Avant-propos ........................................................ Le CeFiP – Centre de Connaissances du Financement des PME ................ CeFiP Academic Award ................................................................................................ Catégorie « Thèse de doctorat » ............................................................................. Catégorie « Working paper » ................................................................................... Catégorie « Mémoire » ...............................................................................................
7 7 8 8 9 9
Voorwoord .........................................................
11
Het KeFiK, het Kenniscentrum voor Financiering van KMO .................... KeFiK Academic Award ............................................................................................. Categorie doctoraatsthesis ..................................................................................... Categorie “Working paper” ...................................................................................
11
1 Essays on the Prevention of Small Business Failure : Taxonomy and Validation of Five Explanatory Business Failure Patterns (EBFPs) ...............................
12 12 13
15
Nathalie CRUTZEN Doctorat en Sciences Economiques et de Gestion (Option Gestion)
Section 1 General introduction .................................................................................................. 16 1 2
Content .................................................................................................................... 16 Key concepts .......................................................................................................... 18 2.1 2.2 2.3 2.4
3
The concept of firm : our two dominant paradigms ............................. The concept of small firm ........................................................................... The concept of business failure ................................................................. The concepts of business failure process, patterns and paths ..............
Context ................................................................................................................... 23 3.1 3.2
Legal context ................................................................................................ 23 Some Belgian statistics ................................................................................ 24 3.2.1. 3.2.2. 3.2.3. 3.2.4.
4
18 18 19 21
Evolution of the amount of bankruptcies in Belgium since 1945 Amount of bankruptcies according to firms’ size ........................ Amount of bankruptcies according to firms’ age ........................ Amount of legal reorganizations and their output ..................... Global methodology and structure ..................................................................
24 25 25 26 26
References ....................................................................................................................... 29 Section 2 The Prevention of Business Failure : An Integrative Model of the Failure Process ................................................................................................. 33 Introduction ................................................................................................................... 33 1
596
The business failure prevention : a state of the art ...................................... 35
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1.1 1.2 1.3
2
The business failure prevention : a definition ......................................... 35 The literature on business failure prevention : an analysis ................... 35 The business failure prevention literature : two major gaps ................ 40
The business failure process : an integrative model of the literature ...... 41 2.1 2.2 2.3
The Resource-based View ........................................................................... 41 Integrative model on how and why companies fail ............................... 41 Articulation of the model ........................................................................... 43 2.3.1. 2.3.2. 2.3.3. 2.3.4.
Phase 1 : The entry and incubation phase (from TA to TS) .......... Phase 2 : The distress phase (from TS to TX) ................................. Phase 3 : The critical warning signal phase (from TX to TZ) ........ Phase 4 : The bankruptcy of the firm (TZ) .....................................
43 46 47 48
Summary and implications ....................................................................................... References ....................................................................................................................... Section 3 The Business Failure Process: A Focus on Why and How Small Businesses Fail .................................................................................................... Introduction ....................................................................................................................
49
1 2
51
59 59
Small firms and their characteristics ................................................................. 60 The business failure process : a focus on small firms (and their specificities) ......................................................................................... 61 2.1
The Entry in a Failure Process : WHY (fundamental causes of the failure) .......................................................... 62 2.1.1.
2.2
Two main fundamental dimensions explaining small business failure ...................................................................... A. The entrepreneur and related explanatory failure factors ............. B. The external environment and related explanatory failure factors 2.1.2. Impact of these fundamental problems on the firm’s resource base and deployment ...................................................... 2.1.3. Misalignment between the small firm and its environment ....... The Failure Process : HOW (dynamics of events) .....................................
62 63 64 65 65 66
Summary and implications ....................................................................................... 69 References ....................................................................................................................... 70 Section 4 A Taxonomy of Distinctive Explanatory Business Failure Patterns amongst Small Firms : An Inductive and Qualitative Approach ............ 74 Introduction .................................................................................................................... 74 1 2
Literature Review ................................................................................................... 75 Methodology .......................................................................................................... 81 2.1 2.2 2.3 2.4
3
Sample of distressed firms .......................................................................... Data collection .............................................................................................. Data analysis ................................................................................................. Reliability and validity .................................................................................
Results ...................................................................................................................... 88 3.1
Badly-created firms (106 firms) .................................................................. 88 3.1.1.
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81 85 86 87
Firms that are based on poor foundations (51 firms) ................... 89
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597
3.1.2.
