Is there, or is there not, a corporate investment shortfall in France?

When we look at total, gross and real corporate investment, we cannot see any underinvestment by French companies since the subprime crisis. But three difficulties need to be taken into account to make a serious assessment of the trend in corporate investment in France: Investment in software is extremely high in France compared to all other countries, which is not credible; What matters is net investment after subtracting capital depreciation (consumption of fixed capital); It is prudent to analyse investment in nominal terms, given the arbitrary nature of capital goods price corrections due to quality effects. When we finally look at French companies' net nominal investment excluding software, we see that the investment rate fell markedly after the subprime crisis, and that in reality, there has clearly been a situation of underinvestment in France since this crisis.