Les pratiques de gestion du poste client : Le cas d’un panel de PME françaises

Dans cette contribution, nous examinons le rôle du crédit interentreprises dans le financement du cycle d’exploitation des PME françaises à l’aide d’une base de données construite à partir d’une enquête réalisée auprès d’un panel de chefs d’entreprise. L’analyse des comportements en matière de gestion des créances clients souligne l’importance stratégique de la taille et de la position des entreprises dans le processus de financement des ventes. En référence aux théories financières sur la question, nous testons une fonction d’offre de crédit interentreprises à l’aide de variables quantitatives et qualitatives. Les résultats obtenus valident principalement les motifs d’offre liés à une réduction des asymétries d’information entre les contractants.In this contribution, we analyze the role of trade credit in the financing of current asset for French small and medium-sized enterprises using specific data collected in a recent survey based on a panel of managers. We provide direct evidence that inter-firm credit offered by SMEs is sensitive to the strategic importance of firm size and position in the financing process of sales. Using existing theories on the subject, we test a supply function for trade credit with quantitative and qualitative data. Results mainly validate supply-side theories relative to a reduction of asymmetric information between contractors.En esta contribución, examinamos la función del crédito inter-empresas en el financiamiento del ciclo de explotación de las pequeñas y medianas empresas francesas con la ayuda de una base de datos construida específicamente a partir de una encuesta realizada cerca de un panel de empresarios. El análisis de los comportamientos en materia de gestión de los créditos clientes subraya la importancia estratégica de le talla y de la posición de las empresas en el proceso de financiamiento de las ventas. En referencia a las teorías financieras sobre la cuestión, sometemos a un test una función de oferta de crédito inter-empresas con la ayuda de variables cuantitativas y cualitativas. Los resultados obtenidos principalmente validan los motivos de oferta vinculados a una reducción de las asimetrías de información entre los contratantes.Dieser Beitrag untersucht die Rolle von Krediten, die Unternehmen untereinander sprechen, bei der Finanzierung der Geschäftstätigkeit von französischen KMU. Die Datenbasis bildet eine Befragung bei einem Panel von Unternehmensleitern. Die Analyse der unterschiedlichen Handhabung von Debitorenforderungen unterstreicht die strategische Wichtigkeit der Grösse und Position von Unternehmen bei der Finanzierung von Verkäufen. Mit Bezug auf die Finanztheorien, testen wir die Funktion von interunternehmerischen Krediten anhand von qualitativen und quantitativen Variablen. Die erhaltenen Resultate validieren mehrheitlich die Motive zur Kreditvergabe dahingehend, dass sie einer Verringerung der Informationsasymmetrie zwischen den Vertragspartnern dienen soll

How many banks does it take to lend? Empirical evidence from Europe

We provide empirical evidence on the determinants of the number of bank lenders using a sample of more than 3000 loans to firms from 24 European countries. Our testable hypotheses are built upon different theoretical frameworks drawn from the existing literature, referring to firm characteristics, strategic considerations, geographical distances, bank market concentration, efficiency of legal system, and development of alternative sources of funds. Our main results show that the number and the international diversity of lenders is increased by loan and firm characteristics which reduce agency costs, and by financial structure and legal environment characteristics which mitigate expropriation risk.Lending relationships, number of lenders, bank loans, financial governance, asymmetric information, Europe.

No Going Back: The Interactions Between Processed Inventories and Trade Credit

Our paper focuses on testing the advantages in controlling the buyer and salvaging goods supplied where we have information on the nature of the transacted good and information on the inventory of buyers and sellers. We find transactions in specialized goods tend to be conducted more often using trade credit, but willingness to extend trade credit also depends on the ability of the firm to resell goods when demand is uncertain and on inventory costs. The advantages in salvage of goods is also limited by the extent to which goods have been processed by the receiving firm. These findings are derived from 82,000 French firms in four sectors over the period 1999-2007. Our results confirm the findings of the existing literature based on US and UK data, while also giving more support to the inventory transactions cost motive for firms with specialized goods.Trade credit, Inventories

Personal Bankruptcy Law, Fresh Starts, and Judicial Practice

We explore the ways French judges respond to the possibility of discharging personal debts in exchange for liquidation of debtors’ assets. We present empirical results on the determinants of judicial selection between debtors whose debts are wiped out and those who have to reimburse them. We find that French judges tend to disqualify debtors with multiple creditors from debt discharge, and are sensitive to regional labor market conditions. These empirical results help us understand better how French personal bankruptcy laws perform compared to other national systems. Finally, our results serve to fill the gap between bankruptcy rules and judicial practice.Personal bankruptcy, over-indebtedness

Concentration in corporate bank loans. What do we learn from European comparisons?

The aim of this paper is to empirically investigate the determinants of creditor concentration in the use of bank loans by firms in a European cross-country framework. We analyze the influence of loan and borrower characteristics but also banking market structure and legal enforcement country-specific variables that are expected to influence the financial and strategic decision relative to the number of bank lenders. We find that firms tend to diversify sources of financing by reducing bank concentration when their level of quality is higher and both asymmetric information and the risk of early liquidation are minimal (larger, older, transparent, liquid and profitable firms). Furthermore, lenders’ monitoring appears to be an important feature of lending concentration, particularly in order to prevent private benefits extraction by insiders in legal environment where shareholders benefit from better protections.Financial intermediation, bank lending, creditor concentration, information asymmetry, Europe.

The determinants of trade credit demand by French small and medium enterprises

International audienc

La finance à l’interface de l’opérationnel et du stratégique

International audienc

Tests des motifs transactionnels et financiers du crédit commercial

International audienc

Financement et relations de clientèle banques-entreprises

International audienc