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Euro PP : comment situer le Placement Privé parmi les modes de financement des PME-ETI ?

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  • Sébastien GALANTI
  • Iarina LAZAR

Abstract

– Launched by the end of 2012 in France, the Euro PP market aims at promoting the private placement as a complementary solution to the banking financing of small and medium enterprises (SME). It is a partnership between an undertaking bank and different partners – mostly insurance companies. This article shows that this financing lies midway between banking and market financing. However its future success is not certain. It will depend on the success of the other alternative financings : stock exchanges dedicated to the SMEs, business angels, and SMEs’ loans securitization. Moreover, the policies of enhancing bank loans to SMEs (initiated by the French government or the European Union), and also the relative weakness of SMEs’ demand for financing, lead us to mitigate the prospects of a sudden growth of the private placement market. Résumé – Ouvert fin 2012 en France, le marché de l’Euro PP promeut le placement privé comme une solution complémentaire au financement bancaire pour les petites et moyennes entreprises (PME) et entreprises de tailles intermédiaires (ETI). Il consiste en un partenariat entre une banque organisatrice et d’autres partenaires – principalement des assureurs. Cet article montre que, si sa mise en œuvre constitue effectivement un chaînon manquant entre le crédit bancaire et le financement de marché, son succès futur n’est pas garanti et dépend des financements alternatifs : cote boursière dédiée aux PME, « business angels » et titrisation de crédit PME. De plus, les différentes politiques de soutien au crédit aux PME initiées par le gouvernement français ou l’Union européenne, ainsi que la relative faiblesse actuelle de la demande de financement de la part des PME-ETI nous amènent à relativiser les perspectives d’essor rapide de ce marché.
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Suggested Citation

  • Sébastien GALANTI & Iarina LAZAR, 2016. "Euro PP : comment situer le Placement Privé parmi les modes de financement des PME-ETI ?," LEO Working Papers / DR LEO 2303, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
  • Handle: RePEc:leo:wpaper:2303
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    Keywords

    ; Financement; PME;
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