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Le financement des PME en France : un contexte particulier, favorable aux innovations

Author

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  • Jocelyne Bendriss
  • Bertrand Lavayssière
  • Mark Tilden

Abstract

Governments and banks have been arguing for years on SMEs financing. SMEs in Europe are at the heart of the economy and are mainly financed by banks. The numerous regulatory measures taken in the last years have deeply impacted financing, in general, and, SME in particular. Given the SMEs needs, some alternative sources of financing are newly emerging such as the Euro PP, a renewed interest for securitization, the creation of specific UCITS towards insurers and the recent crowdfunding mechanisms. Their variety and specific set ups call for tailored risks approaches and market conditions to assure growth. Nonetheless, their market shares will increase slowly over time, substituting only a part of the bank financing. These alternative financing vehicles imply strong changes inside the bank retail networks and within the asset management arm of the insurers. Classification JEL: G21, G23, G28, L25.

Suggested Citation

  • Jocelyne Bendriss & Bertrand Lavayssière & Mark Tilden, 2014. "Le financement des PME en France : un contexte particulier, favorable aux innovations," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 241-254.
    • Handle: RePEc:cai:refaef:ecofi_114_0241
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    Citations

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    Cited by:

    1. Malek Hamouda & Imen Mejri & Donia Trabelsi, 2017. "Crowdequity et Crowdlending : deux alternatives de financement des TPE/PME. Le cas de l'entreprise Gifts for change," Post-Print hal-02373759, HAL.
    2. Charlotte Bigard & Charlotte Michel & Maya Leroy, 2022. "Vers une performance écologique des activités en mer : Quels apprentissages tirer des entreprises maritimes innovantes de la transition ?," Working Papers hal-03632459, HAL.

    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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