Although uncertainties remain prevalent in the French lexicon, efforts are continually made to clarify its inherent complexities. In this paper, we undertake to reflect on some of the tenets of D. Corbin (1987, 1991a, etc.) as they pertain to derivational morphology, particularly with regard to the relationship between structure and meaning. This perspective has as its point of departure the observable form of a constructed word, from which is examined its predictable meaning. To achieve the foregoing, a stratified theoretical approach assists in the elaboration of a stratified associative model that presupposes two main axioms. Firstly, it posits that the meaning of a constructed word is simultaneously constructed with its morphological structure. Secondly, it also proposes that the grammatical representation of the constructed lexical unit should reflect the simultaneous construction of form and meaning. This approach therefore accords a privileged place to structure, to which meaning is attributed by means of a variety of interpretive criteria.