الديون المالية قصيرة الأجل بديل أو مكمل للرفع في رأس المال

Abstract

This study aims at highlighting the relationship between the finance by short-term financial debts, by raising the capital in cash and the annexation of reserves and the determinants of these two types of Finance. The sample included fifty institutions belonging to the private sector in Ghardaia, over seven years, based on a system of simultaneous equations. We conclude that the use of short-term financial debts is a complementary and not an Alternative one to raising capital in cash and by annexating reserves. Besides, there is a positive impact of Return on equity, and the internal financial deficit on the use of short-term financial debt on one hand and a negative impact of the size and the legal form there exists on its use, on the other hand. The results also show a negative impact of the Return on equity and a positive impact of the size and the legal form on raising the capital in cash and by the annexation of reserves.