Le recours au crédit-bail permet-il d'identifier des entreprises à l'origine du canal du crédit ?

Abstract

This paper analyzes the effect of financial constraints on the investment behaviour of French industrial firms testing Euler equations on various sub-samples over the period 1993-1996. More precisely, we test the model with an increasing cost of borrowing as leverage increases including an agency premium parameter. First of all, the agency premium parameter is not significant for the full sample and for subsamples by sizes of firms and by the extent of use of leasing as a means of finance. But when splitting the sample by leasing and the increase of debt, it turns out that the agency premium parameter is significant for firms with a relatively high increase of debt and a high level of leasing.Classification JEL : C23, D21, D92