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2014, vol. 16, br. 2, str. 175-187
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Izazovi procenitelja prilikom projektovanja novčanih tokova
Appraisal challenges in designing cash flows
Sažetak
Jedna od determinanti koja određuje vrednost preduzeća diskontovanjem novčanih tokova jeste projektovana vrednost novčanih tokova u budućem periodu. Da bi novčane tokove projektovali na realnim osnovama, stratešku perspektivu razvoja preduzeća procenitelji razvijaju na osnovu računovodstvenih podataka ostvarenih u prethodnom periodu i sagledavanjem poslovnog okruženja preduzeća. Rad ima za cilj da ukaže na teškoće koje se postavljaju pred proceniteljima prilikom predviđanja budućih novčanih tokova. Takođe, u radu će se predstaviti i jednostavniji način projektovanja novčanih tokova u uslovima stabilnog odnosa duga i kapitala.
Abstract
One of the determinants which determine the enterprise value by discounting cash flows is the projected value of cash flows in the forthcoming period. In order to project cash flows on more objective basis, estimators develop the strategic perspective of enterprise development on the basis of accounting data generated in the previous period and understanding the business environment of enterprises. This paper aims to highlight the difficulties faced by appraisers in predicting future cash flows. In addition, the paper will present a simple way of designing cash flows in terms of a stable debt/equity ratio.
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