080[0I Ap AHa /lA/lEBI4h OI4/ll4nOBI4fr

MOryaHocT I,IHOOPMAIII{OHE nOAPIIIKE

TARGET COSTING.A TEHEPHIIKHM

CTPATE IIIIAMA II PEAy3 EtA

I Ap Bna,qnntnp 3AKI,lfr

M ETOAOI O rIIIA OEPATIyHA lIPA.IY""'1'T3"T'?Yl#f

flJ'fiffiI

I Mp fipaxeHno IYKAT{

OYHAAMEHTAJIHA AHA/II,I3A

xAPTI,tlA OA BPEAHOCTI{

IIPEAy3EnA I{3 PEAJIHOT CEKTOPA

I

jillililltJil[11ilililllll

tssN 0023-2394lssN 1450-6114

uDc 657

M52 9aconnc saqlonaJlHorruavaia ra reopniy u neny

ollepaqloHiulI{3aII4y

Hp

foguna LVI www.srrs.org.rs

)ars ofrltype

;abun-

gto adures,

:ehen-

br theI deal

i

brms,

!4sgaaau:

" P A\Y H O B OfiCT BO', p. o.o.

Cynsgaaav:

Caees patyuosofia upeBr'Bopa Cp6uje

fetepannu cexperapt4 rnaBHn

'1 OATOBOpH.4 ypeAH4K

gp llepo Axo6nh

lbcrawesa 19,6eorpaA, n. eax.4A3nfo@srrs.org. rs

agrooopuu ypep,xux'Patyuooo4crsa'

up Paga Crojauoenh

lleKtap

Mp AHa SajaHaBhh

Iexauuxu ypep,uux

Burounp Caauh

PEIAKU|4AHU 0A60PAugpnh gp Mupxo, AneKcuh Earorby6,Eyxenuh pp fopgana, L4aannwesuh ppMunopap, Maneweauh gp Boxo,llanuuuh pp Cno6ogan, Mnnnheanh ppBecua Hoauheeuh p,p Enarog.@wBoBu@l panteaurh pp6oxugap, Crojanoanh up paga,

Cexynoauh gp Eorpau,Axapuh Joeauosnh 4p Kara

U3 I4HOCTP AHCTBAPral Alexander Russell. ScoilandProl. Mieczyslaw Dabija, polandPrcf Frants Butynets, LJkrainePraf. Metka Tekavcic. SloveniaPtol Rabeft W. Mccee, USPtof Serdar Ozkan. TurkevPrct' Zellio Sevlc. Scof/ano

Tene$oun:

feu cexperap 3239_444A|ronopuuypepuux 3944-8g3,3344,881lpeguuwrco 3241-g4BCaee'^rya 3233.071, Taa il9

3345 A43.3345.329 3345 4?9Kypceau 33-43 t4A. il-43,21 S, 3231-b4gMapxeruur 3n3-A88En BaAk\ Kpa3 nocn 3344-949,3344,922ilpernnan 3n3-aBB,3238_611Pauyuoaopcrao 3344,405C no'opa reneQoxcxa nuH u i a ( cy rectu ie.pexnaMaqule. KoMeHnpu...) 33.45-001Iene$axc (011)3231-220.3345-S2TE-mail casopls@srrs.rsBojoolarcxa 6auxa A.[. 355..1 040232_1 9ileirpooaHxaA.l. 145-3292.76

Copyrghl 0 1956, CaEe3 pp Cp6rietpewraunaaa*e o6ja ane{ hx feKcroBa H ujeAa3lahe+o 6u o1o6peba ulAaBaga ilxagoheka nBopa.leKu He Moxe 6urt penpolyKoBaHclu[afte M, *or oxon h pa be M, e n e KT p oH cK uunuHa Apyru HasuH,6x nperxoAYecatnac\)ctu nqa9a\a

