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Contraintes financières et demande d'investissements des entreprises

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  • Jean-François Malécot
  • Jacques Hamon

Abstract

[eng] Financial constraints and firms' investment. . The main result of this paper is empirical. We study the influence of financial variables on firms' investment. Among these variables relying on modem corporate financial theories, we underline : cost of capital with leverage effect, risk, growth opportunities, information asymetries and objectives conflicts. Several models are estimated on french firms panel data (199 firms, 1967-1979).. The resulta show that effective interest rate on debt, cash-flow and liquidity are important. From general point of view, financial variables seems to have a significant but lower effect on investment decisions than accelerator variables. Also, growth opportunities (with a proxy for Tobin's Q) and dividends have a positive effect on investment, this last variable revealing information efect about present profit (and not on expected ones). [fre] Contraintes financières et demande d'investissement des entreprises. . L'objectif principal de cette recherche est d'ordre empirique : il s'agit pour l'essentiel de s'intéresser à la détermination de l'investissement des entreprises, en insistant sur l'étude du rôle des variables financières. Parmi ces variables issues des théories financières de la firme on relève : le coût du capital qui intègre l'effet de levier, le risque, les opportunités de croissance, les asymétries d'information et les conflits d'intérêts. Différents modèles sont estimés sur des données individuelles en panel (données comptables et boursières pour 199 entreprises françaises de 1967 à 1979). Notre étude montre le poids du taux d'intérêt apparent, de la capacité d'autofinancement et de la trésorerie dans l'équation d'investissement. Globalement les variables financières ont un poids significatif, mais moins important que les contraintes de débouchés. Les opportunités de croissance (avec une mesure approchée du Q moyen de Tobin) et les dividendes ont un effet positif sur l'investissement, l'influence de cette dernière variable confirme la présence d'effets d'information sur les résultats actuels.

Suggested Citation

  • Jean-François Malécot & Jacques Hamon, 1986. "Contraintes financières et demande d'investissements des entreprises," Revue Économique, Programme National Persée, vol. 37(5), pages 885-924.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1986_num_37_5_408946
    DOI: 10.3406/reco.1986.408946
    Note: DOI:10.3406/reco.1986.408946
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    References listed on IDEAS

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    1. Peterson, Pamela P. & Benesh, Gary A., 1983. "A Reexamination of the Empirical Relationship between Investment and Financing Decisions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(4), pages 439-453, December.
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    1. Jean-François Malécot, 1990. "Hypothèses de profit permanent et d'anticipations rationnelles. Une nouvelle modélisation des politiques de versement de dividendes," Revue Économique, Programme National Persée, vol. 41(4), pages 713-730.
    2. OUNIR, Abdessamad, 2012. "Libéralisation financière et investissement des entreprises marocaines [Financial liberalization and investment of the Moroccan firms]," MPRA Paper 71798, University Library of Munich, Germany, revised 2012.
    3. Elisabeth Paulet, 2003. "La structure financière des entreprises en Europe : une investigation empirique de la neutralité du bilan," Économie et Prévision, Programme National Persée, vol. 157(1), pages 71-82.

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