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

Daniel Szpiro and Anne Epaulard

Revue Économique, 1991, vol. 42, issue 4, 701-732

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.

Date: 1991
Note: DOI:10.3406/reco.1991.409301
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