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Credit commercial et limitation du credit des entreprises canadiennes

Listed author(s):
  • Cunningham, Rose
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    Burkart et Ellingsen (2004) ont elabore un modele de credit commercial et de limitation du credit bancaire selon lequel les entreprises a faible ou moyenne rentabilite auraient recours au credit commercial pour attenuer les effets de limitation du credit bancaire. Nous testons cette prediction et plusieurs autres produites par ce modele a partir d'un vaste echantillon compose de plus de 28 000 entreprises canadiennes. Au lieu de choisir arbitrairement les entreprises susceptibles de voir leur credit limite, nous faisons appel a une methode endogene pour classer les entreprises de l'echantillon selon leur rentabilite. Les donnees confirment assez nettement les principales predictions du modele de Burkart et Ellingsen. Nous constatons que les entreprises ayant une rentabilite moyenne substituent le credit commercial au credit bancaire, sans doute dans le but d'attenuer l'incidence de la limitation du credit bancaire. Dans le cas des entreprises peu rentables, le credit commercial est correle positivement avec le credit bancaire, ce qui tend a indiquer que ce groupe subit des contraintes a la fois sur le marche du credit bancaire et sur celui du credit commercial et qu'il ne peut recourir autant a ce dernier pour amortir les chocs negatifs. Autre conclusion : rares seraient les entreprises canadiennes, meme parmi les plus rentables, a n'etre soumises a aucune contrainte d'emprunt. Enfin, les entreprises peu rentables qui accusent une baisse d'activite et se heurtent a de grosses difficultes accordent proportionnellement plus de credit commercial que celles en meilleure sante financiere.

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    Paper provided by Statistics Canada, Direction des etudes analytiques in its series Serie de documents de recherche sur l'analyse economique (AE) with number 2005036f.

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    Date of creation: 04 Nov 2005
    Handle: RePEc:stc:stcp5f:2005036f
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