Enterprises in France2015 Edition
This new edition of the “Enterprises in France” issue from the “Insee Références” collection offers a comprehensive structural view of our productive system.
New data from group profiling: a larger share of manufacturing, better-performing enterprises, but a poorer ability to finance investment and greater indebtedness
This report analyses the first major profiling experience developed at INSEE. The contours of enterprises in the major groups were defined individually and using consolidated information produced in collaboration with representatives from the groups. These new data redefine part of the economic fabric and have a dual effect: a concentration effect in larger enterprises, and reallocation on a sectoral basis, especially of subsidiaries from services and trade sectors into manufacturing and construction enterprises. Consolidating economic results has a significant effect. After eliminating internal flows within enterprises, the revenue of the processed units was reduced by 13%, the equivalent of 1.5% of turnover for all non-farm and non-financial market enterprises. Consolidation was found to have a considerable effect on enterprise cash-flow, equity capital and debt. By changing the unit of observation and measurement in this way, economic analysis became more coherent. The share of manufacturing in the economy increased, as did the productive efficiency of enterprises, measured by the value added rate. However, compared with the vision in terms of legal units, their ability to finance investment, measured as the self-financing rate, and their debt ratio appear to have worsened.