La liberté contractuelle est un principe fondateur du droit civil français, en vertu duquel chaque sujet de droit est libre, non seulement de décider de s’engager ou non, mais également de déterminer les conditions de son engagement contractuel et la personnalité de son cocontractant. Malgré ses apparentes particularités, dues à son objet, le droit des marchés financiers ne constitue pas une branche autonome du droit, de telle sorte que le droit civil a toute vocation à s’appliquer sur les marchés financiers. Pour autant, un rapide examen du droit des marchés financiers fait apparaître des atteintes à la liberté contractuelle, en premier lieu à la libre détermination du contenu du contrat. Ce constat est d’autant plus frappant lorsque l’on approfondit l’étude des marchés financiers, les offres publiques étant en effet l’occasion de multiples atteintes. Plus particulièrement, l’initiative contractuelle est lourdement affectée par les offres publiques obligatoires, qu’elles soient d’acquisition ou de retrait. Cette thèse a pour objet d’examiner ces diverses atteintes portées par le droit des marchés financiers à la liberté contractuelle afin d’en déterminer le fondement. / Contractual freedom is a founding principle of French civil law, under which each legal subject is free, not only to decide whether to engage, but also to determine the conditions of his contractual commitment and the personality of the other party. Despite its apparent peculiarities, due to its object, the financial market legislation is not an autonomous branch of law, so that the civil law should apply to the financial markets. However, a quick review of the financial markets legislation revealed violations of contractual freedom, in the first place to free determination of the content of the contract. This finding is even more striking when looking further : the contractual intent is heavily affected both through the mandatory public bid and through the mandatory buyout offer. This thesis examines how the contractual freedom is affected by the financial market legislation to determine the causes.

The goal of the Thesis was to perform a research about the Private Equity industry and Leveraged Buyout type of deal. Within practical part of the Thesis, was goal to create financial model and use it to analyse real case LBO transaction. Due to lack of Czech literature about the topic and secrecy of the industry, foreign studies and literature were primary source of information but also an interviews with Czech investment professionals and advisors. In practical part of the Thesis was created general LBO model with Microsoft Excel, with functions able to perform different LBO transactions. This financial model, was later used to perform LBO acquisition analysis of company Severomoraské vodovody a kanalizace Ostrava a.s.

Le capital-investissement parait jouer un rôle essentiel dans la croissance des entreprises. Pourtant les liens entre modèles d'investissement et croissance restent mal compris. De plus, depuis quelques années, les doutes s’accumulent sur la compatibilité entre valorisation financière et développement pérenne et vertueux des entreprises, en particulier matures. Centrée plus spécifiquement sur le cas des entreprises de taille intermédiaire (ETI), cette thèse montre qu’une forme de capital-investissement, que nous appelons le « capital-régénération », demande à être mieux conceptualisée pour favoriser les dynamiques de croissance soutenables et outiller les politiques publiques en matière de financement des entreprises. Le capital-régénération, contrairement à la segmentation classique du capital-investissement, est moins lié au stade de développement des entreprises qu’à la nature de la croissance visée. Au lieu de porter sur une augmentation des performances à partir des produits existants, la thèse met en évidence une autre forme de croissance dite « générative », liée à l’innovation et qui s’appuie sur la dynamique de régénération des produits et des ressources de l’entreprise. A partir d’une analyse des besoins en financement des ETI, ainsi que de cas approfondis issus du portefeuille de Bpifrance, la thèse montre que le déficit de croissance des ETI ne s’explique pas par un défaut de capital (« equity gap »), mais plutôt par un manque de valorisation de la croissance générative par les modèles d’investissement classiques. La thèse explore alors comment, en s’appuyant sur des données existantes, il est possible d’enrichir les analyses en intégrant les capacités d’innovation des entreprises et les promesses de retours sur des produits encore à concevoir. Sont alors discutés à la fois les principes mais aussi les risques et les conditions d’un capital-régénération. Ce modèle, tout en expliquant une partie des difficultés des ETI à croître, ouvre des perspectives nouvelles sur les liens entre théorie financière et théories de la conception. / Private equity seems to play a key role in firms’ growth. However, the relationship between investment and growth remains poorly understood. Moreover, in recent years, doubts have arisen regarding the correlation between financial valuation and firms’ long-term and virtuous development - especially for mature firms. With a focus on French medium-sized companies (“ETI”), this thesis shows that a specific kind of private equity - that we propose to call “regeneration capital”- could be better conceptualized in order to support firms’ sustainable economic growth and to empower public policy with respect to corporate funding. Regeneration capital, unlike usual private equity asset class, is less related to the firm’s life cycle stage than to the nature of targeted growth. Rather than increasing the performance of existing products, this type of growth emerges from another growth dynamic, that we call “generative growth”, which results from the regeneration of the firm’s products and resources. Based on an analysis of the financial needs of medium-sized companies, as well as on an in-depth case study of medium-sized firms extracted from Bpifrance's investment portfolio, the thesis demonstrates that the growth shortage of medium-sized firms is not due to an equity gap. Empirical evidence rather suggests a lack of valuation of generative growth by traditional investment models. Drawing on existing data, the thesis hence investigates how investors’ financial analysis can be enhanced by integrating an assessment of firms’ innovation capabilities and of the return promises of yet unknown product to be developed. We then discuss the principles but also the risks and prerequisites of regeneration capital. This model not only explains part of medium-sized firms’ difficulties to grow but opens new perspectives on the relationship between corporate finance and design theories.

