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r ,
u ,
.
, . , SRRI 2 4%, 7 9%.
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( ):
(WACC)
(weighted average cost of capital WACC), () . . (capital assets pricing model CAPM).
CAPM
( ) (Re) : Re = Rf + b*(Rm - Rf), Rf ;
b , ;
(Rm - Rf) ;
Rm .
(Rf).
( , ) . , , . Russia-30 30 . - , , The Moscow Times, .
b
() . b = 1, . b = 1,2, , 3 20% , . , 20% . - , , . , , & , . , , û, Merrill Lynch, Value Line.
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(Rm - Rf)
, . . Ibbotson Associatess, , 1926 2000 , 7,76%. ( 5%).
, , , , .
, (WAC), :
WACC= Re(E/V) + Rd(D/V)(1 - tc),
Re () , , , ;
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V = E + D ;
Rd ( ). . . , , ; tc .
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