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Private Equity : Une Analyse Approfondie Des Operations De Rachat Avec Effet De Levier (Lbo)

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Private Equity : Une Analyse Approfondie Des Operations De Rachat Avec Effet De Levier (Lbo) UNIVERSITE DE REIMS CHAMPAGNE-ARDENNE ECOLE DOCTORALE SCIENCES DE L’HOMME ET DE LA SOCIETE THESE Pour obtenir le grade de DOCTEUR EN SCIENCES DE GESTION Safa BENTHABET PERFORMANCE ET PRIVATE EQUITY : UNE ANALYSE APPROFONDIE DES OPERATIONS DE RACHAT AVEC EFFET DE LEVIER (LBO) Thèse dirigée par Mr. Mondher CHERIF Présentée et soutenue publiquement le 05 Juin 2009 JURY Mr. Bernard PARANQUE (Rapporteur), Professeur, Doyen associé, Euromed Management Mr. Mondher CHERIF, Directeur de thèse, OMI, Université de Reims Mr. Philippe DESBRIERES (Rapporteur), Professeur, IAE, Université de Bourgogne Mr. Pierre BATTINI, Consultant, Président ABC Private Equity L’Université n’entend donner aucune approbation ni improbation aux opinions émises dans cette thèse. Ces opinions doivent être considérées comme propres à leur auteur. Résumé PERFORMANCE ET PRIVATE EQUITY : UNE ANALYSE APPROFONDIE DES OPERATIONS DE RACHAT AVEC EFFET DE LEVIER (LBO) Par Safa BENTHABET Université de Reims Champagne-Ardenne, Mr. Mondher CHERIF, Directeur de recherche L’objet de ce travail de recherche est d’identifier et d’analyser les déterminants et la performance des opérations LBO. Nous menons une approche multidisciplinaire afin de mettre en évidence notre démarche d’investigation. Tout d’abord, nous proposons de déterminer les facteurs influençant l’offre des investissements dans les opérations LBO. La plupart des études antérieures traite le sujet en examinant les investissements en capital risque et ont conclu à une forte corrélation des facteurs macro-économiques, institutionnels ainsi que des stratégies de sorties avec l’offre de ce type d’investissements. L’analyse que nous proposons est basée sur une estimation en données de panel des déterminants de l’offre des investissements LBO dans 19 pays européens. Ensuite, notre intérêt porte sur l’étude de l’impact des opérations LBO sur la performance des cibles françaises. La littérature sur le sujet confirme, au moins partiellement, que les entreprises qui ont fait l’objet d’un LBO apparaissent plus performantes que les autres firmes du même secteur d’activité. Afin d’examiner en profondeur l’effet des LBO sur la performance des entreprises, nous conduisons deux approches différentes : Une approche basée sur des données comptables et financières et une autre fondée sur une évaluation en données de panel permettant d’examiner l’effet des opérations LBO sur la productivité des entreprises cibles françaises. Mots clés : Capital investissement, LBO, déterminants macroéconomiques, déterminants institutionnels, performance économique, productivité, données de panel. Abstract PERFORMANCE AND PRIVATE EQUITY: A THOROUGH ANALYSIS OF LEVERAGED BUYOUT (LBO) TRANSACTIONS By Safa BENTHABET Rheims University Mr. Mondher CHERIF, Supervisor The aim of this study is to identify and analyse determinants and performance of LBO investments. We carry out a multidisciplinary analysis in order to highlight our investigation. First we propose to identify the determinants of LBO investments. The most past studies covered the subject by analysing the venture capital investments concluded a strong correlation between macro-economic factors, institutional factors as well as divestment strategies and venture capital fundraising. This study shows the impact of these determinants on the LBO investments by proposing an assessment of panel data across 19 European countries. Then our study analyses the LBOs impact on acquired French firms. The previous works confirms that firms involved in LBO improved their performance compared to non-LBOs. We conduct a multidisciplinary study to identify the impact of LBOs on the performance of French companies: the first study based on accounting and financial data. The second one based on panel data analysis to determine and quantify the productivity effects of French LBOs. Key words: Private equity, LBO, macro-economic determinants, institutional determinants, economic performance, productivity, panel data. A mes parents A Kamel REMERCIEMENTS 1 Mener à terme ce travail de recherche a pris quelques années et je n’aurais pu ni le commencer ni le finir sans l’aide et le soutien moral de tout ceux qui ont contribué, de près ou de loin, à sa réalisation. Qu’ils trouvent tous, dans ce travail, toute ma reconnaissance. Ma plus profonde reconnaissance va à Mr. Mondher CHERIF, le directeur de ce travail de recherche pour son dévouement, ses conseils et sa lecture attentive. Il a été pour moi d'une aide inestimable, aussi bien sur le plan scientifique qu'humain. Tout au long de ces années de recherche, ses conseils précieux ont encouragé ma réflexion. Pour cela, je lui témoigne toute ma