. , , ( ) : κ = κf + .
: , . (. 8.6).
8.6.
FCFF | ( adjusted present value APV) | (equity residual method) | |
c- | , ( ) | ( ) | FCFF ( , ) |
κ ( ) WACC | κ ( , . 6) | κ | |
- | . . 6. | = = x = It | . . 6 (κs). () |
. ( . 8.1), . , , 10 , .
, , - . . 8.7 , ( 1975 . 28% , 1992 . 86%).
8.7. , % [17]
1975 . | 1980 . | 1986 . | 1992 . | |