lJlrauna:Kacuoc 6earpal, CBeTor CaBe 16-1g

nts ofrketsvhich0ver-s liesrpital;k byrryith-

rd ofpos-

L thisrbled)nse-l thettionThenent)ula-) theleed

lcts,

CIP - Kararoru:aqrja y ny6nuxaqu ju

rBo peou3illy I rocnoBHe Quaaucrjer 0Ar0BopNr ypeAHlK Ap nepo lllKo6rh:

leoov lpen-r< uo Paaa C-otapos/r l0A 43I l&/.0 1998, beorpaA palyro8oAc-Bo

paryronola u peau:opa Cpbrje, I 99g

Je racraoax K*urooo4croo{hrprtrlHo iliA ) = ISSN 0023-2394

1450 6lt4 - PaeyNoBoAcrBo

sR-tD 139739399L24

\ir ISSN 1450 - 6il{

PIq}HOBOITTTBOrr Ac orrr4 c BA'Ar{vrro r} ol{cr 11 o, pnr uirF}nic;# *"rrArrcrdJ Efo!l4l{A Ly . 6p. l -2 " 6eorpag, jarryap_@e6py ap 2012.

@nq14arcrti

PEII yPEAHHKA.

Ynyrcrno ayropHMa.

o 14 HAH CI,rJ CKO PArr yHo B OACTB OHeeru I{OCTHTMo4e"rru HH$opMar{HoHtrx cucreMa 3a o6paAy AoKyMeHaraypaqyHoBoACTByTproBr{HcKrlx npeAy3eha y E_oKppxeny ... . .. 6

YTIPAB/bAIIKO PATIYH O B OACTB Odp Aua JIAJIEBHT AHJIHIIOBHTMoryhHocr r,rH0 opMarlH oHe roAprrrKe Target Costing-areHepHrrKHMCTpaTcrHjaruanpe4y3cha. ........ ...21

IIocJr oBHE OT,IHAHCI4IEdp Bttaduuup 34KHTMero4o"loruja o6pavyHaMoAH0nKarlrje y oKBr.rpydp Byrc OTT\AHOBHh

EVA xoHqenra

J

4

H parryHoBOACTtseHe

{pyruruena oAroBopHocr KoMrraHHjaHa 0r.rHaHcuj cxoru rp)r(nrrrryup,{patrcenKo lIyKArlOyH4aru euraJrrra anailv3 a xaprrri a oA BpeAHo crn[peAy3eha rr3 peaJrHOr ceKTopa.

EAHKAPCTBOdp Cuetrcouo n. KHEIKEBHT, Maprco @AEpUClI4 errruQ r.lKoBarbe v a\aJrkt3a rr ocry[aKa 6arrxey cnwaiy Heco/rtseHTHOcTH Aylr(H rr Kadp Munaua EAPJAKT'A\OBHT, dp lStwu4aCrparernja ynpaBJr,arra cpeAcrBrrMa H

JABHI,I CEKTOPPado CHMET'H'fr, uacmep eKoH.

HunecruquoHH OoHAo BV y Cp6*tiu

....31

KAP14E

o6aBe3aMa 6anxe . . . . . .7g

54

68

OCHfYPATbEup Jeneua UABAI-\A, dp Cmouutua ABAAIIOBHTOnruuasaquja o4uoca H3Meby crparenajcKor yrpaB./6ariapH3HrIHMaHrrporleHerrrTeTeyoc[ryparby ........ g0Maprco JOBAHOBHTKounaparuBHa aHJrr.r3a rpxtHrrrra ocurypar+ aMoTOpHux Bo3r.rna y Cp6ujur.r 3eM"[,aMa perHoHa ... .... Loz

JABHE OIIHAHCHIEtrp He6ojwa JEpHMH'fr, )\1p JaHa C1ACOJEBI4T)PeQoprue 3aKoHa o o[ope3HBat+yAoxoAKa rpaDaHay3eMJr,aMar{eHTpaJrHer{*fcTor{HeErpone .......113

