DÉTERMINANTS DU CHOIX DE FINANCEMENT DES PETITES ET MOYENNES ENTREPRISES AU CAMEROUN
CAUSES OF SMALL AND FINANCING CHOICE MEDIUM ENTERPRISES IN CAMEROON

Summary/Abstract: The funding decision is a major financial decision of the company. Have an adequate capital structure can improve the performance of the business and therefore create value . In this article which deals with the case of SMEs, the aim is to examine the financial structure of SMEs in order to highlight the factors that may explain the choice of SME financing. This work is based on the analysis of secondary data collected from 413 SMEs in Cameroon, from the investigation initiated by the Ministry of Small and Medium Enterprises, Social Economy and Handicrafts (MINPMEESA) Government of Cameroon and conducted by the Japan International Cooperation Agency (JICA) on behalf of the Japanese government. To identify factors that could explain the choice of financing of SMEs, we use a multinomial logit model with three terms and the recently proposed in this context estimates methods. Our results show that: the size, tangibility of assets, profitability and industry strongly influence the decision to choose a method of financing Cameroonian SMEs . However, the Cameroonian SMEs establish a preference in their choice of financing on the level of financing costs.

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