Un modèle séquentiel de financement optimal à long terme dans l'entreprise

Jean-Marie Vergé

Revue Économique, 1969, vol. 20, issue 2, 302-336

Abstract: [fre] Les moyens de financement long terme que peut utiliser l'entreprise pour ses investissements sont multiples de valeurs respectives infinies et accompagnent de nombreuses contraintes financières et budgétaires Il est alors impossible d'appréhender de façon exhaustive sans le secours un ordinateur toutes les combinaisons qui s'offrent aux responsables financiers et parmi lesquelles une seule représente l'optimum de financement Cette étude propose une méthode de choix par programmation dynamique un plan optimal de financement d'investissements préalablement choisis sur sept années consécutives. Le modèle séquentiel testé sur un cas emprunté à l'industrie pétrolière obéit aux lois règles et contraintes particulières de la gestion financière des entreprises. La discussion des résultats montre l'ambition et les limites de cette méthode [eng] The long-term financing methods available to firms for investment are many, with infinite respective advantages, and accompanied by numerous financial and budgetary limitations. It is therefore impossible, without the aid of a computer to take in all the combinations that present themselves to financial governing bodies, one alone of which represents the financing optimum. This article suggests a way of selecting, by means of dynamic programming, an optimal plan for financing of investment selected in advance to cover a seven-year period. The sequential model tested on a case taken from the oil industry obeys the individual laws, regulations and limitations of the financial management of firms. The results are discussed and the range and limits of the method described.

Date: 1969
Note: DOI:10.3406/reco.1969.407862
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