The comparison of the results of calculations based on experimental data with those derived from a simple, two phase, elastic model proved the existence of a hard interphase in particulate-filled composites. Moreover, beside elastic properties, also other mechanical characteristics of the interphase, including yield stress, are different from those of the components. An energy analysis showed that the relationship between the yield stress of the matrix and the debonding stress determines the mechanism of deformation. Strong adhesion leads to matrix yielding, while decreased interaction leads to debonding with a corresponding dependence of composite yield stress on filler content. Particle size, interaction and interphase properties determine the stress necessary to separate the matrix/filler interface. The thickness of the interphase depends on the strength of the interaction; a linear correlation was found between the size of the interlayer and the reversible work of adhesion.