| Titre | Endettement, rentabilité, débouchés et investissement : une analyse sur données individuelles d'enquêtes et de comptes d'entreprises | |
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| Auteur | Daniel Szpiro | |
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Revue | Economie et prévision |
| Numéro | no 99, 1991/3 | |
| Rubrique / Thématique | Analyses conjoncturelles |
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| Page | 145-162 | |
| Résumé anglais |
Debt, Profitability, Demand and Investment: An Analysis Using Individual Survey Data and Corporate Data,
by Daniel Szpiro.
The quick, year-end survey carried out by the Banque de France offers significant information on the constraints having weighed on investment decisions taken by firms since 1985. Most frequently, firms were not discouraged from investing. In the other cases, constraints were mostly encountered on demand or debt level, and only slightly on profitability or interest rates. Only the demand and debt constraints have any significant effect on the growth of investment. Firms that say that they are constrained by profitability and interest rates have an investment growth rate similar to those who say that they are not constrained. Financial accounting data from the Balance Sheet Data Department of the Banque de France confirm the reality of demand and debt constraints. In this latter case, firms prefer to restrain dividends paid in order to maintain the production capacity growth. However, interest rates are reportedly not a direct constraint on investment. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1991_num_99_3_5246 |
