Kapitálová struktura – problém výnosového ocenění podniku
Capital Structure – the Problem of Income Business Valuation

Summary/Abstract: The article shows the need to assess a capital structure in a discount rate within income business valuation consistently with the financial plan and the final business value. It analyses mistakes resulting from simplified estimates of a capital structure. The article also points out importance of a choice of the appropriate reagent function for equity cost calculation according to a firm’s leverage and it presents proposals for modification of the leveraged beta function and for analytical calculation of equity cost that provide the same firm’s value as the direct recalculation of equity cost by the iterative method.

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