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Délais de paiement et mesures du risque client

Michel Dietsch () and Elisabeth Kremp

Revue d'Économie Financière, 1996, vol. 37, issue 2, 81-96

Abstract: [fre] L'objet de cette étude est de présenter différentes mesures du risque client à partir de l'observation des délais de paiement et du solde crédit interentreprises. Au cours de la période 1990-1994, le ralentissement de l'activité favorise la montée du risque client. On vérifie l'existence d'une relation inverse entre la volatilité des délais et l'évolution du chiffre d'affaires. Mais le rôle des facteurs économiques et financiers s'est renforcé, modifiant le partage du risque client entre entreprises. Ainsi, les très petites entreprises et les petites PME supportent aujourd'hui une part plus importante du risque crédit client. Les grandes entreprises ont, au contraire, allégé la charge que représente ce crédit. La période étudiée a été marquée par un effort dans la gestion du risque client, sans remettre en cause l'existence du crédit interentreprises comme principale forme de financement à court terme pour une majorité d'entreprises. [eng] Trade credit and credit risk measures . The aim of this study is to derive different measures of the credit risk, from the observation of accounts receivable, account payable and trade credit during the 1990-1994 period. The trade credit risk has grown with the slowing down of the economy, measured by a negative turnover growth rate. There is a negative relationship between variation of accounts receivable or accounts payable and turnover growth rate. Moreover, the economic and financial dependence factors that explain the supply and demand of trade credit have strengthened. That has produced a modification of the risk sharing among firms. The small businesses share today a larger part of the trade credit risk. On the contrary, the large businesses have reduced their trade credit burden. The period under study was characterized by an effort for a better management of the trade credit risk. However, the trade credit stays the most important source of short term financing for a large majority of French non financial firms.

Date: 1996
Note: DOI:10.3406/ecofi.1996.2267
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