{"id":403,"date":"2010-09-17T20:29:42","date_gmt":"2010-09-17T18:29:42","guid":{"rendered":"https:\/\/www.devadeas.fr\/?p=403"},"modified":"2010-09-17T20:29:42","modified_gmt":"2010-09-17T18:29:42","slug":"lillusion-du-dividende","status":"publish","type":"post","link":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/","title":{"rendered":"L&rsquo;illusion du dividende"},"content":{"rendered":"<p>Une fois de plus, c&rsquo;est Gilles Coville qui le dit dans <a href=\"http:\/\/www.lesechos.fr\/journal20100914\/lec2_entreprises_et_marches\/020784812691-par-gilles-coville-l-illusion-du-dividende.htm\">Les \u00c9chos du 14 septembre<\/a> :<\/p>\n<blockquote><p>Si g\u00e9n\u00e9reux soient-ils en apparence, ce ne sont pas les rendements des dividendes qui ram\u00e8nent les investisseurs vers les actions.[&#8230;]. Quelques coups de sonde au sein du CAC 40 remettent \u00e0 leur place les champions du dividende en termes de retour complet \u00e0 l&rsquo;actionnaire (plus-value et revenu). Parmi les dix plus forts rendements 2010, seul Unibail Rodamco est en vert sur trois ans (0,23 %) et cinq ans (+ 61 %), GDF Suez ne l&rsquo;\u00e9tant que sur cinq ans (+ 11 %). <strong>France T\u00e9l\u00e9com (- 3,5 %)<\/strong> et Vivendi (- 5,3 %) <strong>font tout juste mieux que le CAC (- 5,5 %)<\/strong> sur cette m\u00eame p\u00e9riode &#8230;<\/p><\/blockquote>\n<p>L&rsquo;affaire r\u00e9cente de <a href=\"https:\/\/www.devadeas.fr\/index.php\/nos-analyses\/la-montee-au-capital-de-france-telecom-de-la-deutsche-bank-n%E2%80%99etait-finalement-qu%E2%80%99une-optimisation-financiere\/\">la mont\u00e9e au capital de France T\u00e9l\u00e9com de la Deutsche Bank <\/a>le d\u00e9montre : m\u00eame les actionnaires institutionnels les plus r\u00e9put\u00e9s pour leur stabilit\u00e9 se laissent tenter par la perspective de toucher un dividende \u00e9lev\u00e9&#8230; mais ne conservent pas leurs actions dans la dur\u00e9e pour autant.\u00a0 <a href=\"https:\/\/www.devadeas.fr\/index.php\/nos-analyses\/des-dividendes-trop-eleves-sont-dangereux-pour-lentreprise-et-pour-ses-personnels\/\">Comme nous l&rsquo;avons d\u00e9j\u00e0 soulign\u00e9<\/a>, le dividende \u00e9lev\u00e9 ne soutient donc pas le cours de l&rsquo;action.<\/p>\n<p>Sachant qu&rsquo;en parall\u00e8le, une telle distribution siphonne les fonds propres de l&rsquo;entreprise, limitant de ce fait ses capacit\u00e9s d&rsquo;investissement et d&rsquo;expansion, on voit bien que la strat\u00e9gie industrielle est sacrifi\u00e9e au profit du seul actionnaire, dans une vision improductive et de court terme.<\/p>\n<p>Ceux qui s&rsquo;int\u00e9ressent \u00e0 la finance pourront \u00e9galement consulter l&rsquo;analyse parue dans Les \u00c9chos : <a href=\"http:\/\/www.lesechos.fr\/patrimoine\/bourse\/020787501905-le-rendement-des-dividendes-depasse-celui-des-obligations-d-entreprises.htm\">Le rendement des dividendes d\u00e9passe celui des obligations d&rsquo;entreprises<\/a>, ce qui constitue une aberration dans les r\u00e8gles de fonctionnement des march\u00e9s financiers.\u00a0 On aimerait que France T\u00e9l\u00e9com se conforme \u00e0 la pr\u00e9diction de Pascal Quiry, banquier d&rsquo;affaires et co-auteur du guide Vernimmen \u00ab\u00a0<em> vu le contexte \u00e9conomique, les entreprises chercheront \u00e0 se garder un matelas de cash<\/em> \u00ab\u00a0.<\/p>\n<p>On sait malheureusement qu&rsquo;il n&rsquo;en est rien, puisqu&rsquo;en juillet dernier, la Direction de l&rsquo;entreprise a confirm\u00e9 qu&rsquo;elle <a href=\"http:\/\/hightech.nouvelobs.com\/actualites\/depeche\/20100729.REU5381\/france-telecom-confirme-son-dividende-a-l-horizon-2012.html\">maintiendrait le dividende \u00e0 1,40 euro jusqu&rsquo;en 2012<\/a>. 3 ans de dividendes \u00e0 1,40 \u20ac, rappelons le, c&rsquo;est 11 milliards d&rsquo;euros vers\u00e9s aux actionnaires, qui seront donc soustraits aux capacit\u00e9 d&rsquo;investissement de l&rsquo;entreprise dans les nouveaux r\u00e9seaux, fibre et 4G par exemple.