Nuosavo kapitalo kaštų nustatymas vertinant verslą : teoriniai modeliai ir jų praktinis taikymas

LTStraipsnyje analizuojami nuosavo kapitalo kastų nustatymo teoriniai ir praktiniai klausimai. Nagrinėjami mokslinėje literatūroje pateikti nuosavo kapitalo kaštų nustatymo modeliai, kuriuos mokslininkai dažniausiai vadina rizikos-pelno modeliais (angl. Risk-return models) Aptariami šių modelių taikymo ypatumai apskaičiuojant vertinamo verslo nuosavo kapitalo kaštus. Atliekama nuosavo kapitalo kaštų nustatymo modelių laikymo užsienio šalyse ir Lietuvoje palyginamoji analizė. Atskleidžiamos problemos, ribojančios šių modelių taikymą Lietuvos verslo vertinimo praktikoje. Atsižvelgiant i rinkos informacija besiremiančių nuosavo kapitalo kaštų nustatymo modelių laikymo ribotumą, pasiūlyta vertinamo verslo nuosavo kapitalo kaštus apskaičiuoti suminiu modeliu, paremtu riziką lemiančių veiksnių įvertinimu. [Iš leidinio]Reikšminiai žodžiai: Kapitalinių aktyvų įvertinimas; Nuosavo kapitalo kaštai; Nuosavo kapitalo kaštai, verslo vertinimas, modeliai; Rizikos - pelno modelis; Verslo vertinimas; Business valuation; Capital asset evaluation; Equity capital costs; Equity costs, business evaluation, models; Risk - profit model.

ENOne of the most complex stages when evaluating business by the method of discounted cash flow is determination of discount rate. As deb: costs are estimated applying one method, the difference of results is determined by the variety of models of equity costs that usually in scientific literature are called risk-return models. In scientific literature the selection arid application of these models is being widely discussed and rather much criticised by the authors analysing practical aspects of their application. Or the one hand, the variety of risk-return, models provides freedom of choice to a valuator. Or: the other hand, it may cause different results because the application of certain models is based or objective market information, and others bear a higher degree of subjectivity. The aim of this article is to make the theoretical and practical analysis of equity costs determination problems and suggest the most suitable model for practical business valuation in Lithuania by determining equity costs of particular business. In the article theoretical and practical problems of determining equity costs are analysed. The models of equity costs determination in scientific literature are discussed. The features of application of these models when determining the equity costs of particular business are discussed.By generalising the discussions taking place on academic level in relation to the choice of a model to establish equity costs, it is possible to assume that determination of the model is based on the sufficiency of information base, data accessibility, the level of development of national stock market and the valuator's ability to adequately evaluate company-related risk factors. Having performed a comparative analysis of the methods of equity costs determination applied in foreign and Lithuanian markets, numerous differences causing problems in the practice of applying these methods to Lithuanian business valuation were determined. First of all, foreign countries have companies, which render information on market risk premium, beta coefficients and company size premium. Based on this information it is possible to rather quickly calculate the costs of the company under valuation. Meanwhile in Lithuania there are no such information companies. Besides, the stock market is rather young here. Therefore, historical information is very limited. Considering the limited application of models based on market information and used to determine the equity costs, the author of this article suggests to determine the equity costs of particular business by build-up model that is based on evaluation of risk factors. [From the publication]

• Vadyba / Management
• Ekonomika / Economics