. , . . , : , , , , , . .
() (WACC) . , : , ( , ) . , , WACC, .
, . 1.
1. WACC.
(A, B C) : (rA) (β) , ( SML) WACC. , SML. , , (rB) WACC. , (r) (β), SML. . rC WACC, .
. WACC . () WACC, . , WACC, . , 1976 10% WACC , 2000 WACC 60% [1]. , . .
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. [7] , :
(FCF);
(CFC);
(FE).
. FCF, (WACCAT). CFC (WACCBT), CFE (rE). , .
. , , WACCBT (APV), (TS). PV(TS), .
, CFE rE ( WACC), (Enterprise Value EV), , . , () : .
, . , FCF WACCAT. , . , WACC [2].
(2):
, (2)
rE ( ) ;
rPS ( );
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rD ( ) ;
E ;
D ;
t ;
E + PS + D = V , .
(WACCAT) (FCF) (npv) [4; 6]:
, (3)
Inv0 = -CF0Inv .