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Investissement des entreprises et contraintes financières en France et aux États-Unis

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Author Info

  • Jacques Mairesse
  • Bronwyn H. Hall
  • Benoît Mulkay

Abstract

[ger] Mit diesem Artikel wird ein zweifaches Ziel verfolgt : Überblick über die Entwicklung der Strategie bei der Modellierung und Schatzung der Investitionstatigkeit anhand individueller Unternehmensdaten sowie Vergleich des Investitionsverhalten der französischen und US-amerikanischen Unternehmen in den beiden Schatzungszeitraumen 1971-1979 und 1985-1993. Wichtigstes Ergebnis des Vergleichs ist, dass in beiden Landern die Nachfrage nach wie vor die bedeutendste Investitionsdeterminante ist, wahrend die Gewinnquote in den letzten Jahren eine wesentlich geringere Rolle ais in den 70r Jahren spielte. Dieser Rückgang des Einflusses der Gewinne ist in Frankreich wesentlich ausgepragter ais in den Vereinigten Staaten. Somit hat es den Anschein, dass die französischen Unternehmen weniger finanziellen Belastungen als ihre amerikanischen Kollegen ausgesetzt sind. [fre] L’objectif de cet article est double: donner un aperçu de l'évolution de la stratégie de modélisation et des méthodes d'estimation du comportement d’investissement des entreprises sur des données de panels; et comparer les comportements d’investissement des entreprises en France et aux États-Unis sur les deux périodes d'estimation 1971-1979 et 1985-1993. Le résultat principal de la comparaison est que la demande constitue toujours, dans les deux pays, le déterminant primordial de l’investissement, alors que le taux de profit jouerait dans les années plus récentes un moindre rôle que dans les années 70. Cette perte d'influence du profit est nettement plus marquée et paraît plus assurée en France qu'aux États-Unis. Il semble ainsi que les entreprises françaises soient moins contraintes financièrement que leurs homologues américaines. [eng] The purpose of this paper is twofold. Firstly, it reviews developments in the strategy for modelling and estimating investment using individual company data. Secondly, it compares corporate investment behaviour in France and the United States over the two estimation periods (1971-1979 and 1985-1993). . The main finding of this comparison is that demand remains the key investment determinant in both countries, whereas the profit rate is thought to have played a lesser role in recent years than in the 1970s. The lesser effect of profit is much more marked and seems more entrenched in France than in the United States. French companies would therefore seem to be less financially constrained than their American counterparts. [spa] El objetivo de este articulo es doble : dar cuenta de la evolucion de la estrategia de modelizacion y de estimacion de la inversion sobre unos datos individuales de empresas, y comparar los comportamientos de inversion de las empresas en Francia y en Estados Unidos sobre los dos periodos de estimacion 1971-1979 y 1985-1993. El resultado principal de la comparacion es que la demanda sigue constituyendo en ambos paises el determinante principal de la inversion, pero la tasa de provecho desempenaria un papel menor en los arios mas recientes que en los setenta. Esta pérdida de influencia dei provecho es mucha mas fuerte y garantizada en Francia que en Estados Unidos. Parece que las empresas francesas son menos apremiadas financieramente que las norteamericanas.

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File URL: http://dx.doi.org/10.3406/estat.2001.7470
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File URL: http://www.persee.fr/articleAsPDF/estat_0336-1454_2001_num_341_1_7470/estat_0336-1454_2001_num_341_1_7470.pdf?mode=light
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Bibliographic Info

Article provided by Programme National Persée in its journal Economie et statistique.

Volume (Year): 341 (2001)
Issue (Month): 1 ()
Pages: 67-84

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Handle: RePEc:prs:ecstat:estat_0336-1454_2001_num_341_1_7470

Note: DOI:10.3406/estat.2001.7470
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/estat

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Cited by:
  1. Claude Picart, 2005. "Evaluating The Profitability of Non-Financial Firms," Economie et Statistique, Institut National de la Statistique et des Etudes Economiques, vol. 372, pages 89-116, February.
  2. Chatelain, Jean Bernard & Generale, Andrea & Hernando, Ignacio & Kalckreuth, Ulf von & Vermeulen, Philip, 2002. "Firm Investment and Monetary Policy Transmission in the Euro Area," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 A3-3, International Conferences on Panel Data.
  3. Yann Guy, 2010. "Industrial Major Firms Investments in a Financialized Context," Working Papers hal-00402021, HAL.
  4. Chatelain, Jean-Bernard & Tiomo, André, 2001. "Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation," Working Paper Series 0106, European Central Bank.
  5. Djedidi-Kooli, Salima, 2009. "L’accès au financement des PME en France : quel rôle joué par la structure du système bancaire ?," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/8354 edited by Etner, François.
  6. Constant Djama & Guillaume Dumas & Isabelle Martinez, 2011. "L'innovation : une incitation à la gestion des résultats ?," Post-Print hal-00650418, HAL.
  7. Tlili, Rim, 2012. "Comment justifier la multibancarité au sein des PME ?," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/10919 edited by Etner, François.

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