gratitude. J’exprime mes sincères remerciements à Mr. Bernard PARANQUE, Professeur et doyen associé à Euromed Management, ainsi qu’à Mr. Philippe DESBRIERES, Professeur à l’université de Bourgogne, pour l’intérêt qu’ils ont bien voulu me porter en acceptant d’être rapporteurs de ce travail. J’adresse mes remerciements particuliers à Mr. Pierre BATTINI, consultant, président d’ABC Private Equity, pour l’honneur qu’il me fait en acceptant de participer à mon jury de thèse. Je tiens également à adresser mes plus vifs remerciements à Mr. Lotfi BENJDIDIA, Maître Assistant à l’université de Sfax, qui m’a encouragé tout au long de ce travail et m’a aidé dans la réalisation de la partie empirique. Je pense notamment à l’équipe d’Epsilon Finance en particulier Mr. Grégoire BUISSON qui m’a assisté dans la phase de collecte des données, phase la plus dure dans la réalisation de ce travail de recherche. Durant les années de ma thèse, j’ai été accueillie chaleureusement dans diverses institutions. Je souhaiterais faire part de mon amitié et de ma gratitude à toutes les personnes qui ont rendu ces séjours agréables et enrichissants. 2 Ma gratitude va également aux membres de l’école doctorale SHS et de l’équipe de recherche OMI, en particulier Mr. Christian BARRERE. Une attention toute particulière à Mme Brigitte PATAT et Mme Virginie CLEMENT. Un grand merci à ceux qui m’ont aidé en relisant ma thèse et notamment à ma sœur Mouna, à Fatma et Mr. Lassaad OUESLETI. Merci du temps qu’ils ont consacré pour redonner un peu de rigueur à ma plume qui a tendance quelques fois à déraper. Merci à mes proches et à mes amis de m’avoir supporté, dans tous les sens du terme, tout au long de cette thèse. Merci à toi Kamel, pour tes sacrifices et ton grand cœur, que ce travail soit le témoignage de ma profonde reconnaissance et mon grand amour. Un grand merci à toute ma famille et ma belle famille. A mes parents, que ce travail soit pour vous le témoignage de mon éternelle gratitude, mon profond amour et l’exhaussement de vos prières tant formulées, A Tatta Mahsouna, parce que tu occupes une place particulière dans mon cœur, A Ferdaous et Youssef, pour votre amour et votre soutien, A Karim, pour les heures passées devant le PC, pour tout ce que tu m’apportes, A Mouna et Khaled, pour votre affection et votre générosité tout au long de ces années de thèse, vous m’avez soutenu et supporté dans les moments les plus difficiles. A Olfa et Donia qui ont partagé mes joies et mes peines pendant ces années. Merci pour notre amitié. 3 A Salem et Salma, pour votre soutien et votre générosité. Merci d’être toujours à mes côtés. Je ne peux m’empêcher de dire merci à ma nièce et mes neveux pour l’amour et la bonne humeur qu’ils m’ont apporté dans les moments difficiles de cette thèse et en particulier mon petit cœur Adam. Une pensée à mon bébé in utéro… désolée pour ce que tu as enduré pendant ces dernières semaines. Un grand merci enfin à toutes les personnes qui ont cru en moi. 4 Sommaire REMERCIEMENTS ............................................................................................... 1 INTRODUCTION GENERALE .......................................................................... 8 PREMIERE PARTIE : PRIVATE EQUITY ET MONTAGE LBO : ASPECTS THEORIQUES ET PRATIQUES .................................................................................. 15 CHAPITRE I : Private equity: L’environnement économique et financier ........................ 18 CHAPITRE II : Principes des opérations LBO : Aspects théoriques et financiers ............ 55 DEUXIEME PARTIE : DETERMINANTS ET PERFORMANCE DES BUY OUT : UNE ANALYSE EMPIRIQUE ......................................................................... 133 CHAPITRE I : Les déterminants de l’offre des LBO : une estimation en données de panel .................................................................................................................................................................. 136 CHAPITRE II : La performance des opérations LBO : évaluation empirique du cas français .................................................................................................................................................... 161 CONCLUSION GENERALE ........................................................................... 207 BIBLIOGRAPHIE .............................................................................................. 214 ANNEXES ............................................................................................................ 233 5 Liste des figures FIGURE 1: CYCLE DU CAPITAL INVESTISSEMENT (AFIC, 2006) ......................................................................... 23 FIGURE 2 : LES DIFFERENTS MODES DE SORTIE DU CAPITAL‐INVESTISSEMENT (DELAGE, HORIZON CROISSANCE, 2005) ...............................................................................................................................
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