IDEAS home Printed from https://ideas.repec.org/a/prs/ecoprv/ecop_0249-4744_2011_num_197_1_8082.html
   My bibliography  Save this article

Structure financière et dépenses de R&D

Author

Listed:
  • Marianne Guille
  • Sandra Cavaco
  • Jean Belin

Abstract

[eng] This article offers a dynamic analysis of the debt ratio of a broad panel of French firms , incorporating R & D activity and using the system GMM estimation method. The results show that R & D intensity (ratio of R & D expenditures to sales) has a negative influence on the ratios of bank debt to total resources and to total debt. Profitability also has a negative impact on these ratios, even as small businesses and listed firms have a higher proportion of bank debt. Lastly, these effects prove robust to the introduction of additional explanatory variables, several of which are found to be significant. For instance, the use of bank debt increases with loan guarantees and decreases with financing by the enterprise group. [fre] Cet article propose une analyse dynamique du taux d’endettement d’un large panel d’entreprises françaises prenant en compte la réalisation d’une activité de R & D. Les estimations sont réalisées par la méthode des moments généralisés en système (system GMM). Les résultats obtenus montrent que l’effort de R & D (dépenses de R & D sur chiffre d’affaires) influence négativement les ratios rapportant la dette bancaire aux ressources et à la dette totale. La profitabilité exerce aussi un impact négatif sur ces ratios alors que les PME et les entreprises cotées s'endettent davantage auprès des banques. Enfin, ces effets se révèlent robustes à l’introduction de variables explicatives additionnelles et plusieurs d’entre elles s’avèrent significatives. Ainsi, le recours à la dette bancaire augmente avec les garanties et se réduit avec les financements du groupe.

Suggested Citation

  • Marianne Guille & Sandra Cavaco & Jean Belin, 2011. "Structure financière et dépenses de R&D," Économie et Prévision, Programme National Persée, vol. 197(1), pages 129-143.
  • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2011_num_197_1_8082
    DOI: 10.3406/ecop.2011.8082
    Note: DOI:10.3406/ecop.2011.8082
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecop.2011.8082
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecop_0249-4744_2011_num_197_1_8082
    Download Restriction: no

    Other versions of this item:

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:ecoprv:ecop_0249-4744_2011_num_197_1_8082. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: https://www.persee.fr/collection/ecop .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.