出版社：University Business Academy - Faculty of Economics and Engineering Management, Novi Sad, Serbia
摘要：According to the methodology for estimating the value of capital in the Republic of Serbia; the components of systematic risk are determined by the Ministry of Economy. Legislative acts regulating evaluation in the Republic of Serbia are obsolete and do not take into account the real value of parameters (risk-free rate and country risk) of systematic risk affecting the level of the discount rate. Besides; only once; in 2002; these determinants were estimated by the competent authorities. Since 2002 there have been significant changes in the market development and in the business-environment conditions; so the established determinants do not reflect the actual level of systematic risk. Consequently; this leads to a constant underestimation of the estimated value of the company. In other unchanged conditions of the D CF model; the use of "statutory" determinants of systematic risk leads to an unjustified increase in the price of capital; which; on the one hand; motivates investors to buy companies at unrealistically low prices; and on the other hand; leads them to an incorrect assumption that they can expect higher yield rates than realistic. The usage of unrealistically determined value of discount rate parameters in the period o f the conjunction; with potential intentional or accidental errors of a business appraiser in defining the level o f specific risk of a company; all lead to the inaccurately estimated value o f the company in question.
关键词：nerizična stopa prinosa; premija za rizik zemlje; diskontna stopa; potcenjena vrednost kapitala; parametri rizika
