La demande de capitaux propres des PME en croissance : impératif financier ou volonté stratégique ?

Abstract : Usually, Small and Medium Sized Enterprises (SMEs) are supposed to raise equity capital when they are not able to finance growth by internal funds. Nevertheless, if we observe the financial behaviour of growth SMEs, financial constraint seems not to be the only determinant of raising equity capital. The paper investigates if the aim of managers is not also to have financial slack. We study 2161 SMEs localized in Rhône-Alpes in France. To measure the need of equity capital, we use free cash flows (cash flow less capital expenditure less change in working capital). The study finds three kinds of SMEs raising equity capital. Surprisingly, one kind of SMEs raises funds whereas they have positive free cash flows (that means that these SMEs have no needs of external funds).
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Journal articles
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Submitted on : Monday, June 6, 2016 - 3:14:39 PM
Last modification on : Thursday, February 7, 2019 - 3:46:33 PM

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Alain Marion, Claire Faverjon. La demande de capitaux propres des PME en croissance : impératif financier ou volonté stratégique ?. Revue Internationale PME (RIPME), 2016, 29 (1), pp.71-100. ⟨hal-01327231⟩

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