Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ?
In previous publications, we developed an indicator dedicated to measure the cost and the over-cost of financial capital, which consists in: i) the real weight of financial incomes paid by corporations compared to their effort of productive investment (cost of capital) ; ii) the share of this cost w...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/12758 |
| _version_ | 1797314900062633984 |
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| author | Laurent Cordonnier Thomas Dallery Vincent Duwicquet Jordan Melmiès Franck Van de Velde |
| author_facet | Laurent Cordonnier Thomas Dallery Vincent Duwicquet Jordan Melmiès Franck Van de Velde |
| author_sort | Laurent Cordonnier |
| collection | DOAJ |
| description | In previous publications, we developed an indicator dedicated to measure the cost and the over-cost of financial capital, which consists in: i) the real weight of financial incomes paid by corporations compared to their effort of productive investment (cost of capital) ; ii) the share of this cost which can be attributed to a pure rent (the over-cost of capital). This indicator and the calculations conducted to arrive at it have received some criticisms. The main one is that we would have proceed in our indicator to an unjustified deflation of paid interests. So as to compute the real charge that interests make weigh on corporations, we actually applied a real interest rate to corporations' debt. This operation, according to our critics, is useless, and even amounts to the same thing as deflate twice the level of paid interests, since the denominator of our indicator is itself in current prices. In this article, we try to convince that we were right to proceed this way, and that it doesn't consist in a deflation operation. In reality, it's about the taking into consideration of the reductions linked to debt depreciation when inflation is around. As we will show, taking into account these reductions in the calculation of the cost of capital amounts to the same thing as applying a real interest rate to debts. |
| first_indexed | 2024-03-08T02:52:52Z |
| format | Article |
| id | doaj.art-319c0ed55b0d4a489eaa9e364e08298d |
| institution | Directory Open Access Journal |
| issn | 1957-7796 |
| language | English |
| last_indexed | 2024-03-08T02:52:52Z |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj.art-319c0ed55b0d4a489eaa9e364e08298d2024-02-13T13:02:55ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962310.4000/regulation.12758Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ?Laurent CordonnierThomas DalleryVincent DuwicquetJordan MelmièsFranck Van de VeldeIn previous publications, we developed an indicator dedicated to measure the cost and the over-cost of financial capital, which consists in: i) the real weight of financial incomes paid by corporations compared to their effort of productive investment (cost of capital) ; ii) the share of this cost which can be attributed to a pure rent (the over-cost of capital). This indicator and the calculations conducted to arrive at it have received some criticisms. The main one is that we would have proceed in our indicator to an unjustified deflation of paid interests. So as to compute the real charge that interests make weigh on corporations, we actually applied a real interest rate to corporations' debt. This operation, according to our critics, is useless, and even amounts to the same thing as deflate twice the level of paid interests, since the denominator of our indicator is itself in current prices. In this article, we try to convince that we were right to proceed this way, and that it doesn't consist in a deflation operation. In reality, it's about the taking into consideration of the reductions linked to debt depreciation when inflation is around. As we will show, taking into account these reductions in the calculation of the cost of capital amounts to the same thing as applying a real interest rate to debts.https://journals.openedition.org/regulation/12758interestsinflationcost of capitalcorporate financefinancial capitalism |
| spellingShingle | Laurent Cordonnier Thomas Dallery Vincent Duwicquet Jordan Melmiès Franck Van de Velde Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ? Revue de la Régulation interests inflation cost of capital corporate finance financial capitalism |
| title | Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ? |
| title_full | Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ? |
| title_fullStr | Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ? |
| title_full_unstemmed | Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ? |
| title_short | Pourquoi (et comment) faut-il corriger le montant des intérêts nominaux payés par les entreprises de la dépréciation de leur dette, afin de parvenir à une évaluation correcte du coût du capital ? |
| title_sort | pourquoi et comment faut il corriger le montant des interets nominaux payes par les entreprises de la depreciation de leur dette afin de parvenir a une evaluation correcte du cout du capital |
| topic | interests inflation cost of capital corporate finance financial capitalism |
| url | https://journals.openedition.org/regulation/12758 |
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