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Investuvannya - Peresada A.A.

3.4.2. Індивідуальна вартість джерел капітала

Pozichki with fіksovuyu vіdsotkovoy rate . The price is to open the borg with a fixed payment at the video card of the first payment (cleared payment) before the flow of the free time (at all times). For example, as a matter of fact, 800,000 UAH. the borg has 10% of the income, the flow rate of the borg is becoming: 96000: 800000 = 12% gross-backing (96000 x 0.65): 800000 = 7.8% net-backing, jacks respectfully, but the rate is backing up become 35%. Yakshcho rinkova vidotskova the rate to go down is higher by such an order to the rinkovy bartіst borg to 900 000 UAH., The variability of the trading capital in the fall to (96000 x 0.65): 900000 = 6.93%. Vitrati for sale, as well as Vitrati in the legal form of the Borg and that advertisement, you can also change the amount, freed for a pose, such an official name is capitalization.

Warehouse Wartost to the Borg at the middle-waged Wartost to capital є Call me, don’t wait a minute, Vitrati without the urge to go back. Varto, mean, with my Vicorist’s opinion, I’ll streamline the wartiness of the new Borg, and not the average value of the minimum number of tranches.

Vartіst to the Borg for the unconverted posture at the current moment to evaluate for the nominee Wartіst such a rank:

Vartіst to the Borg for the unconverted posture ,

de Kd - vartіst to the Borg;

і - periodic periodic payment;

t is the marginal rate of subsiding;

D - Rinkov’s flow to the Borg;

E - vitrati for realizatsiyu.

The amendment is presented with an amendment for the additional subscription . The variability of the Borg Bula is reduced by the amount of the surcharge for allowance, which will reduce the payment by the amount of the paid payments, which is permitted by law. As a matter of fact, the sideway of the property is lower than the gap between the abutments, but the function is on ambushes of unprincipledness, the ability of the borg to roam with gross losses, and not net-rolled.

Privileged shares . Privileged promotions, such as borg, offer fixed periodic bills for servicing, have a good company, I let them go. Call for a VIP release є less risky, a few more plans, no dividends are not recognized, they stink on Maybutn. At times there is a bargaining for benefits, non-payment of loans, speed for everything, a bankruptcy procedure, a lender will be obligated. Prote suma, scho p_dlyagaє opodatkuvannyu, do not change the bag vidotskіv, insured by the privilege of shares. Thus, such a form of finance is often looked like a road form of finance is divided into a posture form. Rozrakhunok vartosti privileged action є we will pick up razrahunku price _ vartosti pozichki, for the vignette of that, I don’t change the bag of paid dividends.

For example, the issue of VIPsє 500 000 privileges of action 1 UAH. dermal with a platypus 12% richny. Vartіst, in such a rank, becomes 60,000: 500,000 = 12%. This rozrahunok zroben for poderzhdennya, but the process itself vipusku aktsіy beskoshtovny. Ale tse maloymіmno. Vitrati for advertising, legal registration and underwriting may be conceivable, for example, 5% of the nominal rate. Дійсна вартість привілейованх акцій with the following rank becomes:

60,000: (500,000 - 25,000) = 12.6%.

Formula for rasrahunku vartostі privileged capital:

vartіt privileged capital ,

de Kp - wariness of a privileged capital;

d - periodic dividend pay;

P - flow rate of the privileged capital;

E - vitrati on emіsіyu .

Vlasny capital . Finance of this type can be better for two dzherel. First of all, internal business, so that you can get rid of the income (income), you get paid off at the virological process, you’ve got a part-time benefit, and I don’t get paid to the shareholders of the dividend form. Another dzherelo finance financing of the capital capital є zovnіshnіm is absolutely necessary: ​​it’s very easy to stock up on money, you’ve been reluctant to buy new promotions for a racket, and you’ll need to lower the price for promotions. Special promoters will want to sign up for a new issue of great promotions. Nasampered before Warto, take a look at the unresponsiveness of a ride.

Failure to move . Consign the tremendous actions of the German consume utrimuvati actions. Win can sell ix on the market. For the sake of revealing such opportunities, the shareholder sells his shares to that person, if he wants to protect you from the future issue. Failure to do so is liable to bring profit, sufficient for satisfying the needs of the non-institutional investor, and so the re-investing investor himself will take away the stock from his portfolio. Vartist vlasnogo capitalu і tim minimalnym profit, which is sufficient for the satisfaction of the most profitable, yakі visuva non-institutional investor.

Існує two hats vis-à-vis profitability (up to date), for yak rozrahovu є another investor. The first pole in vivchennі іnformatsії minulih rockіv stosnovno aktsії. The whole group obediently admit that they should be aware of the need for maybutnyi. Alternative pidkhid polygaє at vikoristannі model of an estimation of capital assets for an assessment of the rate of income, interest on the market for the price of insurance.

