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L'investissement direct et les entreprises françaises

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  • Michel Houdebine
  • Agnès Topiol-Bensaïd

Abstract

[ger] Franzôsische Unternehmen und Direktinvestitionen Seit Mitte der 80er Jahre nehmen die franzosischen ; Direktinvestitionen stark zu. Laut OECD nahm Frankreich '. 1997 unter den Aufnahmelandern den vierten Platz und ; unter den Investitionslandern den funften Platz ein. Insgesamt hat Frankreich seit der zweiten Hâlfte der 80er Jahre seinen Rûckstand aufgeholt, so daB es heute bei den Direktinvestitionen an der Spitze der dynamischsten Lander liegt. Wie die anderen entwickelten Lander investiert Frankreich vorwiegend in den OECD-Lândern, auch wenn seit Beginn des Jahrzehnts der Anteil in Asien ~ und Lateinamerika deutlich zunimmt. Die auslândischen = Direktinvestitionen in Frankreich stammen im wesentlichen von den entwickelten Lândern. Sie betreffen . hauptsâchlich die Industriesektoren mit groBer. Wertschopfung, wie beispielsweise die Elektronik und die . Parachemie. Mit mehr als zwei Dritteln der Investitionen .. nehmen der tertiâre marktbestimmte Bereich und insbesondere die Dienstleistungen bei den franzosischen Direktinvestitionen einen zentralen Platz ein. Desgleichen investiert Frankreich im Ausland stark in diese Bereiche, vor allem auf dem Gebiet der Dienstleistungen fur Unternehmen/ Eine besondere Stellung nehmen auf mikroôkonomischer Ebene die internationalen franzosischen Unternehmen- ein, d. h. die franzosischen Unternehmen, die von einem auslândischen Investor kontrolliert werden, oder die franzosischen Unternehmen, die mindestens eine Tochtergesellschaft im Ausland kontrollieren. Sie beschàftigen qualifiziertere, produktivere und besser bezahlte Arbeitskrâfte. Im Verhàltnis zu ihren nationalen Konkurrenten sind ihre Gewinnspannen in alien Sektoren - besser, und in der Industrie erzielen sie ebenfalls grôBere Gewinne. Beim Export sind sie ferner dynamischer. Dagegen sind sie verschuldeter und mûssen im Hinblick auf die Risiken, denen sie ausgesetzt sind, mehr Rûcklagen bilden. In der Regel sind sie nicht rentabler. Wenn man neben der GrôBe und dem Tàtigkeitsbereich . auch die Zugehôrigkeit zu einer. Gruppe und die Qualifikationsstruktur der Arbeitskrâfte berûcksichtigt, . werden diese Unterschiede zwar abgeschwâcht, bestehen aber fort. [spa] La inversion directa y las empresas francesas Desde mediados de los ochenta, la inversion directa - francesa ha aumentado mucho. Segûn la OCDE, Francia ocupaba, en 1997, el cuarto puesto entre los pafses de acogida y el quinto entre los paises inversores. En sumo, Francia se ha recuperado a partir de la segunda mitad de los ochenta para Ilegar a encabezar ahora al grupo mâs dinâmico en cuanto a paîses inversores. Al igual que otros paîses desarrollados, Francia ha invertido esencialmente en la zona OCDE, aunque, desde el principio de la década, la cuota destinada a America latina y a Asia ha * crecido bastante. La inversion directa extranjera en Francia procède ante todo de los paîses desarrollados. . Esta concierne a los sectores industriales de fuerte valor anadido como las industrias electrônicas o paraquîmicas. El sector terciario privado y entre otros los servicios ocupan un puesto bâsico en cuanto a inversion directa francesa con mâs de los dos tercios del stock de inversion. Francia invierte mucho, igualmente, en estos sectores en el extranjero, sobre todo en el âmbito de los servicios a las empresas. A nivel microeconômico, las empresas francesas internacionales - empresas francesas controladas por un inversor extranjero o por una empresa francesa que contrôle al menos una sucursal en el extranjero — son peculiares. Recurren a una mano de obra mâs cualificada, mâs productiva y mejor pagada. Respecto a sus competidoras nacionales, tienen mârgenes importantes. Son ademâs mâs dinâmicas para exportar. Pero tienen un nivel de endeudamiento mayor y deben tener mayores provisiones para afrontar aquellos riesgos que corren. En términos générales no son mâs rentables. Cuando se considéra, ademâs del tamano, la pertenencia a un grupo o a una estructura de cualificaciôn de los empleos, estas diferencias de resultados no llegan a desaparecer del todo, aunque se reduzcan. [fre] L'investissement direct et les entreprises Depuis le milieu des années 80, l'investissement direct de : la France s'est fortement accru. Selon l'OCDE, la France occupait, en 1997, le quatrième rang des pays d'accueil et le cinquième rang des pays investisseurs. Globalement, la : France a rattrapé son retard, à partir de la seconde moitié : des années 80, pour se situer, aujourd'hui, en tête des; pays les plus dynamiques en termes d'investissement, direct. Comme les autres pays développés, elle investit: principalement dans la