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Cette thèse est consacrée à l'étude de l'utilité de la communication d'information afférente aux actifs immatériels lors des augmentations de capital en numéraire des sociétés françaises cotées, et son impact sur la liquidité. L'importance grandissante des éléments immatériels dans la compétitivité et la croissance des entreprises et leur non-reconnaissance comptable pose souvent la question de la nécessite de compléter les états financiers par une offre volontaire d'information sur ces actifs. La littérature comptable et financière montre l'évolution des besoins informationnels des utilisateurs externes des rapports annuels et constate l'intérêt qu'ils portent aux informations liées aux actifs immatériels. Une communication insuffisante sur ces actifs accentue donc le problème d'asymétrie d'information sur les marchés financiers. Elle offre un terrain favorable au transfert de richesse des investisseurs non informés vers les investisseurs informés, car ces derniers en exploitant l'information privée réalisent une rentabilité supérieure, au détriment des autres investisseurs. Cette situation conduit à une diminution de la liquidité des titres, et par conséquent, accroît le coût de capital des entreprises. Cela devient plus important lors des émissions de nouvelles actions où le décalage informationnel entre les investisseurs, ainsi qu'avec l'équipe dirigeante s'agrandit. L'étude menée sur un échantillon d'entreprises françaises cotées émettrices de nouvelles actions sur la période 2000-2009 montre un niveau faible d'offre volontaire d'information sur les actifs immatériels. De surcroît, l'analyse de l'impact de leur communication sur les éléments immatériels met en évidence que l'offre volontaire diminue la fourchette de prix, et augmente la profondeur du marché à l'annonce d'une augmentation de capital en numéraire. / This thesis is devoted to the usefulness of intangible assets disclosure by French listed companies around new equity issues and its impact on stock liquidity. The growing importance of intangibles for companies' competitiveness and growth, besides of their non-recognition often raises the question of the need to complete financial statements by intangible assets voluntary disclosure. Accounting and finance literature shows changes in external users' information needs and highlights their attention for information related to intangibles. Insufficient communication on these assets accentuates information asymmetry in financial markets. It provides also a fertile ground for wealth transfer from uninformed investors to informed investors, as by exploiting private information, they can derive higher returns at the expense of other investors. This situation leads to a decrease in stock liquidity, and therefore to an increase of companies' cost of capital, which becomes more important around equity issues. The study conducted on a sample of French listed companies issuing new equity over the period 2000-2009 shows a low level of intangibles voluntary disclosure. Furthermore, our analysis shows that intangibles voluntary disclosure reduces spread, and increases market depth at the announcement of a capital increase.

Made available in DSpace on 2016-08-02T21:43:00Z (GMT). No. of bitstreams: 1 Dissertacao 10.pdf: 347029 bytes, checksum: adc05e4e583de7201023ceb49b122c0f (MD5) Previous issue date: 2010-03-23 / This work discussed the performance of the National Center for Research in Energy and Materials CNPEM, which initiated its activities as the Brazilian Association for Synchrotron Light Technology ABTLuS, a Social Organization (OS), a non-profit entity of the civil society, disciplined by Law 9.637, date May 15, 1998, to manage public organisms through the signing of a management contract based on goals to be fulfilled. The model was created at the same time as the creation of the Ministry of Administration and State Reform MARE, during the administration of Minister Luiz Carlos Bresser Pereira, in the government of Fernando Henrique Cardoso FHC, having as it basic principle the rendering of social services in the areas of culture, education, scientific research, protection and preservation of the environment and health, with the expectation that it could render better services than the state-owned enterprises and the entities of direct administration. Today, ten years have passed, and the National Center for Research in Energy and Materials - CNPEM continues to render services in the area of scientific research for the National Counsel for Research and Development CNPq, and for the Ministry of Science and Technology - MCT, although there is no support for the creation of new OSs in the sphere of the federal government, which indicated threats to its life cycle. The research was developed through a descriptive-exploratory study, interpreting data by means of the process of hermeneutics of institutional documents, with a favorable conclusion for the continuity of the model, having in view that the research demonstrates that it is legal, legitimate and competent in the fulfillment of its goals and mission, as well as in full physical form, without threats to it life cycle, demonstrating that it has a great deal to offer Brazilian science and, evidently, to thousands of users spread over Brazil and the world. / Este trabalho discutiu o desempenho do Centro Nacional de Pesquisa em Energia e Materiais CNPEM, que deu início às suas atividades como Associação Brasileira de Tecnologia de Luz Síncrotron - ABTLuS, Organização Social (OS), entidade da sociedade civil, sem fins lucrativos, disciplinada pela Lei 9.637 de 15 de maio de 1998, para gerir organismos públicos mediante a assinatura de contrato de gestão baseado em metas a serem cumpridas. O modelo nasceu concomitantemente com a criação do Ministério da Administração e Reforma do Estado MARE, na gestão do ministro Luiz Carlos Bresser Pereira, no governo do presidente Fernando Henrique Cardoso - FHC, tendo como princípio básico a prestação de serviços sociais, nas áreas de cultura, educação, pesquisa científica, proteção e preservação do meio ambiente e saúde, na expectativa de que ele pudesse prestar melhores serviços do que as empresas estatais e as entidades da administração direta. Hoje, dez anos se passaram e o CNPEM continua prestando serviços na área de pesquisa científica ao CNPq e ao MCT, apesar de não haver apoio para a criação de novas OS na esfera do governo federal, o que indicou ameaças ao seu ciclo de vida. A pesquisa desenvolveu-se através de estudo descritivo-exploratório, interpretando dados por intermédio do processo de hermenêutica para interpretação de dados retirados dos documentos institucionais, com conclusão favorável à continuidade do modelo, tendo em vista que a pesquisa demonstra que ele é legal, legítimo e competente no cumprimento das metas e missão, bem como está em plena forma física, sem ameaças ao seu ciclo de vida, demonstrando que tem muito a oferecer para a ciência brasileira e, como não poderia deixar de ser, a milhares de usuários espalhados pelo Brasil e o mundo.