MANAGEMENT
STRATÉGIQUE ET FINANCIER
L’ÉVALUATION D’ENTREPRISE :
DU DIAGNOSTIC À L’ANALYSE FINANCIÈRE
2ème édition
Par Jérémie Aboiron
Éditions Aboiron & associés
Paris, 2014
Copyright © Jérémie Aboiron
Paris, 2014
ISBN : 978-2-9546883-1-2
EAN : 9782954688312
Le Code de la propriété intellectuelle n'autorisant, aux termes de l'article L. 122-5, (2° et 3°a), d'une part,
que les "copies ou reproductions strictement réservées à l'usage privé du copiste et non destinées à une
utilisation collective" et, d'autre part, que les analyses et les courtes citations dans un but d'exemple et
d'illustration "toute représentation ou reproduction intégrale ou partielle faite sans le consentement de
l'auteur ou de ses ayants droit ou ayants cause est illicite" (article L. 122-4). Cette représentation ou
reproduction, par quelques procédés que ce soit, constituerait donc une contrefaçon sanctionnée par les
articles L. 335-2 et suivants du Code de la propriété intellectuelle.
Table des matires
9
PARTIE'I':'STRATEGIE'...................................................................'15!
!
"#$%#&'(&!&#!)$'%*("%#()*!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!,-!
!"#$"%&'()*)+(),-.')/$#0.1231.-2)4)5555555555555555555555555555555555555555555)67!
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:.;/#(1+#()0$)1."'.1)+<.#&$1'2$"'.1)55555555555555555555555555555555555555)69!
=$)/0$>()+()0$)+%>'2'.1)+$12)0<.#&$1'2$"'.1)555555555555555555555555555555)6?!
=(2)'1+'@'+-2)(")0<.#&$1'2$"'.1)55555555555555555555555555555555555555555555555555)AB!
./012345637504!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!89!
.:!1;<:!=:!</54=5>5=?!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!8,!
!
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.:6!G04G:F76!=:!E31GJKL!=:!6:G7:?1!:7!=/:4>51044:E:47!++++++++++++++++++++++++++!8M!
.:!E0=N<:!=/343<O6:!P&"#&.!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!8Q!
A36!R!S!<:!6:G7:?1!=:6!T0566046!404U3<G00<56K:6!:ET0?7:5<<K:6!V!+++++++++++++++!D8!
.:!E0=N<:!=:6!I!H01G:6!=:!P017:1!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!DD!
A36!R!S!#K<KFJ04:6!E0T5<:6!R!?4!6:G7:?1!H017:E:47!G04G?11:475:<!W!V!+++++++!DI!
.:6!210?F:6!67137K25X?:6!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!D-!
A36!R!S!.:6!210?F:6!67137K25X?:6!=?!6:G7:?1!=:!<3!F?T!V!+++++++++++++++++++++++++++++!DY!
.:6!Z3G7:?16!A<K6!=:!"?GGN6!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!DQ!
./JOF:1UG0EFK7575>57K!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![9!
.3!67137K25:!)GK34!T<:?!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![9!
A36!R!S!*547:4=0!6017!=?!<07!:7!54H<?:4G:!604!6:G7:?1!V!++++++++++++++++++++++++++++++![8!
=<$1$0C2()'1"(#1()*)G.#>(2)(")G$'H0(22(2)5555555555555555555555555555555555555)IJ!
.3!G3F3G57K!67137K25X?:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![[!
.3!GJ3\4:!=:!>3<:?1!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![-!
A36!R!S!CT560H7!R!<3!H3T15X?:!=:!T<0G]T?67:1!V!+++++++++++++++++++++++++++++++++++++++++++++![M!
.3!H5<5N1:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![Y!
A36!R!S!.3!H5<5N1:!3?70E0T5<:!V!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![Y!
./3?=57!=:6!1:660?1G:6!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++![Q!