-Ilocnoeue fiuuaucuje

Y AK 657.92 ; 005.52:330. 133

llperre4uu Hayr{HH q.[aHaK

dp Bnaduuup3AI{HTT

MeroAonorni a o6parryHa r,r

p a.ryHoB OACTB eHe Mo ilvovtKartrHi ey oKBvrpy EVA KoHrtrerra

Pesune

tlodama eKoHor'4cKo epeduocm (EVA) sacuuBo ce Ha xopex4uju pauyuosodcmseHoz KoHqenmado6umu' EVA ysutta y o6sup anopmyHumemue mpowKole concmleHoz Kanumarra, xoju cepauyuoeodcmaeHo ue o6yxeamaiy s6oa moee utmo eKcnnu1umHo He usasulajy odnue Ho1qa.Be"7uKa eehuua uaiycnewttuiux KopnopamulHux npedyseha y cBemy eeh dyx:u uus zoduuaodpauyttaea u jaeuo o6iaenyje EVA. Ilpeduem oeoe pada je auanusa nemodottoeuje o6pauyua uuoeyhuocmu nputleHe pouyuoeodcmeeHux uodu@urca4uja npu,truKo"L,t o6pauyua EVA. y nparccuie udeumufiuKo7aHo npeKo 150 uoeyttux uodurfurcatquja, arru oHe mpe6a da ce sacuueajy uo,,xocm-6euedum" oHalrusu, oduocuo Ho moJqe da ttu trodufiuxa4uje suauajuo ymuLty Hao6iercmuenocm u pesynmame "^4eperca EVA. Taxofle, suauajan qur,b nomeH4ujanuux uodutfu-rcaqujo ie ymut|aj Ha noHawzrce "L4eHavepa, y cJvtucny douoweu,a uHlecmulluouux odnyrca yfiyurc4uiu dyzopouuoe eeHepucaraa epeduocmu. Ko*rnrleKCHocm pauyuoeodcmBeHuxuodu$uxaquio "ttoxe 6umu ieduo od xnyuuux cna6ocmu EVA rcouqenma, s6oe ueza uujenpenopy'ubuBa nputvtella euwe od nem nodufiurcaquja. Y pady he 6umu aHarlusupaHo HeKo"ltuKonodusurcaquja, rcoje uoey suauajno da donpuHecy KBqnumemy p%yflmama o6pauyuq EVA.

Knyuue pequ: dodama eKoHoJ\4cKa epeduocm (EVA), pauyuoeodcmleHe uodufiurca4u1e,eeHe pu caLhe e ped u ocmu.

Uvod

fiodama eKo]toJ4cKa epeduocm (Economic ValueAdded - EVA) pasrajeHa je .rorcor,r 1990-.rr.rx o4crpaHe KoHcyJr.rar{r'cKe KoMrrauuje,,CrepH Crjy_apr" (Stern Stewart). C o6snpou 4a je EBA 3aura-heH sHax oA crpaHe HaBeAeHe KoHcy.lTaHTcKe KoM-raunje, MHorr.1 ayropn xojn ce 6ase oBoMnpo6lelrarfiKoM trpBeHCTBeHo KopHCTe TepMHHe Korr or4 cKa d o6um (e co n om i c p rofit).

Calr rcoHrlenr eKor{oMCKe go6nru npncyrau jeeeh 4yxe o4 je4uor eerca. EKoHoMHC.l.a AnQpe4Mapuar (Marshall) je, rcpajen 19. eerca, pa3BuoKoHrlerrr pe3HAyaJrHe 4o6uru, rcojn ce Hcxa:yje xaopa3rrna Hero 4o6nrx H TporxKoBa colcrBeHorKailurala. Ilpna snavajHa nparcruqHa [pHMeHape3nAyanHe go6trru aesyje ce 3a ,,IeuepanMo'ropc" (General Motors) ToKoM rpBHX 4erleuaja20. nema. TorcoM 1980-nx Hacra.re cy suavajuer;to6alue eKoHoMCKe npoMeHe, rcoje cy yrnr{a,rre HaAa.rbH pa3Boj oaor KoHr{e[Ta. Tarcof e, Quuaucrajcrca

