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Investissement financier, investissement physique et désendettement des firmes : y a-t-il un arbitrage ? Une étude sur données de panel du comportement des entreprises industrielles de 1979 à 1986

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  • Daniel Szpiro
  • Anne Épaulard

Abstract

[fre] Physical investment, financial investment and debt : is there a trade off ? An analysis based on a panel of industrial firms, 1983-1986. . In order to assess if physical investment is crowded out by financial investment, a portfolio model is estimated on a panel of French firms. On the whole, returns on assets cannot explain much. But in the short run, an increase in wealth is primarily used to get rid of debt, and in a lesser respect to buy financial assets. The estimation of the model, firm by firm, shows that only half of the population seems to act according to a portfolio choice. Amongst these firms, only a small proportion substitute financial to physical assets. A simple investment function also concludes that there is no crowding out. [eng] Physical investment, financial investment and debt : is there a trade off ? An analysis based on a panel of industrial firms, 1983-1986. . In order to assess if physical investment is crowded out by financial investment, a portfolio model is estimated on a panel of French firms. On the whole, returns on assets cannot explain much. But in the short run, an increase in wealth is primarily used to get rid of debt, and in a lesser respect to buy financial assets. The estimation of the model, firm by firm, shows that only half of the population seems to act according to a portfolio choice. Amongst these firms, only a small proportion substitute financial to physical assets. A simple investment function also concludes that there is no crowding out.

Suggested Citation

  • Daniel Szpiro & Anne Épaulard, 1991. "Investissement financier, investissement physique et désendettement des firmes : y a-t-il un arbitrage ? Une étude sur données de panel du comportement des entreprises industrielles de 1979 à 1986," Revue Économique, Programme National Persée, vol. 42(4), pages 701-732.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1991_num_42_4_409301
    DOI: 10.3406/reco.1991.409301
    Note: DOI:10.3406/reco.1991.409301
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    References listed on IDEAS

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    1. Patrick ARTUS & Eric BLEUZE, 1989. "Les choix de portefeuille des ménages en France," Discussion Papers (REL - Recherches Economiques de Louvain) 1989022, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    2. Eric Bleuze & Jean-Marie Rousseau, 1989. "Les choix de portefeuille des ménages quel partage de la liquidité ?," Économie et Prévision, Programme National Persée, vol. 90(4), pages 45-56.
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