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Théorie du financement des entreprises et évolution de la fiscalité française

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  • Michel Levasseur
  • Jean-Louis Olivaux

Abstract

[fre] La fiscalité affecte-t-elle les choix de l'entreprise en matière de financement. Cet article expose une contribution théorique en la matière. Il est piquant de constater que l'évolution de la réglementation s'est effectuée en France dans un seul sens : de plus en plus favorable à l'endettement. [eng] Theory of capital structure. and the evolution of the french tax system. Michel Levasseur, Jean-Louis Olivaux. The interest of this paper is to examine the influence of fiscality in the choices in financing that a firm has to make. The authors propose a theoretical study of the problem. It is, nevertheless, interesting to remark that, in France, the legal environment has become increasingly more and more favorable to endebtment.

Suggested Citation

  • Michel Levasseur & Jean-Louis Olivaux, 1981. "Théorie du financement des entreprises et évolution de la fiscalité française," Revue Économique, Programme National Persée, vol. 32(3), pages 490-512.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1981_num_32_3_408604
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    References listed on IDEAS

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    1. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    2. Stapleton, R C, 1972. "Taxes, the Cost of Capital and the Theory of Investment," Economic Journal, Royal Economic Society, vol. 82(328), pages 1273-1292, December.
    3. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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