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Evolution des stocks et facteurs financiers: une étude sur données d'entreprises françaises

Listed author(s):
  • Jean Belin
  • Thierry Debrand

[fre] Evolution des stocks et facteurs financiers. Une étude sur données d'entreprises françaises Ce travail met en évidence le rôle des imperfections du marché des capitaux en France au cours des années 1990. Dans ce but, nous étudions le comportement de stockage de 835 entreprises françaises suivies sur la période 1987-1995. Les estimations réalisées montrent que les petites entreprises sont plus sensibles aux conditions financières (prix, volume, accessibilité) que les grandes entreprises et que cette sensibilité s'amplifie lors de chocs conjoncturels. Les résultats obtenus confirmeraient alors la présence d'un accélérateur financier et permettraient d'interpréter les évolutions particulières du PIB, des stocks et des crédits au cours de cette période. [eng] Inventories and financial factors: an empirical study on a french panel data set This paper examines inventory investment of 835 french firms from 1987 to 1995. The estimates indicate that small firms are more sensitive than large firms to financial factors. Moreover, this sensitivity is amplified during shocks. Thus, results obtained would confirm the existence of a "financial accelerator" and would explain the fluctuations in output, inventories and credits over this period.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2001-05.

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Date of creation: 2001
Handle: RePEc:fce:doctra:0105
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