{"id":647,"date":"2017-08-10T14:36:19","date_gmt":"2017-08-10T12:36:19","guid":{"rendered":"http:\/\/www.sage.com\/fr-fr\/blog\/?p=647"},"modified":"2026-02-11T13:04:15","modified_gmt":"2026-02-11T12:04:15","slug":"private-equity-bourse-pme-eti","status":"publish","type":"post","link":"https:\/\/www.sage.com\/fr-fr\/blog\/private-equity-bourse-pme-eti\/","title":{"rendered":"Private Equity ou Bourse, avantages et inconv\u00e9nients ?"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/fr-fr\/blog\/categorie\/croissance-et-strategie-clients\/\" class=\"entry-header__link\">Croissance &amp; Strat\u00e9gie clients<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tPrivate Equity ou Bourse, avantages et inconv\u00e9nients ?\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Publi\u00e9 le <time class=\"entry-date published\" datetime=\"2017-08-10T14:36:19+02:00\">10 ao\u00fbt 2017<\/time><\/span><span class=\"reading-time\"> min de lecture<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Private Equity ou Bourse, avantages et inconv\u00e9nients ?\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/fr-fr\/blog\/private-equity-bourse-pme-eti\/\"\n\t\t\tdata-share-text=\"Veuillez lire cet article int\u00e9ressant\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Partager<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copier le lien<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copi\u00e9<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/fr-fr\/blog\/author\/christopheadam\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Christophe-Adam-350x350.jpg\" class=\"entry-author__image\" alt=\"Christophe Adam\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Christophe-Adam-350x350.jpg 350w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Christophe-Adam-768x768.jpg 768w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Christophe-Adam.jpg 800w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Christophe Adam<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Moins connu que la bourse, le capital investissement ou Private Equity repr\u00e9sente une alternative pour les petites et moyennes entreprises (PME) et les entreprises de taille interm\u00e9diaire (ETI) en qu\u00eate de fonds externes. Financement de la soci\u00e9t\u00e9, patrimoine des actionnaires, contr\u00f4le de la gouvernance\u2026 Avantages et inconv\u00e9nients des deux syst\u00e8mes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vous-avez-dit-private-equity\">Vous avez dit Private Equity ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les fonds de private equity (FPE) ou capital\u2010investissement d\u00e9signent une forme d\u2019investissement dans des entreprises priv\u00e9es non cot\u00e9es ayant pour objectif de financer leur d\u00e9veloppement, leur transformation ou leur expansion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les formes les plus r\u00e9pandues de private equity sont :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>le capital risque (ou venture capital) d\u00e9signe des investissements dans la cr\u00e9ation et le d\u00e9veloppement de start\u2010ups innovantes dans le secteur des technologies de l\u2019information, les biotechnologies, les \u00e9nergies propres\u2026 Ces fonds fournissent de l\u2019argent mais aussi une aide op\u00e9rationnelle et strat\u00e9gique \u00e0 l\u2019entreprise pour soutenir son d\u00e9veloppement.<\/li>\n\n\n\n<li>les LBO (Leveraged Buy\u2010Out) d\u00e9signe l\u2019acquisition d\u2019une part majoritaire dans des entreprises plus grandes et plus matures dans tous les secteurs de l\u2019\u00e9conomie via un financement par de la dette. \u00c0 la suite de l\u2019acquisition, les fonds de LBO vont aider le management de l\u2019entreprise \u00e0 cr\u00e9er de la valeur en jouant sur : l\u2019am\u00e9lioration de l\u2019efficacit\u00e9 op\u00e9rationnelle, le positionnement strat\u00e9gique, l\u2019optimisation des flux de tr\u00e9sorerie.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Avantages du Private Equity<\/strong>&nbsp;: le principal avantage du private equity r\u00e9side dans sa capacit\u00e9 \u00e0 proposer des accords contractualis\u00e9s, \u00ab sur mesure \u00bb et flexibles aux entreprises. La soci\u00e9t\u00e9 financ\u00e9e par le private equity conserve le statut de soci\u00e9t\u00e9 non cot\u00e9e, ce qui permet aux dirigeants et aux actionnaires de ne diffuser publiquement que tr\u00e8s peu d\u2019informations par rapport aux soci\u00e9t\u00e9s cot\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Inconv\u00e9nients du Private Equity<\/strong>&nbsp;: le principal r\u00e9side dans l\u2019immobilisation des liquidit\u00e9s. Les liquidit\u00e9s ne sont pas offertes \u00e0 tout moment comme sur les march\u00e9s financiers, mais seulement au moment de l\u2019investissement du fonds.