Investissement corporel et coût du financement externe : identification de différents régimes et rôle du crédit-bail

The aim of this article is to test the assumption of complementarity between leasing and ?traditional? borrowing on the basis of the estimation of an Euler equation for investment incorporating an agency premium, measured for firms using leasing in two consecutive years and for firms not using leasing. The breakdown of the sample into two groups of firms according to the internal financing criterion makes it possible to distinguish between firms potentially subject to rationing on the credit market and firms facing an agency cost. For the first group, characterised by a low internal financing ratio, the assumption of absence of credit rationing is accepted, as is the hypothesis of complementarity of leasing. For the second group, the situation is the reverse: agency costs are not significantly different from zero (whether the firms use leasing or not), while the assumption of absence of credit rationing is strongly rejected.