Understanding the SMEs Financing Gap to Enhance their Growth

Michel Dietsch Institut d’études politiques, université de Strasbourg. Contact : michel.dietsch@unistra.fr.
Xavier Mahieux Inseec Business School. Contact : xmahieux@inseec.com.


Many questions have found no answer yet regarding SMEs financing. Actually SMEs present specific features giving rise to real constraints and leading to a financial gap. These specificities are the result of economic and behavioural characteristics and raise obstacles to their financing: a lack of information, a lack of incentives to growth and a lack of risk taking behaviour of financial institutions. But the structures of the French financial system are also a major explanation of this financing gap. Despite numerous dedicated financial instruments, French savings is not directed enough towards firms, especially SMEs. It is important therefore to improve the legal and regulatory environment to reduce all these obstacles and to induce behaviours changes.


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Footnotes

1   Les PME constituent un ensemble hétérogène quant à la taille, allant des TPE (très petites entreprises) aux ETI (entreprises de taille intermédiaire), et surtout quant au comportement.

2   Le private equity est ici entendu au sens large : capital-risque, capital-développement, LBO – leverage buy-out –,…

3   En effet, l’article 501 du règlement CRR prévoit l’application d’un coefficient réducteur des charges en fonds propres égal à 0,7619 – dit « facteur supplétif » – destiné à compenser l’introduction du coussin conservatoire de 2,5 % (0,7619 = 8 %/10,5 %).

4   En particulier les rapports de Giami et Rameix (2011), de l’Observatoire du financement des entreprises (2012), de Berger et Lefebvre (2013), d’Europlace (2014).


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