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Le coût du crédit aux entreprises : une gestion plus rationnelle du risque

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  • Pierre Jaillard

Abstract

[spa] El coste del crédito a las empresas : una gestion mas racional del riesgo . Mes de la tercera parte del pasivo de las empresas la constituyen los créditos. El coste de este recurso reproduce fuertemente los tipos del mercado, y ello en un contexte creciente de desarrollo de los créditos de tipos variables. El coste del crédito a las empresas viene relacionado de este modo al coste del recurso bancario. . El tamano de la empresa parece ser el criterio mâs discriminante para explicar las diferencias de tipos registradas en cuanto a créditos de tesorerfa. Las . pequenas y medianas empresas, al no disponer de tan fâcil acceso al mercado monetario como las grandes empresas, aprovechan menos las nuevas condiciones de gestion de tesorerfa que se les of rece en el mercado. Pero la competencia de las financiaciones desintermediadas Neva los bancos a una mejor valoraciôn de los riesgos implicados en cada operaciôn. Esta tendencia, como la de la indiciaciôn de los créditos, racionaliza la gestion por los bancos del riesgo inhérente a la intermediaciôn financiera. [eng] The Cost of Credit to Companies: More Rational Risk Management . More than one-third of corporate liabilities is credit. The cost of this resource has a marked influence on market rates. This is increasingly the case in a climate of growing credit at variable rates. The cost of credit to companies is thus connected with the cost of the banking resource. . The size of the company would appear to be the most discriminant criterion in the explanation of rate deviations recorded for cash flow credit. Small and medium-sized . enterprises have more difficulty accessing the money market than large firms and therefore benefit less from the new cash-flow management conditions offered by the market. However, competition in disintermediated financing has prompted the banks to make a more precise evaluation of the risks involved in each operation. This trend, and the tendency to index-link credit, is rationalizing the banking sector's management of the risk inherent in financial intermediation. [ger] Die Kreditkosten der Unternehmen: ein rationaleres Risikomanagement . Mehr als ein Drittel der Unternehmenspassiva entfâllt auf Kredite. Die Kosten dieser Finanzmittel spiegeln im wesentlichen die Marktzinsen wider, und dies immer mehr im Rahmen einer Zunahme von Krediten mit verânderlichen Zinssàtzen. Die Kreditkosten der Unternehmen hàngen somit von den Kosten der Bankres- sourcen ab. . Die GrôBe des Unternehmens erweist sich als das diskri- minierendste Kriterium, mit dem sich die festgestellten Zinsunterschiede bei den Kassenkrediten erklâren lassen. . Da die Klein- und Mittelbetriebe keinen so leichten Zugang wie die GroBunternehmen zum Geldmarkt haben, profitieren sie auch weniger von den neuen Kredit- bedingungen dieses Marktes. Aufgrund der Konkurrenz durch die Disintermediations-Finanzierungen sehen sich die Banken allerdings gezwungen, die mit jeder Transaktion verbundenen Risiken genauer zu bestimmen. Diese Tendenz, wie auch die der Kreditindexierung, rationalisiez das mit der Finanzintermediation verbun- dene Risikomanagement durch die Banken. [fre] Le coût du crédit aux entreprises : une gestion plus rationnelle du risque . Plus du tiers du passif des entreprises consiste en crédits. Le coût de cette ressource reproduit sensiblement les taux du marché, et ce de plus en plus, dans un contexte de développement des crédits à taux variables. Le coût du crédit aux entreprises est ainsi lié au coût de la ressource bancaire. . La taille de l'entreprise apparaît être le critère le plus discriminant pour expliquer les écarts de taux enregistrés pour les crédits de trésorerie. Les petites et moyennes entreprises, en ayant moins facilement accès au marché monétaire que les grandes, profitent moins des nouvelles conditions de gestion de trésorerie offertes par le marché. Mais la concurrence des financements désintermédiés incite les banques à évaluer plus précisément les risques attachés à chaque opération. Cette tendance, comme celle à l'indexation des crédits, rationalise la gestion par les banques du risque inhérent à l'intermédiation financière.

Suggested Citation

  • Pierre Jaillard, 1993. "Le coût du crédit aux entreprises : une gestion plus rationnelle du risque," Économie et Statistique, Programme National Persée, vol. 268(1), pages 77-86.
  • Handle: RePEc:prs:ecstat:estat_0336-1454_1993_num_268_1_5811
    DOI: 10.3406/estat.1993.5811
    Note: DOI:10.3406/estat.1993.5811
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    1. F. A. Lutz, 1940. "The Structure of Interest Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 55(1), pages 36-63.
    2. Taylor, Mark P, 1992. "Modelling the Yield Curve," Economic Journal, Royal Economic Society, vol. 102(412), pages 524-537, May.
    3. Campbell, Bryan & Galbraith, John W, 1993. "Inference in Expectations Models of the Term Structure: A Non-parametric Approach," Empirical Economics, Springer, vol. 18(4), pages 623-638.
    4. Mireille Bardos, 1990. "Le crédit plus cher pour les petites entreprises," Économie et Statistique, Programme National Persée, vol. 236(1), pages 51-64.
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