Résumés
Résumé
La théorie classique de l’agence n’intègre pas l’intervention de l’État en faveur d’une partie sur l’autre dans le rapport entre principal / agent. Or au Maroc, nous avons observé que les normes de solvabilité dans le secteur des assurances, basées sur une formule standard, se traduisent par une mobilisation excessive des flux de trésorerie disponibles entre les mains des managers. Ce faisant, elle déséquilibre la relation d’agence au détriment des actionnaires. Nos travaux de recherche ont permis d’identifier quantitativement ce biais, d’observer la réaction des actionnaires qui en résulte et de proposer des retraitements à la formule standard de nature à l’éliminer. Nous avons ensuite appliqué ces retraitements au cas réel d’une compagnie d’assurances au Maroc et constaté que ces retraitements permettaient effectivement d’éliminer ce biais.
Mots-clés :
- Biais d’agence,
- capitaux propres réels ajustés,
- marge de solvabilité,
- retraitements financiers,
- actifs stratégiques
Abstract
The classical agency theory does not include any government intervention in favor of one party over the other in the relation between principal / agent. In Morocco, we observed that the solvency standards in the insurance sector, based on a standard formula, result in an excessive mobilization of the free cash-flows for the managers, which disrupts the traditional agency relationship at the expense of shareholders. In this article we quantitatively identified this agency bias, observed the resulting shareholder reaction and proposed a series of restatements to the standard formula to eliminate this bias. In a later section, we applied these adjustments to the real case of an insurance company in Morocco and found that the proposed restatements result in the elimination of observed bias.
Keywords:
- Agency bias,
- adjusted shareholders equity,
- solvency margin,
- financial restatements,
- strategic assets
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Parties annexes
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