Корекции при изчисляване на цената на капитала в условията на формиращ се пазар

Abstract

The purpose of the report is to examine the role of cost of capital as a key factor in the value of the company, to present the specific characteristics of an emerging markets and to propose appropriate adjustments in calculating the weighted average cost of capital (WACC). Examined is the inapplicability of standard models for determining the cost of equity financing because of the short history of the capital market and the absence of time series of observation. The presented methodologies are probated on Bulgarian companies for the period 2003-2008.