Experimentation of a rating index for the evaluation of SMEs in a micro stock market: Simulation on 13 Congolese companies

Essai d’une cotation indicielle pour évaluation de PME dans un micromarché boursier: Simulation sur 13 Entreprises Congolaises

Floden Matuzola Sumuna

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Abstract: Our paper proposes a new methodology to value (by rating) SMEs via an index generated by a financial algorithm made by us based on economic and accounting theories and the rational behavior of agents. Our index is a mix of the three classical methods of evaluating SME because it considers company's assets, its cash flow and even the comparison with other companies in the market. The notation we propose is based on5 indices, namely the seniority index (ia), the participation index (ip), an index linked to the exploitation (ie), a growth index (ic) and finally an opinion index (io). All of this is summarized by the acronym "a.p.e.c.o". The sum of the scores of theseindices (or points) gives the valuation of each Company (Vn) and the average of the Vn gives the market index (im) which is the equivalent of our stock market index, the market reference value. We applied this financial modeling to a non-probabilistic sample of 13 Congolese SMEs, thus simulating the image of a stock market micro-market at a time "t".

Keywords: Entrepreneurial Ecosystem; Micro Stock Market; Financial Rating; Business Valuation; Index Rating; Ecosystème Entrepreneurial; Micromarché Boursier; Notation Financière; Evaluation d’Entreprises; Cotation Indicielle (search for similar items in EconPapers)
Date: 2023-05-23
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Published in Revue Internationale des Sciences de Gestion, 2023

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