Analyse fondamentale, comptabilité et efficience du marché boursier

Accounting is generally viewed as providing an assessment of the value of the business anchored in the economic fundamentals of the business. In particular, this book value appears for the most part to be disconnected from the volatility and exuberance of the stock markets. However, the development of international accounting calls into question the reasonableness of the accounting basis for the valuation of companies. We suggest that the valuation of a company consists above all in projecting the economic model of the company into an uncertain future. From this perspective, the objective of accounting is to produce information to feed this projection and not to provide a direct assessment of the value of the company. In this context, we show that 1) international accounting contributes positively to the relevance of financial information and 2) accounting and finance are linked in a price discovery process which makes any opposition between accounting dimensions artificial and sterile. and financial.