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Stratégies de financement des entreprises françaises : Une analyse empirique

Author

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  • Cécile Carpentier
  • Jean-Marc Suret

Abstract

Despite numerous works about the structure of capital, we still ignore on which bases enterprises make their financing choices (Myers, 1993). The case of France is in this matter of particular interest, because according to various works, French enterprises are alleged to have reduced their debts over the last decade (Laboureix & Laurin, 1994; Boissonnade & Tournier, 1996). First, we show that this is not true: over the 1988-1996 period, some enterprises have got into serious debts, while others reduced their debts. Therefore, we are trying to modelize and to test short-term financial behaviors, by proposing a dynamic analysis. This constitutes an original contribution, since to this day the French situation has only been the object of a few cross section studies (Dubois, 1985; Biais, Hillion & Malécot, 1995; Rajan & Zingales, 1995). We argue that this strategy is constructed around the notion of target-ratio, a notion only recently put forward (Fama & French, 1997; Opler & Titman, 1996; Shyam-Sunder & Myers, 1999), and we analyze the relationship between changes in indebtedness and a vector of explanatory variables, through univariate methods, as well as parametric and non-parametric multivariate methods. Our results clearly show taht target-ratio considerations guide the strategies of French enterprises. All tests confirm that the ECARTS variable, which represents the difference between the real indebtedness ratio at the beginning of a period and the target-ratio, is positively associated to the decrease in debts. This remains true when the other classical explanatory parameters of the evolution in debts are0501ntained constant. Profitability and size, which are both inversely related to the increase in debts, appear as the other two important determinants of the evolution of indebtedness. En dépit de nombreux travaux portant sur la structure de capital, on ne sait toujours pas sur quelles bases les entreprises établissent leurs choix de financement (Myers, 1993). Le cas de la France présente en ce domaine un intérêt particulier puisque suivant divers travaux, les entreprises françaises se seraient désendettées au cours de la dernière décennie (Laboureix et Laurin, 1994; Boissonnade et Tournier, 1996). Nous montrons en premier lieu qu'il n'en est rien: sur la période 1988-1996 certaines entreprises se sont fortement endettées, et d'autres se sont désendettées. Nous cherchons donc dans cette étude à modéliser et à tester les comportements financiers à moyen terme, en proposant une analyse dynamique. Ceci constitue une contribution originale dans la mesure où la situation française n'a jusqu'à0501ntenant fait l'objet que de quelques études généralement menées en coupe transversale (Dubois, 1985; Biais, Hillion et Malécot, 1995; Rajan et Zingales, 1995). Nous défendons que cette stratégie est axée autour de la notion de ratio-cible, récemment remise de l'avant (Fama et French, 1997; Opler et Titman, 1996; Shyam-Sunder et Myers, 1999), et analysons la relation entre les changements de l'endettement et un vecteur de variables explicatives à l'aide de méthodes univariées, puis multivariées paramétriques et non paramétriques. Les résultats montrent clairement que des considérations de ratio-cible guident les stratégies de financement des entreprises en France. Tous les tests confirment que la variable ECARTS, qui représente la différence entre le ratio d'endettement réel en début de période et le ratio-cible est positivement associée au désendettement. Ceci reste vrai lorsque les autres paramètres explicatifs classiques de l'évolution de l'endettement sont tenus constants. La rentabilité et la taille, qui sont toutes deux associées de façon inverse à l'accroissement de l'endettement, apparaissent comme les deux autres déterminants importants de l'évolution de l'endettement.

Suggested Citation

  • Cécile Carpentier & Jean-Marc Suret, 1999. "Stratégies de financement des entreprises françaises : Une analyse empirique," CIRANO Working Papers 99s-09, CIRANO.
  • Handle: RePEc:cir:cirwor:99s-09
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    References listed on IDEAS

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    1. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    2. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    3. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    4. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    5. Marcel Boyer, 1999. "Les Expos, l'OSM, les universités, les hôpitaux : Le coût d'un déficit de 400 000 emplois au Québec = Expos, Montreal Symphony Orchestra, Universities, Hospitals: The Cost of a 400,000-Job Shortfall i," CIRANO Papers 99c-01, CIRANO.
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    2. Khémiri, Wafa & Noubbigh, Hédi, 2018. "Determinants of capital structure: Evidence from sub-Saharan African firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 70(C), pages 150-159.

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    Keywords

    Indebtedness; enterprises financing; target-ratio; France; Endettement; financement de entreprises; ratio-cible; France;
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