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Information asymétrique, contraintes de liquidité et investissement

Listed author(s):
  • Bascuñán, Mauricio

    (Département de sciences économiques, Université de Montréal)

  • Garcia, René

    (Département de sciences économiques, Université de Montréal)

  • Poitevin, Michel

    (Département de sciences économiques, Université de Montréal)

This paper studies the impact of financial market structure on investment decisions by firms using company panel data from six countries: Germany and Japan, where borrower-lender relationships are more of a long-term nature, Canada, France, United Kingdom, and United States, where financial markets tend to favour short-term relationships. Market imperfections between lenders and borrowers should be reduced in financial Systems of the long-term type, allowing firms to rely less on their own cash flows to finance their investments. Our estimation results confirm that in Germany and Japan, coefficients of cash flows and stocks in investment equations are either of small magnitude or not statistically different from zero. Notwithstanding the financial system prevailing in a country, these imperfections should affect more small firms than large firms. Our results show that small firms make more use of their cash flows to finance investment, not only in the United States but also in Japan, which offers more convincing evidence supporting the assumption of financial constraints. Le présent article étudie l’influence de la structure des marchés financiers sur les décisions d’investissement des entreprises à partir de données longitudinales d’entreprises de six pays : l’Allemagne et le Japon d’une part, où s’établissent plutôt des relations de long terme entre prêteurs et emprunteurs, le Canada, les États-Unis, la France et le Royaume-Uni d’autre part, dont les marchés financiers tendent à privilégier les relations de court terme. Les systèmes financiers qui favorisent les relations de long terme devraient réduire les imperfections de marché et permettre donc aux entreprises de moins recourir aux fonds autogénérés pour financer leurs investissements. Les résultats de nos estimations confirment qu’en Allemagne et au Japon, les coefficients des variables de flux et de stocks de liquidités dans les équations d’investissement sont soit faibles soit statistiquement non différents de zéro. Par ailleurs, indépendamment du système financier d’un pays, ces mêmes imperfections devraient se manifester plus dans les petites entreprises que dans les grandes entreprises. Nos résultats montrent effectivement que les petites firmes ont davantage recours à leurs propres fonds pour financer leurs investissements, non seulement aux États-Unis mais encore au Japon, ce qui constitue une confirmation plus convaincante de l’hypothèse des contraintes financières.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 71 (1995)
Issue (Month): 4 (décembre)
Pages: 398-420

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Handle: RePEc:ris:actuec:v:71:y:1995:i:4:p:398-420
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