But now the debt is rare and the risk is back

Will the stock market to empty 80 of its content Haven of bliss during a boom, it becomes a ball in a period of belt-tightening for the companies that are listed. Price floor which prohibits any transaction, image destroyed by speculation... At each crisis, patterns of SMEs feel trapped, with the constraints of a market which brings them more the slightest advantage. Filling entire pages on the pay or the remediation of soils, hire lawyers and Commissioners to accounts, write reports of five hundred pages, it consumes time and money at least EUR 500 000 per year, according to the Middlenext association, which represents the listed medium-sized companies.

Then, these medium-sized enterprises, often controlled by family shareholders or investment funds, valuations are so low that the redemption of the shares held by minority shareholders appears to be a good case when it is confident that the stock exchange values not the potential of his company. But these companies are more than 80 of the 800 companies listed in France. Even if these hundreds of "without pay" market (which over 500 are less than 150 million euros of capitalization) are that two to three percent of traded volumes, out of the stock market would still be sacred treatment of weight loss for the Parisian market.

But force is that the passage to the Act is still rare. If large companies such as Clarins or Oberthur have news last year leaving the stock market, it does occur that withdrawals 30 each year. In the first quarter of 2009, only eight French companies left the market regulated (excluding free market). It remains in the pace of previous years, especially as these departures are due for the most part not voluntary decisions, but activity ceases or redemptions by competitors.

Why so this contrast between the desire of many end with the stock exchange is cited the figure of one-third of the listed companies which would in this case and the reality of the facts Because it is expensive, complicated and risky. Need to pass under the fork admit defeat the market authorities (AMF, scrupulous on the law of the minority) and also deal with certain hedge funds that are blocking withdrawals taking 5 of the capital (withdrawal threshold) to monetize their agreement. Finally, we must find financial or have a personal fortune to buy its independence. In recent years, investment funds have played this role through the leverage of debt. The LBO allowed, with a low starting last, to make acquisitions more larger without great risk. Left then back these companies on the stock market a few years later with great profit. This is seen with large companies such as Legrand and Rexel. But now, the debt is rare and the risk is back. At the time, the funds have become very selective and less ambitious. The window for escape from the stock market is therefore more closely.

I need to resolve to navigate the current turmoil with 50-80 of frustrated aboard the stock market It would be a mess. After all, if one believes in capitalism, it would seem on the stock exchange, which is the essential component. Much more than families or the funds, it is likely to best allocate capital available to daring and ambitious projects. It only by its effect of mass and the pooling of risk, can finance industrial revolutions as the railway, electricity or computers. For the company, it provides visibility and it allows the important fundraising without necessarily losing the capital control.

The problem is that French SMEs have always had problems with the stock exchange, while they absolutely need to strengthen their own funds. The Brunel law under discussion in Parliament should facilitate the transfer of the Eurolist smaller companies to Alternext, a guarded but market which constraints are alleviated. It would then towards a scholarship two well differentiated stage: large companies on one side, and the medium-sized and small, those worth less than EUR 150 million for example, on Alternext. But there is still that the choice of the stock market rating should not be a default decision but a choice of shareholder. And if this form of independence that is having many minority shareholders rather than a big intrusive, we should also bear the consequences.