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La hiérarchie des financements des investissements des PME

  • Benoît Mulkay
  • Mohamed Sassenou

[eng] The financing hierarchy of the investments in small and medium companies The modern financial theory assumes the existence of a financing hierarchy for the investments because of bankruptcy costs, different tax rates, asymmetric informations or principal-agents relationship in debt contracts. In this study, we try to verify the existence of such a hierarchy of financiang at the level of investments of french small and medium companies during the period 1990-92. The results of the descriptive analysis of the sample showthat the cash-flow remain the preffered source of financing, followed by the debts and then the external resources. We can note that the more the firm invests the more it finances externally, after drying out the internal sources of finance. We also present the results of econometric estimations which confirm the existence of a particular structure of financing for the small and medium companies. [fre] La hiérarchie des financements des investissements des PME La théorie financière moderne de l'entreprise suggère l'existence d'une hiérarchie de financement de l'investissement à cause de coûts de faillite, de taxation différentielle, d'asymétrie d'information ou de relation entre l'entreprise et ses créanciers. Dans cette étude, nous tentons de vérifier l'existence d'une hiérarchie de financement au niveau des investissements des petites et moyennes entreprises françaises au moyen de données individuelles sur la période 1990-1992. Les résultats de l'analyse descriptive de l'échantillon montrent que l'autofinan­cement reste la source préférée de financement, suivie par l'endettement et enfin les apports externes. On peut noter que plus l'entreprise investit, plus elle a recours à du financement externe après avoir épuisé les sources internes. Nous présentons également les résultats d'estimations économétriques des déterminants des sources de financement des entreprises qui confirment l'existence d'une structure de financement particulière des petites et moyennes entreprises.

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 46 (1995)
Issue (Month): 2 ()
Pages: 345-363

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Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_2_409647
Note: DOI:10.3406/reco.1995.409647
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