Diskonto normos nustatymo ypatumai vertinant verslą Lietuvos rinkoje

LTVertinant verslą naudojimo pajamų požiūriu, vienas iš sudėtingiausiu ir kartu svarbiausių etapų yra diskonto normos nustatymas. Straipsnyje nagrinėjami teoriniai ir praktiniai diskonto normos apskaičiavimo klausimai. Pateikiami įvairių autorių požiūriai į diskonto normos apibūdinimą. Aptariami dažniausiai verslo vertinimo praktikoje naudojami diskonto normos nustatymo metodai. Atskleidžiama diskonto normos apskaičiavimo specifika, taikant išsivysčiusių šalių patirtį Lietuvos sąlygomis. Aptariami dažniausi sunkumai, pasitaikantys nustatant diskonto normą pereinamojoje rinkoje. [Iš leidinio]Reikšminiai žodžiai: Diskonto norma; Diskonto normos nustatymas; Verslo vertinimas; Business; Business valuation; Discount rate; Discount rate determination; Valuation.

ENThe purpose of this article is to analyse the discount rate determination models that are applicable in business evaluation, to research their adaptation problems in Lithuanian market taking into account its character and functioning conditions. The review of the majority of scientific studies concerned with market analysis allows us to determine it as the market that incompletely meets such market conditions, which would satisfy the nature of free market. In general, Lithuanian market is determined as market in transition. It is accompanied by variety of dynamic actions and conditions, the influence of which while evaluating business is often reflected in discount rate. In the article the discount rate determination models that are widely used in developed countries are analysed: capital asset pricing, build-up, and weighted average cost of capital.The features of their application are analysed as well. The main problems that are faced while determining the discount rate and using the abovementioned methods are discussed and, in the authors' opinion, the possible decision ways are presented. These problems are mainly concerned with incompletely developed finance and capital markets, and information that would correspond it, the diversity of views to systemic and not systemic risk, as well as business functioning conditions in Lithuanian transitional market. The solutions of adaptation of discount rate determination models in Lithuanian market are offered in the article. They include the selection of risk-free interest rate, the proof of investment rate of return, the evaluation of applicable dividend policy features, the methods of analysis and determination of systemic and not systemic risk. [From the publication]