{"id":241,"date":"2020-05-01T09:54:41","date_gmt":"2020-05-01T07:54:41","guid":{"rendered":"http:\/\/finance-chikh-grandin.com\/?p=241"},"modified":"2020-05-01T09:54:43","modified_gmt":"2020-05-01T07:54:43","slug":"le-pouvoir-symbolique-du-dividende","status":"publish","type":"post","link":"https:\/\/finance-chikh-grandin.com\/?p=241","title":{"rendered":"Le pouvoir symbolique du dividende"},"content":{"rendered":"\n<p>En pleine crise du COVID-19, les dividendes font l\u2019objet de nombreux d\u00e9bats et contestations. Le 24 mars, le ministre de l\u2019\u00e9conomie a incit\u00e9 les entreprises fran\u00e7aises \u00e0 \u00ab\u00a0<em>la plus grande mod\u00e9ration<\/em>\u00a0\u00bb dans le versement des dividendes en 2020 et que\u00a0\u00ab\u00a0<em>les entreprises o\u00f9 l\u2019Etat est actionnaire<\/em>\u00a0\u00bb<em>, <\/em>seraient invit\u00e9es \u00e0<em> \u00ab\u00a0ne pas verser de dividendes en tout cas \u00e0 des particuliers\u00a0\u00bb,<\/em> ajoutant que \u00ab\u00a0<em>le partage de la valeur, c\u2019est aussi une solidarit\u00e9\u00a0\u00bb<\/em>.\u00a0 Les r\u00e9f\u00e9rences <em>aux particuliers<\/em> et \u00e0 <em>la solidarit\u00e9<\/em> montre \u00e0 quel point la vision du dividende que peut avoir Bruno Lemaire est proche de celle des r\u00e9dacteurs du rapport d\u2019Oxfam<a href=\"#_ftn1\">[1]<\/a>. Ce rapport<a href=\"#_ftn2\">[2]<\/a>, sorti en mai 2018, concluait que les actionnaires s\u2019enrichissaient plus que jamais au d\u00e9pend des salari\u00e9s. Cette \u00e9tude a surtout l\u2019avantage de mettre en \u00e9vidence l\u2019exploitation que l\u2019on peut faire d\u2019un sujet symbolique \u00e0 des fins politiques. Ses d\u00e9fauts m\u00e9thodologiques<a href=\"#_ftn3\">[3]<\/a> et ses conclusions tendancieuses ont d\u00e9j\u00e0 fait l\u2019objet d\u2019analyses qu\u2019il est inutile de reprendre ici. Nous renvoyons le lecteur \u00e0 l\u2019excellent article d\u2019Albouy et Bonnet par exemple<a href=\"#_ftn4\">[4]<\/a>.<\/p>\n\n\n\n<p>Le versement de dividende n\u2019a en r\u00e9alit\u00e9 qu\u2019un pouvoir symbolique qui donne le la \u00e0 de nombreux malentendus tels que le fait que les actionnaires s\u2019enrichissent lorsqu\u2019ils per\u00e7oivent des dividendes. Or, comme nous allons le d\u00e9velopper \u00e0 travers la th\u00e9orie financi\u00e8re, cette id\u00e9e est compl\u00e9tement fausse. <em><strong><a rel=\"noreferrer noopener\" href=\"https:\/\/finance-chikh-grandin.com\/wp-content\/uploads\/2020\/05\/Le-pouvoir-symbolique-du-dividende.pdf\" target=\"_blank\">T\u00e9l\u00e9charger la note compl\u00e8te<\/a><\/strong><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><a href=\"#_ftnref1\">[1]<\/a> Pour une analyse politique de cette position de Bruno Lemaire, voir Albouy&nbsp;: https:\/\/www.contrepoints.org\/2020\/03\/30\/367743-supprimer-les-dividendes-bruno-le-maire-et-la-cgt-meme-combat<\/p>\n\n\n\n<p><a href=\"#_ftnref2\">[2]<\/a> https:\/\/www.oxfamfrance.org\/inegalites-et-justice-fiscale\/cac-40-des-profits-sans-partage\/<\/p>\n\n\n\n<p><a href=\"#_ftnref3\">[3]<\/a> M\u00e9thodologie que Patrick Artus n\u2019a pas h\u00e9sit\u00e9 \u00e0 qualifier de d\u00e9sastreuse. Voir <a href=\"https:\/\/www.planete-business.com\/2018\/05\/16\/rapport-oxfam-dividendes\/\">https:\/\/www.planete-business.com\/2018\/05\/16\/rapport-oxfam-dividendes\/<\/a><\/p>\n\n\n\n<p><a href=\"#_ftnref4\">[4]<\/a> https:\/\/www.contrepoints.org\/2018\/05\/23\/316546-oxfam-7-biais-methodologiques-du-rapport-qui-stigmatise-les-actionnaires<\/p>\n","protected":false},"excerpt":{"rendered":"<p>En pleine crise du COVID-19, les dividendes font l\u2019objet de nombreux d\u00e9bats et contestations. Le 24 mars, le ministre de l\u2019\u00e9conomie a incit\u00e9 les entreprises fran\u00e7aises \u00e0 \u00ab\u00a0la plus grande mod\u00e9ration\u00a0\u00bb dans le versement des dividendes en 2020 et que\u00a0\u00ab\u00a0les entreprises o\u00f9 l\u2019Etat est actionnaire\u00a0\u00bb, seraient invit\u00e9es \u00e0 \u00ab\u00a0ne pas verser de dividendes en tout&#8230;<\/p>\n","protected":false},"author":2,"featured_media":244,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classe"],"_links":{"self":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts\/241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=241"}],"version-history":[{"count":4,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts\/241\/revisions"}],"predecessor-version":[{"id":247,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts\/241\/revisions\/247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/media\/244"}],"wp:attachment":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}