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Crédit interentreprises et risque de système

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  • Alexis Direr

Abstract

Nous mettons en évidence une incitation des entreprises à financer leur client plutôt qu'acquérir un actif certain. À l'équilibre, l'entreprise bénéficie d'un rendement supérieur via un accroissement de la corrélation des risques de faillite avec son client. Dans un second temps, nous comparons les risques de défaillance de l'entreprise créancière selon le type de financement choisi : créance-client ou actif sans risque. Nous montrons que la présence de crédit interentreprises aggrave le risque de faillite du prêteur quand les risques d'exploitation du fournisseur et du client sont indépendants mais le laisse inchangé quand les risques de production sont parfaitement corrélés.

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Bibliographic Info

Article provided by De Boeck Université in its journal Recherches économiques de Louvain.

Volume (Year): 68 (2002)
Issue (Month): 3 ()
Pages: 371-384

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Handle: RePEc:cai:reldbu:rel_683_0371

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Web page: http://www.cairn.info/revue-recherches-economiques-de-louvain.htm

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  1. Mitchell A. Petersen & Raghuram G. Rajan, . "Trade Credit: Theories and Evidence," CRSP working papers 322, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  2. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September.
  3. Ferris, J Stephen, 1981. "A Transactions Theory of Trade Credit Use," The Quarterly Journal of Economics, MIT Press, vol. 96(2), pages 243-70, May.
  4. Jocelyn Martel, 1996. "Solutions au stress financier : Un survol de la littérature," CIRANO Working Papers 96s-03, CIRANO.
  5. Mian, Shehzad L & Smith, Clifford W, Jr, 1992. " Accounts Receivable Management Policy: Theory and Evidence," Journal of Finance, American Finance Association, vol. 47(1), pages 169-200, March.
  6. Smith, Janet Kiholm, 1987. " Trade Credit and Informational Asymmetry," Journal of Finance, American Finance Association, vol. 42(4), pages 863-72, September.
  7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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