نظرية ترتيب اختيار مصادر التمويل كمدخل لتفسير محددات التمويل بالقروض الاستثمارية للم ص م في ظل اقتصاد الاستدانة : دراسة حالة الم ص م في الجزائر

الملخص EN

The main objective of this paper is to define 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 pecking order theory.

The following factor were taken into consideration are the ratio of the profitability.

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.

We have found that there is a statistically significant relationship between the two variables.

Which confirms the validity of the hypothesis which allowing us to say that SMEs in Algeria are similar.

it prefer internal financing us the most important financial source before resorting to financing through bank loans.

This behavior consistent with the content of the pecking order theory.