Abstracts
Résumé
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.
Mots-clés :
- Innovation,
- Contraintes financières,
- Structure financière,
- PME,
- Cash-flow
Abstract
The objective of this work consists in studying the impact of the financial constraints on the innovative behaviour in small and medium-sized enterprises. We start from the methodology of Fazzari Hubbard and Petersen (1988) which supposes that in a context of asymmetry of information, the sensitivity of the investment to an indicator of the internal wealth of the firm involves the existence of financial constraints. The results of a study obtained by a Logit model, done on a sample of 117 small and medium-sized firms show a positive and significant impact of the cash-flow on the innovative investment what implies a sensibility of the innovation to the internal resources which further confirms that the innovative SMEs are financially constrained. Other investigations reveal a more important sensitivity for the enterprises involved in research and development activities, as they are more exposed to the constraints as for the access to the external financing.
Keywords:
- Innovation,
- Financial constraints,
- Financial structure,
- SMEs,
- Cash-flow
Resumen
El objetivo de este trabajo es estudiar el impacto de las restricciones financieras en el comportamiento innovador de las pequeñas y medianas empresas. Partimos de la metodología Fazzari Hubbard y Petersen (1988) supone que en un contexto de asimétrica de información, la sensibilidad de la inversión a un indicador de la riqueza interna de la empresa implica la existencia de limitaciones financieras. Los resultados surgieron de un modelo Logit, realizado sobre una muestra de 117 PyMEs, muestran un impacto positivo y significativo del flujo de fondos sobre la inversión innovadora, lo que implica una sensibilidad de la innovación a los recursos internos y confirma que las PyME innovadoras están limitados financieramente. Otras investigaciones que implican una mayor sensibilidad para las empresas dedicadas a la investigación y el desarrollo , que se espera sea más vulnerable a las restricciones en el acceso al financiamiento externo identificado.
Palabras clave:
- Innovación,
- Restricciones financieras,
- Estructura financiera,
- PyME,
- Flujo de fondos
Appendices
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