Table des matières
Michel Lescure
General introduction. Inter‑firm credits in Europe at the end of the 20th century- IFC functions
- Financing function
- Business motivations
- A means of coordination
- IFC in Europe
- The role of legal factors and financial systems
- Trade creditor rights: contractual credit periods and overdue payment practices
- Trade creditor rights
- Contractual credit periods and actual payment periods
- The Mediterranean problem: more a problem of ensuring payments rather than a problem of financing buyers
- Governments
- Private sector
- Conclusion: Mediterranean coordination versus Germanic coordination?
Jean-François Eck
Inter-firm credit and multinational companies: the case of Saint‑Gobain in Germany (1945‑1970)- Contrasting quantitative inter‑firm credit data
- Little use of trade credit in dealings between Vegla and its German customers and suppliers
- A key role in dealings between Vegla and the parent company
- Factors of change
- Changes in the regulatory framework
- A growing number of financing needs funded by inter‑firm credit
- The subsidiary’s role in managing the Group’s financial interests
- Major projects
- Beneficial outcomes, despite several failures
- Many failures, but relatively minor ones
- Positive results for Saint‑Gobain
- Greater benefits for Vegla than for the parent company
- Conclusion
Boris Gehlen et Christian Marx
Organizing credit. Patterns of inter‑industrial finance in the interwar period in Germany (1920‑1940)Gelina Harlaftis
Inter-firm credit in maritime Europe. Greek-owned shipping business, 19th and 20th centuriesFabio Lavista et Giandomenico Piluso
Reassessing the capital structure of the largest Italian firms: Banks, markets and inter‑firm funding, 1950‑1970Anders Ögren
Liquid capital: An overview of inter‑firm credit between breweries and restaurants in Sweden- Introduction
- Stylized facts
- Restaurants and bars in Sweden
- The Swedish Brewery Market
- Brewery loans
- Loan Design
- Collaterals
- Loan size and instalment plan
- Sales concentration, equipment and marketing
- Borrower
- Lender
- The credit market
- Market effects
- The Brewery Market
- The Market for bars and restaurants
- Conclusion
Michael Moss
The lost art of bill finance – the case of William Denny & Brothers of Dumbarton, shipbuildersJean-François Grevet
Inter-firm credit and financing for automobile innovation: Berliet (1897‑1914) or the end of the myth of the self‑taught, self‑financed innovator- The important role of inter-firm credit in the early days of an emerging automobile firm
- Notaries public were the key intermediaries for inter‑entrepreneur loans from the silk industry to the automobile industry
- The flow mingling various types of credit included loans from other entrepreneurs, trade credit from suppliers and bank loans
- Short-term inter-firm credit as a source of long-term financing for growth
- Conclusion
Michel Lescure
The Golden Age of inter‑firm trade credit in France (1945‑1975/80)- Stakeholders positions
- Financing firms
- Financial transfers made by TC
- The trade credit mix: the role of discounting
- The bill system’s developments and excesses
- Intra-group trade credit and “inter‑branch” credit: “supervision without discrimination”
- Unsubtantiated bills: “We accept everything”
- Conclusion
Sabine Effosse
Debt-free equipment: the leasing pioneers in France, 1957‑1972- The beginnings of leasing in France (1957‑1965): merchant banks under the spell
- The American leasing experience and creation of the French companies
- “Equip without investing”: the main characteristics of a leasing contract
- Formula suited to the needs of SME‑SMIs and an immediate success
- From leasing to the equipment and real estate “leasing loan”: the institutional turning point (1966‑1967)
- Leasing as a means of modernisation and industrial development
- The end of free leasing: the advent of the equipment and real estate leasing loan
- The leasing loan: an evolving technique working for business (1968‑1972)
- New services, new sectors and new accounting standards
- Buoyant, concentrated market open to European cooperation
- Conclusion
Patrick Verley
General conclusions