Model zrostannya . For the allowance, the dividend for Maybut’s grows with a stable indicator of g %, the rate of profitability is outlined by the market:

ochkuvana by another investor, the rate of profitability for zvichayna action ,

de Ke - ochіkuvana by another investor, the rate of return on the sound of shares;

d - points of dividends;

p - rinkova price of shares;

g - ochіkuvan zrostannya divіdendіv.

As a matter of fact, the share of equity becomes Ke % at the offensive period, and the share of share is unchanged in the market. In practice, the main problem is the pole at the exact indicator g . At the borders of the country with a wide market economy, the average growth rate for the rest of 5-10 years is to take advantage of the tendency to increase the dividend rate for Maybuty. If you want to know more about the indicator of the growth rate of profitability, thoroughly predict the financial analysis in order to clearly identify the value of the indicator g. Some methods are not used to identify the indicator of the estimated number of dividends, the indicator Ke shows the opportunity of an unsupported habitation, and it is possible to store it in the model of the middle-aged capital of the capital.

Financing the capital for the cobblestone of the best offer . Warranty of financial assistance, such as itself, as well as unreliable backhaul, for the sake of social security, to bring to the costs of commercial, such advertising and advertising. At the time of the small foreign wartostity of valuable servers, these vitrati can be significant and become up to 10% of the gross value of the server’s windows. Vartіst zovnіshnogo fіnansuvannya kapіtalu become such a rank:

Rinkova norm of income in case of higher financial capital ,

de Ke - the rinkova norm of income in the case of higher financial capital;

d - the sum of dividends, ochukuvana before payment in the first year;

p - emіsіyna tsina akcії;

e - vitrati on the stock of shares;

g - ochіkuvan zrostannya divіdendіv.

Method of valuation of capital assets . The accuracy of equity (capital) capital is recognized as an investor by the norm of income. Yakshcho investor will deny ochikuvanu the norm of income, the value of simple shares will be indemnified by the stock market. Yakshchon won mensha, aktsіі fallatim in price, yakshko bіlsha - aktsії zrostatimut at price. That’s why the profitability of the share оч key moment at the time of drawing up the vartostas of the capital capital is very clear. Paragraph 3.2. the logic is taken into account, laid the foundation for the model of assessment of capital assets ( CAPM ).

САРМ will save you an alternative pidhid before the income distribution, outlined in the market for given shares. Цей підхід поділяє дохід per share on two parts. Persha is an accurate investment on investment, approaching a risk-free approach. Druha chastina - who has an excess of income from a prize for a prize, who can agree on the very specific actions:

ochukuvana dokhidnіst aktsії ,

de E - ochіkuvana dokhіdnіst aktsії;

R - threaded income for risk-free investments;

S - threaded income on stocks from the middle level;

In - beta aktsії.

Koefіtsієnt In itself is an idealization of the environment. For example, as a rule, there is a clear view that there are no risky states that save up to 10% (net subscription), and price up to 18% from the average price, we show the following:





Golden Accents



Primary enterprises



Virobniks komp'yuterіv



10 + (18 - 10) 0.3 = 12.4%;


10 + (18 - 10) 1.1 = 18.8%;


10 + (18 - 10) 2.2 = 27.6%.

Of these, it is obvious that the owner of the campaign, the computer, the package, the opportunity to do it is significantly better. Variety of joint venture capital In high quality, a fragment of a characteristic economical project was delivered in full time before the time of the high standard of business profitability. A certain bi method is not stumbling over - the model of automated charm CAPM - the remaining numbers give the value of the share capital for the middle-sized card. Proteid code for SARM victories includes correction for the riser at the bank card, and the model of such cards is not secure.

Amortization . If there are any calls about a bunch of groshny streams, there are more companies including up to their own zhichnyh zvitiv, you can signify, however, amortization є one of the main dzherel koshtiv. The prototype of depreciation is not included before the imposition of an earlier chart of mid-term capital. The reason for this obvious irregularity is that, in general, optimal financing is optimal, the loss of amortization funds is approximately more expensive and average is capitalized. The rate of depreciation is the same, as in the middle rate of capital, the margin is overshadowed, and the fund of depreciation is insured from the leather cutter in proportion to the optimal rate (optimal structural ratio). As a matter of fact, it’s not so, it’s better to bring optimal structures to ruin. As for koshti, they wouldn’t be invested, but turned to creditors, they’d like to turn around in proportion to the structure, because the optimal koshty structure is better. The variability of the amortization funds є by itself, as the middle priority is the variability of the funds, which form the pool.