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Trésorerie des entreprises industrielles et politique d’investissement

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.
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Contributor : Henri Koulayom <>
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  • HAL Id : halshs-01147835, version 1



Henri Koulayom. Trésorerie des entreprises industrielles et politique d’investissement. Revue d'Economie Politique, Dalloz, 1998, Vol. 108 (Nº. 1), pp.ISSN 0373-2630. ⟨halshs-01147835⟩



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