COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | ConTexto |
Texto Completo: | https://seer.ufrgs.br/index.php/ConTexto/article/view/11715 |
Resumo: | This paper presents the main characteristics, restrictions and applicability of company evaluation methodology, which is calculated by the Discounted Cash Flow Method. This way, it presents the two approaches used: the shareholder cash flow, which demonstrates the shareholders equity and is obtained through the owners discounted cash flows by the owners cost of capital rate; and the company cash flow, which discounts the company’s cash flow through the weighted average cost of capital (WACC). Finally, it approaches the effects caused by the use of an incorrect discount rate in the company evaluation process. |
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COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATESAVALIAÇÃO DE EMPRESAS PELO MÉTODO DE FLUXO DE CAIXA DESCONTADO E OS DESVIOS CAUSADOS PELA UTILIZAÇÃO DE TAXAS DE DESCONTO INADEQUADASEvaluation of companies. Discounted cash flow. WACC.Avaliação de empresas. Fluxo de caixa descontado. WACC.This paper presents the main characteristics, restrictions and applicability of company evaluation methodology, which is calculated by the Discounted Cash Flow Method. This way, it presents the two approaches used: the shareholder cash flow, which demonstrates the shareholders equity and is obtained through the owners discounted cash flows by the owners cost of capital rate; and the company cash flow, which discounts the company’s cash flow through the weighted average cost of capital (WACC). Finally, it approaches the effects caused by the use of an incorrect discount rate in the company evaluation process.Este artigo objetiva apresentar as principais características, limitações e aplicabilidades da metodologia de avaliação de empresas, calculada através do fluxo de caixa descontado. Para tanto, apresentam-se as duas abordagens utilizadas nesse método: o fluxo de caixa do acionista, que demonstra o patrimônio líquido do acionista e é obtido através do desconto dos fluxos de caixa pelo custo do capital próprio; e o fluxo de caixa da empresa, que desconta os fluxos de caixa da empresa como um todo, pela taxa do custo médio ponderado de capital – Weighted Average Cost of Capital (WACC). Finalmente, abordam-se os efeitos causados pela utilização de uma taxa de desconto incorreta na mensuração do valor de uma empresa.UFRGS2009-10-20info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/11715ConTexto - Contabilidade em Texto; v. 4 n. 6 (2004): 1º semestre 20042175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/11715/6918Endler, Lucianainfo:eu-repo/semantics/openAccess2009-12-22T18:59:01Zoai:seer.ufrgs.br:article/11715Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2009-12-22T18:59:01ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES AVALIAÇÃO DE EMPRESAS PELO MÉTODO DE FLUXO DE CAIXA DESCONTADO E OS DESVIOS CAUSADOS PELA UTILIZAÇÃO DE TAXAS DE DESCONTO INADEQUADAS |
title |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES |
spellingShingle |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES Endler, Luciana Evaluation of companies. Discounted cash flow. WACC. Avaliação de empresas. Fluxo de caixa descontado. WACC. |
title_short |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES |
title_full |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES |
title_fullStr |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES |
title_full_unstemmed |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES |
title_sort |
COMPANY EVALUATION BY DISCOUNTED CASH FLOW METHOD AND THE DEVIATIONS CAUSED BY INADEQUATE USE OF DISCOUNT RATES |
author |
Endler, Luciana |
author_facet |
Endler, Luciana |
author_role |
author |
dc.contributor.author.fl_str_mv |
Endler, Luciana |
dc.subject.por.fl_str_mv |
Evaluation of companies. Discounted cash flow. WACC. Avaliação de empresas. Fluxo de caixa descontado. WACC. |
topic |
Evaluation of companies. Discounted cash flow. WACC. Avaliação de empresas. Fluxo de caixa descontado. WACC. |
description |
This paper presents the main characteristics, restrictions and applicability of company evaluation methodology, which is calculated by the Discounted Cash Flow Method. This way, it presents the two approaches used: the shareholder cash flow, which demonstrates the shareholders equity and is obtained through the owners discounted cash flows by the owners cost of capital rate; and the company cash flow, which discounts the company’s cash flow through the weighted average cost of capital (WACC). Finally, it approaches the effects caused by the use of an incorrect discount rate in the company evaluation process. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-10-20 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/11715 |
url |
https://seer.ufrgs.br/index.php/ConTexto/article/view/11715 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/11715/6918 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
ConTexto - Contabilidade em Texto; v. 4 n. 6 (2004): 1º semestre 2004 2175-8751 1676-6016 reponame:ConTexto instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
ConTexto |
collection |
ConTexto |
repository.name.fl_str_mv |
ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
fernanda.momo@ufrgs.br||contexto@ufrgs.br |
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1799766349259472896 |