This paper presents a method for assessing the user cost of capital which uses firm-level accounting data for French companies. The method relies on a modelling technique which takes into account the financing structure, the bank interest rate and the tax burden on firms and shareholders. The resulting analysis of the changing cost of capital shows firstly the wide range of stated interest rates paid by companies to finance their debt burden.
The changes in the user cost of capital in the last two decades reflect the changing cost of equity capital.
The cost of equity capital falls because of the constant fall in risk-free investment income, but also because of the marked reduction in taxes on profits. The methodology chosen includes neither risk premiums nor premiums on securities issued for futures market transactions.
- Une méthodologie d'évaluation comptable du coût du capital des entreprises françaises (1984-2002).
The effect of including these two components may be to alter the cost of capital, or perhaps even changes in it. Over the period , the average cost of capital calculated using this method fell by six percentage points. Only changes in the share premium on this scale are therefore liable to undermine this average fall in the cost of capital. Par ailleurs, les entreprises peuvent amortir fiscalement. After a structured and effective Quality system management, companies increasingly want to optimize their production costs.
After this observation, AFNOR published, in July , the FD X, the first guide with the chapters of the standard ISO version , about the Quality system management requirements, and including the Lean management contributions, an approach based on the wastage reduction.
Thus, this document describes the five phases implemented to synergize the quality management and the Lean approach.
- Une méthodologie d'évaluation comptable du coût du capital des entreprises françaises (1984-2002)?
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- Collecte ANACREDIT | Banque de France;
Les objectifs du Lean management Les concepts du Lean pour les services. Le choix du FD X Cadrer le projet phase 0 Diagnostiquer la situation et trouver des solutions phases 1 et 2 Cadrer le projet phase 0. Diagnostiquer la situation et trouver des solutions phases 1 et 2. Identifier des sujets d'optimisation ou projets transverses.
Travailler en coordination avec le programme trajectoire SFT.