Loi PACTE : une aubaine pour l'actionnariat salarié
Une étude d'Eres sur l’actionnariat salarié dans l’Hexagone montre que le nombre d’opérations collectives réalisées l’année dernière a sensiblement progressé,
malgré la persistance de certains écueils.
AG - assemblée générale - actionnaires
La société de conseil et de gestion Eres a publié mardi son dernier baromètre sur l’actionnariat salarié en France. Une sixième édition placée sous le signe des avancées. Pour mener à bien cette étude, Eres s’est focalisée dans un premier temps sur les entreprises cotées au SBF 120, puis dans un deuxième temps a choisi d’élargir sa vision aux entreprises non cotées. À l’échelle européenne, la performance de la France pour ce qui est de la proportion de capital des entreprises détenu par les salariés est sans égale et représente 4%, contre seulement 1,6 % en moyenne en Europe. Un modèle de réussite qui se traduit par une concentration du nombre d’actionnaires salariés record, qui avoisine les 38 % du nombre total d’actionnaires de l'Europe.
Un bilan positif à mettre sur le compte d’opérations d’actionnariat salarié prolifiques, qui ont atteint près de 2,7 milliards d'euros en 2017, soit 19 % des offres publiques totales émises par les entreprises cotées. En outre, on compte 32 opérations réalisées pour 28 des entreprises cotées à l’indice parisien, soit un niveau supérieur à la moyenne observée sur la dernière décennie. D’après Olivier de Fontenay, associé fondateur chez Eres : "Même si une partie seulement des 2,7 milliards d'euros vient des salariés, le reste venant de l’entreprise via l’abondement, nous sommes heureux de constater les effets économiques positifs de l’actionnariat salarié qui contribue massivement au financement des entreprises."
Selon l’étude, 80 % des salariés sortent gagnants d’une opération d'actionnariat salarié au bout de cinq années de conservation en réalisant une plus-value, incluant une décote initiale et les dividendes. En comparaison, un actionnaire classique ne bénéficierait d’une plus-value que dans 71 % des cas.
Parallèlement aux gains issus de la cession des titres, le taux de décote moyen se stabilise autour des 17 %, une véritable aubaine surtout pour les salariés primo actionnaires. Ainsi lorsque l’entreprise décide d’abonder à hauteur de 100 % du capital versé, les plus-values concernent 95 % des salariés actionnaires. Par ailleurs, la culture d’entreprise est prépondérante dans le choix d’un salarié de participer à de telles opérations. Il est amusant de noter que le taux de départs volontaires des salariés s’élève à 6,7 % lorsque l’on est en présence d’une culture d’actionnariat forte et oscille à 9,6 % lorsqu’elle est faible ou inexistante.
Néanmoins, en dépit de ces améliorations, certains obstacles viennent freiner l'expansion du phénomène, au grand dam des dirigeants d’entreprises. La raison de la baisse du taux de démocratisation est principalement réglementaire, avec l'imposition lourde sur les opérations d’attributions gratuites d’actions, conjuguée à la hausse du forfait social depuis 2012. Une tendance qui devrait s’estomper avec la mise en application à venir de la loi PACTE. Parmi les mesures attendues qui devraient favoriser les PME tricolores non cotées ayant ouvert le capital à leurs employés, les analystes retiennent la révision du forfait social, qui devrait passer à 10%, et l’abondement unilatéral sans versement du salarié pour l’actionnariat salarié et les actions gratuites. L’État et les entreprises doivent accorder leurs violons pour accompagner au mieux la transformation de notre économie et renforcer la productivité nationale. "Le Plan d’Action pour la Croissance et la Transformation des Entreprises (PACTE) prévoit un renforcement de l’actionnariat salarié dans les PME avec un objectif de 10% du capital des entreprises françaises détenu par les salariés. C’est un objectif ambitieux que nous soutenons entièrement", conclut Mathieu Chauvin, Directeur Commercial chez Eres.
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