"t lloqeHr, VHuaep:urer y Eeorpa4y - IIo,,r,olrpuupe4Hu Qary,,rrer

PAqvH7B1ACTB) 1-2 /2 012

-72

reophia pa3Buna ie noy:4aHt toA:l:-. ilpoqeHe

TpoluKoBa KaIII4TaJIa, xoira npe4c.raurajy ieltty ol

KpHTHqHHX TaqKH ycilexa Mepelr'a eKoHOMcKe AO-

6vtru. Ilony.rrapra:aquja KoHIIenra reHepI'lcalba

BpeAHocra 3a aKI{HoHape AoBeJIa je 4o a4an'raq'u1e

p"=toy"rt" p,o6utu H HacraHKa AoAare eKo-

HOMCKe BpeAHocTH'

flpevra TpaAHr\HoHarHoM aHr'rtoaMepHqKoM

MoAeJIy OqeFbH tsalla yCI]e[I HOCTH IOC'IIOBaI+'a IIpe-

,rviln", HajeaxHHin xpnrepraiyrrr je renepucarre

up"4"oat" 3a aKIIHoHape' Mo4en no'[a3u oA

cxBararba Aa cy aKUHoHapH KJbyrlHu crejxxol4epu

y roc.roBarby KoproparHBHor npe4yseha' llpvrtru-

KOM aHanH3e rlpoqeca feHepHcal+'a BpeAHOCTH 3a

aKqHoHape trocraB'rba ce BeoMa :uavaiHo nHTaI]'e:

,,Koiy BpeAHocr 3a aKIIHoHape rpeAy3ehe rpe6a

au """"p"- e"? CaSnHano'rjcrcor acrleKTa' Mory ce

MaKCHMI43ouut, p""yn ou o4ttut " " 4o6urarcr uttu

HoBqaHH ToKoBH' llper'la reopnicmnu ocHoBaMa

KOHrIeIrra feHep14caba BpeAHOCTH 3a aKllhoHape'

tspeAHocr ce reHepnllle nyreM nunecruquia rcoje

oireapyly Bhlxy crony rpl4Hoca oA TpoluKoBa

Kauvrralta, oAHocHo HHnecruqnja xoje ocTeapyjy

TIo3HTHBHe AHCKoHToBaHe HoBqaHe roKoBe' flpeua

[oBe3aHoM cxBararby, roje ce 3acHI4Ba Ha KoH-

KpeTHHM OqeKHBalt'HMa aKI{HOHapa' rruxOrO 6o-

."t.tuo ce ynehana caMo yKoJIHxo ocraapyiy BHtue

npHHoce (xanuralHe 4o6urne H A:aB:aA:HAe) y

ntpeferty ca aJrmepHamulHuJl uueecmut4uiaua

udeumu''Iuoz pusuKo, vraja npoqeHa y [paKcu Moxe

6vrru BeoMa cy6jercrnnua' Ha Illrratle "rcoje

fipllHoce ouenyjere L'trv )KervlTe"' Be'rlHxa sehHHa

aKI-\LIoHapa cHrypHo 6u oAroBopl4Jla "uaiauuerr.roryhe".

7. TeoPuicxe ocHoae EBA xouqenma

Kao caupeueHo MepHJIo nepQopt"taHcH' eKo-

HOMCKa 4o6ur LJTV AOAara eKOHoMcKa BpeA'HOCT

[peAcraBJba xopenqujy pa'IyHoBoAcrBeHor KoH-

;;";" go6nru.EVA ysrar'ra y o6:up oropryHHrerHe

Tpo[IKOBe concrBeHof KarlhTa'[a' xoju ce pavy-

"luoo.tu"to ue o6yxnaraiy :6ol rora uro He

uzazuualy ol,ttvtB HoBII'a' H:pa'ryHana ce Kao pas-

lluKe Hemo nocJroaHe do6umu HaKoH onop%uBarca u

yKynHux mpowKola Kanuma'na' t<oiu o6yxeamaiy' m-powKose concmleHoe u nosaiuneHoz KanumaJla:

