Nikita SergeevPublished in:
Russian Journal of Entrepreneurship
– № 4-2 / April, 2011



Keywords: capm (capital asset pricing model), cost of timber business, discount rate, income approach, timber industry


Share:

Abstract:

The article considers the issue of fair valuation of forestry enterprises in Russia based on the income approach, combined with discounting. The author suggests using a specified CAPM technique for the purpose of calculating the discount rate. Because of the information protection and stock backwardness of Russian forestry enterprises, he uses the data on stock trading in shares for U.S. forestry sector companies as a statistical base. To adapt the results to the Russian market, appropriate correctional premiums are introduced.

---

References:
1. Brigkhem Yu.F. Finansovyy menedzhment. – M.: Piter. 2005. – 342 s.
2. Bodi Z. Finansy. – M.: Vilyams, 2007 – 592 s.
3. Informatsionnoe agent stva «Finmarket» [Elektronnyy resurs]. – Rezhim dostupa: http://www.rusbonds.ru/ank_obl.asp?tool=13131
4. Kouplend T. Stoimosty kompaniy: otsenka i upravlenie. – 3-e izd., pererab. i dop. – M.: Olimp-Biznes, 2005. – 816 s.
5. Mikerin G.I. Kontseptsiya diskontirovannoy stoimosti v sovremennoy mezhdunarodnoy i rossiyskoy praktike otsenki // Otsenochnaya deyatelnosty v Rossii. Sb. nauchnyh trudov. – Vyp. 4. – M.: Finansovaya akademiya pri Pravitelstve Rossiyskoy Federatsii, 2001.
6. Mikhaylets, V.B. Stavka diskontirovaniya v otsenochnoy deyatelnosti // Voprosy otsenki. – 2002. – №3.
7. Postanovlenie Pravitelstva RF ot 22.06.2008 g. №556.
8. Mezhdunarodnoe reytingovoe agentstvo Bloom berg [Elektronnyy resurs]. – Rezhim dostupa: http://www.bloomberg.com/markets/rates-bonds/government-bonds/us.