Résumés
Abstract
This study examines the effects of French small- and medium-sized enterprises’ (SMEs) internationalization on these firms’ bank financing. Using exporting activity and internationalization through foreign subsidiaries as proxy variables, we empirically examine the consequences of these two modes of internationalization on these firms’ bank debt ratios. Based on a dataset of French SMEs, the results show that exporting SMEs have more difficulty obtaining bank debt than those with subsidiaries abroad, SME’s exporting intensity is negatively associated with their bank debt ratios and foreign subsidiaries’ geographic proximity to their home firms is positively associated with SMEs’ bank debt ratios. These results suggest that each mode of internationalization leads to different financing behaviors.
Keywords:
- SME,
- Internationalization,
- Exportation,
- Subsidiary,
- Bank Financing
Résumé
Cette étude examine l’impact de l’internationalisation des PME françaises sur leur financement bancaire. Plus spécifiquement, nous étudions empiriquement les conséquences de l’internationalisation par l’export et la filiale sur le ratio d’endettement bancaire. En s’appuyant sur un échantillon de PME, nos résultats montrent que les PME exportatrices ont plus de difficultés à obtenir des dettes bancaires contrairement à celles qui ont des filiales à l’étranger. Nous constatons également que l’intensité d’exportation des PME est négativement associée à leurs ratios d’endettement bancaire. En outre, nos résultats montrent aussi que la proximité géographique des filiales étrangères avec leurs maisons mères est positivement associée au ratio d’endettement bancaire. En fin, notre recherche suggère que chaque mode d’internationalisation conduit à des comportements de financement différents.
Mots-clés :
- PME,
- Internationalisation,
- Exportation,
- Filiale,
- Financement bancaire
Resumen
Este estudio examina los efectos de la internacionalización y la financiación bancaria de las PYMES francesas.Utilizando la actividad exportadora y la internacionalización a través de filiales extranjeras como variables proxy, examinamos empíricamente las consecuencias de estos dos modos de internacionalización sobre los ratios de endeudamiento bancario de estas empresas. Los resultados muestran que las PYMES exportadoras tienen más dificultades para obtener deuda bancaria que las que tienen filiales en el extranjero, la intensidad exportadora de las PYMES se asocia negativamente con sus ratios de deuda bancaria y la proximidad geográfica de las filiales extranjeras a sus empresas de origen se asocia positivamente con ratios. Estos resultados sugieren que cada modo de internacionalización conduce a diferentes comportamientos de financiación.
Palabras clave:
- PYMES,
- Internacionalización,
- Exportación,
- Filial,
- Financiación bancaria
Parties annexes
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