Įmonės investicijų kapitalo kainos nustatymo metodiniai aspektai

LTStraipsnyje analizuojamos įmonių nuosavo kapitalo kainos nustatymo galimybės pateikiant įvairius nuosavo kapitalo kainos nustatymo metodus - ilgalaikio turto įkainojimo modelį (CAPM), arbitražinio įkainojimo modelį (APM), suminį metodą, diskontuotų pinigų srautų (DCF) metodą, apskaičiavimo pagal obligacijų kainą metodą bei grynojo pelningumo metodą - ir išskiriant jų privalumus bei trūkumus. Atsižvelgdamos į atitinkamų metodų taikymą ribojančiąsias sąlygas, straipsnio autorės Lietuvos įmonėms nuosavo kapitalo kainai skaičiuoti siūlo koreguotą grynojo pelningumo metodą: pramonės šakos vidutinį nuosavo kapitalo pelningumą koreguojant pagal įmonės dydį, kapitalo struktūrą ir atsižvelgiant į naujo investicijų projekto riziką. Straipsnio autorės taip pat sprendžia skolinto kapitalo kainos nustatymo problemas, siūlydamos į skolinto kapitalo kainą įtraukti visas jo tvarkymo išlaidas. [Iš leidinio]Reikšminiai žodžiai: Kapitalas; Kapitalo kaina; Palūkanų norma; Pelningumas; Rizika; Capital; Cost of capital; Interest rate; Profitability; Risk.

ENFoundation of market economy relations and transition from producer market to consumer market have caused the implementation of technological innovation, i.e. long-term investment. Business strategy depends not only on investment decisions, but also on financing decisions. The effectiveness of investment project depends on WACC. Which includes cost of own and cost debt capital. The methods of estimation of cost of own capital have a lot of limitations and their application is quite problematic in practice. The methodics of estimation of cost of a loan is not perfect too. The object of the work is the methods of estimation of capital cost. The purpose of the work is to identify the availability and limitations of the methods of estimation of capital cost and to present the suggestions for the improvements or the methodics and application of the methods in the practice of the companies. Three levels of the limitations of the use of CAPM are identified: 1) limitations, which are general both for the countries of developed and developing economy; 2) limitations, which are concerned with small, closed and "poor" efficient security exchange market, 3) limitations, which are characteristic to the companies, which circulation of shares is closed. Estimation of cost of own capital of companies in Lithuania is limited by the problems of the three levels mentioned above because there are a lot of closed joint-stock companies in our country. Due to this reason the application of APM is quite problematic too. The Build-up method is more applicable and precise than CAPM or APM, as it includes all risk, not only systematic ones. The main limitations of this method are: the possibility to include the factors, which depend on each other; each expert can include the different number and size of the factors.DCF method can be used only by few companies, which have implemented stable dividend policy. Use of this method is limited by dividend policy, which should be maintained during the implementation of investment project. When a company cannot maintain annual dividend growth, DCF method should be modified ignoring dividend growth. The estimation of cost of own capital considering the rate of interest on the company's bonds is simple but less precise. The Lithuanian companies issue bonds very heavily, so this method is poorly applicable for the estimation of cost of own capital. The authors suggest using modified net profitability method for estimation of cost of own capital. The net profitability of own capital in branch of industry should be corrected by three factors of risk, if they considerably differ from the average factors of the branch of industry: size of the company, capital structure and risk of investment project. Using this method for estimation of cost of own capital decreases the number of factors, also the possibility of including the factors, which depend on each other. In theoretical aspect, interest rate and cost of debt capital are not equal concepts, so the costs of loan administration should be included into die cost of debt capital. Theoretical background of this idea is related with the flotation costs, which increase the cost of new ordinary and privilege shares when the cost is estimated using DCF method. Furthermore, the costs of loan administration as well as interests positively influence the tax shield. [Text from author]