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A post-depreciation view of the non-financial corporations account
[Une vision après dépréciation du compte des sociétés non financières]

Author

Listed:
  • Pierre Sicsic

Abstract

In France in 2016, the gross margin rate of non-financial corporations (NFCs) returned to its early 2000s level, at 32%, while the net margin rate was 15%, compared with 18% in the 2000s. Thus, using aggregates "net" of capital depreciation gives a different picture of the NFCs account. Furthermore, the NFCs' net saving rate would be close to zero, and their stock of fixed capital could only increase through external financing. En France, le taux de marge brut des sociétés non financières (SNF) a atteint 32% en 2016, soit le niveau du début des années 2000. Leur taux de marge net est de 15% en 2016 contre 18% dans les années 2000. Ainsi, les agrégats « nets » de la dépréciation du capital donnent une image différente du compte des SNF. En outre, leur taux d’épargne net serait voisin de zéro : leur stock de capital fixe ne s’accroîtrait alors que par des financements externes.

Suggested Citation

  • Pierre Sicsic, 2018. "A post-depreciation view of the non-financial corporations account [Une vision après dépréciation du compte des sociétés non financières]," Eco Notepad 59, Banque de France.
    • Handle: RePEc:bfr:econot:59
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