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Taux de marge et structure financière

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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

Cet article montre que le taux de marge de l'entreprise, le capital et l'espérance du taux d'utilisation des capacités de production dépendent de sa structure financière (le ratio dette/fonds propres) lorsque l'investissement est irréversible face à l'incertitude et lorsqu'il y a asymétrie d'information entre l'entrepreneur et ses prêteurs. Le taux de marge dépend positivement de la probabilité d'excès de demande et donc négativement du capital. Le capital s'accroît avec le ratio du taux de marge rapporté au coût du capital. Une contrainte financière sur le capital accroît la probabilité d'excès de demande, ce qui entraîne une hausse simultanée duprix.

Suggested Citation

  • Jean-Bernard Chatelain, 1999. "Taux de marge et structure financière," Post-Print halshs-00118639, HAL.
    • Handle: RePEc:hal:journl:halshs-00118639
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00118639
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    Keywords

    Taux de marge; structure financière;

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