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Du défaut de paiement au dépôt de bilan : les banquiers face aux PME en difficulté

Author

Listed:
  • Laurence Bloch
  • Jérôme Bourdieu
  • Béatrice Colin-Sédillot
  • Guy Longueville

Abstract

[fre] À partir d'informations comptables et de dossiers bancaires relatifs à un échantillon de PME ayant déposé leur bilan entre novembre 1988 et janvier 1993, on étudie les comportements de l'entreprise en difficulté et de ses créanciers durant la période qui sépare le défaut de paiement du dépôt de bilan, en mettant notamment l'accent sur les asymétries d'information entre les banques et les entreprises (Hoshi-Kashyap-Scharfstein, 1990 ; Asquith-Gertner-Scharfstein, 1994). On analyse le processus qui mène à la défaillance comme une succession de phases marquées par l'apparition de signes manifestes de difficultés, appelés « signaux » (défauts de paiement, conflits entre l'entreprise et ses partenaires...), auxquels correspondent des réactions de la part des banques et des décisions de l'entreprise. L'étude met en évidence les difficultés que rencontre le banquier pour établir un diagnostic dans un environnement où l'information est imparfaite et coûteuse à mobiliser. Alors que la situation économique et financière de l'entreprise s'est déjà sensiblement détériorée, ce n'est généralement qu'après les premiers défauts de paiement ou dépassements de découverts qu'il réagit. Face aux sollicitations des clients, le banquier ne consent de nouveaux crédits qu'au cours des deux premières phases de difficulté, essentiellement dans le cas où celles-ci proviennent d'une dégradation brutale de l'environnement. En revanche, il a tendance à se désengager à partir de la seconde phase, surtout lorsque les difficultés proviennent de choix de gestion inadaptés à moyen terme. [eng] From default in payment to bankruptcy : banks facing financially distressed small and medium firms . This paper investigates the behavior of financially distressed firms and creditors from the time a default in payment occurs to bankruptcy. From a sample of firms that have filed for bankruptcy between november 1988 and January 1991, the study emphasizes the role of asymmetric information between the creditors and the firms (Hoshi-Kashyap-Scharfstein, 1990 ; Asquith-Gertner-Scharfstein, 1994). We describe the process leading to bankruptcy as a sequence of periods characterized by the emergence of signals of financial difficulties followed by banks reactions and firm decisions. The empirical analysis outlines the difficulties for banks to elaborate a diagnosis when information is asymmetric and costly. Whereas financial structure has already deteriorated, they wait until the first default in payment to review their judgment on the firm and collect more information. In response to creditors decisions banks may grant new credits only in the first two periods of financial distress, mainly when caused by a sudden deterioration of the economic environment. On the other hand, they attempt to disengage after the second period, particulary if financial distress is caused by an inappropriate management.

Suggested Citation

  • Laurence Bloch & Jérôme Bourdieu & Béatrice Colin-Sédillot & Guy Longueville, 1995. "Du défaut de paiement au dépôt de bilan : les banquiers face aux PME en difficulté," Revue d'Économie Financière, Programme National Persée, vol. 32(1), pages 229-256.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1995_num_32_1_2173
    DOI: 10.3406/ecofi.1995.2173
    Note: DOI:10.3406/ecofi.1995.2173
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    Cited by:

    1. Laurent Vilanova, 2000. "« Les déterminants du soutien abusif : une première approche empirique » Article paru dans Banque & Marchés n°47 Mai-Juin 2000 pp.42-56," Post-Print halshs-02418818, HAL.
    2. Christine Pochet, 2002. "Institutional Complementarities within Corporate Governance Systems: A Comparative Study of Bankruptcy Rules," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 6(4), pages 343-381, December.
    3. Christine Pochet, 2001. "Le gouvernement de l'entreprise défaillante: étude de trente plans de continuation," Revue Finance Contrôle Stratégie, revues.org, vol. 4(2), pages 149-181, March.
    4. Jean-Louis Nakamura, 1999. "La relation banque – PME," Revue d'Économie Financière, Programme National Persée, vol. 54(4), pages 39-58.
    5. Antje Brunner & Jan Pieter Krahnen, 2008. "Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 75(2), pages 415-442.
    6. Régis Blazy, 1996. "Mimétisme, erreurs d'anticipation de la demande et risque de défaillance des entreprises industrielles en France : un modèle économétrique à correction d'erreur," Économie et Prévision, Programme National Persée, vol. 125(4), pages 1-18.

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