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Évaluation de projets d'investissement par une firme multinationale : généralisation du concept de coût moyen pondéré du capital et conséquences sur la valeur de la firme

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  • Axel Pierru

    (IFPEN - IFP Energies nouvelles)

  • Denis Babusiaux

    (IFPEN - IFP Energies nouvelles)

Abstract

L'évaluation des projets d'investissement d'une entreprise multinationale pose des problèmes particuliers liés à des différences de fiscalité et de ratios d'endettement. Nous proposons une formule généralisée du coût moyen pondéré du capital qui autorise une décentralisation non seulement de la décision d'investissement mais également de la décision de financement. Un nouveau théorème d'unicité est démontré, prouvant l'équivalence de différents modes de calcul de la valeur d'une entreprise. L'approche proposée met en évidence que le taux d'actualisation pertinent pour analyser un projet n'est pas nécessairement le même que celui devant être employé pour déterminer la valeur de l'entreprise.

Suggested Citation

  • Axel Pierru & Denis Babusiaux, 2004. "Évaluation de projets d'investissement par une firme multinationale : généralisation du concept de coût moyen pondéré du capital et conséquences sur la valeur de la firme," Working Papers hal-02468351, HAL.
    • Handle: RePEc:hal:wpaper:hal-02468351
    Note: View the original document on HAL open archive server: https://ifp.hal.science/hal-02468351
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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