The External Funding of Non Financial Companies Since the 1984 Financial Deregulation

Michel BOUTILLIER * Professeur des Universités, EconomiX, Université Paris Nanterre. Contact : mic.bou@orange.fr.

Pierre SICSIC ** Conseiller du directeur général des statistiques, des études et de l'international, Banque de France. Contact : pierre.sicsic@banque-france.fr.Les auteurs remercient Pamfili Antipa pour ses conseils. Les opinions et les vues exprimées par les auteurs ne sont pas nécessairement celles de la Banque de France ou de l'Eurosystème.

On the eve of the 1980s, French companies were financed by significant debt through banks and numerous specialized, segmented and compartmentalized financial institutions. During the following decade, reforms were undertaken to get out of this "economy of administered funding".

After presenting the reform proposals of the early 1980s, this article analyzes the evolution of the financing and governance of non-financial companies that rely more on financial markets. However, it appears that the changes in funding structures were more modest than considered.