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Upravuvanje I Rakovodenje So Vlozuvanjata
Upravuvanje I Rakovodenje So Vlozuvanjata
Voved
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1. [to pretstavuva cenata na kapitalot?
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2. Ponderirana prose~na cena na
kapitalot------------------------------------------------- 4
2.1 Utvrduvawe na cenata na
kapitalot------------------------------------------------------- 5
2.1.1 Model za ocenka na kapitalno sredstvo (CAPM)
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2.2 Cena na
dolgot----------------------------------------------------------------------------------- 17
Zaklu~ok
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Summary
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Koristena literatura------------------------------------------------------------------------------
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
VOVED
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
1. cenata na kapitalot;
2. cena na dolgot.
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
Div1
re = +G
P0
kade {to:
re = povrat na kapitalot
Divi = platena dividenda vo prviot period
Po = cenata na sredstvoto vo prviot period
G = rast na dividendata vo idnina
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
Ri zi k koj mo` e da se
di verzi f i ci ra
Vkupen
ri zi k
Ri zi k koj ne mo` e da se
di verzi f i ci ra
0 5 10 15 20 25 30 35 40 45
Broj na obvrzni ci (sredstva) vo portf ol i o
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
D
re = ra + ( ra − rd )(1 − t c )
E
kade {to:
re = povrat na kapital
ra = povrat na sredstva
rd = povrat na dolg
E = pazarna vrednost na kapitalot
D = pazarna vrednost na dolgot
tc = marginalna stapka na danokot na dobivka
1
F. Modigliani i M. H. Miller, “The Cost of Capital, Corporate Finance and the Theory of Investment,”
American Economic Review 48 (Juni 1958), str. 261-297.
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
re = r f + βe ,l ( rm − r f )
kade {to:
rm = pazarna stapka
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
prinos nad ili pod pazarnata stapka (pr. dolu/pod premijata za rizik na
kapital).
O~ekuvan pr i nos
Kri va na pazarot na
kapi tal
St apka na pr i nos na
pazar not o
por t f ol i o
Rm
1 Bet a
Cov ( ri , rm )
βi =
Var ( rm )
kade {to:
βi = beta faktor
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
25.0%
Prinos na glavnina
20.0%
15.0% Prinos na
sredstva
WACC
10.0%
prinos na dolg
5.0%
0.0%
Dolg/ glavnina
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
Cena na
dolgot po Cena na dolgot pred (1 marginalna stapka na
= h
odano~uva odano~uvawe - danokot na dobivka)
we
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
Z A K L U ^O K
Investors always try to minimize their risk while trying to maximize their return. Every
individual will exhibit unique preference for risk and return hence different set of indifference
curves.
Prudent investors will choose the investment portfolio where the indifferent curve is to the far
left as the return is higher for the same assumed level of risk as the investment on the lower
indifferent curve. An investor who is risk averse will always investment in those opportunities
which are risk free. The investors who are risk seeker will assume extra risk in order to
achieve higher return.
There are two basic ways that a company can obtain finance. It can either borrow it
(debt) or raise it from shareholders (equity). The WACC method determines the subject
company’s actual cost of capital by calculating the weighted average of the company’s cost of
debt and cost of equity.
A company’s ‘cost of debt’ is relatively easy to calculate. It’s simply the interest a
bank charges for the privilege of using its money. For the cost of equity, there are various
ways this can be calculated, but the most popular, is the Capital Asset Pricing Model (CAPM).
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Prose~na ponderirana cena na kapitalot - WACC (weighted average cost of
capital)
LITERATURA
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