╨Э╨╡╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╨░╤П ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П
╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╜╨╡╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╨░╤П ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П?
╨С╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╝╨╡╤А╨╛╨╣ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▒╨╡╨╖ ╨┤╨╛╨╗╨│╨░ ╨╛╤В╨╜╨╛╤Б╨╕╤В╨╡╨╗╤М╨╜╨╛ ╤А╤Л╨╜╨║╨░ ╨▓ ╤Ж╨╡╨╗╨╛╨╝. ╨Я╤А╨╛╤Й╨╡ ╨│╨╛╨▓╨╛╤А╤П, ╤Н╤В╨╛ ╤А╨░╤Б╤З╨╡╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨░ ╨▒╨╡╤В╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▒╨╡╨╖ ╤Г╤З╨╡╤В╨░ ╨▓╨╗╨╕╤П╨╜╨╕╤П ╨┤╨╛╨╗╨│╨░. ╨С╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П ╨▒╨╡╨╖ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╨░ ╨║╨░╨║ ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П ╨░╨║╤В╨╕╨▓╨╛╨▓, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╤А╨╕╤Б╨║ ╤Д╨╕╤А╨╝╤Л ╨▒╨╡╨╖ ╨┤╨╛╨╗╨│╨░ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╤В╨╛╨╗╤М╨║╨╛ ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╨╡╨╡ ╨░╨║╤В╨╕╨▓╨╛╨▓.
╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡
╨Ю╨▒╤К╤П╤Б╨╜╨╡╨╜╨╕╨╡
Unlevered Beta тАФ ╤Н╤В╨╛ ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▒╨╡╨╖ ╨▓╨╗╨╕╤П╨╜╨╕╤П ╨┤╨╛╨╗╨│╨░. ╨Ю╨╜ ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╡╨╜ ╨║╨░╨║ ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П ╨░╨║╤В╨╕╨▓╨░ ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╤П ╤А╨╕╤Б╨║╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▒╨╡╨╖ ╨╖╨░╨╡╨╝╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨┐╨╛ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤О ╨║ ╤А╨╕╤Б╨║╤Г ╨╜╨░ ╤А╤Л╨╜╨║╨╡.
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- Equity BetaEquity BetaEquity Beta ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╨░╨║╤Ж╨╕╨╕ ╨┐╨╛ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤О ╨║ ╤А╤Л╨╜╨║╤Г, ╤В. ╨╡. ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤З╤Г╨▓╤Б╤В╨▓╨╕╤В╨╡╨╗╤М╨╜╨░ ╤Ж╨╡╨╜╨░ ╨░╨║╤Ж╨╕╨╕ ╨║ ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╤П╨╝ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╨▓ ╤Ж╨╡╨╗╨╛╨╝. ╨Ю╨╜ ╤Б╤А╨░╨▓╨╜╨╕╨▓╨░╨╡╤В ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Г╤О ╤Б ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╨╡╨╝ ╤Ж╨╡╨╜╤Л ╤Ж╨╡╨╜╨╜╨╛╨╣ ╨▒╤Г╨╝╨░╨│╨╕. ╨С╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╛╨▒╤Л╤З╨╜╨╛ ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╨╡╨╣ ╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╨┐╨╗╨╡╤З╨╛╨╝, ╤В. ╨╡. ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╨╡╨╣ ╤Д╨╕╤А╨╝╤Л, ╨║╨╛╤В╨╛╤А╨░╤П ╨╕╨╝╨╡╨╡╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨╗╨╡╨▓╨╡╤А╨╡╨┤╨╢. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨╕╨╗╨╕ ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤П ╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╨┐╨╗╨╡╤З╨╛╨╝ ╤Б╤А╨░╨▓╨╜╨╕╨▓╨░╨╡╤В ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╨░╨║╤Ж╨╕╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Б ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М╤О ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╤Е ╤А╤Л╨╜╨║╨╛╨▓ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨Ю╨╜ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤З╤Г╨▓╤Б╤В╨▓╨╕╤В╨╡╨╗╤М╨╜╨░ ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨░╤П ╨░╨║╤Ж╨╕╤П ╨║ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝ ╨╝╨░╨║╤А╨╛╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╝ ╤Д╨░╨║╤В╨╛╤А╨░╨╝. ╨Ь╨░╨║╤А╨╛╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╡ ╤Д╨░╨║╤В╨╛╤А╤Л. ╨║╨╛╨╝╨░╨╜╨┤╤Л, ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╤Л╨╡ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨╛╨╝ ╨╕╨╗╨╕ ╨┤╤А╤Г╨│╨╕╨╝╨╕ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤Б╤В╨░╨╝╨╕. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.
- ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨║╨░╨╢╨┤╨░╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨╕╨╝╨╡╨╡╤В ╤А╨░╨╖╨╗╨╕╤З╨╜╤Г╤О ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╤Б╤А╨░╨▓╨╜╨╕╤В╤М, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤А╨╕╤Б╨║╨╛╨▓╨░╨╜╨╜╤Л ╨░╨║╤В╨╕╨▓╤Л ╨╛╤В╨┤╨╡╨╗╤М╨╜╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨╕╤Б╨║╨╗╤О╤З╨╕╨▓ ╨╗╤О╨▒╨╛╨╡ ╨▓╨╗╨╕╤П╨╜╨╕╨╡, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨┤╨╛╨╗╨│, ╨╕ ╨╕╨╖╨╝╨╡╤А╤П╤П ╤В╨╛╨╗╤М╨║╨╛ ╤В╨╛, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤А╨╕╤Б╨║╨╛╨▓╨░╨╜ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.
- ╨г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В, ╤З╤В╨╛ ╨╡╨╣ ╨┐╨╛╤В╤А╨╡╨▒╤Г╨╡╤В╤Б╤П ╨▒╨╛╨╗╤М╤И╨╡ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨┤╨╗╤П ╨╛╨▒╤Б╨╗╤Г╨╢╨╕╨▓╨░╨╜╨╕╤П ╤Н╤В╨╛╨│╨╛ ╨┤╨╛╨╗╨│╨░, ╨╕, ╤Б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤Б╤Г╤Й╨╡╤Б╤В╨▓╤Г╨╡╤В ╨╜╨╡╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╤Б╤В╤М ╨▓ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╕ ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╨┐╨╛╤В╨╛╨║╨╛╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨н╤В╨╛ ╨┐╤А╨╕╨▓╨╛╨┤╨╕╤В ╨║ ╨┐╨╛╨▓╤Л╤И╨╡╨╜╨╜╨╛╨╝╤Г ╤А╨╕╤Б╨║╤Г ╨┤╨╗╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕╨╖-╨╖╨░ ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╤П ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░, ╨░ ╨╜╨╡ ╨▓ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╤А╨╕╤Б╨║╨░ ╤А╤Л╨╜╨╛╤З╨╜╤Л╤Е ╨╕╨╗╨╕ ╨╝╨░╨║╤А╨╛╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╤Е ╤Д╨░╨║╤В╨╛╤А╨╛╨▓. ╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤Г╤Б╤В╤А╨░╨╜╨╡╨╜╨╕╨╡ ╨▓╨╗╨╕╤П╨╜╨╕╤П ╨┤╨╛╨╗╨│╨░ ╨╝╨╛╨╢╨╡╤В ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╤А╨╕╤Б╨║ ╤В╨╛╨╗╤М╨║╨╛ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.
