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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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  • Denis Babusiaux
  • Axel Pierru

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.

Suggested Citation

  • Denis Babusiaux & Axel Pierru, 2001. "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)," Revue Économique, Programme National Persée, vol. 52(3), pages 717-727.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_3_410351
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    Cited by:

    1. Axel Pierru & Denis Babusiaux, 2008. "Valuation of investment projects by an international oil company: a new proof of a straightforward, rigorous method," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 32(3), pages 197-214, September.

    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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