||(Not controled OCR) Investment decision in the artisanal fisheries is a complex process involving a number of parameters (biological, economic) which are not known with certainty. Net investment is an effort capacity increase, so investment policy plays a major role in the fisheries management policy. Charles (1986) has pointed out the influence of the unit cost (including the cost of capital) on fisheries activity. In this study, capital budgeting methods are used to evaluate the investment projects. The first section recalls the cash flows calculation applied to artisanal enterprises. The consequences of the share system and public subsidies on the capital budgeting criteria are examined in section 2 and 3.