- ╨С╨╡╤В╨░ ╨▒╨╡╨╖ ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨░ ╨▓╤Б╨╡╨│╨┤╨░ ╨▒╤Г╨┤╨╡╤В ╨╜╨╕╨╢╨╡, ╤З╨╡╨╝ ╨▒╨╡╤В╨░ ╤Б ╨╗╨╡╨▓╨╡╤А╨╕╨┤╨╢╨╡╨╝. ╨╜╨╡╨┤╨╕╨▓╨╡╤А╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╨╡╨╝╤Л╨╣ ╤А╨╕╤Б╨║. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╤В╨░╨║ ╨║╨░╨║ ╨╛╨╜ ╨╕╤Б╨║╨╗╤О╤З╨░╨╡╤В ╨┤╨╛╨╗╨│╨╛╨▓╨╛╨╣ ╨║╨╛╨╝╨┐╨╛╨╜╨╡╨╜╤В, ╤З╤В╨╛ ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨▓╨░╨╡╤В ╤А╨╕╤Б╨║. ╨Х╤Б╨╗╨╕ ╨╛╨╜ ╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╤Л╨╣, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▒╤Г╨┤╤Г╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╤Н╤В╤Г ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Г╤О ╨░╨║╤Ж╨╕╤О, ╨║╨╛╨│╨┤╨░ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П ╤А╨╛╤Б╤В ╤Ж╨╡╨╜. ╨Х╤Б╨╗╨╕ ╨▒╨╡╨╖╤А╤Л╤З╨░╨╢╨╜╨░╤П ╨▒╨╡╤В╨░ ╨╛╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╨░, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▒╤Г╨┤╤Г╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╨░╨║╤Ж╨╕╨╕, ╨║╨╛╨│╨┤╨░ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П, ╤З╤В╨╛ ╤Ж╨╡╨╜╤Л ╤Г╨┐╨░╨┤╤Г╤В.
╨С╨╡╨╖╤Г╨┤╨╡╤А╨╢╨╜╨░╤П ╨▒╨╡╤В╨░-╤Д╨╛╤А╨╝╤Г╨╗╨░
╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤О ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤П ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Г╤О ╨╜╨╕╨╢╨╡ ╤Д╨╛╤А╨╝╤Г╨╗╤Г:
╨Я╤А╨╕╨╝╨╡╤А ╤А╨░╤Б╤З╨╡╤В╨░ ╨▒╨╡╤В╨░ ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░
╨Т╨╛╨╖╤М╨╝╨╡╨╝ ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨┐╤А╨╕╨╝╨╡╤А╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤О X, ╤Г ╨║╨╛╤В╨╛╤А╨╛╨╣ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨▒╨╡╤В╨░ ╤А╨░╨▓╨╡╨╜ 1,5. ╨б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│/╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨┤╨╗╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 2:3, ╨░ ╤Б╤В╨░╨▓╨║╨░ ╨╜╨░╨╗╨╛╨│╨░ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 30%.
- ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨▒╨╡╤В╨░ ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░ = 1,5 / 1 + (1-0,3) 0,66
- ╨С╨╡╤В╨░ ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░ = 1,03
╨Р╨║╤В╤Г╨░╨╗╤М╨╜╨╛╤Б╤В╤М ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ ╨╜╨╡╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╨╛╨╣ ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╨╕
- ╨С╨╡╨╖╤А╤Л╤З╨░╨╢╨╜╨░╤П ╨▒╨╡╤В╨░ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П, ╨║╨╛╨│╨┤╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А ╤Е╨╛╤З╨╡╤В ╨╕╨╖╨╝╨╡╤А╨╕╤В╤М ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╤Б╤В╤М ╨░╨║╤Ж╨╕╨╣, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤В╨╛╤А╨│╤Г╤О╤В╤Б╤П ╨┐╤Г╨▒╨╗╨╕╤З╨╜╨╛, ╨▓ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╕ ╨┤╨▓╨╕╨╢╨╡╨╜╨╕╨╣ ╤А╤Л╨╜╨║╨░ ╨▒╨╡╨╖ ╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛╨│╨╛ ╤Н╤Д╤Д╨╡╨║╤В╨░ ╨┤╨╛╨╗╨│╨░, ╨┐╤А╨╕╨╜╤П╤В╨╛╨│╨╛ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╡╨╣. ╨С╨╡╤В╨░ ╤Б ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨╖╨░╨╡╨╝╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤З╤Г╨▓╤Б╤В╨▓╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╤Ж╨╡╨╜╤Л ╨░╨║╤Ж╨╕╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨║ ╨╛╨▒╤Й╨╕╨╝ ╨┤╨▓╨╕╨╢╨╡╨╜╨╕╤П╨╝ ╤А╤Л╨╜╨║╨░. ╨Я╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╨░╤П ╨▒╨╡╤В╨░ ╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╨┐╨╗╨╡╤З╨╛╨╝ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤В╨╛, ╤З╤В╨╛ ╨┐╤А╨╕ ╤Е╨╛╤А╨╛╤И╨╕╤Е ╤А╤Л╨╜╨╛╤З╨╜╤Л╤Е ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤П╤Е ╤Ж╨╡╨╜╤Л ╨╜╨░ ╨░╨║╤Ж╨╕╨╕ ╨▒╤Г╨┤╤Г╤В ╤А╨░╤Б╤В╨╕, ╨░ ╨╛╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╨░╤П ╨▒╨╡╤В╨░ ╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╨┐╨╗╨╡╤З╨╛╨╝ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤В╨╛, ╤З╤В╨╛ ╨┐╤А╨╕ ╨┐╨╗╨╛╤Е╨╕╤Е ╤А╤Л╨╜╨╛╤З╨╜╤Л╤Е ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤П╤Е ╤Ж╨╡╨╜╤Л ╨╜╨░ ╨░╨║╤Ж╨╕╨╕ ╨▒╤Г╨┤╤Г╤В ╨┐╨░╨┤╨░╤В╤М.
- ╨С╨╡╤В╨░-╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨╕ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╨░╨║╤Ж╨╕╨╣ ╨▒╨╡╨╖ ╨╜╨░╨╗╨╛╨│╨╛╨▓╤Л╤Е ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓ ╨┤╨╛╨╗╨│╨░. ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨▓╨╗╨╕╤П╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╤Г╤Б╤В╤А╨░╨╜╤П╨╡╤В╤Б╤П, ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Б ╤А╨░╨╖╨╗╨╕╤З╨╜╨╛╨╣ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╛╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╝╨╛╨╢╨╜╨╛ ╤Б╤А╨░╨▓╨╜╨╕╨▓╨░╤В╤М, ╤З╤В╨╛╨▒╤Л ╨╕╨╖╨╝╨╡╤А╨╕╤В╤М, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤А╨╕╤Б╨║╨╛╨▓╨░╨╜╨╜╤Л ╨░╨║╤В╨╕╨▓╤Л ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.
- ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╤О╤В ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨▒╨╡╤В╨░ ╨▒╨╡╨╖ ╤А╤Л╤З╨░╨│╨░ ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╨╡╨│╨╛ ╨┤╨╗╤П ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤П, ╨╕╤Б╨║╨╗╤О╤З╨░╤П ╨▓╨╗╨╕╤П╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨╜╨░ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.
- ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║╨╕ ╨░╨║╤Ж╨╕╨╣ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Н╤В╤Г ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╤О ╨┤╨╗╤П ╨┐╨╛╤Б╤В╤А╨╛╨╡╨╜╨╕╤П ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨╝╨╛╨┤╨╡╨╗╨╡╨╣ ╨┤╨╗╤П ╤Б╨▓╨╛╨╕╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╨▒╨╛╨╗╤М╤И╨╡ ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╨╕, ╤З╨╡╨╝ ╨┐╤А╨╛╤Б╤В╨╛ ╨▒╨░╨╖╨╛╨▓╤Л╨╣ ╤Б╤Ж╨╡╨╜╨░╤А╨╕╨╣.
- ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╡╤Й╨╡ ╨╛╨┤╨╕╨╜ ╤Д╨░╨║╤В╨╛╤А, ╨╛ ╨║╨╛╤В╨╛╤А╨╛╨╝ ╤Б╨╗╨╡╨┤╤Г╨╡╤В ╨┐╨╛╨╝╨╜╨╕╤В╤М, ╨╖╨░╨║╨╗╤О╤З╨░╨╡╤В╤Б╤П ╨▓ ╤В╨╛╨╝, ╤З╤В╨╛ ╨╡╤Б╨╗╨╕ ╤Г ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓╤Л╤Б╨╛╨║╨╛╨╡ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╤В╨╛ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡╨╝ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Л ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨╛╤В╨╛╤А╨░╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╨┤╨╛╨╗╤О ╨▓╨╜╨╡╤И╨╜╨╕╤Е ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓ ╨▓ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╨╛╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╡. ╨н╤В╨╛ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╨┐╨╗╨╡╤З╨░ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕ ╨╕ ╤Г╤А╨╛╨▓╨╡╨╜╤М ╤А╨╕╤Б╨║╨░. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╨▓╤Б╨╡╨╝ ╨┤╨╛╨╗╨│╨░╨╝ ╨┐╤А╨╕╤Б╨▓╨╛╨╡╨╜ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨Р╨Р╨Р. ╨Ю╨╜ ╨┐╨╛ ╤Б╨▓╨╛╨╡╨╣ ╨┐╤А╨╕╤А╨╛╨┤╨╡ ╨╕╨╝╨╡╨╡╤В ╨╝╨╡╨╜╤М╤И╨╕╨╣ ╤А╨╕╤Б╨║, ╤З╨╡╨╝ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╤Б ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╤Б╨╛╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡╨╝ ╨┤╨╛╨╗╨│╨░ ╨║ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨╜╨╛ ╨┤╨╛╨╗╨│ ╨╕╨╝╨╡╨╡╤В ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨╜╨╕╨╢╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П.
╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡
╨д╨╛╤А╨╝╤Г╨╗╨░ Unlevered Beta тАФ ╤Н╤В╨╛ ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╨╡ ╤А╨╕╤Б╨║╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Б ╤Г╤З╨╡╤В╨╛╨╝ ╨┤╨╛╨╗╨│╨░. ╨Ю╨╜ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╤А╨╕╤Б╨║ ╨▒╨╕╨╖╨╜╨╡╤Б╨░ ╤Д╨╕╤А╨╝╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╜╨╡ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╤А╤Л╨╜╨╛╤З╨╜╨╛╨│╨╛ ╤А╨╕╤Б╨║╨░. ╨Ю╨╜╨░ ╨▓╤Б╨╡╨│╨┤╨░ ╨▒╤Г╨┤╨╡╤В ╨╜╨╕╨╢╨╡, ╤З╨╡╨╝ ╨▒╨╡╤В╨░ ╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╨┐╨╗╨╡╤З╨╛╨╝, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜╨░ ╨╕╤Б╨║╨╗╤О╤З╨░╨╡╤В ╨┤╨╛╨╗╨│╨╛╨▓╤Г╤О ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤Й╤Г╤О, ╤З╤В╨╛ ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨▓╨░╨╡╤В ╤А╨╕╤Б╨║.
