{"id":70350,"date":"2024-03-06T15:54:57","date_gmt":"2024-03-06T23:54:57","guid":{"rendered":"https:\/\/staging.penderfund.com\/?p=70350"},"modified":"2025-09-12T15:59:14","modified_gmt":"2025-09-12T22:59:14","slug":"the-leverage-effect-and-business-distress","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/the-leverage-effect-and-business-distress\/","title":{"rendered":"L\u2019effet de levier et la d\u00e9tresse des entreprises"},"content":{"rendered":"<p><strong><em>Comme on le voit sur<a href=\"https:\/\/www.finance-investissement.com\/zone-experts_\/amar-pandya\/leffet-de-levier-et-la-detresse-des-entreprises\/\" target=\"_blank\" rel=\"noopener\">\u00a0Finance et Investissement le 6 mars 2024<\/a>\u00a0, et\u00a0<a href=\"https:\/\/www.conseiller.ca\/ma-pratique\/leffet-de-levier-et-la-detresse-des-entreprises\/\" target=\"_blank\" rel=\"noopener\">Conseiller le 25 mars<\/a>.<\/em><\/strong><\/p>\n<p>Il existe tout un \u00e9ventail de variables qui peuvent s\u2019abattre sur une entreprise et la faire sombrer dans la d\u00e9tresse financi\u00e8re. Si on organisait ces divers facteurs en forme de pyramide, on retrouverait \u00e0 la base des \u00e9l\u00e9ments d\u2019ordre macro\u00e9conomique, comme le cycle \u00e9conomique, la croissance nationale\/mondiale, l\u2019inflation, les politiques mon\u00e9taires des banques centrales et le contexte politique \u2013 autant de r\u00e9alit\u00e9s qui ne sont en fait pas du ressort de l\u2019entreprise. En poursuivant notre ascension le long de notre pyramide, on atteindrait les risques propres au secteur d\u2019activit\u00e9 ou \u00e0 l\u2019entreprise, notamment les d\u00e9cisions \u00e0 l\u2019\u00e9gard de la r\u00e9partition du capital, comme le rendement des actionnaires, les acquisitions et le recours \u00e0 l\u2019endettement.<\/p>\n<p>Les avantages de l\u2019endettement, ou de l\u2019effet de levier, sont nombreux : on peut s\u2019en servir pour r\u00e9duire le revenu imposable en d\u00e9duisant les charges d\u2019imp\u00f4ts sur les int\u00e9r\u00eats, pour cr\u00e9er un bouclier fiscal et pour amplifier les rendements si le co\u00fbt du capital est inf\u00e9rieur au potentiel de rendement pouvant \u00eatre g\u00e9n\u00e9r\u00e9. Il y a toutefois un hic puisque si le vent change de c\u00f4t\u00e9 ou que la mar\u00e9e se retire, la probabilit\u00e9 de se retrouver en situation de d\u00e9tresse financi\u00e8re s\u2019accro\u00eet rapidement. Les programmes de r\u00e9mun\u00e9ration des cadres principaux encouragent par ailleurs l\u2019endettement puisqu\u2019il offre le potentiel de se pr\u00e9valoir de gains asym\u00e9triques pour la surperformance de l\u2019entreprise. Cette possibilit\u00e9 procure \u00e0 certains cadres une raison fort convaincante de pousser l\u2019effet de levier au-del\u00e0 de ce que permet la structure de capital optimale de l\u2019entreprise.<\/p>\n<p>Nous avons \u00e9t\u00e9 t\u00e9moins de cette situation pendant la pand\u00e9mie avec le secteur du transport a\u00e9rien : celui-ci a \u00e9t\u00e9 frapp\u00e9 de plein fouet par un \u00e9v\u00e9nement exog\u00e8ne qui a fait fondre ses recettes \u00e0 z\u00e9ro. Au cours des ann\u00e9es qui ont pr\u00e9c\u00e9d\u00e9 la pand\u00e9mie, ce secteur avait tir\u00e9 parti, apr\u00e8s des d\u00e9cennies de consolidation, d\u2019une am\u00e9lioration de son pouvoir de fixation des prix, de la production de nouveaux revenus accessoires (frais pour bagages, choix des si\u00e8ges) et de la diminution du prix du carburant, ce qui a permis aux transporteurs de faire cro\u00eetre leurs flux de tr\u00e9sorerie dans les milliards de dollars. \u00c0 la place de mettre ces liquidit\u00e9s \u00e0 l\u2019abri pour les mauvais jours, les transporteurs a\u00e9riens ont restitu\u00e9 des milliards \u00e0 leurs actionnaires et ont accru leurs dettes afin d\u2019amplifier les rendements. Lorsque la pand\u00e9mie a s\u00e9vi, ils n\u2019\u00e9taient pas en mesure d\u2019encaisser cette \u00e9norme perte de revenus et l\u2019amonc\u00e8lement des d\u00e9penses \u2013 ils ont donc d\u00fb \u00eatre rescap\u00e9s pour assurer leur survie.