<br><strong>Autre inconv\u00e9nient : le prix<\/strong>. Ces fonds pratiquent en effet g\u00e9n\u00e9ralement, lors de leur \u00e9valuation des soci\u00e9t\u00e9s non cot\u00e9es, une d\u00e9cote d\u2019illiquidit\u00e9 par rapport aux prix des soci\u00e9t\u00e9s cot\u00e9es \u00e9quivalentes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-marches-financiers-un-valorisation-permanente\">March\u00e9s financiers, un valorisation permanente<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pour rappel,&nbsp;<strong>la cotation en bourse permet une valorisation permanente<\/strong>&nbsp;par affichage d\u2019un prix public de l\u2019action, une liquidit\u00e9 permettant de r\u00e9aliser \u00e0 tout moment des transactions sur les actions qui le composent, ainsi que la diffusion p\u00e9riodique d\u2019informations sur l\u2019\u00e9volution de la soci\u00e9t\u00e9 et sur ses perspectives. Plus largement,&nbsp;<strong>la bourse permet la protection d\u2019un cadre r\u00e9glementaire visant \u00e0 garantir les int\u00e9r\u00eats des actionnaires minoritaires<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Avantages de la cotation&nbsp;:<\/strong>&nbsp;les march\u00e9s financiers offrent&nbsp;<strong>plus de liquidit\u00e9 que le private equity<\/strong>&nbsp;ainsi qu\u2019une meilleure valorisation de l\u2019entreprise, et ce \u00e0 tout moment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Inconv\u00e9nients de la cotation&nbsp;:<\/strong>&nbsp;pour les entreprises cot\u00e9es, la r\u00e9glementation boursi\u00e8re s\u2019applique de mani\u00e8re uniforme \u00e0 toutes les soci\u00e9t\u00e9s et&nbsp;<strong>soumet donc les entreprises \u00e0 un cadre nettement plus strict<\/strong>&nbsp;que si elles avaient recours au capital investissement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-verdict-avantage-private-equity\">Verdict : avantage private equity<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Alors, quel financement choisir ? Comme l\u2019introduction en bourse, le recours aux fonds de private equity se traduit donc par l\u2019arriv\u00e9e de nouveaux entrants au capital de l\u2019entreprise et&nbsp;<strong>confronte ses dirigeants \u00e0 des choix qui concernent son ind\u00e9pendance<\/strong>. Si les march\u00e9s financiers offrent une meilleure valorisation et plus de liquidit\u00e9,&nbsp;<strong>le private equity permet, lui, de mieux pr\u00e9server l\u2019ind\u00e9pendance financi\u00e8re de son entreprise ainsi que la confidentialit\u00e9 de son business<\/strong>. Pour de nombreux actionnaires souhaitant ouvrir leur capital, le private equity appara\u00eet donc aujourd\u2019hui mieux \u00e0 m\u00eame de r\u00e9pondre \u00e0 leurs besoins concernant les enjeux de pouvoir et de patrimoine.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consultez \u00e9galement notre<a href=\"https:\/\/www.sage.com\/fr-fr\/blog\/diversifier-sources-financement\/\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;infographie sur les modes de financement alternatifs.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pour-aller-plus-loin-nbsp\"><strong>Pour aller plus loin&nbsp;:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u00ab Qu\u2019est ce que le private equity\u00a0? \u00bb<\/strong>, Olivier Gottschalg, Professeur associ\u00e9 \u00e0 HEC \u2013\u00a0<a href=\"http:\/\/www.vernimmen.fr\/\/ftp\/Q&amp;A_PE_franc_22_11_11.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Source\u00a0: Vernimmen.net<\/a><\/li>\n\n\n\n<li><strong>\u00ab Choix du financement externe en fonds propres des PME et ETI\u00a0: private equity ou Bourse\u00a0? \u00bb<\/strong>, Mahieux Xavier, Revue d\u2019\u00e9conomie financi\u00e8re \u2013\u00a0<a href=\"https:\/\/www.cairn.info\/revue-d-economie-financiere-2016-1-p-291.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Source\u00a0: cairn.info<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Se financer sans passer par les banques<\/h2>\n\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-72643b0d-13df-4be9-8e66-6729d9a2581a\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>T\u00e9l\u00e9chargez gratuitement le livre blanc<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1251\" height=\"810\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2018\/02\/guide-se-financer-sans-passer-par-les-banques_cta-1251x810.jpg\" class=\"single-cta__image\" alt=\"guide-se-financer-sans-passer-par-les-banques_cta\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2018\/02\/guide-se-financer-sans-passer-par-les-banques_cta-1251x810.jpg 1251w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Pour en savoir plus sur <a href=\"https:\/\/www.sage.com\/fr-fr\/\" target=\"_blank\" rel=\"noopener noreferrer\">Sage<\/a><\/p>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Parcourir plus de sujets depuis cet article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/fr-fr\/blog\/tag\/financement-et-investissement\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tFinancement et Investissement\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explorez plus d&#039;articles<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-25532 post type-post status-publish format-standard has-post-thumbnail hentry category-gestion-financiere tag-daf-directeur-administratif-financier tag-financement-et-investissement tag-tresorerie business_type-artisans-et-petites-entreprises business_type-petites-et-moyennes-entreprises business_type-expertise-comptable industry-btp industry-industrie industry-negoce industry-services card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1213\" height=\"810\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2017\/09\/GettyImages-526124542_super-scaled-1213x810.jpg\" class=\"card-post__image\" alt=\"Two men having video conference with a colleague.