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The model of capital asset evaluation as a tool for discount rate evaluation


Irina Lisovskaya, Tamerlan Mamedov
(about the authors)

Lisovskaya Irina A. – Doctor of Science, Economics; Associate Professor, Professor of the Chair of Accounting, Economic Analysis and Audit (Russian Presidential Academy of National Economy and Public Administration)

Mamedov Tamerlan Sadig ogly – Postgraduate; manager, Kocher+Beck, LLC, Moscow (Russian Presidential Academy of National Economy and Public Administration)

Published in:
Russian Journal of Entrepreneurship
– Volume 17, Number 7 (April 2016)



Keywords: discount rate, premium for equity investment, risk-free profit rate, β-rate, СAPM model


Citation:
Irina Lisovskaya, Tamerlan Mamedov (2016). The model of capital asset evaluation as a tool for discount rate evaluation. Russian Journal of Entrepreneurship, 17(7), 937–950. doi: 10.18334/rp.17.7.35070


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Abstract:

Under the modern conditions of growing risks in the national and international economy, the issue of correct investment evaluation has become relevant. In view of this, the issues of reasonable definition of discount rate as one of the most important indicators that determine the level of capital investment effectiveness become especially significant. Moreover, the need evolved for correct evaluation of the discount rate to form financial statements some items of which must contain discount evaluation as by accounting standards (RAS and IFS). The CAPM model is one of the simplest and most popular models. The article reviews features of the model as a whole and its individual components. This article will be useful to both investors who are interested in methods of discount rate evaluation and accountants who deal with discount evaluations.







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