Dostosowanie metody skorygowanej wartości bieżącej do wyceny niegiełdowych przedsiębiorstw zarządzanych przez właścicieli
Adjusted present value method in valuation of non-stock enterprises managed by owners

Summary/Abstract: The article presents some specific aspects of adjusted present value method in valuation of non-stock enterprises managed by owners. The paper points out the necessity of different (comparing to the basic case) definition of the cash flows, which is a consequence of via-cost value transfer observed in non-stock enterprises managed by owners. Some other corrections have been also proposed, i.e. concerning income tax, the cost of capital or the discounted value of tax shields estimation.

• Details
• Contents