Master Thesis Online
Research-Thesis: Impact d'une cession d'actions sur la continuité des PME wallonnes. Dans quelle mesure le montage financier utilisé influence-t-il la continuité de l'entreprise?
Evrard, Soline 
Promotor(s) :
Garrais, Grace
Date of defense : 19-Jun-2026/23-Jun-2026 • Permalink : http://hdl.handle.net/2268.2/25729
Details
| Title : | Research-Thesis: Impact d'une cession d'actions sur la continuité des PME wallonnes. Dans quelle mesure le montage financier utilisé influence-t-il la continuité de l'entreprise? |
| Translated title : | [en] Impact of a transfer on the going concern of Walloons SMEs. To what extent does the financial structure used influence the going concern of the business? |
| Author : | Evrard, Soline
|
| Date of defense : | 19-Jun-2026/23-Jun-2026 |
| Advisor(s) : | Garrais, Grace
|
| Committee's member(s) : | Capodici, Giuseppina
|
| Language : | French |
| Number of pages : | 130 |
| Keywords : | [en] Business transfer [en] Walloon SMEs [en] LBO [en] Going concern [en] Business failure |
| Discipline(s) : | Business & economic sciences > Accounting & auditing |
| Institution(s) : | Université de Liège, Liège, Belgique |
| Degree: | Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit |
| Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[en] This thesis examines the impact of the financing structure on the going concern of Walloon SMEs following a business transfer, combining professional interviews and quantitative analysis. The results confirm that LBO-related debt durably weakens the target company, to varying degrees depending on the acquirer's profile: individual LBOs present the highest risk, while MBOs and strategic LBOs prove more resilient. Contrary to expectations, vendor loans do not reduce financial pressure when repaid concurrently with bank debt.
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Mémoire_2026_Soline_Evrard_s2304119.pdf
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