Accumulation des profits et désendettement des entreprises
Abstract[eng] Investment and consolidation of firms financial structure.. . This paper stresses the difference between an external finance rationing regime caracterized by a maximal debt/capital ratio and a Â« consolidation Â» regime where a debt/capital ratio fall is preferred to investment. This last behaviour comes from a rational arbitrage when the return on new investment is lower than the cost of debt, and higher than the opportunity cost of internal finance. In the first case, the debt/equity ratio is an increasing function of (expected) profits, and investment is an increasing function of the endogenous debt/equity ratio and of current profits. In the second case, the debt/equity ratio is a decreasing function of current profits, and investment does not depend on profits. Therefore, a decrease of marginal or average income tax policy on firms have a smaller impact on macro-economic investment if the share of firms in conditions to use their internal funds for consolidation remains large. [fre] Accumulation des profits et dÃ©sendettement des entreprises. . En modÃ©lisant un arbitrage intertemporel, le dÃ©sendettement est un choix rationnel en prÃ©sence d'un rendement marginal des nouveaux investissements infÃ©rieur au taux d'intÃ©rÃªt rÃ©el sur l'encours de la dette et supÃ©rieur au coÃ»t d'opportunitÃ© des placements des fonds internes. Dans ce cas, le dÃ©sendettement Ã©vince l'investissement ; les profits n'ont pas d'effet sur l'investissement et un effet nÃ©gatif sur le ratio dette/fonds propres. En revanche, lorsque l'entreprise subit un rationnement financier, les profits ont un effet positif sur l'investissement et sur le ratio dette/fonds propres. En consÃ©quence, une baisse du taux marginal d'imposition des entreprises aura peu d'effet Ã court terme sur l'investissement agrÃ©gÃ© si la proportion d'entreprises en situation de prÃ©fÃ©rer le dÃ©sendettement reste importante.
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): n° 49 (1998)
Issue (Month): 4 ()
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Web page: http://www.cairn.info/revue-economique.htm
Other versions of this item:
- Jean-Bernard Chatelain, 1998. "Accumulation des profits et désendettement des entreprises," Revue Économique, Programme National Persée, vol. 49(4), pages 1023-1041.
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