This article contributes to analyze the determinants of the capital structure of 611 tunisian small and medium-sized enterprises (SME's), observed on a duration of six years. We will wonder about the impact of the financial specificities of the SME on their financial structures. For that purpose, we will confront hypotheses of the financial theory with the reality of the SME's. The estimations conducted, via the within model, show that the financial structure is not neutral and that the cost of financing, the profitability and the commercial debt are the main determinants on the banking debts. The estimations also reveal a hierarchy followed by SME's, in their financial choice, favoring the financing by internal funds and by commercial debts. A business sector analysis shows greater financing difficulties for the SME's providing services compared to the industrial SME's.
L’objectif de ce travail consiste à étudier l’impact des contraintes financières sur le comportement innovant des petites et moyennes entreprises. Nous partons de la méthodologie de Fazzari, Hubbard et Petersen (1988) qui suppose que dans un contexte d’asymétrie d’information, la sensibilité de l’investissement à un indicateur de la richesse interne de l’entreprise implique l’existence de contraintes financières. Les résultats dégagés à partir d’un modèle Logit, mené sur un échantillon de 117 PME, montrent l’impact positif et significatif du cash-flow sur l’investissement innovant, ce qui implique une sensibilité de l’innovation aux ressources internes et confirme que les PME innovantes sont contraintes financièrement. D’autres investigations mettent en évidence une sensibilité plus importante pour les entreprises engagées dans des activités de recherche et développement, censées être plus exposées aux contraintes quant à l’accès au financement externe.
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