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L'évaluation du patrimoine national en actions non cotées : les efforts d'harmonisation européenne et l'état de la réflexion en France

Author

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  • Mireille Bardos
  • Marc Chazelas
  • René Isnard

Abstract

[eng] Valuation of National Assets in Unquoted Shares : European Harmonisation Efforts and the Current Situation in France . For decades, the evaluation of unquoted shares has raised considerable difficulties for national accountants and national accounts users alike. While these shares represent huge amounts on the balance sheets of the main economic sectors, there is no objective way of determining their value in accordance with the general principles defined by international methodologies, as they are not priced on any stock exchange. The article describes first the early stages of French methodology and the harmonisation process in Europe, which resulted in the ESA 95. The second part assesses and compares, at a theoretical and practical level, different ways of interpreting the ESA 95 guidelines. The third part is devoted to a statistical survey which enables us to compare, at these levels, the various estimates of French assets in unquoted shares, for 1998 and 1999. . JEL classifications : E20, M41 [fre] La mesure du capital en actions non cotées est très problématique, en raison de l’importance des montants en cause et des difficultés théoriques et statistiques qu’elle soulève. L’enjeu de la comparabilité entre données nationales s’est greffé au cours des années 1990 avec la mise en place du SEC 95. Cependant, le manque de moyens des instances européennes a fait que l’objectif de comparabilité des données produites n’a été que très partiellement atteint, particulièrement pour le patrimoine en actions non cotées. Après avoir rappelé le cheminement de la réflexion en France et en Europe sur l’évaluation du patrimoine national en actions non cotées, cette étude fait le point des méthodes aujourd’hui en usage en France et chez nos principaux partenaires européens. Puis elle donne une illustration statistique de l’application de ces méthodes au contexte français. . Classification JEL : E20, M41

Suggested Citation

  • Mireille Bardos & Marc Chazelas & René Isnard, 2001. "L'évaluation du patrimoine national en actions non cotées : les efforts d'harmonisation européenne et l'état de la réflexion en France," Revue d'Économie Financière, Programme National Persée, vol. 64(4), pages 225-255.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_64_4_4961
    DOI: 10.3406/ecofi.2001.4961
    Note: DOI:10.3406/ecofi.2001.4961
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    Cited by:

    1. Gunther Capelle-Blancard & Jézabel Couppey-Soubeyran, 2003. "Le financement des agents non financiers en Europe : le rôle des intermédiaires financiers demeure prépondérant," Économie et Statistique, Programme National Persée, vol. 366(1), pages 63-95.

    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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