СТАВКА ДИСКОНТИРОВАНИЯ КАК МЕТОД МАНИПУЛИРОВАНИЯ ОЦЕНОЧНОЙ СТОИМОСТЬЮ КОМПАНИИ

Abstract

The main element of the discounted cash flows model for company valuation is the discount rate. There are several ways to calculate the discount rate, which ultimately affects the estimated value of the company. The reasonable determination of the discount rate becomes crucial under the condition of high market volatility and instability of the Russian economy, which gives room for the estimated cost of company’s manipulation and can mislead potential investors. The article analyses through sensitivity analysis the dependence of estimated value of Russian public joint-stock company on the calculated discount rate. The results of our research show that natural logarithm of Enterprise Value (EV) divided by Market Capitalization for EV calculated with the help of different discount rate estimation methods varies greatly. The algorithm for choosing method of calculating discount rate is presented. These findings are especially important for investors, who are willing to acquire a company or to invest in its stocks.