EVA = uemo nocJtoaHa do6um

HAKOH Onope3uSALba - uHsecmupauu xanumaa'

x mpowKo7u Kqnumafla

Ha ocHony n3lloxeHor Moxe ce 3aKJbyrII4TH Aa

ce KoHIIeTIT eKoHoMCKe go6uru 3acHHBa Ha xuno-

Te3H Aa ce BpeAHOcl' feHepHue caMO yKOJII4KO Cy

lrpnHocn BHIuH oA TpoluKoBa Kartllra'[a' Ca4auma

up"4to." 6yPyhnxeKoHoMCKHx go6utu tto ocHoBy

HeKof lIHBecrHqI4OUOr npojexra MareMarnvxn je

eKBHBaJIeHTHa Hero ca4arumoi BpeAHocru npojex-

ra. To 3HaqH Aa ce MaKChMH3oBalbe 6orarcrsa ax-

quoHapa o6e:6efyje MaKcHMH3oBarbeM caAaurbe

Jp"oto.t" 6y4yhux eKoHoMcKHx 4o6urarca' Y ropt

clttlcny,KoHI{enr eKoHoMcKe 4o6uru Moxe ce lroc-

MaTpaTH riao ucmoaemAH npuHl4unu'lv|a KoH\enma

Hemo calawr+,e epeduocm4 luro ce Mo)Ke npHKa-

3aru Teoplajccnv trpnMepoM y HacraBKy'

HHnqn janHo ynarali'e y npojexar uaHocu 100€;

repI4oA Kopuuhema ulH aMopru3aquje ie 4 ro4'uHe

H feHephue Hero HOBqaHeToKoBe HaKOH o[ope-

3nBarba y H3Hocy o4 50€' Tpourxoeu KarIHTara

H3Hoce 100/o, a pa4H noje4HocraBJberba I'r"rycrpa-

quje npernocranNhernro 4a Hehe 6nru Haxna4Hnx

yrr"r"*". V Ta6enn l uTa6etu 2 6uhe rpuKa3aHa

Hero caAaulba BpeAHOCT HOBqaHHX TOKOBa H Ca-

Aaurba BpeAHocr eKoHoMCKe go6urvr y oBoM

npolet ty.t Ayropn (Desai u Ferrl cy nounl4 oA

snava; uo noi e,4uocraBJbeHol npHMepa' flpl'i'tt nxon

o6palyHa Hero caAaluH,e BpeAHoc'rn npojexla'

rtoqel'Ha uuaecluquia eBHAeHTHpa ce Ha rioqerKy

nepHoAa Kao oA.IlI'lB HoBqa (100€l' O'{exHeaHH

I'0AH[I}bHTIpHJIHI]HHoBi{ayHapeAHHMnep'IoAHMa

lSOel aHcxoHryjy ce cronoM o4 100/o' Pasrnra

noqe'rHe nHnecrnqnje n :l6upa AHCKoHToBaHI4x

HOBTIAHHX NPH/IilBA flPCACTABJbA HCTO CAAAlxlbY

BpeAHocr HoBqaHHX ToKoBa npojerra [58'5€J'

y ocHoB14 npHMeHe KoHIIenra AoAare

eKOHOMCKe BpeAHOCTH, Hara3vr ce Texrba Aa oHa

6yge je4aH o4 Haj:Haua|e.uiux rIoKa3areJba ycfiexa

npe4yseha y npoqecy reHepl'Ica*'a BpeAHocrH 3a

"nrltttrp". Hnar, nocroje KoHTpaAHKTopHH

pe3yJITarH hcrpaxIaBarba peJIeBaHTHocrl'l EVA rao

MepH.rra feHepl{caba tspeAHocrH' Belut(lt 6poi

ffirt"*, Hs o6/,acttn QraHaucuicxe reopnie u

npaKce 3araxe ce.3a npnMeny EVA' a'nn nocroie n

r.tpu*"u"ma xoja.ocnopanajy n'en sHavaj' V rort

cMvrcry, BeoMa ie auavajHo HarJIacHTI4 Aa

p"r"uurr"tocr EVA y eenuxoj MepH 3aBHcH oA

[pI,IMeHe o4ronapaiyhHx paqyHoBo{crBeH}Ix

uo4uquxaquia, xoje Mory 3Haqaiuo yruqarn ua

rfeHy BpeAHocT.

