Abstracts
Résumé
Le rationnement du crédit est un phénomène étudié depuis longtemps, mais que la crise de 2008 remet sur le devant de la scène. Les PME sont particulièrement touchées et semblent être les principales victimes de la crise financière actuelle. Cet article estime l’ampleur du rationnement du crédit pour les PME françaises sur la période 2000-2008. Celles-ci semblent rationnées sur l’ensemble de la période et tout particulièrement en 2008, année de la crise financière. Par ailleurs, les PME les plus exposées au rationnement du crédit bancaire sont plus jeunes, présentent un plus fort taux de croissance, dégagent moins de cash-flow et ont moins d’actifs disponibles à mettre en garantie.
Mots-clés :
- Rationnement,
- PME,
- Crédit,
- Déséquilibre,
- Financement bancaire
Abstract
Credit rationing is a classical phenomenon studied for a long period but the last financial crisis put it in the news. SMEs are particularly affected by this phenomenon and may be the main victims of the financial crisis and economic situation. This paper tries to estimate the scale of credit rationing for French SMEs over the period 2000-2008. French SMEs seem rationed throughout the period and especially in 2008, the year of financial crisis. The most rationed SME are younger, have a higher growth rate, emit less cash-flow and have fewer assets available to be guaranteed.
Keywords:
- Rationing,
- SME,
- Credit,
- Disequilibrium,
- Bank Financing
Resumen
El racionamiento del credito es un fenómeno estudiado desde hace mucho tiempo, pero la crisis de 2008 le pone de nuevo en la parte delantera del escenario. Las PyME son particularmente afectadas y parecen ser las principales víctimas de la crisis financiera actual. En este artículo se considera el grado de racionamiento del crédito para las PyME francesas durante el período 2000-2008. Estas parecen racionadas durante todo el período, y especialmente en 2008, año de la crisis financiera. Por otra parte, las PyME más expuestas al racionando del crédito bancario son más jóvenes, tienen una mayor tasa de crecimiento, generan menos flujo de efectivo y tienen menos activos disponibles para ser garantizados.
Palabras clave:
- Racionamiento,
- PyME,
- Credito,
- Desequilibrio,
- Financiamiento bancario
Appendices
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