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            <title xml:lang="fr">DEVELOPPEMENT DURABLE, FLUX COMPTABLES ET EVALUATION D'ENTREPRISE</title>
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                  <title>Crises et nouvelles problématiques de la Valeur</title>
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                <term xml:lang="en">discounted cash-flows valuation method</term>
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                <term xml:lang="en">non sustainability</term>
                <term xml:lang="en">valuation</term>
                <term xml:lang="en">residual income model</term>
                <term xml:lang="fr">actualisation des flux de trésorerie</term>
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              <p>The objective of this paper is to investigate the impact of non sustainability on company value. Non sustainability is defined as the incapacity for the present business model to perpetuate the same cash flow or the same profit generation. The consequence of non sustainability must be a dramatic drop in company value. This impact of non sustainability is often neglected by the traditional two steps discount cash flows method or by the residual income model. Thus empirical valuation methods presuppose often without any investigation a perfect sustainability of the present business model. Using a double exponential jump diffusion process do describe the evolutions of the company's asset, we are able to describe the consequences of large downward jumps on the asset value on the debt, equity and company value. Numerical simulations show that this impact is non linear and could be quite large especially on companies with large leverage.</p>
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              <p>L'objectif de cet article est d'étudier l'impact de la non-durabilité des flux comptables sur la valeur de l'entreprise. L'absence de durabilité de l'entreprise est donc ici définie comme l'incapacité de son modèle économique actuel à générer sur une longue période des flux. L'absence de durabilité se traduit par une chute brutale de la valeur de l'entreprise. Or les modèles traditionnels d'évaluation d'entreprise fondés sur l'actualisation des flux négligent la possibilité de cette chute brutale de valeur. Ces modèles présupposent donc une durabilité parfaite du modèle économique. En utilisant un processus à saut, nous pouvons analyser l'impact de la perte soudaine de valeur des actifs sur la valeur des dettes, des capitaux propres et de l'entreprise. Les simulations numériques montrent que l'impact des sauts sur la valeur de l'entreprise est non linéaire et peut être fort surtout pour les entreprises les plus endettées.</p>
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