<\/p>\n<p>L&rsquo;ADEAS d\u00e9plore une fois de plus que, sans doute sous la pression de l&rsquo;\u00c9tat qui cherche \u00e0 tirer le profit maximum de sa participation (27%) pour renflouer son budget, on assiste \u00e0 la fois \u00e0 une interpr\u00e9tation erron\u00e9e des r\u00e8gles du march\u00e9 par la Direction de l&rsquo;entreprise, et au sacrifice de l&rsquo;investissement qui garantirait la p\u00e9rennit\u00e9 de l&rsquo;entreprise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Une fois de plus, c&rsquo;est Gilles Coville qui le dit dans Les \u00c9chos du 14 septembre : Si g\u00e9n\u00e9reux soient-ils en apparence, ce ne sont pas les rendements des dividendes qui ram\u00e8nent les investisseurs vers les actions.[&#8230;]. Quelques coups de sonde au sein du CAC 40 remettent \u00e0 leur place les champions du dividende en [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[25,8],"tags":[22,21,36],"class_list":["post-403","post","type-post","status-publish","format-standard","hentry","category-nos-analyses","category-revue-de-web","tag-actionnariat","tag-bourse","tag-dividendes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>L&#039;illusion du dividende - ADEAS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"L&#039;illusion du dividende - ADEAS\" \/>\n<meta property=\"og:description\" content=\"Une fois de plus, c&rsquo;est Gilles Coville qui le dit dans Les \u00c9chos du 14 septembre : Si g\u00e9n\u00e9reux soient-ils en apparence, ce ne sont pas les rendements des dividendes qui ram\u00e8nent les investisseurs vers les actions.[&#8230;]. Quelques coups de sonde au sein du CAC 40 remettent \u00e0 leur place les champions du dividende en [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/\" \/>\n<meta property=\"og:site_name\" content=\"ADEAS\" \/>\n<meta property=\"article:published_time\" content=\"2010-09-17T18:29:42+00:00\" \/>\n<meta name=\"author\" content=\"H\u00e9l\u00e8ne Marcy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"H\u00e9l\u00e8ne Marcy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/\"},\"author\":{\"name\":\"H\u00e9l\u00e8ne Marcy\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#\\\/schema\\\/person\\\/f211a644cb2f568bb26120ca01bdf5b4\"},\"headline\":\"L&rsquo;illusion du dividende\",\"datePublished\":\"2010-09-17T18:29:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/\"},\"wordCount\":450,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#organization\"},\"keywords\":[\"actionnariat\",\"bourse\",\"dividendes\"],\"articleSection\":[\"Nos analyses\",\"Revue de web\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/\",\"url\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/\",\"name\":\"L'illusion du dividende - ADEAS\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#website\"},\"datePublished\":\"2010-09-17T18:29:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/revue-de-web\\\/lillusion-du-dividende\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/www.devadeas.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"L&rsquo;illusion du dividende\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#website\",\"url\":\"https:\\\/\\\/www.devadeas.fr\\\/\",\"name\":\"ADEAS\",\"description\":\"Association pour la D\u00e9fense de l&#039;Epargne et de l&#039;Actionnariat des Salari\u00e9s d&#039;Orange\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.devadeas.fr\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#organization\",\"name\":\"ADEAS\",\"url\":\"https:\\\/\\\/www.devadeas.fr\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.devadeas.fr\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/LogoBanniereBlogADEAS-1.png\",\"contentUrl\":\"https:\\\/\\\/www.devadeas.fr\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/LogoBanniereBlogADEAS-1.png\",\"width\":202,\"height\":204,\"caption\":\"ADEAS\"},\"image\":{\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/company\\\/adeas-asso\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.devadeas.fr\\\/#\\\/schema\\\/person\\\/f211a644cb2f568bb26120ca01bdf5b4\",\"name\":\"H\u00e9l\u00e8ne