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Décisions financières et valeur de l'entreprise. Deux approches néo-classiques alternatives

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  • Roland Pérez

Abstract

[eng] The purpose of this stucly is to present the impact of financial decisions — the financial structure and the dividend policy — on the valuation of the firm, and to see the consequences for the investment choice related to different sources of funds. The problem of analytical treatment of time and uncertainty is solved by two alternative methods : capitalization rates including a risk premium and certainty-equivalents discounted at a risk-free ra^e.. On the whole the certainty-equivalent method appears more sound and allovvs a more coherent formalisation of the solutions offered. [fre] L'objet de cette étude est de présenter, d'un point de vue théorique néo-classique, l'incidence des décisions financières — en matière de structure financière et de répartition du profit — sur l'évaluation de l'entreprise, et d'en voir les conséquences sur les procédures de choix des investissements en fonction des diverses sources de financement.. Le problème du traitement analytique du temps et de l'incertitude est résolu selon deux méthodes alternatives usuelles : d'une part l'utilisation de taux de capitalisation incluant une prime de risque, d'autre part la définition d'équivalent-certains actualisés à des taux non risqués.. D'une manière générale, la méthode par équivalents-certains apparaît plus fondée et permet une formalisation plus cohérente des solutions apportées.

Suggested Citation

  • Roland Pérez, 1971. "Décisions financières et valeur de l'entreprise. Deux approches néo-classiques alternatives," Revue Économique, Programme National Persée, vol. 22(5), pages 792-811.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1971_num_22_5_407988
    DOI: 10.3406/reco.1971.407988
    Note: DOI:10.3406/reco.1971.407988
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    References listed on IDEAS

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    1. Myron J. Gordon & Eli Shapiro, 1956. "Capital Equipment Analysis: The Required Rate of Profit," Management Science, INFORMS, vol. 3(1), pages 102-110, October.
    2. Chen, Houng-Yhi, 1967. "Valuation Under Uncertainty*," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 2(3), pages 313-325, September.
    3. Mossin, Jan, 1969. "Security Pricing and Investment Criteria in Competitive Markets," American Economic Review, American Economic Association, vol. 59(5), pages 749-756, December.
    4. A. A. Robichek & D. Teichroew & J. M. Jones, 1965. "Optimal Short Term Financing Decision," Management Science, INFORMS, vol. 12(1), pages 1-36, September.
    5. Hamada, Robert S, 1969. "Portfolio Analysis, Market Equilibrium and Corporation Finance," Journal of Finance, American Finance Association, vol. 24(1), pages 13-31, March.
    6. Alexander A. Robichek & Stewart C. Myers, 1966. "Conceptual Problems In The Use Of Risk‐Adjusted Discount Rates," Journal of Finance, American Finance Association, vol. 21(4), pages 727-730, December.
    7. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
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    Cited by:

    1. Henri Bouquin, 1977. "La croissance de la firme et les arbitrages stratégiques," Revue Économique, Programme National Persée, vol. 28(5), pages 673-704.

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