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Master Thesis

Le financement des entreprises en Europe : d’un financement bancaire à un financement diversifié : l’UMC

Abstract : The issue of this study is the Capitals Market Union (CMU). In February 2015 the European commission has implemented a reflection on the financing of companies through the markets. That the reason why, a green paper has been published: building a CMU. In order to present this european project, this work focuses on three questions: why the European Union sees the CMU as necessary, what is done to achieve it and, we will finally question the relevancy of this project. To do so, the study is composed of three parts. First of all, we show the origins of the CMU to underline the necessity, according to the European commission, to improve the access to markets sources of funding. Two mains aspects are highlighted: disintermediation process in Europe and a restrictive legislation for bank sources of funding. Then, we analyze the implementation of the CMU, that is to say the first steps of the CMU. And, to finish, we wonder if the CMU is relevant under certain aspects such as worth, growth or the impact of European securitization development. We advocate that the European Union has to lead the evolution of the financial pattern on the one hand, and that European companies, and the European economies as a whole, can earn benefits from this project, on the other hand.
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Master Thesis
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Submitted on : Wednesday, March 16, 2016 - 11:03:47 AM
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  • HAL Id : dumas-01269959, version 1


Martin Deluzarches. Le financement des entreprises en Europe : d’un financement bancaire à un financement diversifié : l’UMC. Finance [q-fin.GN]. 2015. ⟨dumas-01269959⟩



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