r) v oo*"t'oi pacyHoBoAcTBe.uoj repunuo,rornjN ropr.r.cru ce npBeHcTEeHo ].epMHH,,4o6Hrax,,, anu'cey apYI.HT o6lacrur'la (ttpaso,

nocroBHegNuaHcNleHrA.JKopHcr14HrepMHH,,Ooortl'tsu;51;;;;"tynu'aoot'lno"'tuuap'o6nrnnpe4y:ehan-ra)'nr nanahe 6urn Aata

#;"":" ffi:;;;;"-rr"" rrexyhnxo6aueaaxoje ue nogpa:yr,renaiv n,rahame xauate'v nacraBKvoBorpa4ahe 6urnga'a

,, fffi ," :';;:""r:. ;"r", Mihir, Fabrizio Ferri, (2006J: Understanding Economic Value Added, Harvard Business School' rev' lanuarv

-' q,ZOOa, No 9-206-016'' crP'23'

[]octtorsue $uuaucuje -f .1

Ta6ena 6p. 1 - [Ipuxas Hemo codawrce opednocmu HoaqaHux moKoaa

loguxa

H(B soaqaxnx roxoBa

i4HuqnjanHa nHBecr,1q,lja -1 00,0

Hero HoaqaHlr roKoBil HaK0H 0n0pe3ilBalba 50,0 50,0 50,0

HoaqaHil rorosil -1 00,0 50,0 50,0 50,0

[agauua BpeAHocr r0,qr4utur4x H0B. T0KoBa

58,5

'[a6ena 6p. 2 -Ilpuxas cadaux,e epe|uocmu eKoHoJwcxux do6umu

50,0

50,0

34,2J7,641,345,5irpoLr. xanurana 10%)

Hero caAaur_tua spenHoo

(u:rHocN y €)

(r:uocn y €J

+ 14Heecl'upauu KarrHlaJt Ha rroqerKy [epuoAa

flpnrurom o6pavyHa EBA, no.{e'rna NHnecrrrrlnjaeRHI(eH'fr.{pa ce i{ao }(HrHIoBOfiC"fBerra BpeAHoc.fnpojexra, xoja ce y Hilpe/{He qet'HpH roAHHe paBHo-NrepHo yuar{,yje :a anopr-r'r:aqrajy (25€ ro4nrurr,ej.Hero noc;rosna ,1o6lrr r{at{oH oilope3H}larba o6pa-{yHaua c0 t{ao pit3llHr{i,t HeTo HoBqaHHX .I.Ol{ORa

HaKoH orrope314BaH'a i4 foAt'lllrH,e anaop'llr:aquje, ltEVA rrpe4craB.rba pit3Jr11Ky Ho't'o noc,ryoBHe go|uluHaKoH orrope:JhBil$a n o6pavyHa.fHX T'poulKotsaKanrira/ra. Ca6nparl,t:n caAaulbnx [4NcroHroea-HlrJ npe4H ocrH o! eKll RaH HX eKoH oM cxrzx go 6ill'n4t-i6nja cc uAolrf n,tarj tr:iroc 4o6r.rjcH npralNNor,{ o6-pa9yHa H e'i'o caAau f+Je ts lleAr r ocl'14 l{ oB qaH nx .f oK0-ua npojexla (58,5€1.4

lloxaaaua j e4rraKocr H ero caAau r$e BpeAr r oc-rnHOtsqaHHX'l'oKoBa H Cal\aurbe BpeAHocTr,r eKoHoM-