4
Firms that are lead by entrepreneurs with insufficient managerial competences (23 firms) .............................................. 90 3.1.3. Firms that are based on poor foundations and lead by entrepreneur with insufficient managerial competences (24 firms) ......................................................................................... 90 3.1.4. Innovative firms that are highly product-oriented (5 firms) ....... 90 3.1.5. Firms that suffer from youthful indiscretion(s) (3 firms) ............. 91 3.2 Firms with growth-related problems (20 firms) ...................................... 91 3.2.1. Firms in which future growth has been overestimated (6 firms) 91 3.2.2. Uncontrolled growing firms (14 firms) ......................................... 91 3.3 Nonreactive (old) firms (15 firms) ............................................................. 92 3.4 Firms serving other interests (25 firms) .................................................... 93 3.4.1. Firms that serve the enrichment of the entrepreneurs (12 firms) 93 3.4.2. Firms that serve the interests of another organization (2 firms) 93 3.4.3. Firms with fraudulent activities (11 firms) .................................... 93 3.5 Shocked firms (42 firms) ............................................................................. 93 3.5.1. Firms that fail because of a managerial decision with a n unexpected outcome (7 firms) ................................................... 94 3.5.2. Firms that fail because of an external shock (13 firms) ............... 94 3.5.3. Firms that fail because of individual problems, linked to the firm’s life (18 firms) ............................................................. 94 3.5.4. Firms that fail after a private problem (4 firms) ........................... 95 Discussion ............................................................................................................... 97 4.1 Strong relationship with the Life Cycle Theory ...................................... 97 4.2 Consistency with previous literature ........................................................ 99 4.3 Succession of events along the failure process ..................................... 101
Conclusion ..................................................................................................................... References ..................................................................................................................... Section 5 A Taxonomy of Five Explanatory Business Failure Patterns amongst Small Firms : A Statistical Validation .............................................. Introduction ................................................................................................................. 1
107
Sample ......................................................................................................... 108 Variables ...................................................................................................... 108 Statistical methods .................................................................................... 108 Particularities of innovative firms ........................................................... 110 2.1.1. 2.1.2. 2.1.3.
598
107
Results ................................................................................................................... 110 2.1
3
104
Methodology ....................................................................................................... 108 1.1 1.2 1.3
2
102
Cluster Analysis ............................................................................. Pearson Chi-Square Test ............................................................... Correspondence Analysis ............................................................. 2.2 Five main SEBFPs ........................................................................................ 2.2.1. Cluster Analysis ............................................................................. 2.2.2. Pearson Chi-Square Test ............................................................... 2.2.3. Correspondence Analysis ............................................................. 2.3 A focus on Badly-Managed Firms ............................................................ Discussion ............................................................................................................. 3.1 Validation and enrichment of the qualitative results ..........................
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110 111 111 114 114 115 116 121 127 127
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3.2 3.3
Two fundamental dimensions explaining small business failure ....... 129 Relationships between the SEBFPs and some objective characteristics of small firms ..................................................................... 130 3.3.1. 3.3.2. 3.3.3. 3.3.4. 3.3.5. 3.3.6. 3.3.7. 3.3.8.
Type of files ................................................................................... Age ................................................................................................ Legal form ..................................................................................... Industry .......................................................................................... Size (Personnel) ............................................................................. Age of the entrepreneurs ............................................................ Number of owners ........................................................................ Exit of the failure process .............................................................
130 131 131 132 133 134 134 135
Conclusion ..................................................................................................................... References ..................................................................................................................... Section 6 Failure patterns amongst small firms and their financial symptoms : A test of hypotheses ........................................................................ Introduction ..................................................................................................................
136
1
Beaver’s Cash Flow Model (1966) ............................................................ Ooghe and Van Wymeersch’s financial failure path (1986) ................ Laitinen’s financial failure processes (1991) ........................................... A coherent conceptual framework .........................................................
143
Shocked firms (EBFP 1) ................................................................. Firms serving other interests (EBFP 2) .......................................... Apathetic firms (EBFP 3) ............................................................... Firms that fail after a punctual managerial error (EBFP 4) ........ Badly-managed firms (EBFP 5) .....................................................
144 145 145 146 147
Sample .......................................................................................................... 149 Variables ...................................................................................................... 149 Data analysis ............................................................................................... 153
Results ..................................................................................................................... 153 4.1
General findings ......................................................................................... 154 4.1.1. 4.1.2.
