra.fr/prodinra/pinra/doc.xsp?id=PROD200816139252&uri=/notices/prodinra1/2010/12/
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A model of adaptive relationship between the entrepreneur and the bank : the case of French vineyards entrepreneurs Inra
Cadot, J.; Couderc, J.P.; AFFI, Association Française de Finance (FRA); AWBR, Academy of Wine Business Research (FRA).
Availability of funds is a critical question for new French vineyards entrepreneurs. Indeed, investment for grape growing, wine making and wine marketing, as compared to sales, is very large. As these new entrepreneurs free cash-flows stay rather low, their investment capacity can be strongly limited if they do not benefit from a tight relationship with their bankers.In this paper, we present the relationship between the bank and the entrepreneur as an adaptive relationship. We aim at encompassing the literature on corporate debt and investment, initiated by Myers (1977) and debt maturity and information asymmetry in the manner of Diamond (1991). In the model, we study the project value and the liquidity risks when the entrepreneur investment varies. As...
Tipo: Meeting Paper Palavras-chave: BANQUE; CREDIT; FINANCEMENT; ENTREPRISE; ENTREPREUNARIAT.
Ano: 2007 URL: http://www.prodinra.inra.fr/prodinra/pinra/doc.xsp?id=PROD200876f51f57&uri=/notices/prodinra1/2010/12/
Registros recuperados: 2
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