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De la solution d'un problème concret (projet d'investissement soumis à une fiscalité spécifique) à une avancée théorique (unicité des méthodes de calcul de Valeurs actuelles)

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  • Axel Pierru
  • Denis Babusiaux
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    Abstract

    [fre] De la solution d'un problème concret (projet d'investissement soumis à une fiscalité spécifique) à une av ncée théorique (unicité des méthodes de calcul de Valeurs actuelles). . La première partie de cet article est consacrée à un problème concret auquel peut être confrontée une entreprise dont les projets sont soumis à des fiscalités diverses (comme c'est couramment le cas dans l'industrie pétrolière) : comment évaluer un projet en partie financé par emprunt et soumis à un taux d'imposition différent de celui employé pour déterminer le taux d'actualisation de l'entreprise ? De façon inattendue, résoudre ce problème a permis de proposer une formulation unique des différentes méthodes traditionnelles (globale, fonds propres, Arditti-Levy, Valeur actuelle ajustée de Myers) de calcul de Valeurs actuelles nettes, ainsi qu'une généralisation de la formule de Modigliani et Miller à un projet de durée quelconque. [eng] From the solution of a real-life problem (NPV calculations in the presence of various tax rates) -an advance in theory (uniqueness of conventional capital budgeting methods). . The starting point of this article deals with an applied problem of capital budgeting that a firm whose projects are subject to various tax rates (as is often the case in the oil industry) may encounter: how to value a project partly financed by borrowing and subject to a different tax rate from the one used to determine the discount rate of the firm? Surprisingly enough, answering this question led us to develop a unique formulation of the different conventional investment decision methods (standard WACC, Arditti-Levy, Equity Residual, Myers' APV). Moreover, we generalize the Modigliani-Miller relationship to the case of a project of any duration.

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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue économique.

    Volume (Year): 52 (2001)
    Issue (Month): 3 ()
    Pages: 717-727

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    Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_3_410351

    Note: DOI:10.2307/3502884
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    Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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