Investissement corporel et coût du financement externe : identification de différents régimes et rôle du crédit-bail (notice n° 237550)
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| fixed length control field | 03029cam a2200277 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112064353.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Teurlai, Jean-Christophe |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Investissement corporel et coût du financement externe : identification de différents régimes et rôle du crédit-bail |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2003.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 90 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | L’objet de cet article est de tester l’hypothèse de complémentarité du crédit-bail au crédit « classique » à partir de l’estimation d’une équation d’Euler de l’investissement incorporant une prime d’agence, mesurée pour des entreprises faisant usage du crédit-bail deux années consécutives et pour celles n’en faisant pas usage. La segmentation de l’échantillon en deux groupes d’entreprises, suivant le critère d’autofinancement, permet de discriminer entre les firmes potentiellement rationnées sur le marché du crédit et celles faisant face à un coût d’agence. Pour le premier groupe, caractérisé par un faible ratio d’autofinancement, l’hypothèse d’absence de rationnement du crédit est acceptée, de même que l’hypothèse de complémentarité du crédit-bail. Pour l’autre groupe, la situation est inverse : les coûts d’agence sont non significativement différents de zéro (que les entreprises fassent ou non usage du crédit-bail), alors que l’hypothèse d’absence de rationnement du crédit est fortement rejetée. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Tangible Investment and the Cost of External Financing: Identification of Various Regimes and the Role of Leasing The aim of this article is to test the assumption of complementarity between leasing and “traditional” borrowing on the basis of the estimation of an Euler equation for investment incorporating an agency premium, measured for firms using leasing in two consecutive years and for firms not using leasing. The breakdown of the sample into two groups of firms according to the internal financing criterion makes it possible to distinguish between firms potentially subject to rationing on the credit market and firms facing an agency cost. For the first group, characterised by a low internal financing ratio, the assumption of absence of credit rationing is accepted, as is the hypothesis of complementarity of leasing. For the second group, the situation is the reverse: agency costs are not significantly different from zero (whether the firms use leasing or not), while the assumption of absence of credit rationing is strongly rejected. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | investissement |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | contraintes financières |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | bail |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | crédit |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | méthode des moments généralisés |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | investment |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | financial constraints |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | generalised method of moments |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | leasing |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie & prévision | 157 | 1 | 2003-03-01 | p. 51-70 | 0249-4744 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economie-et-prevision-1-2003-1-page-51?lang=fr">https://shs.cairn.info/revue-economie-et-prevision-1-2003-1-page-51?lang=fr</a> |
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