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VDM Verlag Maximisation de la valeur de l'entreprise et l'endettement optimale

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Description

L’objet de ce papier est d’appréhender la relation qui existe entre le financement externe et la création de la valeur pour l’actionnaire. A la question, existe-t-il un taux d’endettement optimal pour l’entreprise ? Nous répondons que le taux d’endettement acceptable, ne conduisant pas à la faillite, est celui qui reste dans les limites jugées raisonnables pour un bon fonctionnement de l’entreprise et permettant à celle-ci de faire croître ses fonds propres. Nous considérons que les indicateurs tels que, la rentabilité économique, le levier financier et la valeur ajoutée économique permettent d’apprécier la capacité de l’entreprise à sécréter le surplus après avoir honorer ses engagements. Ainsi le coût de fonds investis dans l’activité doit être inférieur à la rentabilité économique pour que la structure de financement adoptée par la firme puisse être dite optimale. Mais, il est important de mettre l’accent sur l’exploitation de l’entreprise gage de sa situation bénéficiaire et de sa pérennité. Cette théorie est appliquée à la structure financière d’une entreprise de prestation de service, (OCC), pour mesurer sa capacité à maximiser sa valeur.

Product Specifications

Format
paperback
Domain
Amazon UK
Release Date
22 December 2015
Listed Since
14 January 2016

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