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Accumulation des profits et désendettement des entreprises


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  • Jean-Bernard Chatelain


[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 « consolidation » 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 désendettement des entreprises. . En modélisant un arbitrage intertemporel, le désendettement est un choix rationnel en présence d'un rendement marginal des nouveaux investissements inférieur au taux d'intérêt réel sur l'encours de la dette et supérieur au coût d'opportunité des placements des fonds internes. Dans ce cas, le désendettement évince l'investissement ; les profits n'ont pas d'effet sur l'investissement et un effet négatif 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 conséquence, une baisse du taux marginal d'imposition des entreprises aura peu d'effet à court terme sur l'investissement agrégé si la proportion d'entreprises en situation de préférer le désendettement reste importante.

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): n° 49 (1998)
Issue (Month): 4 ()
Pages: 1023-1041

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Handle: RePEc:cai:recosp:reco_p1998_49n4_1023

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