Marcy\",\"url\":\"https:\\\/\\\/www.devadeas.fr\\\/index.php\\\/author\\\/helene-marcy\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"L'illusion du dividende - ADEAS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/","og_locale":"fr_FR","og_type":"article","og_title":"L'illusion du dividende - ADEAS","og_description":"Une fois de plus, c&rsquo;est Gilles Coville qui le dit dans Les \u00c9chos du 14 septembre : Si g\u00e9n\u00e9reux soient-ils en apparence, ce ne sont pas les rendements des dividendes qui ram\u00e8nent les investisseurs vers les actions.[&#8230;]. Quelques coups de sonde au sein du CAC 40 remettent \u00e0 leur place les champions du dividende en [&hellip;]","og_url":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/","og_site_name":"ADEAS","article_published_time":"2010-09-17T18:29:42+00:00","author":"H\u00e9l\u00e8ne Marcy","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"H\u00e9l\u00e8ne Marcy","Dur\u00e9e de lecture estim\u00e9e":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/#article","isPartOf":{"@id":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/"},"author":{"name":"H\u00e9l\u00e8ne Marcy","@id":"https:\/\/www.devadeas.fr\/#\/schema\/person\/f211a644cb2f568bb26120ca01bdf5b4"},"headline":"L&rsquo;illusion du dividende","datePublished":"2010-09-17T18:29:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/"},"wordCount":450,"commentCount":1,"publisher":{"@id":"https:\/\/www.devadeas.fr\/#organization"},"keywords":["actionnariat","bourse","dividendes"],"articleSection":["Nos analyses","Revue de web"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/","url":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/","name":"L'illusion du dividende - ADEAS","isPartOf":{"@id":"https:\/\/www.devadeas.fr\/#website"},"datePublished":"2010-09-17T18:29:42+00:00","breadcrumb":{"@id":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.devadeas.fr\/index.php\/revue-de-web\/lillusion-du-dividende\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.devadeas.fr\/"},{"@type":"ListItem","position":2,"name":"L&rsquo;illusion du dividende"}]},{"@type":"WebSite","@id":"https:\/\/www.devadeas.fr\/#website","url":"https:\/\/www.devadeas.fr\/","name":"ADEAS","description":"Association pour la D\u00e9fense de l&#039;Epargne et de l&#039;Actionnariat des Salari\u00e9s d&#039;Orange","publisher":{"@id":"https:\/\/www.devadeas.fr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.devadeas.fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/www.devadeas.fr\/#organization","name":"ADEAS","url":"https:\/\/www.devadeas.fr\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.devadeas.fr\/#\/schema\/logo\/image\/","url":"https:\/\/www.devadeas.fr\/wp-content\/uploads\/2026\/06\/LogoBanniereBlogADEAS-1.png","contentUrl":"https:\/\/www.devadeas.fr\/wp-content\/uploads\/2026\/06\/LogoBanniereBlogADEAS-1.png","width":202,"height":204,"caption":"ADEAS"},"image":{"@id":"https:\/\/www.devadeas.fr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/adeas-asso\/"]},{"@type":"Person","@id":"https:\/\/www.devadeas.fr\/#\/schema\/person\/f211a644cb2f568bb26120ca01bdf5b4","name":"H\u00e9l\u00e8ne Marcy","url":"https:\/\/www.devadeas.fr\/index.php\/author\/helene-marcy\/"}]}},"_links":{"self":[{"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/posts\/403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/comments?post=403"}],"version-history":[{"count":2,"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/posts\/403\/revisions"}],"predecessor-version":[{"id":405,"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/posts\/403\/revisions\/405"}],"wp:attachment":[{"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/media?parent=403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/categories?post=403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.devadeas.fr\/index.php\/wp-json\/wp\/v2\/tags?post=403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}