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La structure de financement des TPE : un état des lieux sur le marché français

Author

Listed:
  • Dominique Dufour

    (GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon)

  • Eric Severin

    (IAE Lille - IAE Lille University School of Management - Lille - Université de Lille)

  • Jean-Claude Juhel

    (CRIFP - Centre de Recherche en Ingénierie Financière et Finances Publiques - UNS - Université Nice Sophia Antipolis (1965 - 2019))

Abstract

Cet article se propose de mieux circonscrire le comportement financier des TPE. Cette étude empirique basée sur un échantillon de 5325 TPE françaises ne permet pas de conclure clairement en faveur de la théorie du trade off ou de la POT (Pecking Order Theory). Nos résultats mettent en évidence que le montant des garanties influent positivement sur le financement. Par ailleurs, la relation négative entre rentabilité et endettement montre que le comportement des TPE est, sur cet aspect, en ligne avec la théorie de la POT. Ces résultats montrent qu'il serait utile de revisiter cette question au travers de nouvelles grilles de lecture telle que la théorie des conventions.

Suggested Citation

  • Dominique Dufour & Eric Severin & Jean-Claude Juhel, 2014. "La structure de financement des TPE : un état des lieux sur le marché français," Post-Print hal-01527955, HAL.
    • Handle: RePEc:hal:journl:hal-01527955
    as

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    Keywords

    financement; trade-off; POT; TPE;
    All these keywords.

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