- citations in SCIndeks: [2]
- citations in CrossRef:[3]
- citations in Google Scholar:[
 ]
- visits in previous 30 days:63
- full-text downloads in 30 days:48
|
|
|
|
|
|
Advantages and limitations of the discounted cash flow to firm valuation
Prednosti i ograničenja procene vrednosti preduzeća metodom diskontovanog novčanog toka
Abstract
The assessment of the firm value by discounting cash flows may be achieved through free cash flow to equity (FCFE) and free cash flow to the firm (FCFF). Although these two approaches will theoretically have the same results, in reality it is not often the case. The aim of this paper is to find the similarities and differences, and advantages and limitations of these two approaches to assess the firm value. The comparative review of these two models leads to the conclusion about the choice of more adequate approach to assess the firm value.
Sažetak
Procena vrednosti preduzeća diskontovanjem novčanih tokova se može vršiti diskontovanjem novčanih tokova nakon servisiranja dugova i diskontovanjem novčanih tokova pre servisiranja dugova. Iako bi u teorijskom smislu ova dva pristupa trebalo da pruže iste rezultate, u praksi to često nije slučaj. Cilj ovog rada jeste da otkrije uzroke odstupanja procenjene vrednosti diskontovanjem novčanih tokova pre i nakon servisiranja dugova, identifikuje uslove u kojima su procenjene vrednosti ekvivalentne i oceni prednost korišćenja diskontovanja novčanih tokova nakon servisiranja dugova prilikom procene vrednosti preduzeća u zavisnosti od uslova poslovanja.
|
|
|
|
References
|
|
|
*** (2001) Premija za rizik na ulaganje u SRJ za period oktobar 2000 - april 2001. Službeni glasnik RS, br. 60
|
|
|
*** (2001) Realna stopa prinosa na ulaganje bez rizika za period oktobar 2001 - april 2002. Službeni glasnik RS, br. 60
|
|
10 
|
Damodaran, A. (2002) Investment valuation: Tools and techniques for determining the value of any asset. New York: John Wiley & Sons
|
|
3
|
Rodić, J., Filipović, M. (2010) Procena vrednosti preduzeća. Beograd: Asimex
|
|
2
|
Stowe, J., Robinson, R., Pinto, J., MeLeavey, D. (2002) Analysis of Equity Investments: Valuation. Charlottesville: Association for Investment Management and Research
|
|
|
Vlaović-Begović, S., Bolesnikov, D., Njegić, J. (2011) The importance of value assessment of enterprise by discounting of cash flows for investor. in: IV International Conference Eurobrand, Vršac - Temišvar: TQM Center, 255-265
|
|
2
|
Zakić, V. (2011) Dodata ekonomska vrednost kao merilo generisanja vrednosti za akcionare. Škola biznisa, (1): 53-61
|
|
|
|
|