4.2
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142 143
Methodology ........................................................................................................ 149 3.1 3.2 3.3
5
141
General hypotheses ................................................................................... 144 Specific hypotheses .................................................................................... 144 2.2.1. 2.2.2. 2.2.3. 2.2.4. 2.2.5.
4
139
Hypotheses ............................................................................................................ 144 2.1 2.2
3
139
Conceptual framework ....................................................................................... 141 1.1 1.2 1.3 1.4
2
137
General observations .................................................................... Validation of the general hypotheses ......................................... Specific hypotheses .................................................................................... 4.2.1. Shocked firms ................................................................................ 4.2.2. Firms serving other interests ........................................................ 4.2.3. Apathetic firms ............................................................................. 4.2.4. Firms that fail because of a punctual (strategic) managerial error ........................................................................... 4.2.5. Badly-managed firms ....................................................................
154 155 157 157 158 161 162 163
Discussion ............................................................................................................... 164
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599
Conclusion ..................................................................................................................... References ..................................................................................................................... Section 7 General conclusion .................................................................................................... References ..................................................................................................................... Section 8 General bibliography ............................................................................................... Scientific Papers .......................................................................................................... Books ...............................................................................................................................
178
Appendix .........................................................
179
166 167 170 175 177 177
Appendix 1 The Belgian Legal Context ..................................................................................... 179 1 2 3
The Commercial Inquiries : a preventive mission (Bayard and Lonhienne, 2003) ......................................................................... 179 The Legal Reorganization Procedure ............................................................. 180 The Bankruptcy Procedure ................................................................................ 181
Appendix 2 Global comparison of national legal contexts surrounding business failures ............................................................................... Appendix 3 Main characteristics of previous literature on business failure prevention ............................................................................ Appendix 4 The sample of small distressed firms and their characteristics .............. Appendix 5 Systematic analysis grid (based on the integrative model proposed in paper 2) ........................... Appendix 6 Questionnaire sent to experts .............................................................................. 1 2
183 190
196 197
Presentation of the failure profiles ................................................................ 197 Questions in order to validate the results ..................................................... 202
Appendix 7 List of experts and their major comments ...................................................... Appendix 8 Dictionary of the variables .................................................................................... Appendix 9 Coding Legend ............................................................................................................ Appendix 10 Pearson Chi-Square Test (208 firms) ..................................................................
600
181
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203 206 209 211
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Appendix 11 Correlation Matrix (Correspondence Analysis – 203 firms) ..................... 211 Appendix 12 Frequency table that show the relationship between SEBFP 4 and the QEBFPs ...................................................................... 216 Appendix 13 Correlation Matrix (Correspondence Analysis – SEBFP 5) ........................ 218 Appendix 14 Ratios ............................................................................................................................... 222 Appendix 15 Dictionary of the variables ..................................................................................... 223 Appendix 16 Results of the correspondence analyses ........................................................... 225 Appendix 17 Box Plots ......................................................................................................................... 229 1 2 3 4 5
17a. FIRMS’ OPERATION DIMENSION ............................................................. 17b. FIRMS’ ADDED VALUE DIMENSION ........................................................ 17c. FIRMS’ PROFITABILITY DIMENSION ......................................................... 17d. FIRMS’ SOLVENCY DIMENSION ............................................................... 17e. FIRMS’ LIQUIDITY DIMENSION .................................................................
229 234 239 246 249
2 The heterogeneity of the family business: Goal orientation, intergenerational differences and succession.................................................... 255 Vincent MOLLY Doctor in de Toegepaste Economische Wetenschappen
Acknowledgements ................................................................................................... 1
1.1
Family business characteristics ................................................................. 256 1.1.1. 1.1.2.
1.2
1.3 1.4
The importance of the family business ....................................... 256 The heterogeneous character of the family business ................. 258
Family business succession ........................................................................ 262 1.2.1. 1.2.2.
The challenge of the family business transfer ............................ 262 Intergenerational differences in the family business ................. 264
Aim of current doctoral research ............................................................ 265 Data gathering process ............................................................................. 267 1.4.1. 1.4.2. 1.4.3. 1.4.4.
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256
Introduction .......................................................................................................... 256
Sample ........................................................................................... Design of the survey ..................................................................... Financial statements information ................................................ Description of the research data .................................................