zone OCDE même si, depuis le; début de la décennie, la part à destination de l'Asie et de : l'Amérique latine progresse nettement. L'investissement direct étranger en France provient essentiellement des pays développés. Il concerne pour l'essentiel les secteurs industriels à forte valeur ajoutée tels que l'électronique et . la parachimie. Le tertiaire marchand et notamment les services occupe une place centrale dans l'investissement direct français avec plus des deux tiers du stock d'investissement. De même, la France investit fortement dans ces françaises. secteurs à l'étranger, surtout dans le domaine des services aux entreprises. Au niveau microéconomique, les entreprises françaises internationales entreprises françaises contrôlées par un , investisseur étranger ou entreprise françaises contrôlant au moins une filiale à l'étranger - sont singulières. Elles ont ; recours à une main-d'oeuvre plus qualifiée, plus productive ' et mieux payée. Par rapport à leurs concurrentes nationales, leurs marges sont supérieures dans tous les secteurs et dans l'industrie elles réalisent aussi des profits plus importants. Elles sont également plus dynamiques à l'exportation. Cependant, elles sont plus endettées et doivent provisionner davantage pour faire face aux risques qu'elles encourent. . En général, elles ne sont pas plus rentables. Lorsqu'on : tient compte, en plus de la taille et du secteur d'activité, de l'appartenance à un groupe et de la structure de qualification des emplois, ces différences de performances s'atténuent mais persistent. [eng] Foreign direct investment and foreign trade: a greater impact in the United States than in France? Foreign direct investment (FDI) and the foreign activity of multinationals are developing steadily. Such investment is likely to directly replace trade, with exports being replaced by direct sales by foreign-based affiliates. However, this investment may also increase the competitiveness of the firms concerned on the host market, thus helping to further exports from the investor country. FDI therefore complements international trade. Many intermediate situations can be found between substitution, with its negative consequences for the firm or economic sector's , activity in the source country, and complementarity, with its positive consequences. The situations found depend on whether the; analysis: is" microeconomic. or macroeconomic. In the latter case, the activity classifications used to study investment and trade are : fairly broad. At microeconomic level, the substitution effect is found to be predominant. FDI is an alternative to goods trade for the firm especially when transport costs are high. Conversely, the ratchet effect on exports. at. macroeconomic level is thought to come into full play in contradiction with Mundell's substitution principle. Yet the - debate remains open, with its important implications for the investment source and target economies. A database on trade and FDI from 1984 to 1994 clarifies the issue by testing the relations between exports, imports and the trade balance, on one side, and FDI ,on the other, for the case of France and the United States. Outward FDI hence proves to have a much greater impact on trade in the United States. Substitution effects can be offset by FDI-induced exports in other sectors (stimulation effects). Outward FDI by one industrial sector stimulates' as much this sector's exports as the exports of the rest of ■• industry. This ratchet effect is all the more marked for FDI •■ inflow to France. In the United States, both inward and outward FDI are favourable to the trade deficit. Lastly, inward FDI is generally more detrimental to the trade balance than outward FDI.

Suggested Citation

  • Michel Houdebine & Agnès Topiol-Bensaïd, 1999. "L'investissement direct et les entreprises françaises," Économie et Statistique, Programme National Persée, vol. 326(1), pages 113-128.
  • Handle: RePEc:prs:ecstat:estat_0336-1454_1999_num_326_1_6228
    DOI: 10.3406/estat.1999.6228
    Note: DOI:10.3406/estat.1999.6228
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    1. Marie-Christine Parent, 1995. "Stratégie d'implantation régionale, nationale ou internationale : quelle influence sur le développement des entreprises françaises ?," Économie et Statistique, Programme National Persée, vol. 290(1), pages 3-15.
    2. James R. Markusen & Anthony J. Venables, 2021. "Multinational firms and the new trade theory," World Scientific Book Chapters, in: BROADENING TRADE THEORY Incorporating Market Realities into Traditional Models, chapter 3, pages 47-67, World Scientific Publishing Co. Pte. Ltd..
    3. James R. Markusen, 1998. "Multinational Firms, Location and Trade," The World Economy, Wiley Blackwell, vol. 21(6), pages 733-756, August.
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