نظرية الإشارة كمدخل لتفسير محددات التمويل بالقروض الاستثمارية للمؤسسات الصغيرة و المتوسطة في ظل ظروف عدم تماثل المعلومات : دراسة حالة عينة من المؤسسات الصغيرة و المتوسطة في الجزائر

الملخص EN

The main objective of this paper is to analyze the factors that explain the problematic of limited recourse for small and medium enterprises in Algeria for bank loans to finance their investment needs.

This analysis is grounded on the signaling approach.

The following factors were taken into consideration are the turnover, and trade credit, and the net income.

To determine the nature of the relationship between the proposed variables and the value of investment loans in Algerian SMEs, a sample of SMEs was considered in the empirical analysis.

We established a model of regression to test the validity of the hypothesis that the theoretical model provided.

Among the most relevant results, we should highlight that the only proposed hypothesis that has been confirmed is that related to the variable: trade credit it may be said that dealing with the largest number of suppliers increases the possibility of obtaining investment loans.

However, there is no confirmation of the explanatory power of the turnover, and the net income variables