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267 268 269 269
601
2
Family business goal orientation and its impact on perceived performance ......................................................................................................... 271 2.1 2.2
Introduction ................................................................................................ 271 Literature review and formulation of hypotheses ............................... 273 2.2.1. 2.2.2. 2.2.3. 2.2.4.
2.3
2.4
2.5
3
Theoretical background on family business goals ..................... Family business goals and typology identification ..................... Family involvement and family business goal orientation ........ Family business goal orientation and perceived performance .. Research methodology ............................................................................. 2.3.1. Data ............................................................................................... 2.3.2. Measures ....................................................................................... 2.3.3. Testing procedures ....................................................................... Results .......................................................................................................... 2.4.1. Family firm typology .................................................................... 2.4.2. Family involvement ...................................................................... 2.4.3. Perceived performance ................................................................ 2.4.4. Validation of the model ............................................................... Discussion and concluding remarks ........................................................
Intergenerational differences in family firms: Impact on capital structure and growth behavior ........................................................................ 298 3.1 3.2
Introduction ................................................................................................ 298 Literature review and formulation of hypotheses ............................... 299 3.2.1. 3.2.2. 3.2.3.
3.3
3.4
3.5
4
Financing behavior of family firms ............................................. Growth behavior of family firms ................................................. Link between financing and growth behavior ........................... Research methodology ............................................................................. 3.3.1. Data ............................................................................................... 3.3.2. Variables ....................................................................................... 3.3.3. Testing procedures ....................................................................... Results .......................................................................................................... 3.4.1. Financing behavior ....................................................................... 3.4.2. Growth behavior .......................................................................... 3.4.3. Internal and sustainable growth ................................................. 3.4.4. Robustness tests ............................................................................ Discussion and concluding remarks ........................................................
299 302 303 306 306 308 310 310 310 312 313 315 316
Family business succession and its impact on financial structure and performance ................................................................................................. 318 4.1 4.2
Introduction ................................................................................................ 318 Literature review and formulation of hypotheses ............................... 320 4.2.1. 4.2.2.
4.3
4.4
602
273 275 278 279 281 281 281 286 286 286 289 293 295 296
Impact of succession on financial structure ................................ Impact of succession on performance ......................................... Research methodology ............................................................................. 4.3.1. Data ............................................................................................... 4.3.2. Variables ....................................................................................... 4.3.3. Empirical models .......................................................................... Research results .......................................................................................... 4.4.1. Financial structure ........................................................................ 4.4.2. Performance ................................................................................. 4.4.3. Robustness tests ............................................................................
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320 323 326 326 328 329 330 330 332 334
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4.5
5
Discussion and concluding remarks ......................................................... 335
Summary and conclusion ................................................................................... 337 5.1 5.2
The impact of family business goal orientation .................................... 337 The impact of family business succession ............................................... 338 5.2.1. 5.2.2.
5.3 5.4
Intergenerational differences ...................................................... 338 Succession effects .......................................................................... 339
Limitations and directions for future research ...................................... 340 Practical implications of current doctoral research .............................. 342
References
..................................................................................................................... 344
Appendix .......................................................... 353 Appendix 1 Questionnaire .............................................................................................................. 353 1 2 3 4 5 6 7 8
Company identification ...................................................................................... Family involvement in the company ............................................................... Corporate governance in the company ......................................................... Characteristics of the shareholder(s) / managing director(s) .................... Family business culture ....................................................................................... Family business goals .......................................................................................... Performance of the company ........................................................................... Financing of the company .................................................................................
Appendix 2 Robustness tests chapter 2 ..................................................................................... Appendix 3 Robustness tests chapter 3 ..................................................................................... Appendix 4 Robustness tests chapter 4 ..................................................................................... Executive summary .................................................................................................... Nederlandstalige samenvatting ...........................................................................
353 353 354 354 355 356 357 357 358 369 379 382 385
3 Probleemgerelateerde stopzettingen: financieringsbeslissingen doorheen het falingspad .................................................... 389 Aurelie RODEYNS en Glenn VERBRAEKEN Prof. dr. ir. Sophie MANIGART en Sofie BALCAEN
Woord vooraf .............................................................................................................. Gebruikte afkortingen ............................................................................................. 1 2
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390 390
Inleiding ................................................................................................................. 390 Financiële herstructureringen bij bedrijven in moeilijkheden ................. 391
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603
3
De invloed van financiële herstructureringen op het stopzettingstype: vrijwillige versus onvrijwillige liquidatie ........ 393
4
Methodologie ...................................................................................................... 396
5
6
4.1
Steekproefsamenstelling .......................................................................... 396
4.2
Variabelen ................................................................................................... 398
4.3
Methode van analyse ................................................................................ 400 4.3.1.
