Novateur, ce livre propose aux praticiens et aux étudiants un cadre intégré et dynamique d'analyse financière et de valorisation de l'entreprise. Florence Pierre et Eustache Besançon présentent les outils d'analyse et d'évaluation dans le contexte de la théorie financière en privilégiant une approche concrète illustrée d'exemples chiffrés. Après une analyse critique des critères de mesure de la performance financière et des modèles d'évaluation des entreprises, les auteurs démontrent la cohérence de l'approche boursière et de la méthode fondée sur l'actualisation des flux disponibles, plus riche en possibilités selon eux. Ils proposent de surcroît aux professionnels et universitaires un modèle cohérent de pilotage de la valeur.
Le présent ouvrage fournit - tant aux praticiens qu'aux étudiants - un cadre intégré et dynamique d'analyse financière et de valorisation de l'entreprise. La démarche est basée sur le double paradigme de la théorie financière classique : maximiser la valeur du patrimoine des actionnaires, et donc la valeur du capital de la société. Elle vise à réconcilier théorie et pratique, mais aussi les méthodes économiques et boursières d'évaluation. Gérer une société en s'assurant qu'elle crée en permanence de la valeur, implique - au plan financier - de la considérer comme un portefeuille de projets, et de s'assurer de l'évolution de leur rentabilité en actualisant les flux qu'ils doivent dégager. En effet, les outils classiques d'analyse financière sont insuffisants, en particulier la rentabilité des capitaux propres, qui ne laisse en aucun cas préjuger de la rentabilité future. D'où la nécessité de procéder à une étude détaillée des différents éléments - opérationnels et financiers - déterminant les flux financiers. Cette approche montre, que l'analyse par l'actualisation des flux disponibles, et le modèle boursier classique d'actualisation de dividendes à l'infini, relève de la même problématique d'actualisation des flux financiers. Les éléments déterminants en sont : la croissance des résultats, le taux de distribution, la rentabilité des capitaux investis et la structure financière. L'utilisation des outils proposés dans cet ouvrage, doit permettre de pratiquer - tant de l'extérieur que de l'intérieur de l'entreprise - un pilotage régulier de la valeur de l'entreprise. La présente publication souligne la nécessité d'élargir le modèle de Modigliani et Miller, qui théorise l'impact de la dette sur la valeur, mais en ignorant la croissance, et le modèle de Brealey et Myers de valorisation des opportunités de croissance, qui souligne l'impact de la croissance sur la valeur, mais se place dans le cadre d'une structure financière constante.
The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.
In the context of the recent financial crisis, the extent to which the U.S. economy has become dependent on financial activities has been made abundantly clear. In Capitalizing on Crisis, Greta Krippner traces the longer-term historical evolution that made the rise of finance possible, arguing that this development rested on a broader transformation of the U.S. economy than is suggested by the current preoccupation with financial speculation. Krippner argues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late 1960s and 1970s. In this regard, the financialization of the economy was not a deliberate outcome sought by policymakers, but rather an inadvertent result of the state’s attempts to solve other problems. The book focuses on deregulation of financial markets during the 1970s and 1980s, encouragement of foreign capital into the U.S. economy in the context of large fiscal imbalances in the early 1980s, and changes in monetary policy following the shift to high interest rates in 1979. Exhaustively researched, the book brings extensive new empirical evidence to bear on debates regarding recent developments in financial markets and the broader turn to the market that has characterized U.S. society over the last several decades.
This volume is part of an ongoing partnership between the Research in Management Consulting book series and the Socio-Economic Institute for Firms and Organizations (ISEOR), located in Ecully, France, on the outskirts of Lyon. The socio-economic approach to management (SEAM) provides a pathway to creating more engaged, more responsible and responsive, and more productive organizations. In many respects this volume reflects a culmination of ISEOR’s work, drawing together Henri Savall and Veronique Zardet’s insights and framing them in the context of strategy creation and, just as if not more important, strategy implementation. This volume casts SEAM in the context of strategy development and implementation. Reflecting on the changing nature of work and the workplace, the potential power of—and need to develop and build on—human potential has never been greater. Savall and Zardet have always thought that the Western concept of human resources was misguided, that people are not a resource to use up but rather a source of potential to invest in, develop, and nurture. People bring their potential to the organizations in which they work—and it is their choice as to whether they will apply it in their jobs. Thus, a core managerial challenge is to create an environment in which that potential can be maximized. SEAM-based strategy builds on this premise, developing an approach to economic and social performance, providing direction as to how managers can create and implement strategies that enhance organizational effectiveness and efficiency. As Savall and Zardet argue, strategic vision does not have to be limited by constraints in the external environment—companies “are not compelled to enter in a ‘strategic’ tunnel” that mimics the competition and the market. Instead, companies can experience breakthroughs, turning constraints into opportunities by unleashing their internal energy, power, and cohesion, working and succeeding as a team. The SEAM approach to strategy is grounded in innovation and creation far more than imitation—and, as convincingly illustrated in the volume, that creativity can be self-financed through the value-added created by the elimination of organizational dysfunctions and the hidden costs they generate. The volume provides an insightful guide for enhancing economic and social performance, with a useful mixture of specific tools and techniques—grounded in a conceptual view of organizational life—interspersed throughout that illustrate how it can be done.
