أثر القرارات المـالية على قـيمة المؤسسة الاقتصادية دراسة حـالة المؤسسة الوطنية للتوضيب وفنون الطباعة ببرج بوعريريج

Abstract

The maximization and the growth of the enterprise value lead to the competitive capacities support and integration in the world markets. After the separation of the ownership from the administration, the control operation in the enterprise declares the emergence of the enterprise value maximizing target through a financial factor which is creating the value in the enterprise, there for according to the theoreticians and analysts, the enterprise value is determined by return and risk leaded by financial decisions. Foxing on this, the study object is about the financial decisions influence on the enterprise value through the value creation factor. By the attempt of testing this influence on simples in private and public enterprise, the measure of the creation value is going to be done by the economic value added that fit the transitory economics. By the end our result have proved some of those suppositions and disapprove others we can list the best results as fellows. • The maximization of the enterprise value is realized by the maximization of the value creation which exist in ( return – risk ) as a result of financial decisions. • The investment competence of the enterprise means the enterprise ownership that can lead to benefits considered as source of value maximization. • The financial structure affects on the enterprise fund expenses and also affects the value of the former. • The benefits distribution policy has no affect on the enterprise value.