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Think Act; Mettre Les PME Au Cœur De L'économie Française

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Think Act; Mettre Les PME Au Cœur De L'économie Française navigating complexity OPUS 1 Janvier 2018 Mettre les PME au cœur de l’économie française Comment retrouver les modes de financement des PME 2 THINK ACT Comment retrouver les modes de financement des PME THE BIG 3 6 milliards d’euros Montant injecté dans les PME entre 2010 et 2016 grâce au dispositif ISF-PME. Page 5 4 700 Nombre de PME financées via ce dispositif. Page 5 4 765 milliards d’euros Montant de l’épargne à disposition, aujourd’hui très éloignée des PME. Page 13 THINK ACT 3 Comment retrouver les modes de financement des PME Mettre les PME au cœur de l’économie française. CRÉER UN « MITTELSTAND À LA FRANÇAISE » l’outil de travail, aggravé par l’imposition sur les plus- Le tissu des moyennes entreprises en Allemagne est values. La suppression de l’ISF et la naissance de la le socle d’une réussite économique dont la France « flat taxe » ont pour mérite d’encourager les cessions et pourrait s’inspirer. les successions, un véritable renfort à venir pour le Les PME en France sont au nombre de 138 000 et tissu industriel français. emploient 4 millions de salariés. Mais, dans la catégo- Cependant le financement des PME était assuré de- rie supérieure, la France compte seulement 5 400 ETI puis 10 ans par un moyen phare : l’ISF-PME et dans pour un peu plus d’un million de salariés, soit deux à une moindre mesure l’IR-PME. Peu connu du grand trois moins qu’en Allemagne ou au Royaume-Uni. public, l’ISF-PME était une incitation fiscale qui ame- Comment expliquer que ces PME et ETI françaises nait les contributeurs de cet impôt sur la fortune à in- peinent à passer à la vitesse supérieure ? Comment les vestir dans les PME afin de bénéficier, en retour, d’un accompagner dans leur développement afin de leur abattement sur leur impôt. Cet atout dont l’objet était donner une envergure européenne ? aussi de mitiger les effets néfastes de l’ISF, prend fin Renforcer le tissu des PME et des ETI en France est avec la suppression de cet impôt. essentiel pour créer un tissu robuste à l’image du « Mit- A court terme, se présente désormais un manque telstand » allemand, culture de l’innovation et de l’ex- de financement de plus d’un milliard d’euros pour les portation, qui est une des sources de la bonne santé PME. Face à ce trou d’air de financement, le gouverne- économique outre-Rhin. C’est l’ensemble de cette pro- ment prend des mesures qui restent pour l’heure insuf- blématique que Roland Berger abordera au cours de fisantes : la collecte à venir resterait deux fois inférieure l’année 2018 à travers plusieurs opus, pour à terme à celle des dispositifs en cours d’ajustement. Roland proposer un ensemble de réflexions et de recomman- Berger a recherché les types de financement homolo- dations visant à donner un nouveau souffle à ces PME gues chez nos voisins allemands et britanniques, et et ETI qui composent l’essentiel du tissu économique propose une série de mesures pour remédier à ces français. pertes. Ce premier volet « Comment retrouver les modes de Les prochains volets de cette réflexion s’articule- financement des PME » souligne qu’il y a un lien fort ront autour des thèmes du développement et de la entre ISF et PME, et dresse un état des lieux de leur transmission des PME. Il s’agira pour chaque opus de financement grâce aux outils qui drainent l’épargne. dresser un état des lieux, d’identifier les failles et les La suppression de l’ISF est opportune au regard des freins de chaque aspect abordé et de proposer une série blocages suscités par cette surtaxe, notamment la non de recommandations. transmission des PME aux nouvelles générations ou à Photo : Istock / bijendra / ilyaliren bijendra / : Istock Photo des repreneurs. Ce blocage était lié à la contrainte de 4 THINK ACT Comment retrouver les modes de financement des PME COMMENT RETROUVER LES MODES DE OPUS 1 FINANCEMENT DES PME La suppression de l’ISF touche aussi les PME. C’était une promesse de campagne du candidat Emmanuel Macron. La suppression de l’Impôt sur la Fortune a été actée au profit de l’Impôt sur la Fortune Immobilière lors de la présentation de la Loi de finance 2018. Serpent de mer de la vie politique, l’ISF est une surtaxe sur le patrimoine qui se déclenchait à partir de 1,3 million d’euros sur le patrimoine net taxable. Cet ISF-PME (maintenu en IFI-PME uniquement en 2018) disparaît avec la réforme fiscale souhaitée par le Président de la République. Une fragilisation à l’heure où la France doit renforcer son tissu de PME et d’ETI pour faire naître un réel « Mittelstand ». Il faut donc trouver