Conditions de financement de la PME et relations bancaires

Abstract : This research is concerned with how bank lending relationship affects small and medium-sized enterprise financing. We particularly focus on the effect of this contractual feature on their specific asymmetric information problems. We contribute in several ways to the fields of corporate finance and financial intermediation. First, we find evidence that firms which work with more likely to provide lending relationship banks, decentralised ones, use less trade credit, social and fiscal debt and leasing. They appear to access more easily to bank credit. Second, we note that small and mediumsized enterprises choose their main bank for their ability to deal with the kind of information they can provide. Firms with hard information prefer to borrow to centralized banks and firms with soft information prefer to borrow to decentralized ones. Those which can't work with a bank of good type are more credit constrained. Third, we show that bank lending relationship improve collateral efficiency in credit contracts. It allows banks to offer separating equilibrium based on two dimension contracts: interest rate and collateral level. The information transfer during the relationship prevents agency costs associated with collateral. So good project holders can credibly signal themselves giving more collateral to obtain lower interest rate. By doing this, banks limit credit rationing in this context
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Humanities and Social Sciences. Université du Droit et de la Santé - Lille II, 2008. French


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Submitted on : Thursday, March 26, 2009 - 9:43:43 AM
Last modification on : Thursday, March 26, 2009 - 9:53:11 AM

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Ludovic Vigneron. Conditions de financement de la PME et relations bancaires. Humanities and Social Sciences. Université du Droit et de la Santé - Lille II, 2008. French. <tel-00370977>

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