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Accumulation des profits et désendettement des entreprises

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  • Jean-Bernard Chatelain

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

En modélisant un arbitrage intertemporel, le désendettement est un choix rationnel en présence d'un rendement marginal des nouveaux investissements inférieur au taux d'intérêt réel sur l'encours de la dette et supérieur au coût d'opportunité des placements des fonds internes. Dans ce cas, le désendettement évince l'investissement ; les profits n'ont pas d'effet sur l'investissement et un effet négatif sur le ratio dette/fonds propres. En revanche, lorsque l'entreprise subit un rationnement financier, les profits ont un effet positif sur l'investissement et sur le ratio dette/fonds propres. En conséquence, une baisse du taux marginal d'imposition des entreprises aura peu d'effet à court terme sur l'investissement agrégé si la proportion d'entreprises en situation de préférer le désendettement reste importante.

Suggested Citation

  • Jean-Bernard Chatelain, 1998. "Accumulation des profits et désendettement des entreprises," Post-Print halshs-00117072, HAL.
    • Handle: RePEc:hal:journl:halshs-00117072
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00117072
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    References listed on IDEAS

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