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L'effet de levier financier des entreprises : une comparaison entre le Canada et les E.-U., 1961-1996

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  • Zyblock, Miles

Abstract

Des etudes recentes ont montre que les compagnies dont le ratio emprunts/capitaux propres est relativement eleve manifestent une plus grande variabilite pour ce qui est des investissements et de la main-d'oeuvre. D'autres etudes maintiennent qu'un effet de levier financier eleve dans le monde des entreprises est associe a une instabilite macro-economique. Le present expose decrit et compare l'effet de levier financier global des entreprises au Canada et aux Etats-Unis de 1961 a 1996. Le levier financier a augmente de presque 50 % dans les deux pays et la plus grande partie de cette augmentation peut etre attribuee a un recours accru a des instruments d'emprunt a court terme. L'ampleur de l'augmentation est semblable dans les deux pays, mais la periode d'accroissement principale est differente dans chaque cas. L'effet de levier des entreprises canadiennes a surtout augmente entre 1974 et 1983, c'est-a-dire durant une periode associee a de faibles taux d'interet reels et a une croissance rapide des capitaux dans l'Ouest du pays. Pour ce qui est des entreprises americaines, l'effet de levier s'est surtout accru entre 1982 et 1990. Au cours de cette periode, les compagnies americaines ont subi une restructuration financiere massive, l'acquisition de capitaux propres en circulation se faisant a l'aide d'emprunts. Cette periode a egalement ete marquee par un accroissement du nombre et de la valeur des acquisitions par emprunt aux E.-U., entrainant un effet de levier financier encore plus eleve.

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  • Zyblock, Miles, 1997. "L'effet de levier financier des entreprises : une comparaison entre le Canada et les E.-U., 1961-1996," Direction des études analytiques : documents de recherche 1997111f, Statistics Canada, Direction des études analytiques.
    • Handle: RePEc:stc:stcp3f:1997111f
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    File URL: https://www150.statcan.gc.ca/n1/fr/catalogue/11F0019M1997111
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    References listed on IDEAS

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