La valorisation des sociétés de la Nouvelle économie par les options réelles : vertiges et controverses d’une analogie

Abstract

Pricing new economy companies by real options : dizziness and dispute of an analogy The pricing of the « New Economy » firms is complex and perilous because the traditional valuation models are inefficient when valuing firms with no positive earnings, no long history of performance, no comparable firms and strong uncertainty. The real options techniques are becoming a highly valued tool for pricing new economy firms. But according to Knight (1921), we suggest the valuation of these firms by real options coming under confusion between uncertainty and risk. When firms are in radical uncertainty, the use of real options may prove to be inefficient because these techniques rationalize overvaluation under the guise of a sophisticated and complex tool. JEL classifications : G12, G13, G32, L86