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Trois mesures de l'évolution de la rentabilité de 1966 à 1972

Listed author(s):
  • Edgard Cohen-Skalli
Registered author(s):

    [fre] La définition de la rentabilité des capitaux ne va pas de soi. Elle peut rapporter le profit brut au capital fixe immobilisé, ce qui conduit à la notion de rendement économique des immobilisations. D'un point de vue financier, on peut s'intéresser à la rentabilité des seuls capitaux engagés par les actionnaires de la firme, ou capitaux propres. En revanche, de manière plus large, on peut rapporter le profit à l'ensemble des capitaux avancés, incluant non seulement le capital fixe, mais aussi le capital circulant sous forme d'avances de salaires et de consommations intermédiaires, ce qui implique de pouvoir estimer les temps de rotation de ce capital circulant. Ces trois notions de rentabilité sont ici mises en œuvre pour analyser les résultats entre 1966 et 1972 de deux Centrales des bilans : Crédit national, Caisse des dépôts-SEDES et préciser cette analyse pour l'année 1969, par une troisième, celle de la Banque de France. Dans tous les cas, il se confirme que la rentabilité a connu un maximum en 1969 et a plafonné entre 1969 et 1972. La première notion permet d'analyser l'évolution du coefficient de capital de l'économie. La seconde montre l'accroissement du rôle de l'endettement dans le maintien du niveau de la rentabilité financière au cours de la période, tandis que la troisième notion met en lumière l'importance de l'accélération de la rotation du capital circulant pour accroître la rentabilité totale des capitaux avancés. [spa] El definir la rentabilidad capitalistica noes cosa evidente de por sí. Puede relatar el beneficio bruto al capital fijo inmovilizado, lo cual encarrila a una noción de rendimiento económico de las inmovilizaciones. Desde el punto de vista fmanciero, es factibte interesarse a la rentabilidad de los unicos capitales invetidos por los accionistas de la empresa, orsea capitales propios. En cambio, es factible por lo general relatar el beneficio al conjunto de los capitales adelantados los que constan no sólo del capital fijo si no también del capital circulante en forma de adelantos sobre sueldos y de consumos intermediarios, lo que supone poder evaluar los tiempos de rotación de dicho capital circulante. Estas tres nociones de rentabilidad están puestas en obra con objeto de analizar los resultados entre 1966 y 1972 de dos centrales de balances, o sea el Crédit national (Crédito nacional) y la Caisse des dépôts-SEDES (Caja de depósitos) y determinar dicho análisis para el año 1969 por medio de una tercera central o sea la del Banco de Francia. En todo caso, queda confirmado que la rentabilidad alcanzó su tope en 1969 y permaneció estable entre los años 1969 y 1972. La primera noción permite analizar la evolución del coeficiente de capital de la economfa. La segunda muestra el desarrollo del papel desempenado por el endeudamiento para mantener el nivel de rentabilidad financiera a lo largo del perfodo, mientras que la tercera noción enfoca la importancia de la acceleración de rotación del capital circulante en vista de incrementar la rentabilidad total de los capitales adelantados. [eng] The definition of capitals rentability is not obvious. It may refer gross profit to fixed permanent assets, which leads to a notion of economic yield of fixed assets. From the financial point of view, one may be interested in the profitability of the exclusive capitals engaged up by the firms' shareholders, or proper capitals. In return, broadly speaking, the profit can be refered to the whole of advanced capital, which includes not only fixed assets but also working capital in the form of wages in advance and of intermediate consumptions; it involves being able to evaluate the turnover time of this working capital. These three notions of rentability are implemented here in order to analyse the results between 1966 and 1972 of the two Balance Central Offices : i. e. Crédit national, Caisse des dépôts-SEDES, and to go further into this analysis for 1969, by means of a third notion, that of Bank of France. In all cases, it is proved that profitability reached its maximum in 1969 and remained steady between 1969 and 1972. The first notion allows analizing the evolution of capital ratio of economy. The second one points out the increase of the part of indebtedness in the maintenance of financial profitability level in the course of the period, while the third notion reveals the importance of the acceleration of the working capital's rotation in the increase of the total profitability of advanced capital.

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    File URL: http://dx.doi.org/doi:10.3406/estat.1974.1669
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    File URL: http://www.persee.fr/doc/estat_0336-1454_1974_num_60_1_1669
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    Article provided by Programme National Persée in its journal Economie et statistique.

    Volume (Year): 60 (1974)
    Issue (Month): 1 ()
    Pages: 17-30

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    Handle: RePEc:prs:ecstat:estat_0336-1454_1974_num_60_1_1669
    Note: DOI:10.3406/estat.1974.1669
    Contact details of provider: Web page: http://www.persee.fr/collection/estat

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