Le financement des investissements dans les grandes entreprises 1957-1967

The problems facing industry in financing its capital investments are at present being raised in connection with the preparation of the Vlth Plan. In the absence of sufficiently exhaustive statistical information, they are proving particularly difficult to tackle. There is, however, one instrument of analysis which allows certain approaches to be made; the Centre des Bilans of the Société d'Étude du développement industriel et social (S.E.D.E.S.) each year reviews the balance sheets and accounts of the biggest French companies. Four essential characteristics emerge from this work, covering 400 very big companies and a period of stagnation of capital investment; more and more stress on development through the medium of subsidiaries, the progress of self-financing of resources, the decline in appeals to shareholders and the increased long term indebtedness of enterprises. The trend of the rate of self-financing over the period 1957-1967 is particularly interesting. Three types of rate have been taken, according as the self-financing is related solely to productive investment, or to total gross asset formation, or to productive investments supplemented by investments in securities and long term loans. The results vary from one method to another, but, on the whole, the results are encouraging. It is true that the relative improvement in the rates of self-financing since 1962 is partly the result of the weakness of investments.The problems facing industry in financing its capital investments are at present being raised in connection with the preparation of the Vlth Plan. In the absence of sufficiently exhaustive statistical information, they are proving particularly difficult to tackle. There is, however, one instrument of analysis which allows certain approaches to be made; the Centre des Bilans of the Société d'Étude du développement industriel et social (S.E.D.E.S.) each year reviews the balance sheets and accounts of the biggest French companies. Four essential characteristics emerge from this work, covering 400 very big companies and a period of stagnation of capital investment; more and more stress on development through the medium of subsidiaries, the progress of self-financing of resources, the decline in appeals to shareholders and the increased long term indebtedness of enterprises. The trend of the rate of self-financing over the period 1957-1967 is particularly interesting. Three types of rate have been taken, according as the self-financing is related solely to productive investment, or to total gross asset formation, or to productive investments supplemented by investments in securities and long term loans. The results vary from one method to another, but, on the whole, the results are encouraging. It is true that the relative improvement in the rates of self-financing since 1962 is partly the result of the weakness of investments.Los problemas planteados a la industria por la financiación de sus inversiones están evocados actualmente dentro del marco de la preparación del VIe Plan. Ante la carencia de informaciones estadisticas suficientemente completas resulta particularmente difîcil abordarlos. Sin embargo existe un instrumente de análisis que permite esbozarlos : la Central de los balances de la S.E.D.ES. (Societad de Estudio del Desarrollo Industrial y Social) analiza, cada, ano, los balances y datos contables de las sociedades francesas de mayor importancia. De estos trabajos que abarcan 400 sociedades de mucha importancia y dentro un perfodo de estagnación de las inversiones, destacan cuatro caracteristicas esenciales : desarrollo cada vez más acentuadoa traves de las filiales, progresión de la autofmanciación en los recursos, disminución en el llamamiento a accionistas y crecimiento de las deudas a largo plazo de las empresas. La evolución de los tipos de autofmanciación dentro del perfodo 1957-1967 es particularmente interesante. Très categorfas de tipos han sido retenidas segûn que la autofianciación se reflere a inversiones productivas únicamente, al conjunto de la formación bruta de capital o a inversiones productivas completadas con inversiones en forma de iftulos y prestamos a largo plazo. Los resultados varian de un metodo a otro, pero en su conjunto son alentadores. Es ciertoquela relativa mejora en los tipos de autofinanciación desde 1962 es por cierta parte consecuencia de la debilidad de las inversiones.Simonnet François. Le financement des investissements dans les grandes entreprises 1957-1967. In: Economie et statistique, n°8, Janvier 1970. pp. 21-31