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Evaluation et analyse du processus de création de la valeur: un modèle généralisé du goodwill

Author

Listed:
  • Gérard Charreaux

    () (Université de Bourgogne)

  • Pierre-Yves Chopin

Abstract

Les objectifs de cet article sont (1) de reformuler le modèle traditionnel de la rente du goodwill de façon à le rendre cohérent avec les modèles standards de la théorie financière; (2) de montrer son équivalence avec les méthodes d'actualisation des flux sous certaines hypothèses; (3) de décomposer le modèle du goodwill de façon à faire apparaître un goodwill industriel et un goodwill financier. Cette distinction permet une meilleure compréhension du processus de création de la valeur et conduit à proposer une matrice de diagnostic distinguant les facteurs économiques des facteurs financiers.

Suggested Citation

  • Gérard Charreaux & Pierre-Yves Chopin, 1997. "Evaluation et analyse du processus de création de la valeur: un modèle généralisé du goodwill," Working Papers CREGO 0970201, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  • Handle: RePEc:dij:wpfarg:0970201 Note: article publié dans Direction et Gestion, 1er trimestre 1998, n° 169/170, p. 7-22.
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    File URL: http://crego.u-bourgogne.fr/images/stories/wp/0970201.pdf
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    References listed on IDEAS

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    1. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, pages 341-360.
    2. Rubinstein, Mark E, 1973. "A Mean-Variance Synthesis of Corporate Financial Theory," Journal of Finance, American Finance Association, vol. 28(1), pages 167-181, March.
    3. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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    More about this item

    Keywords

    Évaluation; goodwill industriel; goodwill financier; création de valeur; rente;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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