القرض السندي و أثره على الوضعية المالية للمؤسسة : دراسة حالة شركة سونلغاز-الجزائر-

Abstract EN

The funding in the institution as a sensitive function has a special importance in the financial management because of its importance and role in funding and developing various activities.Thus, it is compelling to determine the appropriate financing structure from the available sources and the bond loan as a funding mechanism provides funds necessary to the institution’s activities and investments.We are obliged to study and measure the impact of this source of funding on the institution and its financial situation through the analysis of indicators and ratios related to the financing structure and profitability.Through our study to the national company of electricity and gas «SONELGAZ» in Algeria, and by using granger causality test to determine the impact of the bond issue on enterprise situation, the researcher finds that it represents a good source of funding despite the fact that there was no effect for some indicators on profitability; however, the effect of bond loan on the financial situation was clear through the impact of institution›s ability to repay on financial profitability especially during the years of the loan.