{"id":17373757,"date":"2025-09-02T12:37:24","date_gmt":"2025-09-02T11:37:24","guid":{"rendered":"https:\/\/kapitalis.com\/tunisie\/?p=17373757"},"modified":"2025-09-02T12:37:26","modified_gmt":"2025-09-02T11:37:26","slug":"tunisie-pourquoi-la-bvmt-peine-t-elle-a-se-developper","status":"publish","type":"post","link":"https:\/\/kapitalis.com\/tunisie\/2025\/09\/02\/tunisie-pourquoi-la-bvmt-peine-t-elle-a-se-developper\/","title":{"rendered":"Tunisie | Pourquoi la BVMT peine-t-elle \u00e0 se d\u00e9velopper\u00a0?"},"content":{"rendered":"\n<p><strong><em>Depuis la cr\u00e9ation de la Bourse de Tunis, en 1969, et sa relance, en 1995, sous son appellation actuelle de Bourse des valeurs mobili\u00e8res de Tunis (BVMT), les gouvernements qui se sont succ\u00e9d\u00e9 ont cherch\u00e9 \u00e0 renforcer la contribution du march\u00e9 boursier au financement de l\u2019\u00e9conomie nationale, sans r\u00e9sultats probant, puisque le financement bancaire reste encore pr\u00e9dominant en Tunisie avec un taux approchant 90%.<\/em><\/strong><\/p>\n\n\n\n<p><strong>Atef Hannachi *<\/strong><\/p>\n\n\n\n<!--more-->\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img decoding=\"async\" src=\"http:\/\/kapitalis.com\/tunisie\/wp-content\/uploads\/2019\/02\/Atef-Hannachi.jpg\" alt=\"\" class=\"wp-image-200261\"\/><\/figure>\n<\/div>\n\n\n<p>Malgr\u00e9 la diversification des soci\u00e9t\u00e9s cot\u00e9es et la relative expansion du march\u00e9 boursier, la cote de la BVMT reste domin\u00e9e par les banques qui s\u2019y procurent la liquidit\u00e9 dont elles ont besoin pour accorder des cr\u00e9dits \u00e0 leurs client\u00e8les.<\/p>\n\n\n\n<p>Dans ce syst\u00e8me o\u00f9 les petits porteurs sont marginalis\u00e9s, ce sont les int\u00e9r\u00eats des grandes entreprises qui s\u2019imposent souvent et cet entre-soi laisse la porte ouverte aux abus et aux scandales.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Prot\u00e9ger les petits porteurs<\/h2>\n\n\n\n<p>La mise en faillite de plusieurs soci\u00e9t\u00e9s cot\u00e9es a beaucoup affect\u00e9 les petits porteurs, qui y ont perdu leur argent. Plus grave encore, face aux abus constat\u00e9s, les d\u00e9cideurs du march\u00e9 financier n\u2019ont pas cru devoir prendre des mesures strictes pour prot\u00e9ger les petits porteurs.<\/p>\n\n\n\n<p>La faillite de quatre soci\u00e9t\u00e9s cot\u00e9es \u00e0 la BVMT incite \u00e0 se demander pourquoi le Conseil du march\u00e9 financier (CMF), cens\u00e9 contr\u00f4ler la cotation des soci\u00e9t\u00e9s, n\u2019a-t-il pas d\u00e9couvert \u00e0 temps le pot aux roses et \u00e9vit\u00e9 ainsi le d\u00e9sastre, et ce, malgr\u00e9 l\u2019existence de plusieurs m\u00e9canismes d\u00e9di\u00e9s au redressement des entreprises en difficult\u00e9&nbsp;? Pourquoi le <em>reporting<\/em> de ces soci\u00e9t\u00e9s n\u2019a-t-il pas \u00e9t\u00e9 effectu\u00e9 de mani\u00e8re rigoureuse et efficace&nbsp;? &nbsp;<\/p>\n\n\n\n<p>Les banques, dirions-nous plus haut, dominent encore la capitalisation boursi\u00e8re avec une part de march\u00e9 de 54% en 2024.