Trésorerie des entreprises industrielles et politique d’investissement

Henri Koulayom ()
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Henri Koulayom: Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: Since the second half of the 1990s, cash and marketable securities of the french manufacturing corporations have increased at a very high level. Why then, do sensible firms hold them when this behavior is supposed to be inefficient? This paper studies the link between this atypical liquidity behavior and investment. It puts forward à theoretical framework including the liquidity constraint theory and the free cash flow hypothesis. Using accounting data bases from the Banque de France, the relation between investment and liquidity measuring by cash flow and marketable securities is demonstrated. However, the sector, size, group effects are not very convincing.

Keywords: Cash and marketable securities; investment; liquidity constraint; Trésorerie; investissement; contrainte de liquidité; free cash flow (search for similar items in EconPapers)
Date: 1998-01
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Published in Revue d'économie politique, 1998, Vol. 108 (Nº. 1), pp.ISSN 0373-2630

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