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Title:Vrednotenje lastniškega kapitala slovenskih javnih delniških družb na podlagi diskontiranih denarnih tokov : primerjava 2006-2011
Authors:Trunk, Aleš (Author)
Stubelj, Igor (Author)
Files:URL http://www.fm.upr.si/zalozba/ISSN/1854-4231/8_199-218.pdf
 
Language:Slovenian
Work type:Not categorized
Tipology:1.01 - Original Scientific Article
Organization:FM - Faculty of Management
Abstract:V prispevku obravnavamo vrednosti slovenskih javnih delniških družb na podlagi diskontiranih prostih denarnih tokov. Namen raziskave je oceniti vrednosti lastniškega kapitala slovenskih javnih delniških družb, pred finančno-ekonomska krizo in v času krize, na podlagi diskontiranih prostih denarnih tokov, ki pripadajo lastniškemu kapitalu, ter jih primerjati s tržnimi vrednostmi lastniškega kapitala javnih delniških družb. Temeljno vrednost lastniškega kapitala izbranih podjetij (25) smo izracunali z dvostopenjskim modelom. Z metodo parnega t-testa nismo potrdili hipoteze, da so temeljne vrednosti slovenskih javnih delniških družb bližje tržni vrednosti sedaj, v casu finančno-ekonomske krize (2011), kot pred njo (2006). Ugotovili pa smo, da je tržna vrednost lastniškega kapitala podjetij v primerjavi s temeljno vrednostjo lastniškega kapitala podjetij manjša v letu 2011 kot v letu 2006. Temeljna vrednost podjetja je pomembna tako za management podjetij kot za zunanje deležnike. Velika odstopanja tržnihin temeljnih vrednosti so podlaga za velike popravke vrednosti, kar znižuje zaupanje v trg kapitala. To negativno vpliva na delovanje finančnih institucij, investiranje posameznikov in podjetij. Obstajajo različni modeli izračunov temeljne vrednosti. Uporabljeni model v raziskavi kaže problematiko vrednotenja podjetij na majhnih in razvijajočih kapitalskih trgih s kratko zgodovino podatkov.
Keywords:prosti denarni tok, lastniški kapital, finančno-ekonomska kriza, management, temeljna in tržna vrednost podjetja
Year of publishing:2013
Publisher:Fakulteta za management
Number of pages:str. 199-218, 267
Numbering:Leto 8, št. 3
ISSN:1854-4231
UDC:658.14
COBISS_ID:4868823 Link is opened in a new window
Views:1211
Downloads:33
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Secondary language

Language:English
Abstract:The purpose of the paper is to assess the equity value of Slovenian publicly traded companies, before and after financial-economic crises, on the basis of discounted free cash ows to equity and to compare it with market equity values of companies. The fundamental equity value of the selected companies (25) is calculated by a two-stage model. The method of paired-samples t-tests did not confirm the hypothesis that the fundamental value of Slovenian publicly traded companies better reects market values currently in financial and economic crisis (2011) as before (2006). However we found out that the market equity value of companies in relation to the fundamental equity value of companies is lower in 2011 than in 2006. Fundamental value of company is important for both management, as well as external stakeholders. The wide variation in market and fundamental values are the basis for high value adjustments, which reduces condence in the capital market. This has a negative impact on the operation of nancial institutions, individual and companies investment. There are various models of the basic calculations used in the model evaluation. This study shows the problem of company valuation on small and emerging capital markets with a short history of data.
Keywords:free cash flow, equity, financial and economic crisis, management, fundamental and market value of companies

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