En 2004, 9 milliards d’euros ont été investis en Europe dans le « capital-investissement » – soit une progression de 7%.
Super ! Sauf que, comme le souligne aujourd’hui un lecteur du journal Les Echos (chargé de cours en Fac), ces 9 milliards d’euros de capitaux propres ne sont pas entièrement destinés à financer le développement des entreprises.
Les deux tiers de ces milliards sont des opérations d’acquisition avec effet de levier. Dit autrement : il s’agit de « dette d’acquisition » qui implique de tirer au maximum sur les bénéfices de l’entreprise afin de désendetter les structures holding. D’où la question : cette forme de capital-investissement ne presse-t-elle pas trop les entreprises au point qu’elles reportent leurs opérations d’investissements. Bref, une certaine forme de « capital-investissement » impliquerait le désinvestissement dans les entreprises. Absurde ? Mais réaliste.
Le (les) ministère (s) de l’Economie ferait bien de se pencher davantage sur ces questions en adaptant ses incitations fiscales (ou ses dissuasions fiscales).
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