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Bourse d'Alger: Les entreprises publiques boudent le marché boursier - Algerie360
La Bourse d’Alger, mise en place en 1997, est toujours boudée par les PME algériennes, mais surtout par les grandes entreprises publiques, en particulier les groupes Sonatrach et Sonelgaz.
Les raisons de cette énigme sont brièvement énumérées par le directeur général de la Bourse d’Alger, M. Yazid Benmouhoub. Il a expliqué hier à la radio nationale que «les conditions d’émergence de l’époque n’étaient pas propices pour avoir un marché de capitaux, mais aujourd’hui, avec le stress financier depuis 2014, cela a montré d’abord les limites du système de financement classique basé à 97% sur le financement bancaire. Et l’idée donc est d’aller vers d’autres sources de financement, et parmi lesquelles la Bourse, le marché des capitaux, qui pourrait jouer un rôle important dans le financement des entreprises». Pour lui, il y a «plusieurs facteurs» qui expliquent pourquoi les entreprises tournent le dos au marché des capitaux, dont «l’absence de culture boursière», car «des chefs d’entreprises ne savent pas que la Bourse peut les financer, il y a aussi les crédits bancaires bonifiés qui bloquent» l’entrée des entreprises en Bourse.
«Maintenant, nous pensons qu’il faut de nouvelles sources de financement, car le financement bancaire a des limites. La Banque d’Algérie empêche d’aller au-delà d’un ratio de financement, et donc il y a l’éventualité des financements de la Bourse», estime M. Benmouhoub, selon lequel il y a sur le tissu économique national près d’un million de PME qui sont loin des standards internationaux. Sans être vraiment critique, M. Benmouhoub pense que les conditions actuelles d’accès aux crédits bancaires, dont beaucoup sont bonifiés constituent le principal obstacle de l’entrée en Bourse de beaucoup d’entreprises, publiques ou privées. «Mais, nous pensons que la Bourse est une alternative pour le financement de ces entreprises», souligne t-il, avant de relever que «nous voulons inverser la tendance et alléger le fardeau sur le financement bancaire», soulignant qu’au second semestre 2017, «la liquidité bancaire avait chuté, ce qui avait affecté la disponibilité de crédits pour les entreprises».
«Pour les PME, qui répondent aux critères selon la loi de juin 2017, il y a un peu plus de 3.000 sociétés, dont une partie peut être financée sur le marché boursier», estime t-il, précisant que «le dispositif est là, et même appuyé par des exonérations fiscales, des allègements de taux d’ouverture (10% pour les PME)». Pour autant, il déplore le fait que les «sociétés privées soient réfractaires à l’ouverture du capital, il faut peut-être les faire passer par des fonds d’investissement et les aider à se structurer, et le meilleur moyen de le faire est la Bourse d’Alger.» M. Benmouhoub estime en outre que «le facteur fiscal ne suffit plus pour relancer la Bourse d’Alger, car les sociétés émettrices bénéficient depuis 2015 d’une réduction de l’IBS. Il faut donc chercher d’autres solutions ailleurs, comme revoir certains aspects liés aux avantages donnés aux entreprises, avec des points aux sociétés cotées en bourse.» Le marché informel plombe t-il le marché boursier ? M. Benmouhoub est affirmatif, estimant qu’il est clair qu»’il impacte non seulement la Bourse, mais tout le secteur économique». Mais, pour lui, «les moyens de paiement électronique vont assécher graduellement la masse monétaire, qui circule sur le marché informel, et la ramener vers le marché formel». «Il est très difficile pour nous de le concurrencer en termes de rendement», explique-t-il, rappelant qu’en 2017, «les sociétés cotées en bourse ont donné 11% de rendement, ce qui est assez élevé par rapport à ce qui existe sur le marché. Mais cela n’a pas suffi à drainer davantage d’investisseurs ou d’entreprises cotées». En 2013, par ailleurs, le ministère des Finances avait recommandé aux entreprises d’entrer en bourse, mais sans grand résultat, car les «patrons de PME se posent la question de savoir pourquoi les entreprises publiques ne sont pas cotées en bourse», même si, «pour le secteur privé, il doit aller chercher les sources de financement là où elles sont, contrairement aux entreprises publiques, propriété de l’Etat et donc financées par les banques.» Pour autant, le premier responsable de la Bourse d’Alger estime que «par rapport aux besoins des entreprises nationales, cela ne doit être appuyée que par des financements, et cela ne peut être permis que par le marché des capitaux, c’est-à-dire la Bourse».
«La balle est dans le camp des entreprises», lance t-il. Par ailleurs, il s’est interrogé sur l’utilisation des fonds d’investissements, octroyés à raison d’un milliard de dinars par l’Etat à chacune des 48 wilayas pour relancer les PME locales. «Au 31 décembre 2017, à peine 10% de ce montant a été utilisé», déplore-t-il, avant de s’interroger sur les raisons qui empêchent l’entrée en Bourse de «plusieurs entreprises en vue.» «On se demande pourquoi elles ne sont pas en Bourse, car la Bourse est un élément pour les booster de manière considérable», a-t-il souligné, avant de citer le cas de Biopharm, dont l’entrée en Bourse lui a donné de «la visibilité à l’international.»
Par ailleurs, M. Benmouhoub est revenu sur le cas des huit entreprises publiques qui devaient intégrer la Bourse d’Alger, dont Mobilis, Cosider et des cimenteries, dont celle d’Ain Kebira. Pour rappel, c’est le Conseil des participations de l’Etat (CPE) qui avait donné son feu vert en 2013 à huit entreprises publiques pour louverture ou laugmentation de leur capital social à travers la Bourse. Il sagissait de trois cimenteries relevant du groupe public GICA (dont celle dAïn Kebira), du Crédit populaire dAlgérie (CPA), de la compagnie d’assurance Caar, de Cosider Carrières (filiale du groupe Cosider), de lentreprise hydro-aménagement et de Mobilis. Mais, l’Etat a stoppé net le processus, qui a été annoncé fin 2017 par le Premier ministre Ahmed Ouyahia. Selon M. Benmouhoub, ce choix, dicté par la conjoncture financière que traverse le pays, à savoir un manque drastique des liquidités bancaires, a été bénéfique aux PME, car «une éventuelle introduction en Bourse des entreprises publiques aurait un effet d’éviction sur les PME», qui n’ont pas le même attrait que les entreprises publiques. D’autre part, il estime que «la Bourse peut être un barrage au marché parallèle, si un nombre important d’entreprises entrent en Bourse et attirent la masse thésaurisée par les ménages». Et, même si l’Etat boude la Bourse des valeurs d’Alger en ne cotant pas la dernière opération d’emprunt obligataire de 2016, M. Benmouhoub a expliqué qu’en fait, depuis 2008, l’Etat cote les obligations du Trésor (ORT), et «97% de l’activité de la Bourse provient de l’activité des ORT, soit presque 400 milliards de dinars d’encours. Entre 2016 et 2017, on est passé de 14% à 24% d’augmentation du niveau des ORT au niveau de la Bourse d’Alger».