<\/p>\n\n\n\n<p>Graphique de la capitalisation boursi\u00e8re r\u00e9partie par secteur&nbsp;:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Perte de confiance<\/h2>\n\n\n\n<p>Les conditions \u00e0 l\u2019entr\u00e9e des soci\u00e9t\u00e9s sur la cote de la BVMT, telles que sp\u00e9cifi\u00e9es par la loi 94-117, restent difficile \u00e0 satisfaire pour une soci\u00e9t\u00e9 tunisienne en expansion qui cherche des moyens de financement mieux adapt\u00e9s \u00e0 ses besoins et ses moyens.<\/p>\n\n\n\n<p>Parmi ces conditions, on citera la publication des comptes annuels certifi\u00e9s des deux derniers exercices avec possibilit\u00e9 de d\u00e9rogation pour les soci\u00e9t\u00e9s dont l\u2019entr\u00e9e en activit\u00e9 est inf\u00e9rieure \u00e0 2 ans; la diffusion de 10% du capital dans le public avec possibilit\u00e9 de d\u00e9rogation en cas de diffusion d\u2019un montant de 1 million de dinars; la pr\u00e9sentation d\u2019un rapport d\u2019\u00e9valuation sur les actifs de la soci\u00e9t\u00e9; la disposition d\u2019une organisation ad\u00e9quate, d\u2019un audit interne et d\u2019un contr\u00f4le de gestion; la pr\u00e9sentation d\u2019informations pr\u00e9visionnelles sur 5 ans, \u00e9tablies par le conseil d\u2019administration, accompagn\u00e9es de l\u2019avis du commissaire aux comptes&nbsp;; la production d\u2019un prospectus d\u2019admission vis\u00e9 par le Conseil du March\u00e9&nbsp;; la pr\u00e9sentation de deux derniers exercices b\u00e9n\u00e9\ufb01ciaires (condition non exig\u00e9e en cas d\u2019augmentation de capital); la r\u00e9partition des titres de la soci\u00e9t\u00e9 d\u00e9tenus par le public entre 200 actionnaires au moins, au plus tard le jour de l\u2019introduction; et la disposition d\u2019un capital minimum de 3 millions de dinars tunisiens (MDT) le jour d\u2019introduction.<\/p>\n\n\n\n<p>Certaines de ces conditions n\u2019ont pas permis l\u2019entr\u00e9e de nombreuses soci\u00e9t\u00e9s sur la cote de la BVMT et bloqu\u00e9 le d\u00e9veloppement de celle-ci.<\/p>\n\n\n\n<p>Quant aux insuffisances du contr\u00f4le assur\u00e9 par le CMF, il a dissuad\u00e9 les petits porteurs de s\u2019engager davantage, puisque beaucoup d\u2019entre eux ont perdu de l\u2019argent dans des op\u00e9rations douteuses et n\u2019ont plus confiance dans le march\u00e9 boursier.<\/p>\n\n\n\n<p>* <em>Expert comptable.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La contribution du march\u00e9 boursier au financement de l\u2019\u00e9conomie tunisienne reste faible. En voici les causes&#8230; <\/p>\n","protected":false},"author":8,"featured_media":5982841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[992,995,1000,2433],"tags":[3268,9985,3843,88014,124350,124351],"class_list":["post-17373757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-economie","category-tribune","category-tunisie","tag-bourse-de-tunis","tag-bvmt","tag-cmf","tag-financement-de-leconomie","tag-marche-boursiers","tag-petits-porteurs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tunisie | Pourquoi la BVMT peine-t-elle \u00e0 se d\u00e9velopper\u00a0? - Kapitalis<\/title>\n<meta name=\"description\" content=\"La contribution du march\u00e9 boursier au financement de l\u2019\u00e9conomie tunisienne reste faible. 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