Descriptieve analyse ..................................................................... 400
4.3.2.
Multivariate analyse ..................................................................... 401
Empirische resultaten ......................................................................................... 401 5.1
Overzicht van de verschillende financieringsbronnen doorheen het falingspad .......................................................................... 401
5.2
Financiële events: onderscheid tussen vrijwillige en onvrijwillige liquidatie ........................................................................ 404
5.3
Logistische regressie: onderscheid tussen vrijwillige en onvrijwillige liquidatie ........................................................................ 412
Conclusie en discussie ......................................................................................... 416 6.1
Conclusie ..................................................................................................... 416
6.2
Beperkingen ............................................................................................... 418
6.3
Verder onderzoek ...................................................................................... 419
Lijst van geraadpleegde werken .........................................................................
420
Bijlagen ...........................................................
423
Bijlagen 1 Definitie negatieve resterende toegevoegde winst (Manigart & Leroy, 2007, p.134 ................................................................................................................... 423 Bijlagen 2 Uitgebreide definitie onafhankelijke variabelen ........................................ 424 Bijlagen 3 Lengte van het falingspad ..................................................................................... 424 Bijlagen 4 Uitgebreide definitie controlevariabelen ....................................................... 425 Bijlagen 5 Financiële events: handelsschulden en operationele schulden op lange termijn ......................................................................................................... 425 Bijlagen 6 Financiële events doorheen het falingspad (t=3) ....................................... 427 Bijlagen 7 Multivariate analyse relatieve wijzigingen .................................................... 428
604
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4 Projectmatig Wetenschappelijk Onderzoek “Naar een optimale kredietrelatie tussen banken en KMO’s” ..................................... 431 Lutgarde LAUREYS projectcoördinator Fiene BIESBROUCK wetenschappelijk medewerkster
Voorwoord .................................................................................................................... Deel 1 Desk research ............................................................................................................... 1 2
De definitie van een KMO ........................................................................ De verschillende financieringsbronnen van KMO’s .............................. Bankfinanciering aan KMO’s .................................................................... Problemen bij bankfinanciering .............................................................. 2.4.1. 2.4.2.
Technieken ontwikkeld om met asymmetrische informatie om te gaan .................................................................................................. 450 3.2.1. 3.2.2. 3.2.3. 3.2.4.
5
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437 438 440 441 441 444 446 446 447 448
Problemen door de KMO’s ervaren ............................................. Problemen door de banken ervaren ........................................... Kenmerken van bankfinanciering ................................................................... 3.1 Asymmetrische informatie ........................................................................ 3.1.1. Adverse selection .......................................................................... 3.1.2. Moral hazard ................................................................................. 3.1.3. Asymmetrische informatie als verklaring voor een moeilijke toegang tot financiering .............................. 448
3.2
4
433
Inleiding ................................................................................................................. 433 De financieringsproblematiek van KMO’s ..................................................... 437 2.1 2.2 2.3 2.4
3
432
Waarborgen .................................................................................. Covenanten ................................................................................... Screening ....................................................................................... Relatiebankieren ........................................................................... Het kredietbeslissingsproces ............................................................................. 4.1 Informatie nodig om een kredietaanvraag te beoordelen ................. 4.1.1. Kwantitatieve informatie ............................................................. 4.1.2. Kwalitatieve informatie ............................................................... 4.2 De kredietanalyse ....................................................................................... 4.3 De kredietvoorwaarden ............................................................................ De Bazel-akkoorden ............................................................................................ 5.1 Het ontstaan van de Bazel-akkoorden ................................................... 5.2 Het Bazel I-akkoord ................................................................................... 5.2.1. Het minimaal aan te houden kapitaal onder Bazel I ................. 5.2.2. Kritiek op het Bazel I-akkoord ..................................................... 5.3 Het Bazel II-akkoord .................................................................................. 5.3.1. Het minimaal aan te houden kapitaal onder Bazel II. ............... A. Het kredietrisico onder Bazel II ................................................... B. Het operationeel risico ..............................................................