d’autres sources de financement sur lesquels travaillent les pouvoirs publics. Les propositions de Roland Berger prônent de réformer les différents outils existants sans créer aucune niche nouvelle. Les leviers existent mais doivent se transformer. THINK ACT 5 Comment retrouver les modes de financement des PME Financement des PME : l’atout défiscalisation. LES DEUX INCITATIONS FISCALES EXISTANTES LES PME ÉLIGIBLES POUR FAVORISER L’INVESTISSEMENT DANS Sur un vivier de près de 138 000 PME françaises 1, un LES PME peu moins de 37 000 sont éligibles au financement via Comment financer les PME en France ? La question est l’ISF-PME. B vaste et récurrente. Elle vient de perdre une réponse Deux filtres de sélection sont alors retenus par la imparfaite, mais jusqu’ici efficace : l’ISF-PME. dernière loi en date de décembre 2016. Le premier Plusieurs sources de financement existent pour les donne la priorité aux jeunes entreprises, avec une exis- PME mais deux d’entre elles ont fait leurs preuves : tence inférieure à 7 ans, et ce afin de les aider dans l’ISF-PME et l’IR-PME. Deux incitations fiscales qui ont leur développement. Le deuxième, pour les entre- pour objectif d’attirer des particuliers. Ces derniers in- prises de plus de 7 ans d’âge, exige un besoin de finan- jectent des capitaux dans les fonds propres des entre- cement supérieur à 50% du chiffre d’affaires sur les prises et, en retour, l’administration leur défiscalise cinq dernières années, selon les textes de loi en vi- une partie de leurs impôts. gueur. Roland Berger remarque que la prise en compte Créé en 2007, ce mécanisme permettait pour un de ce critère débouche sur un panel d’entreprises où particulier de réduire son ISF à hauteur de 50% des ce même chiffre d’affaires croît de plus de 10% par an, sommes investies, dans la limite de 45 000 euros de ce qui témoigne d’un dynamisme fort de la part de ces remise fiscale par an. Afin de procéder à cette mise de PME ciblées. fonds, deux chemins sont possibles : Par ailleurs, d’autres contraintes de gestion telles Passer par une société de gestion qui investit : via un que le champ géographique ou encore l’investissement mandat/ holding ISF, via des fonds communs de place- dans l’innovation viennent parfois affiner le vivier de ment dans l’innovation (FCPI) ou des fonds d’investis- PME éligibles à des FIP ou FCPI. sement de proximité (FIP). La différence majeure inter- vient au niveau de la réduction fiscale, corrélée aux QUELS RÉSULTATS POUR L’ISF-PME ? contraintes de gestion différentes dans les deux cas Avec la réforme du gouvernement, ce sont donc in Investir en direct auprès de la PME : ce mécanisme fine 1,2 milliard d’euros de pertes potentielles pour permettait de collecter 2,1 milliards d’euros par an afin les PME. Pourtant, ce financement avait fait ses de financer les PME françaises, dont 1,2 milliard grâce preuves : il a permis de financer 4 700 PME entre 2010 à la défiscalisation ISF-PME. A et 2016, en enregistrant chaque année une croissance De plus, ces entreprises pouvaient avoir des diffi- de 14% de bénéficiaires. Au final, ce sont 6 milliards cultés de financement et ne souhaitaient pas forcé- d’euros qui ont été injectés dans les PME tradition- ment ouvrir leur capital. Entre cette difficulté d’em- nelles en France. C prunt et l’incertitude des levées de fonds, l’ISF-PME avait trouvé sa place comme levier pérenne et sans risque. 1 Selon décret d’application (n°2008-1354) de l’article 51 de la loi de modernisation de l’économie. Entreprises avec moins de 250 salariés, réalisant soit un chiffre d’affaires annuel inférieur à 50 millions d’euros, soit un total de bilan inférieur à 43 millions d’euros. 6 THINK ACT Comment retrouver les modes de financement des PME A MARCHÉ DES PRODUITS DE FINANCEMENT DES PME PAR DÉFISCALISATION ISF / IR [M€ ; 2016] IR-PME : ∑ = 856 355 2 096 Total marché 856 ~1,2 451 Md EUR ISF-PME : ∑ = 1 240 402 1 240 50 1 240 485 353 Mandats/ FIP-FCPI Direct Total Mandats/ FIP-FCPI Direct Total Holdings Investisseur-PME ISF Holdings Investisseur-PME ISF + IR Source : AFIC, Capital Finance, Roland Berger B ENTREPRISES ÉLIGIBLES SELON LES CRITÈRES D’ÂGE ET DE CROISSANCE DU CHIFFRE D’AFFAIRES [#000 d’entreprises] 138 101 122 > 7 ans 37 21 16 16 < 7 ans Total marché PME Entreprises non-éligibles Entreprises éligibles (> 7 ans TCAM > 10%) (< 7 ans) (hors Micro) (> 7 ans et TCAM < 10%) TCAM = Taux de croissance annuel moyen Source : Insee, Diane, Roland Berger THINK ACT 7 Comment retrouver les modes de financement des PME LES IMPACTS SOCIO-ÉCONOMIQUES C DE L’ISF-PME Cet atout fiscal de l’ISF-PME a des effets bien au-delà LE DISPOSITIF ISF-PME A PERMIS DE FINANCER de la trésorerie des entreprises.
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