"" 01.10.2009 .
. . .
. :
1. , ;
2. ;
3. .
, ( ), . (Weighted Average Cost of Capital WACC). EVA ( ). , WACC :
WACC = * d + * d,
; d ; ; d .
:
1. , , 9 . 2009 .
R = (Ron - I) / (1 + I) = (5.0 9.7) / (1 + 0.1) = -4.28%
. , , . .
2. 4.16%. :
Rm = 4.16 -4.28 = 8.44%
, .
3. ( , ) :
- , .
|
|
( 2,35). , , 0.35
, .
5. 75% -3.21 %.
6. :
PCK = R+bt*(Rm-R)+x+y+f = -4.28+0.35*(8.44 -4.28)+0.7 -3.21+2.4 = 0.06%
"" , , , .
7. :
PSK = r*(1-T) = 9.9*(1-0.24) = 7.52%
. .
8. :
WACC = PSK*dSK+PCK*dCK = 7.52*0.2+0.06*0.77 = 1.55%
WACC ,
, . , .. . CAPM, .