Dégradation et redressement de la situation des entreprises françaises entre 1973 et 1986 : un essai de synthèse

Abstract

The Decline and Recovery of French Business Between 1973 and 1986: an Attempted Synthesis. The evolution of the financial situation of French companies since 1973 has been one of the determining factors in the macroeconomic situation. The magnitude and the duration of the decline in French business accounts are largely linked to a deterioration of French position in foreign trade, but also on the domestic market. The turnaround in the profit ratios of French companies that occurred in 1984 likewise constitutes a crucial factor whose consequences will not be fully appreciated until the balance sheet disequilibriums have been eliminated. The article, prepared for the June 1988 session of the Commission des Comptesde la Nation (National Accounts Commission), attemps to synthesise all of the available data on the evolving situation of French companies since 1973. Using both macroeconomic and individualised data, it seeks to describe and explain the causes of the decline in French business and the nature of the current recovery process that began in 1984.