Les modèles Q-investment et les modèles d'Euler : relations de banque principale, asymétries informationnelles et modifications des structures financières des firmes de keiretsu financier.

This article focuses on the evolution of the financial structures of the industrial Japanese firms listed between 1990 and 1999. It belongs to the category of Q-investment models, by studying the impact of the affiliation to a financial keiretsu on investment relative sensitivity to cash-flows. The main bank relationships with the affiliated firms are traditionally assumed to the closer, mitigating therefore the liquidity constraint of these firms compared to the independent firms. The outcomes coming from the Q-investment models are compared with those coming from the Euler-investment models. In contrast with the conventional results commonly found by the literature with former periods, affiliated firms (whatever the regrouping method used) display an investment sensitivity to the cash-flows higher than the independent firms. These results are not due to contradictory evolutions between the keiretsu. Nevertheless, the proximity degree of the firm with the group core (measured by the involvement with a president council) affects its liquidity constraint. These results can imply either that the banking dependence of the large affiliated firms decreased, or that the firms closely linked to the core of group have offset a greater share of their main bank losses.