Gilbert This : “The financial situation of companies has worsened compared to the pre-crisis “

Companies. The diagnosis on the financial situation average of French firms is the subject of many misconceptions. A note from the blog “notepad” Eco ” of the Bank of France (” financing Capacity of the companies to increase slightly from 10-year-old, of Hadrian Camatte and Jean-François Ouvrard, September 18) shows, with other recent publications, the complexity of the diagnosis.

The latter is usually derived from national accounts data on only non-financial corporations (SNF). This field does not suffer from some of the statistical difficulties encountered, for example, that of the entire business, but this robustness as the consideration that it is only half of the French GDP. We will compare here the year 2017 to the year 2006, this last appearing to be fairly representative of the two decades before the peak of 2007, followed by the shock of the financial crisis.

“From 2006 to 2017, the cost of an employee has on average increased in the SNF more strongly than productivity ”

A first observation is that the rate of margin, i.e. the share of gross profits (measured by gross operating surplus) in value added is, in 2017, lower by about 1 percentage point to its 2006 level. In other words, the share of wages in value added has increased. And this despite the large transfers, such as the tax Credit for competitiveness and employment (CICE) or the ” pact of responsibility “, which have been made in the meantime in favour of the companies.

This observation puts into perspective the current debates on the purchasing power of wage : from 2006 to 2017, the cost of an employee has on average increased in the SNF more strongly than the productivity… The base of the financial situation of the SNF is degraded compared to the pre-crisis years, which is a first fragility.

Over the same period, however, the savings rate of the SNF, which pays…

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