دور دراسات الجدوى والتحليل المالي في ترشيد قرارات اإلستثمار والتمويل . دراسة تحليلية للمؤسسة االقتصادية الجزائرية

Abstract

This thesis aims to examine the effectiveness of employing financial analysis tools and feasibility studies in rationalizing financing and investment decisions within economic enterprises, amidst increasing financial complexities and growing risks associated with the modern economic environment. To address the various aspects of the subject, a descriptive-analytical approach was adopted by analyzing theoretical concepts related to financial analysis, feasibility studies, and financing and investment decisions. Additionally, the case study method was applied to two production companies (ECDE and ENOF) to measure the actual impact of employing these tools in practice. The study reached a fundamental conclusion that regular and integrated reliance on financial analysis tools and feasibility studies contributes significantly to the rationalization of financing and investment decisions. This is achieved by improving the accuracy of financial estimates, enhancing the ability to evaluate and select among financing and investment alternatives, and reducing the degree of uncertainty and risk. Furthermore, the results indicated that the poor efficiency of decisions in some enterprises is mainly due to the superficial or incomplete use of these tools, or reliance on traditional criteria in decision-making without basing it on in-depth financial analysis.