Les recherches que nous avons menées dans cette thèse répondent à plusieurs problématiques concernant les groupes d’entreprises. Les deux premiers chapitres présentent le cadre d’analyse des groupes d’entreprises et la littérature théorique et empirique relative aux groupes d’entreprises et à leur performance financière. Les trois derniers chapitres s’interrogent sur la performance financière des entreprises appartenant à un groupe. Le premier concerne les déterminants de la performance financière des entreprises selon le contrôle du capital à partir de leurs caractéristiques. Le deuxième est relatif à la probabilité de rachat d’une entreprise indépendante selon ses caractéristiques. Le troisième teste comment l’appartenance à un groupe pourrait modifier la performance financière d’une entreprise indépendante. Les travaux abordés dans cette thèse ont donné lieu à des études économétriques qui se sont appuyées sur un échantillon qui offre un panorama économique représentatif de l’économie française en 2012. / This dissertation addresses several issues facing business groups. The first two chapters are focusing on business group analysis framework and the theoretical and empirical literature on business groups and their financial performance. The last three chapters question the financial performance of companies belonging to a group. The first concerns the determinants of the financial performance of companies according to the control of capital from data on their characteristics. The second relates to the probability of buying back an independent business according to its characteristics. The third tests how membership in a group could change the financial performance of an independent company. The work in this thesis has given rise to econometric studies that have been based on a sample that offers a representative economic panorama of the French economy in 2012.

Syfte: Utvecklingen av skuldsatta företagsförvärv har genomgått betydande förändringar sedan fenomenet först introducerades på 1980-talet, både vad gäller den totala skuldnivån och val av skuldinstrument. Tidigare forskning erbjuder flera alternativa förklaringar till vad som påverkar skuldsättningen. Syftet med studien är därför att undersöka vilka faktorer som påverkar skuldsättningen vid högbelånade företagsförvärv i Sverige. Metod: Studien tillämpar en kvantitativ deduktiv ansats med utgångspunkt i den positivistiska forskningsfilosofin. Studiens insamlade data av sekundärdata inhämtat från Thomson Reuters datastream Refinitiv Eikon. 89 svenska bolag har blivit uppköpta med högbelåning av riskkapitalbolag bolag mellan 2000–2023. Studiens data har sedan analyserats med hjälp av statistikprogrammet SPSS, där univariat, bivariat och multivariata analyser genomförts.  Resultat och slutsats: Resultatet från uppsatsen visar att skuldsättningen i svenska högbelånade företagsförvärv kan förklaras med hjälp av den klassiska hackordningsteorin. Resultatet skiljer sig från forskning från USA och Europa som menar att marknadstajmingsteorin förklarar skuldsättningen bättre vid belånade företagsförvärv. Examensarbetets bidrag: Studien bidrar med kunskap till banker, riskkapitalbolag, företagsledare och investerare. För bankerna innebär arbetet en möjlighet att förbättra riskhanteringen och kreditbedömningen vid långivning. Riskkapitalbolagen kan genomföra bättre investeringsbeslut och skapa hållbara kapitalstrukturer.Förslag till fortsatt forskning: För framtida forskning hade det varit intressant att utvidga urvalet till att studera hela Norden. Det vore också spännande för framtida forskning inom skuldsättning och högbelånade företagsförvärv att göra detta med en kvalitativ ansats. / Aim: The development of leveraged buyouts has undergone significant changes since the phenomenon was first introduced in the 1980s, both in terms of the overall debt levels and the choices of debt instruments. Previous research provides several alternative explanations for what influences the indebtedness. Therefore, the purpose of the study is to examine which factors that influence the leverage in leveraged buyouts in Sweden.  Method: The study employs a quantitative deductive approach based on the positivist research philosophy. The collected data is derived from secondary sources, specifically Thomson Reuters Datastream Refinitiv Eikon. The sample consists of 89 Swedish companies that have been acquired through leverage buyouts by Swedish private equity firms between 2000 and 2023. The study's data has subsequently been analyzed using the statistical software SPSS, with univariate, bivariate, and multivariate analyses conducted. Results and conclusions: The findings of the thesis indicate that the leverage in Swedish leverage buyouts can be explained by employing the classical Pecking order theory. This result differs from research conducted in the United States and Europe, which suggests that market timing theory provides a better explanation for leverage in leverage buyouts. Contribution of the Thesis: The study contributes knowledge to banks, private equity firms, corporate leaders, and investors. For banks, the thesis presents an opportunity to enhance risk management and credit assessment in lending. Private equity firms can make better investment decisions and establish sustainable capital structures. Suggestions for future research: For future research, it would be interesting to expand the sample to encompass the entire Nordic region. It would also be exciting for future research in debt and leverage buyouts to adopt a qualitative approach