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450 451 451 452 453 453 453 454 455 458 460 460 461 461 463 463 464 464 471
605
C. Het marktrisico ......................................................................... Toezicht en marktdiscipline onder Bazel II ................................. gevolgen van het Bazel II-akkoord ........................................................... De gevolgen op het door de banken aan te houden kapitaal .......... De gevolgen op de informatie die de bank vraagt .............................. De gevolgen op de kredietbeslissing ...................................................... De gevolgen op de kredietvoorwaarden .............................................. 5.3.2.
6
De 6.1 6.2 6.3 6.4
7
Besluit ..................................................................................................................... 478
BIBLIOGRAFIE ............................................................................................................... Deel 2 Resultaten onderzoek bij de banken ................................................................ 1
483
Centrale vraag en onderzoeksvragen .................................................... 483 Eerste fase: inventarisatie objectieve factoren ..................................... 484 1.2.1. 1.2.2. 1.2.3.
1.3
1.4
1.5 1.6
Specifieke onderzoeksvragen ...................................................... Populatie ....................................................................................... Steekproef .................................................................................... Tweede fase: inventarisatie subjectieve factoren ................................ 1.3.1. Specifieke onderzoeksvragen ...................................................... 1.3.2. Populatie ....................................................................................... 1.3.3. Steekproef .................................................................................... Derde fase: observatie van de kredietgesprekken ............................... 1.4.1. Observatiedocumenten ................................................................ 1.4.2. Selectie van de observaties .......................................................... 1.4.3. Indeling van de observaties ......................................................... A. Indeling observaties naargelang sector KMO die aanvraag doet B. Indeling observaties naargelang leeftijd KMO die kredietaanvraag doet ........................................................... C. Indeling observaties naargelang historiek binnen de bank van de KMO die de aanvraag doet ............................... D. Indeling observaties naargelang bestaande of nieuwe contactpersoon binnen de bank die kredietaanvraag behandelt E. Indeling observaties naargelang het krediet dat wordt aangevraagd .............................................................................. Bevragingsmethode .................................................................................. Verwerking van de gegevens ..................................................................
484 484 484 485 485 485 486 486 486 486 487 487 488 488 489 489 489 490
Beoordeling van een kredietaanvraag .......................................................... 490 2.1
Algemene informatie ................................................................................ 490 2.1.1. 2.1.2.
2.2
606
480
Methodologie ...................................................................................................... 483 1.1 1.2
2
472 472 472 473 473 474 476
Indeling kredietklanten .............................................................. De verschillende functieprofielen binnen de kredietdienst ...... A. Kantoormedewerkers ................................................................ B. Kredietadviseurs ........................................................................ C. Account managers ..................................................................... D. Kredietanalisten ........................................................................ E. Beslissers in een kredietcomité ................................................... Informatie nodig om een kredietaanvraag te beoordelen ................ 2.2.1. Wie ................................................................................................ A. Kwantitatieve factoren .............................................................. B. Kwalitatieve factoren ................................................................
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490 491 491 491 491 491 492 492 492 492 493
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2.2.2. 2.2.3.
2.3
2.4
Wat ................................................................................................ Bepaling van het risico ................................................................. Analyse van de verschillende elementen ............................................... 2.3.1. Kenmerken van een goed dossier ............................................... 2.3.2. Elementen die bankfinanciering bemoeilijken ........................... Klemtonen in de analyse ........................................................................... 2.4.1. Klemtonen naargelang het soort KMO dat de aanvraag doet . 2.4.2. Klemtonen naargelang het type krediet dat wordt aangevraagd ................................................................................. 2.4.3. Klemtonen naargelang het bedrag van het krediet .................. 2.4.4. Klemtonen naargelang het doel van het krediet ....................... 2.4.5. Klemtonen naargelang functieprofiel dat de kredietaanvraag behandelt .............................................. 2.4.6. Invloed van het al dan niet hebben van beslissingsbevoegdheid in een dossier .................................
494 495 496 496 498 502 502 504 505 505 505 506
2.5
De wijze waarop de verschillende kredietmodaliteiten worden bepaald
2.6
Communicatie ............................................................................................. 509
507
2.6.1. 2.6.2.