\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2017\/09\/GettyImages-526124542_super-scaled-684x384.jpg 684w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2017\/09\/GettyImages-526124542_super-scaled-768x513.jpg 768w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2017\/09\/GettyImages-526124542_super-scaled-1213x810.jpg 1213w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"card-post__content\">\n\t\t\t\t\t<div class=\"card-post__label\">Recommand\u00e9<\/div>\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2025-09-17T07:15:00+02:00\">17 septembre 2025<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">4 min de lecture<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/fr-fr\/blog\/ouverture-de-capital-convaincre-investisseurs\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tOuverture de capital : structurer sa gestion financi\u00e8re pour s\u00e9duire les investisseurs\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tEn qu\u00eate de fonds pour acc\u00e9l\u00e9rer sa croissance, une entreprise peut faire le choix strat\u00e9gique d\u2019ouvrir son capital \u00e0 des investisseurs. Mais comment les convaincre ? Au-del\u00e0 des performances et du secteur d&rsquo;activit\u00e9, une gestion financi\u00e8re rigoureuse est la cl\u00e9 pour s\u00e9duire les futurs actionnaires. D\u00e9couvrez les \u00e9tapes indispensables pour structurer vos comptes et gagner en visibilit\u00e9, transformant ainsi votre projet en une opportunit\u00e9 d&rsquo;investissement.\t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">En savoir plus sur ce sujet<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-18441 post type-post status-publish format-standard has-post-thumbnail hentry category-croissance-et-strategie-clients tag-bi-business-intelligence tag-financement-et-investissement business_type-artisans-et-petites-entreprises business_type-petites-et-moyennes-entreprises industry-services\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/fr-fr\/blog\/storytelling-des-organisations-a-but-non-lucratif\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2023\/09\/GettyImages-1368958588-684x384.jpg\" class=\"card-post__image\" alt=\"Storytelling des organisations \u00e0 but non lucratif : 8 indicateurs qui amplifient son impact\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2023\/09\/GettyImages-1368958588-684x384.jpg 684w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2023\/09\/GettyImages-1368958588-768x512.jpg 768w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2023\/09\/GettyImages-1368958588-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2024-02-23T09:15:00+01:00\">23 f\u00e9vrier 2024<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">6 min de lecture<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tStorytelling des organisations \u00e0 but non lucratif\u00a0: les indicateurs qui amplifient son impact\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-14239 post type-post status-publish format-standard has-post-thumbnail hentry category-gestion-financiere tag-comptabilite tag-financement-et-investissement tag-tresorerie business_type-artisans-et-petites-entreprises business_type-petites-et-moyennes-entreprises industry-btp industry-negoce industry-services\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/fr-fr\/blog\/tresorerie-negative-la-reconnaitre-y-echapper\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-1146164056-684x384.jpg\" class=\"card-post__image\" alt=\"Tr\u00e9sorerie n\u00e9gative : la reconna\u00eetre, y \u00e9chapper - C\u00e9dric Suire\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-1146164056-684x384.jpg 684w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-1146164056-768x432.jpg 768w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-1146164056-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2023-07-05T09:15:00+02:00\">5 juillet 2023<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">6 min de lecture<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tTr\u00e9sorerie n\u00e9gative\u00a0: la reconna\u00eetre, y \u00e9chapper\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-11562 post type-post status-publish format-standard has-post-thumbnail hentry category-legal-et-reglementation tag-daf-directeur-administratif-financier tag-financement-et-investissement business_type-artisans-et-petites-entreprises business_type-petites-et-moyennes-entreprises industry-btp industry-industrie industry-negoce industry-services\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/fr-fr\/blog\/plfr-2022-mesures-impacts-entreprises\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/09\/PLFR-2022-quel-impact-pour-les-entreprises-684x384.jpg\" class=\"card-post__image\" alt=\"PLFR 2022 : les 3 mesures impactant les entreprises\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/09\/PLFR-2022-quel-impact-pour-les-entreprises-684x384.jpg 684w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/09\/PLFR-2022-quel-impact-pour-les-entreprises-768x432.jpg 