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La fonction financière du crédit commercial interentreprises

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  • Michel Dietsch

Abstract

[fre] Une grande importance a été accordée au secteur d'activité et à la taille dans l'analyse du crédit commercial. De fait, le commerce emprunte plus qu'il ne prête, à l'inverse de la plupart des autres secteurs. De même la charge du crédit pèse surtout sur les entreprises moyennes, au profit des petites et des grandes. Pourtant, la dispersion des situations est grande à l'intérieur de chaque secteur ou de chaque tranche de taille. Le crédit interentreprises semble davantage déterminé par d'autres caractéristiques, en particulier le taux de valeur ajoutée, et les risques d'illiquidité et d'insolvabilité. Globalement, les entreprises qui distribuent le crédit commercial ont une bonne situation financière, et le crédit bancaire est pour elles d'accès plus facile et de coût plus réduit. Par le jeu des délais de paiement, ces entreprises fournissent des ressources à celles qui ont des difficultés à s'en procurer, et elles assument les risques de cette fonction d'intermédiation. [eng] The financial function of inter-company commercial credit - In the analysis of commercial credit, great importance has been given to sector of activity and to size. In fact, contrary to most other sectors, trade borrows more than it lends. Just as the cost of credit weighs above all on middle-sized companies to the benefit of the small and the large. However, the variety of situations is great whithin each sector or each size level. Intercompany credit seems determined even more by other characteristics, in particular, the added value rate and cash-flow and insolvency risks. On the whole, the companies that distribute commercial credit are in good financial condition and have easy access to bank credit at reduced cost. Playing with terms of payment, these companies offer financing to those that have difficulty obtaining it otherwise and they undertake the risks of this intermediary function. [spa] La función financiera del crédito comercial interempresas - Se dió gran importancia al sector de actividades y tamano en el análisis del credito comercial. Por cierto, el comercio pide prestado mâs de lo que presta, a la inversa de la mayoria de los demis sectores. Asimismo, la carga crediticia pesa mayormente en la mediana empresa con ventaja para la pequena y la mayor. Sin embargo, la dispersion de las situaciones es de consideración en el interior de cada sector o de cada grupo de tamano. El crédito interempresas parece mas determinado por otras características, en especial, por el tipo de valor anadido y los riesgos de falta de liquidez as! como de insolvencia. Globalmente, las empresas que distribuyen el crédito comercial disfrutan una buena posición financiera, y el crédito bancario es para ellas más asequible y con menor gasto. Mediante la combinación de los plazos de pago, estas empresas facilitan recursos a las que tropiezan con dificultades para conseguirlos y asumen los riesgos de esta función de intermediario.

Suggested Citation

  • Michel Dietsch, 1985. "La fonction financière du crédit commercial interentreprises," Économie et Statistique, Programme National Persée, vol. 174(1), pages 3-18.
  • Handle: RePEc:prs:ecstat:estat_0336-1454_1985_num_174_1_4943
    DOI: 10.3406/estat.1985.4943
    Note: DOI:10.3406/estat.1985.4943
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    Cited by:

    1. Elizabeth Kremp & Dominique Boissonade, 1994. "Le crédit interentreprises reste une charge pour les PME malgré la diminution des délais de paiement," Économie et Statistique, Programme National Persée, vol. 271(1), pages 115-128.

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