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Application des critères EVA-MVA dans les entreprises : pertinence, limites et effets pervers

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  • Patricia Charléty

Abstract

[eng] EVA -MVA criteria : relevance, limits and perverted effects . The author explains equivalence terms between the VAN, the MVA and the EVA. The practice of profits’ maximisation with the VAN criteria on several years squares exactly with the maximisation of wealth’s shareholders and is the actual value of future EVA. The author disproves the double enrichment of shareholders when the EVA is positive. . JEL classifications : G32, G34 [fre] L’auteur revient sur les conditions d’équivalence entre la VAN, la MVA et l’EVA. La mise en pratique de la maximisation des profits dans un cadre pluriannuel par le critère de la VAN correspond exactement à la maximisation de la richesse des actionnaires et n’est autre que la valeur actualisée des EVA futures. Par ailleurs, l’auteur réfute le fait que les actionnaires puissent percevoir un double enrichissement en cas d’EVA positive. . Classification JEL : G32, G34

Suggested Citation

  • Patricia Charléty, 2001. "Application des critères EVA-MVA dans les entreprises : pertinence, limites et effets pervers," Revue d'Économie Financière, Programme National Persée, vol. 61(1), pages 157-166.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_61_1_3888
    DOI: 10.3406/ecofi.2001.3888
    Note: DOI:10.3406/ecofi.2001.3888
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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