Mercados financeiros e finanças corporativas / Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-05-21T20:09:53Z No. of bitstreams: 1 61080100021.pdf: 1579434 bytes, checksum: 48ff2e28230b8ab64ed6919d82c68a84 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-05-23T11:37:23Z (GMT) No. of bitstreams: 1 61080100021.pdf: 1579434 bytes, checksum: 48ff2e28230b8ab64ed6919d82c68a84 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel(gisele.hannickel@fgv.br) on 2011-05-23T11:39:50Z (GMT) No. of bitstreams: 1 61080100021.pdf: 1579434 bytes, checksum: 48ff2e28230b8ab64ed6919d82c68a84 (MD5) / Made available in DSpace on 2011-05-23T12:18:05Z (GMT). No. of bitstreams: 1 61080100021.pdf: 1579434 bytes, checksum: 48ff2e28230b8ab64ed6919d82c68a84 (MD5) Previous issue date: 2010-03-15 / This study investigates the dynamics of earnings management of Brazilian companies previously to their going private operations in the period of 1999 from 2009. Three main issues are investigated: the type of operation (LBO or Acquisition), the periods in which occur significant manipulation and the legislation change in 2001, which main goal was to cohibit the abusive rebuying of shares by the companies that wanted to go private prior to the going-private operation. The sample is composed of 132 companies that went private from 1999 to 2009 and the data were quarterly collected ranging five years. We found evidence that the sample firms manipulated their earnings approximately two years before going private. Also, some results show that there are differences in the direction of earnings management depending on the type of public-to-private operation: LBOs firms tended to manage their earnings up, as well as the companies that were acquired by their controlling firms, while the other acquisitions showed signs of downward manipulations. Finally, we found evidence that the legislation change in 2001 not only might have changed the pattern of firm´s manipulation but has also increased earnings management right after its effective date. / Esse trabalho investiga a dinâmica da manipulação de resultados de empresas brasileiras que fecharam o capital no período de 1999 a 2009. Dentre os fatores investigados estão o tipo de fechamento (OPA, aquisição, aquisição por controladoras), o período de manipulação e a mudança que a Lei nº 10.303/2001 (cujo objetivo era coibir o fechamento branco de capital) teria sobre o gerenciamento. A amostra utilizada é composta de 132 empresas que realizaram o fechamento no período citado, sendo o ciclo de dados coletado para cada empresa de vinte trimestres. Foram achados indícios de que essas empresas manipularam seus ganhos aproximadamente dois anos antes de seu fechamento. Além disso, foram encontradas evidências de diferença de direção de manipulação para os tipos de fechamento: empresas cujos fechamentos ocorreram através de OPA, assim como as que sofreram aquisição por suas controladoras, tenderiam a manipular seus ganhos para baixo, enquanto que as demais aquisições se caracterizariam por terem seus resultados adulterados para cima. Por fim, foram achados indícios de que a Lei nº 10.303/2001 tenha alterado o comportamento de manipulação contábil das empresas e de que houve um aumento de manipulação logo em seguida à sua vigência.