768w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/09\/PLFR-2022-quel-impact-pour-les-entreprises-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2022-09-13T12:23:22+02:00\">13 septembre 2022<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">3 min de lecture<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tPLFR 2022 : les 3 mesures impactant les entreprises\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-11436 post type-post status-publish format-standard has-post-thumbnail hentry category-guides-et-modeles-gratuits tag-daf-directeur-administratif-financier tag-financement-et-investissement tag-tresorerie business_type-artisans-et-petites-entreprises business_type-petites-et-moyennes-entreprises business_type-expertise-comptable industry-btp industry-industrie industry-negoce industry-services\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/fr-fr\/blog\/inflation-7-actions-pour-preserver-la-marge\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-872019580-684x384.jpg\" class=\"card-post__image\" alt=\"Inflation : 7 actions pour pr\u00e9server la marge\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-872019580-684x384.jpg 684w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-872019580-768x432.jpg 768w, https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2022\/04\/GettyImages-872019580-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t<svg role=\"presentation\" aria-hidden=\"true\" focusable=\"false\" width=\"24\" height=\"24\" class=\"card-post__meta-icon svg-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\"><path d=\"M11.988 2.989a.75.75 0 0 0-.739.761v10.689l-1.72-1.72a.75.75 0 0 0-.957-.099.75.75 0 0 0-.315.776c.031.146.104.28.211.384l3 3a.75.75 0 0 0 1.06 0l3-3a.76.76 0 0 0 .231-.533.74.74 0 0 0-.22-.538q-.108-.106-.247-.164c-.139-.058-.191-.057-.291-.056s-.198.022-.29.061-.174.097-.243.169l-1.72 1.72V3.75a.76.76 0 0 0-.22-.541.76.76 0 0 0-.542-.22zM5.75 8.5C4.24 8.5 3 9.74 3 11.25v7C3 19.76 4.24 21 5.75 21h12.5c1.51 0 2.75-1.24 2.75-2.75v-7c0-1.51-1.24-2.75-2.75-2.75h-3a.76.76 0 0 0-.537.216.74.74 0 0 0-.223.535.76.76 0 0 0 .223.535.74.74 0 0 0 .537.216h3c.699 0 1.25.551 1.25 1.25v7a1.24 1.24 0 0 1-1.25 1.25H5.75a1.24 1.24 0 0 1-1.25-1.25v-7c0-.699.551-1.25 1.25-1.25h3a.76.76 0 0 0 .537-.216.74.74 0 0 0 .223-.535.76.76 0 0 0-.223-.535.75.75 0 0 0-.537-.216z\" \/><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2022-06-30T10:21:01+02:00\">30 juin 2022<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">7 min de lecture<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tInflation : 7 actions pour pr\u00e9server la marge\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Moins connu que la bourse, le capital investissement ou Private Equity repr\u00e9sente une alternative pour les petites et moyennes entreprises (PME) et les entreprises de taille interm\u00e9diaire (ETI) en qu\u00eate de fonds externes. Financement de la soci\u00e9t\u00e9, patrimoine des actionnaires, contr\u00f4le de la gouvernance\u2026 Avantages et inconv\u00e9nients des deux syst\u00e8mes. Vous avez dit Private Equity [&hellip;]<\/p>\n","protected":false},"author":710,"featured_media":9581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"_pwl_sage_podcast_buzzsprout_src":"","footnotes":""},"categories":[14],"tags":[835],"business_type":[8,9],"lilypad":[],"context":[],"industry":[23,24,25,26],"persona":[35,34],"imagine_tag":[460,459],"coauthors":[906],"class_list":["post-647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-croissance-et-strategie-clients","tag-financement-et-investissement","business_type-artisans-et-petites-entreprises","business_type-petites-et-moyennes-entreprises","industry-btp","industry-industrie","industry-negoce","industry-services"],"sage_meta":{"region":"fr-fr","author_name":"Christophe Adam","featured_image":"https:\/\/www.sage.com\/fr-fr\/blog\/wp-content\/uploads\/sites\/4\/2021\/05\/GettyImages-566357525_super-1024x683-BIS.jpg","imagine_tags":{"460":"Petites Entreprises","459":"Petites et Moyennes Entreprises"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice France","distributor_original_site_url":"https:\/\/www.sage.com\/fr-fr\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/posts\/647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/users\/710"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/comments?post=647"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/posts\/647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/media\/9581"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/media?parent=647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/categories?post=647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/tags?post=647"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/business_type?post=647"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/lilypad?post=647"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/context?post=647"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/industry?post=647"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/persona?post=647"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/imagine_tag?post=647"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/fr-fr\/blog\/api\/wp\/v2\/coauthors?post=647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}