./343<O6:!=:6!G0EFK7:4G:6!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!I9!
.3!=KF:4=34G:!=:!6:475:1!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!I8!
A36!R!S!*0]53!=KF:4=347!=:!"OET534!V!+++++++++++++++++++++++++++++++++++++++++++++++++++++++!ID!
.3!=K15>:!67137K25X?:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ID!
A36!R!S!^0=3]!137:!<:!>5132:!=?!4?EK15X?:!V!+++++++++++++++++++++++++++++++++++++++++++++++!I[!
Management stratgique et financier
10
.3!G?<7?1:!0123456375044:<<:!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!I[!
./3>34732:!G04G?11:475:<!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!I-!
.:!E0=N<:!_$(*!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!-9!
A36!R!S!"#`!0?!<:!H5<!=:!FaGJ:!X?5!>3?7!=:!</01!b!V!++++++++++++++++++++++++++++++++++++++++!-8!
./:4<56:E:47!=346!<3!>05:!EK=534:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!-D!
./J01<02:!67137K25X?:!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!-[!
.:!>:110?5<<32:!=?!E31GJK!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!-[!
A36!R!S!./5PJ04:!R!?4:!67137K25:!=:!60FJ5675G37504!W!V!+++++++++++++++++++++++++++++++++!-I!
.3!E3715G:!`A'!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!--!
A36!R!S!%43<O6:!=?!F017:H:?5<<:!=/3G75>57K!=:!@3404:!V!+++++++++++++++++++++++++++++++!-M!
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A36!R!S!"340H5L!=?!>3GG54!d!<3!6347K!345E3<:!V!+++++++++++++++++++++++++++++++++++++++++++++!-Q!
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./:4>51044:E:47!:7!6:6!5EF3G76!6?1!<3!GJ354:!<025675X?:!+++++++++++++++++++++++!M9!
./K>0<?7504!=:!<3!H04G7504!<025675X?:!++++++++++++++++++++++++++++++++++++++++++++++++++++++!M,!
.3!F:1H01E34G:!<025675X?:!=/?4:!012345637504!+++++++++++++++++++++++++++++++++++++++!MD!
.:6!:4f:?g!67137K25X?:6!=?!"Ac!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!MD!
.:6!=5HH5G?<7K6!<5K:6!d!<3!E56:!:4!F<3G:!=?!E0=N<:!"Ac!++++++++++++++++++++++++++!MI!
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./343<O6:!=:6!G0h76!<025675X?:6!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!M-!
C4:!40?>:<<:!3FF10GJ:!R!<3!EK7J0=:!%`A!++++++++++++++++++++++++++++++++++++++++++++++!MM!
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.:!T:4GJE31]542!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Y,!
.:!E0=N<:!"A)$!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Y8!
=(2)2"#$"%&'(2)'1"(#1$"'.1$0(2)55555555555555555555555555555555555555555555555555)?I!
.:!=53E347!=:!P017:1!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!YI!
./:gF01737504!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!YI!
.3!G0U:471:F156:!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Y-!
.:!G047137!=:!<5G:4G:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Y-!
./54>:67566:E:47!=51:G7!d!</K71342:1!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!YM!
.3!<025X?:!KG040E5X?:!=:!</(@&!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!YY!
=<'1"(1"'.1)2"#$"%&',-()5555555555555555555555555555555555555555555555555555555555555)K6!
.3!>56504!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Q8!
.3!E566504!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Q8!
.:6!>3<:?16!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!QD!
.:6!0Tf:G75H6!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!QD!
.:!E0=N<:!KG040E5X?:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!QD!
=(2)+%>'2'.12)+$12)0<.#&$1'2$"'.1)555555555555555555555555555555555555555555555)KI!
.3!1375043<57K!<5E57K:!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!QI!
.3!7JK015:!G0EF017:E:473<:!=:!<3!H51E:!++++++++++++++++++++++++++++++++++++++++++++++++++++!QI!
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