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Determinants of the choice leasing vs Bank Loan: evidence from the french sme by Kacm

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Author Info

  • Marie Christine Filareto-Deghaye

    (Université du Littoral. Dunkerque, France.)

  • Eric Severin.

    (Centre du LEM. Lille, France.)

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    Abstract

    La cuestión del leasing como sustituto o complemento de un préstamo bancario todavía no se ha resuelto en la literatura financiera. Como continuación de estos argumentos, el objetivo de este artículo es, por una parte, determinar las características de las empresas que usan el leasing y por otra parte, comprender mejor la relación existente entre el leasing y las restricciones al crédito. En primer lugar, nuestros resultados sugieren que las PYMES utilizan más el leasing cuando son de reciente creación, están apalancadas y son menos solventes, aunque sean de menor tamaño y tengan más probabilidades de fracaso. Así pues, el leasing amplía los límites de la deuda bancaria en el caso de las empresas que no tienen acceso al mismo. En segundo lugar, nuestros resultados muestran una relación fuerte y significativa entre las restricciones al crédito y el uso del leasing. En este marco de trabajo, éste parece ser el último recurso financiero.

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    File URL: http://www.unagaliciamoderna.com/eawp/coldata/upload/Determinants%20of%20the%20choice%20leasing%20VS%20Bank...pdf
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    Bibliographic Info

    Article provided by Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna in its journal Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2013).

    Volume (Year): 6 (2007)
    Issue (Month): (May)
    Pages: 1-11

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    Handle: RePEc:eac:articl:06/06

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    Web page: http://www.economistascoruna.org/eawp/
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