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Le marché obligataire corporate : un levier pour les PME-ETI ?

Author

Listed:
  • Emmanuel Boutron
  • Béatrice de Séverac
  • Philippe Dessertine

Abstract

The 2008 financial crisis and hardened regulatory requirements have resulted in a more restrictive credit offering to small and middle-size enterprises (SMEs). To finance their growth, SMEs must thus find alternative financing sources. Bonds issuance may appear as a promising solution. However, this market is only accessible to large companies, be it on the national or on the international market. The objective of this article is to stress the conditions that will enable SMEs to get access to direct fixed income market financing. The results evidence a strong development of this market since 2010. However, two conditions are required for this market to attain the scale it deserves: the low financings needed by SMEs must be mutualized and their risk adequately assessed. Classification JEL: G10, G23, G32, L25.

Suggested Citation

  • Emmanuel Boutron & Béatrice de Séverac & Philippe Dessertine, 2014. "Le marché obligataire corporate : un levier pour les PME-ETI ?," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 107-126.
    • Handle: RePEc:cai:refaef:ecofi_114_0107
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    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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