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            <title xml:lang="en">An Investigation into the Determinants of Trade Credit Use by French Small and Medium Enterprises</title>
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                <term xml:lang="en">Trade credit</term>
                <term xml:lang="en">Small and medium-sized enterprises</term>
                <term xml:lang="en">Credit rationing</term>
                <term xml:lang="en">Asymmetric information</term>
                <term xml:lang="en">France</term>
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              <p>The aim of this paper is to analyse the role of trade credit in the financing of French small and medium-sized enterprises (SMEs) using specific data collected in a recent survey on small firms. We provide direct evidence that inter-firm credit offered by SMEs is sensitive to the strategic importance of firm size and position. Using existing theories, we also test a supply function and a model of demand for trade credit. On the one hand, results validate supply-side theories relative to a reduction of asymmetric information between the buyer and the seller. On the other hand, econometric exercises show that both a transaction motive, linked to efficient cash management, and a financing motive are significant determinant of trade credit demand. According the financing motive, trade credit is specifically used for the purpose of short-term financing by firms exposed to information asymmetries and bank credit rationing.</p>
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              <p>Dans cette contribution, nous examinons le rôle du crédit interentreprises dans le financement des PME françaises à l’aide d’une base de données construite spécifiquement à partir d’une enquête réalisée auprès de chefs d’entreprise. L’analyse des comportements, en matière degestion des créances clients, souligne l’importance stratégique de la taille et de la position des entreprises dans le financement des ventes. En référence aux théories existantes, nous testons également une fonction d’offre et un modèle de demande de crédit interentreprises. D’unepart, les résultats valident les motifs d’offre liés à une réduction des asymétries d’information entre les contractants. D’autre part, ils confirment l’existence d’une composante transactionnelle, liée à une gestion efficiente de la trésorerie, et d’une composante financière de la demande de crédit interentreprises. Selon cette dernière, le crédit fournisseur est utilisé prioritairement à des fins de financement du cycle d’exploitation par les entreprises les plus exposées aux asymétries d’information et au rationnement du crédit bancaire.</p>
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