2.7
3
De 3.1
3.2
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Communicatie kredietdossier naar kredietcomité ..................... Communicatie kredietbeslissing .................................................. Afbakening van de subjectieve elementen in kredietverlening ........ 2.7.1. Beoordeling kredietaanvraag ...................................................... 2.7.2. Afbakening van de kredietvoorwaarden .................................... 2.7.3. Communicatie kredietbeslissing .................................................. Bazel II-akkoorden ........................................................................................ Het bepalen van de rating ........................................................................ 3.1.1. Inventarisatie kwantitatieve factoren ......................................... A. Solvabiliteit ................................................................................ B. Liquiditeit .................................................................................. C. Rentabiliteit ............................................................................... D. Rangschikking van de kwantitatieve factoren in volgorde van afnemend belang ................................................................ 3.1.2. Inventarisatie kwalitatieve factoren ............................................ A. Management .............................................................................. B. Externe signalen ......................................................................... C. Interne signalen ......................................................................... D. Aandeelhoudersstructuur ........................................................... E. Kenmerken product ................................................................... F. Kenmerken van de klantenportefeuille ...................................... G. Concurrentie .............................................................................. H. Sector ......................................................................................... I. Privé-vermogen van de onderneming ......................................... J. Rangschikking van de kwalitatieve factoren in volgorde van afnemend belang ................................................................ 3.1.3. Gedragsscoreluik ........................................................................... 3.1.4. Gewichten van de verschillende factoren om de rating te bepalen ..................................................................................... 3.1.5. Ratingklassen ................................................................................ 3.1.6. Overrulen rating ........................................................................... Waarborgen onder Bazel II ...................................................................... 3.2.1. Hypotheek onroerend goed ........................................................
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509 510 511 511 512 512 513 513 514 515 516 516 516 517 517 518 518 518 518 519 519 519 519 520 520 520 521 521 521 522
607
3.2.2.
3.3
3.3.1. 3.3.2.
4 5
Pand handelszaak ......................................................................... 522
Invloed van Bazel II .................................................................................... 522 Het bepalen van het risicoprofiel van de KMO en de procedures binnen de bank .............................................. 522 De afbakening van de verschillende kredietvoorwaarden ........ 524
Tips voor de KMO’s ............................................................................................ 524 Bevindingen uit de observaties van kredietgesprekken ........................... 526 5.1
Elementen die tijdens het kredietgesprek aan bod zijn gekomen ... 526 5.1.1.
5.2
5.3 5.4
6 7
Wie ................................................................................................ A. Kwalitatieve elementen ............................................................. B. Kwantitatieve elementen ........................................................... 5.1.2. Wat ................................................................................................ 5.1.3. Risico voor de bank ...................................................................... 5.1.4. Kredietvoorwaarden .................................................................... 5.1.5. Verdere afhandeling .................................................................... Klemtonen in de kredietgesprekken ...................................................... 5.2.1. Klemtonen naargelang het soort KMO dat de kredietaanvraag doet ....................................................... 5.2.2. Klemtoon naargelang het doel van het krediet ........................ Beoordeling van het kredietdossier ........................................................ Kredietbeslissing ........................................................................................
526 526 527 528 529 530 530 531 531 532 533 534
Besluit ..................................................................................................................... 534 BIJLAGEN ............................................................................................................... 537 Bijlagen 1 Specifieke onderzoeksvragen eerste fase onderzoek bij banken ..... 537 Bijlagen 2 Specifieke onderzoeksvragen tweede fase onderzoek bij banken ... 540 Bijlagen 3 Observatiedocumenten ............................................................................ 543 1. 2.
Observatiedocument kredietgesprek .................................................. 543 Observatiedocument analyse kredietdossier ....................................... 548
Bijlagen 4 Verwerking van de gegevens .................................................................. 554
Deel 3 Resultaten onderzoek bij KMO’s ........................................................................ 555 1
Methodologie ...................................................................................................... 555 1.1 1.2
Centrale vraag en onderzoeksvragen .................................................... 555 Specifieke onderzoeksvragen .................................................................. 556 1.2.1. 1.2.2.
1.3 1.4
608
Specifieke onderzoeksvragen voor de kredietbeslissing ........... Specifieke onderzoeksvragen na de kredietbeslissing ............... Populatie ..................................................................................................... Steekproef .................................................................................................. 1.4.1. Steekproefverdeling volgens moment waarop het eerste gesprek is afgenomen .................................................................. 1.4.2. Steekproefverdeling naargelang de persoon die de gesprekken met de bankier voert .......................................... 1.4.3. Samenstelling van de steekproef volgens omzetcriterium en sectorcriterium ........................................................................