<\/p>\n<p>Les entreprises qui doivent composer avec un trio de risques \u2013 les risques de march\u00e9, les risques op\u00e9rationnels et les risques strat\u00e9giques \u2013 ont une marge de man\u0153uvre plut\u00f4t \u00e9troite pour endosser d\u2019autres risques financiers comme celui de l\u2019endettement. Le cycle de la d\u00e9tresse typique passe d\u2019une d\u00e9faillance au stress (\u00e9chec, insolvabilit\u00e9 et d\u00e9faut), puis \u00e0 la faillite o\u00f9 il subsiste une lueur d\u2019espoir qu\u2019une nouvelle entreprise renaisse de ses cendres. Ce processus est souvent graduel, puis tr\u00e8s soudain. Pour citer le roman Le Soleil se l\u00e8ve aussi d\u2019Ernest Hemingway :\u00a0<em>The Sun Also Rises<\/em>:<\/p>\n<p><em>\u00ab\u2009Comment avez-vous fait faillite?\u2009\u00bb<\/em><br \/>\n<em>\u00ab\u2009De deux fa\u00e7ons, a r\u00e9pondu Mike. Graduellement, puis soudainement.\u2009\u00bb<\/em><\/p>\n<p>Au cours de la phase graduelle, les investisseurs potentiels peuvent mettre au jour un nombre important d\u2019indices sur le bilan de sant\u00e9 actuel et futur de l\u2019entreprise. \u00c0 cet \u00e9gard, plusieurs outils comptables et boursiers peuvent servir \u00e0 rep\u00e9rer les situations de d\u00e9tresse. Sur le plan comptable, il est possible d\u2019examiner les \u00e9tats financiers annuels et trimestriels \u00e0 l\u2019aide d\u2019outils qui \u00e9valuent l\u2019entreprise en fonction de variables comme la liquidit\u00e9, la rentabilit\u00e9 et la solvabilit\u00e9. Cette approche a l\u2019avantage de produire des donn\u00e9es facilement accessibles et comparables. Les m\u00e9thodes ax\u00e9es sur le march\u00e9 ont pour leur part recours aux donn\u00e9es boursi\u00e8res et les mod\u00e8les sont typiquement mis \u00e0 jour quotidiennement, ce qui signifie que, contrairement \u00e0 l\u2019analyse des \u00e9tats financiers, elles ne comportent aucun effet de d\u00e9calage. Le cours boursier contient en fait beaucoup de renseignements qui peuvent faire la lumi\u00e8re sur les perspectives d\u2019une entreprise. Bon nombre des donn\u00e9es de march\u00e9 rendent compte de la volatilit\u00e9 des actions, des obligations, des options et des swaps d\u2019une entreprise. Ainsi, au moyen des deux mod\u00e8les, les investisseurs peuvent profiter d\u2019une analyse plus exhaustive pour d\u00e9tecter les signes avant-coureurs d\u2019une \u00e9ventuelle d\u00e9tresse. Dans le contexte actuel caract\u00e9ris\u00e9 par des taux d\u2019int\u00e9r\u00eat \u00e9lev\u00e9s, l\u2019incertitude sur les march\u00e9s et les perturbations technologiques, les entreprises peuvent rapidement commencer \u00e0 battre de l\u2019aile. Les investisseurs pourront donc s\u2019\u00e9viter bien des malheurs en apprenant \u00e0 bien conna\u00eetre les facteurs qui m\u00e8nent \u00e0 la d\u00e9tresse et \u00e0 reconna\u00eetre les premiers signaux d\u2019alerte.<\/p>","protected":false},"excerpt":{"rendered":"<p>Il existe tout un \u00e9ventail de variables qui peuvent s\u2019abattre sur une entreprise et la faire sombrer dans la d\u00e9tresse financi\u00e8re. Si on organisait ces divers facteurs en forme de pyramide, on retrouverait \u00e0 la base des \u00e9l\u00e9ments d\u2019ordre macro\u00e9conomique, comme le cycle \u00e9conomique, la croissance nationale\/mondiale, l\u2019inflation, les politiques mon\u00e9taires [\u2026]<\/p>","protected":false},"author":10,"featured_media":70351,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[],"fund-type":[45,47,133],"class_list":["post-70350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-arbitrage-fund","fund-type-pender-alternative-arbitrage-fund-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The \u201cLeverage Effect\u201d and business distress - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The \u201cLeverage Effect\u201d and business distress - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"As published in\u00a0Finance et Investissement on 6 March 2024\u00a0(in French), and\u00a0Conseiller on 25 March, 2024. There is a wide subset of different variables that can affect a business and lead it into distress. 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