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Taux de marge et structure financière


  • Jean-Bernard Chatelain

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)


Cet article montre que le taux de marge de l'entreprise, le capital et l'espérance du taux d'utilisation des capacités de production dépendent de sa structure financière (le ratio dette/fonds propres) lorsque l'investissement est irréversible face à l'incertitude et lorsqu'il y a asymétrie d'information entre l'entrepreneur et ses prêteurs. Le taux de marge dépend positivement de la probabilité d'excès de demande et donc négativement du capital. Le capital s'accroît avec le ratio du taux de marge rapporté au coût du capital. Une contrainte financière sur le capital accroît la probabilité d'excès de demande, ce qui entraîne une hausse simultanée duprix.

Suggested Citation

  • Jean-Bernard Chatelain, 1999. "Taux de marge et structure financière," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00118639, HAL.
  • Handle: RePEc:hal:cesptp:halshs-00118639
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    References listed on IDEAS

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    5. James A. Kahn, 1992. "Why is Production More Volatile than Sales? Theory and Evidence on the Stockout-Avoidance Motive for Inventory-Holding," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 481-510.
    6. Brandolini, Andrea, 1995. " In Search of a Stylised Fact: Do Real Wages Exhibit a Consistent Pattern of Cyclical Variability?," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 103-163, June.
    7. Fazzari, Steven M & Hubbard, R Glenn & Petersen, Bruce C, 1988. "Investment, Financing Decisions, and Tax Policy," American Economic Review, American Economic Association, vol. 78(2), pages 200-205, May.
    8. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
    9. Paul Klemperer, 1987. "Markets with Consumer Switching Costs," The Quarterly Journal of Economics, Oxford University Press, vol. 102(2), pages 375-394.
    10. Kahn, James A, 1987. "Inventories and the Volatility of Production," American Economic Review, American Economic Association, vol. 77(4), pages 667-679, September.
    11. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April.
    12. repec:adr:anecst:y:1987:i:5:p:01 is not listed on IDEAS
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    Taux de marge; structure financière;


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