CEFIP Academic awards
556 556 556 556 558 559 559
LARCIER
1.4.4. 1.4.5. 1.4.6. 1.4.7.
1.5 1.6
2
562
Bevragingsmethode ................................................................................... 563 Verwerking van de gegevens ................................................................... 563 Bankrelatie .................................................................................................. 564 2.1.1. 2.1.2. 2.1.3. 2.1.4.
2.2
2.3
575 575 576 577
Banken die het dossier uiteindelijk behandeld hebben ............ 578 Bespreking van het kredietvoorstel ............................................. 579 Bespreking van de kredietmodaliteiten ...................................... 579 Positieve kredietbeslissing aanvaard door de KMO ................... 580 Positieve kredietbeslissing niet aanvaard door de KMO ............ 580 Negatieve kredietbeslissing ......................................................... 581
Evaluatie bankier die het dossier behandeld heeft .................... 582 Evaluatie van de kredietmodaliteiten ......................................... 583 Afhandeling van het dossier ........................................................ 584
Algemene opmerkingen KMO’s over bankfinanciering ...................... 584 2.8.1. 2.8.2. 2.8.3.
2.9
574
Communicatie van de kredietbeslissing ................................................. 582 Beoordeling van de kredietrelatie met betrekking tot het aangevraagd krediet .......................................................................... 582 2.7.1. 2.7.2. 2.7.3.
2.8
Verwachting over de bespreking van het kredietvoorstel ......... Verwachting over de onderhandeling rond de kredietmodaliteiten ................................................................ A. Eigen inbreng in het dossier ....................................................... B. Waarborgen ............................................................................... C. Tarief .........................................................................................
Kredietbeslissing ......................................................................................... 580 2.5.1. 2.5.2. 2.5.3.
2.6 2.7
Externe adviseurs betrokken bij de kredietaanvraag ................. 570 De bank(en) waar de KMO de kredietaanvraag indient ............ 571 Informatie waarmee de KMO haar kredietdossier samenstelt .. 572
Verloop van de kredietonderhandelingen ............................................ 578 2.4.1. 2.4.2. 2.4.3.
2.5
564 565 566 568
Verwachting over hoe de bank het dossier zal afhandelen ............... 574 2.3.1. 2.3.2.
2.4
Aantal bankrelaties ...................................................................... Factoren die een rol spelen bij keuze bank(en) .......................... Samenwerking die de KMO met haar bank(en) nastreeft ......... Contactpersoon binnen de bank .................................................
Voorbereiding kredietaanvraag .............................................................. 570 2.2.1. 2.2.2. 2.2.3.
Bankier .......................................................................................... 584 Krediettoekenningspolitiek ......................................................... 585 Kredietmodaliteiten ..................................................................... 586
Tips van KMO’s voor KMO’s ..................................................................... 586 2.9.1. 2.9.2. 2.9.3.
LARCIER
560 561 561
Resultaten bevraging KMO’s ............................................................................ 564 2.1
3
Steekproefverdeling volgens specifieke sector ........................... Steekproefverdeling volgens leeftijd onderneming .................. Steekproefverdeling volgens kenmerken van het krediet ......... Steekproefverdeling volgens vestigingsplaats van de onderneming ....................................................................
De bankrelatie .............................................................................. 587 Voorbereiden van de kredietaanvraag ....................................... 587 Bespreken van de kredietmodaliteiten ....................................... 587
Besluit ..................................................................................................................... 588
Table des matières
609
Bijlagen ...........................................................
591
Bijlagen 1 Specifieke onderzoeksvragen vóór de kredietbeslissing ......................... 591 1 2 3
Relatie met bank ................................................................................................. 591 Kredietaanvraag .................................................................................................. 591 Algemene bemerkingen rond bankfinanciering ......................................... 592
Bijlagen 2 Specifieke onderzoeksvragen na de kredietbeslissing ............................. 592 1 2 3
Relatie met bank ................................................................................................. 592 Kredietaanvraag .................................................................................................. 592 Kredietbeslissing .................................................................................................. 592
Bijlagen 3 Verwerking van de gegevens ............................................................................... 594
