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Les critères de sélection des investissements
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VAN
VAN = Somme( Cp (1+t)-p) - I
VAN = Différence entre les cash flow actualisés et le capital investi
TRI
TRI = Taux pour lequel il y a équivalence entre le capital investi et les cash flow
I = Somme(Cp (1+t)-p)
Le TRI doit être supérieur au taux de rentabilité exigé par les actionnaires (taux de rejet)
Cependant cela équivaut à réinvestir les cash flow au TRI, ce qui est souvent impossible.
DRCI = délai de récupération du capital investi (méthode = idem seuil de rentabilité)
IP = indice de profitabilité = 1 /I * Somme( Cp (1+t)-p) = 1+VAN/100
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Contradictions entre TRI et VAN
-TRIG (fixation le taux de placement des cash flow)
-VAN globale = Somme( Cp (1+tp)p (1+t)-duree) - I
(tp = taux de placement)
Risques non financiers
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