, , % , .
, . . .
. . - , , - . , , , , , . , .
. , , , .
(1)
= *(1-),
R -
-
r , 1,1, % , % .
(2) =1,1 R * (1-) + (r- 1,1 R),
R -
r -
- , ,
, , .
(3)
ps = DIVps/Pps (1-fc),
DIVps-
Pps- ; Fc- , %
, , . : ( ), CAMP .
, .
(4) - q
Ks= DIVs/Ps (1-fc) + q,
DIVps-
Fc- , %
q-
CAMP- , .
(5) Ke= Krf + ß(Km- Krf),
Ke-
Krf-
Km-
ß-
|
|
ß=1-
ß>1- >
ß<1- <
- , , , , .
: . . , .
(6) Kre= DIVs/ Ps+ q,
Kre-
, .
(7) Ke= Wre*Kre + Ws* Ks+ Wps*Kps,
W-
K-
- , . , , .
(8) WACC= E wi*ki,
Wi -
Ki-
: , , , .
, , .
WACC:
- .
- , IRR . IRR WACC, , , IRR WACC.
WACC- . .
WACC - , .