Contraintes financières et innovation dans les PME

Abstract

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.

Bank Credit and Trade Credit: The Case of Portuguese SMEs from 2010 to 2019

“…The model also suggests a direct relationship of liquidity (CR) with bank financing, as an increase in general liquidity provides an increase in bank credit (H4a). The results are consistent with Legesse and Guo (2020) and Ayed and Zouari (2014), who state that liquidity is directly related to bank credit. Conversely, Garcia-Appendini and Montriol-Garriga (2013) and Gama et al (2010) conclude that companies with high levels of liquidity depend more on trade credit, particularly in times of financial crisis.…”

“…The warranties establish a direct relationship with the use of bank credit, as the increase in warranties facilitates access to credit (Farinha and Félix 2015). Companies that hold a significant volume of assets improve their conditions for accessing finance (Ayed and Zouari 2014). This positive effect of warranties on bank credit stems from the fact that the warranties play a significant role (risk reduction) in long-term loans (Kirch and Terra 2012).…”

“…Collateral appears as a necessary condition for obtaining bank credit. In companies with a significant volume of assets, agency conflicts between managers and creditors are mitigated, thus increasing the volume of credit (Ayed and Zouari 2014). Accordingly, we propose the following hypotheses:…”

“…During the 2008 financial crisis, companies with a high level of liquidity resorted to trade credit more often (Garcia-Appendini and Montriol-Garriga 2013). Conversely, Ayed and Zouari (2014), Costa et al (2014), and Legesse and Guo (2020) refer to a positive relationship between liquidity and short-term bank financing, and a negative relationship with long-term bank financing. Companies with higher liquidity have lower borrowing ratios (Antão and Bonfim 2008).…”

Bank Financing and Firms Performance in Sub-Saharan Africa: Evidence of Cameroon and Senegal

“…As a result, this negative influence of bank loans on firms performance does indeed relate to an underlying phenomenon in existing analyses. The credit rationing thesis is therefore being used -was it commonly noted in the literature on bank financing (Stiglitz & Weiss, 1981;Ayed & Zouari, 2014;Seck, 2014). It should be recalled that many of these firms consider access to bank financing as the most important obstacle to doing business: 38.6 per cent of enterprises in Senegal, a percentage well above the sub-Saharan average ( Figure A1, appendix).…”