╨Х╤Б╨╗╨╕ ╨▒╨╡╨╖╤А╤Л╤З╨░╨╢╨╜╨░╤П ╨▒╨╡╤В╨░ ╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╨░, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▒╤Г╨┤╤Г╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╤Н╤В╨╕ ╨░╨║╤Ж╨╕╨╕, ╨║╨╛╨│╨┤╨░ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П ╤А╨╛╤Б╤В ╤Ж╨╡╨╜. ╨Х╤Б╨╗╨╕ ╨▒╨╡╨╖╤А╤Л╤З╨░╨╢╨╜╨░╤П ╨▒╨╡╤В╨░ ╨╛╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╨░, ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▒╤Г╨┤╤Г╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╤В╤М ╨▓ ╨░╨║╤Ж╨╕╨╕, ╨║╨╛╨│╨┤╨░ ╨╛╨╢╨╕╨┤╨░╨╡╤В╤Б╤П, ╤З╤В╨╛ ╤Ж╨╡╨╜╤Л ╤Г╨┐╨░╨┤╤Г╤В. ╨Ю╨╜ ╨╕╨╖╨╝╨╡╤А╤П╨╡╤В ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М ╨╕ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╨░╨║╤Ж╨╕╨╣ ╨▒╨╡╨╖ ╨╜╨░╨╗╨╛╨│╨╛╨▓╤Л╤Е ╨╗╤М╨│╨╛╤В. ╨Я╤А╨╕╨╝╨╡╤А╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨│╨╛╤Б╤Г╨┤╨░╤А╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨░╨╜╨╜╤Г╨╕╤В╨╡╤В╤Л, ╨┐╨╡╨╜╤Б╨╕╨╛╨╜╨╜╤Л╨╡ ╨┐╨╗╨░╨╜╤Л. ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╛ ╨┤╨╛╨╗╨│╨░╤Е. ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨▓╨╗╨╕╤П╨╜╨╕╨╡ ╨┤╨╛╨╗╨│╨░ ╤Г╤Б╤В╤А╨░╨╜╤П╨╡╤В╤Б╤П, ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Б ╤А╨░╨╖╨╗╨╕╤З╨╜╨╛╨╣ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╛╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╝╨╛╨╢╨╜╨╛ ╤Б╤А╨░╨▓╨╜╨╕╨▓╨░╤В╤М, ╤З╤В╨╛╨▒╤Л ╨╕╨╖╨╝╨╡╤А╨╕╤В╤М, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤А╨╕╤Б╨║╨╛╨▓╨░╨╜╨╜╤Л ╨░╨║╤В╨╕╨▓╤Л ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.
╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕
╨Т ╤Н╤В╨╛╨╣ ╤Б╤В╨░╤В╤М╨╡ ╤А╨░╤Б╤Б╨║╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨╛ ╤В╨╛╨╝, ╤З╤В╨╛ ╤В╨░╨║╨╛╨╡ Unlevered Beta, ╨╕ ╨║╨░╨║╨╛╨▓╨╛ ╨╡╨│╨╛ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤Б╤Г╨╢╨┤╨░╨╡╨╝ ╤Д╨╛╤А╨╝╤Г╨╗╤Г ╨╜╨╡╤Г╤З╤В╨╡╨╜╨╜╨╛╨╣ ╨▒╨╡╤В╨░-╨▓╨╡╤А╤Б╨╕╨╕ ╨╕ ╤Б╨┐╨╛╤Б╨╛╨▒╤Л ╨╡╨╡ ╤А╨░╤Б╤З╨╡╤В╨░, ╨░ ╤В╨░╨║╨╢╨╡ ╨┐╤А╨╕╨▓╨╛╨┤╨╕╨╝ ╨┐╤А╨╕╨╝╨╡╤А ╨╕ ╨╡╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╛╨▒ ╤Н╤В╨╛╨╝ ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАФ
- ╨С╨╡╤В╨░ ╨▓ ╤Д╨╕╨╜╨░╨╜╤Б╨░╤Е
- ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╤Д╨╛╤А╨╝╤Г╨╗╨░ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╨╕?
- ╨С╨╡╤В╨░-╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В
- ╨а╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М WACC
- ╨в╨╡╨╛╤А╨╕╤П ╤Б╨╗╤Г╤З╨░╨╣╨╜╤Л╤Е ╨▒╨╗╤Г╨╢╨┤╨░╨╜╨╕╨╣
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