Structure financière et recours aux titres hybrides : le cas des sociétés du SBF 120

Abstract

The purpose of this paper is to examine the financing of companies belonging to the SBF 120 index over the 2010-2018 period. The research question is whether the use of hybrid securities has an impact on the financial structure of groups under IFRS (International Financial Reporting Standards). Two categories of hybrid securities are used: those belonging to the TSDI family (Subordinated Notes with Indefinite Term) and those belonging to the CB family (Convertible Bonds). Our study highlights that: (i) only 53% of listed companies used a hybrid instrument over the period studied; (ii) there is a difference in the accounting classification of these instruments in 25% of cases, between the consolidated financial statements disclosed under IFRS and the parent company's stand-alone financial statements published under French GAAP; (iii) the overall amount of hybrid securities issued is too small to reveal an impact on financial structures and on the accounting classification by issuers.