c<nx 4o6nllr HMa :lravajHy HMrr./rHKaqnjy. Maxca-MH3OBalbe BpeAHocTH 3a aKr{HOHape MOXe ce oc-TBap H ts arH caM o yKo"rr H xo np e4y: ehe lr axo,r r'.1z syj ecaAa[rby BpeAHocr 6yTqyhux eKoHoMCKHX 4o6u-raKa. ocrsaper6e rr03HTLIBHe eKOHOrurCXe 4O6nrn yje4Hol'l nepHoAy ue o6e:6e11yje reuepHcar+re BpeA-HocrH 3a aKr{HoHape, yKoJlHKo ce ocrBapyje uaurery 6y4yhax eToHoMCKHX Ao furarca.fyropovuoreHepncari,e BpeAHocrH 3a aKrluoHape noryhe jecaMo y3 3aAoBoJbeFbe HHTepeca ApyrHX :uavajur.rxcrejxxon4epa: npe cBHX, trorpotuaqa H 3anoc"rreHHX,arrv v Apy:olrBeHe saje4Hurle (ua npnraep oqyBarbe)KHBo'rHe cpe4Hue), go6anmaua nrg.

llpaxruvua npllMeHa eKonoMCKe go6urn nog-pa3yMeBa c,rroxeunjn o6pauyu, xojia o6yxea'ra rpLrnpor{eAype: [1J npoqeHy rpotxKoBa xauarana; (2]

+1 Bn4erH Bhllle o MareMa'rruxoj je4ttaxocrr{ HaBeAeHHx o6pavyHa: http://pages.stern.nyu.edu/-adamodar/New_Home_page/valuation/concchks/eva.htrn#eva 1 (4oc'rynuo 30. jany ap a 20 12).

Hero HosqaHu ToKoB14 HaKoH

0n0pe311Ba ba

MuHyc amopru:aqrja

Hero nocroaua g06ilr HaKoH

0n0pe3!1 Ba lba

Kuurrooograena BpeAHocr npojerra ,,00,0Ha r0'.leTKy r0Ar,4He

14HaeoupaHn ra nuran* x rpourKa fl ilTana

[xonolrcxa 4o6u r

(agaurua BpeAHoo roAl4rxrbrlx

exoHorrtcxr,tx 4o6uT|/t

Yxynua ca4auua ape4Hoo 6y4yhr,rx

exoHoNrcxux g06rrr

50,0

25,0

25,0

25,0 2 5,0

)5,0

2,5

22,5

0,050,0

7,5

15,0

13,6 15,4

25,A

PAqv HoB} ACTB O 1 -2 / 2 o 1 2

34

DaqvHoBoACTBeHe MoAHohKaqHje; t3) o6pa'{yH

""'r't.l noalonue 4o6nrn lt HHBecrl'IpaHof KanH'raJla'

2. Ilpoqeua mpowKoea Kanumalra y odpa'ryHy

eKoHo'McKe dofumu

Kao npen KopaK y npol\ecy o6pavyna EBA

u=guaia ce npoqeHa npoceqHnx TpoIIrKoBa KarlH-

t"r".'np"ta reopnjcxnM cxBarabnMa' TpoIxKoBH

Ka[HTaJIa npeAcl'alr"tbajy onop'r'yHI"I'rerHe rpolxKo-

Be, oAHocHo npHHoc rcojr'r ce Molre ocrBapH'l'L'l

Ir eKoM ApyroM HHBec'rLIIlHi otu Ia4eH'rueHol pH3l,tKa'

Y npaxcll, ruefy'rlrr''r, o6pavyH TpoluKoBa KatrHTaJIa

qecro ce 3acHI{Ba Ha K0MIIJIeKCHHM Sr'rHaHcnjc-

KO-MATCMATHT-IKHM MOACJIHMA'

flp nlnxo r'a o6pavytta rtp oceqH HX Tpolll KoBa Ka-

rrHTara HeorxoAHo ie uajlpe noce6uo o6pavyuarn

TpoIUKoBe rro:ujt,,'"to"tn"ttu"" [o6aueee)s u

coftcrBeH or xa n nra'rta.'f potu KoBH no3a; lr;seH or Ka-

rHTaJra IIpeACTaBJbaiy yroropeHy KaMal-y' Ca 4pyre

crpaHe, o 6pavyH'rp oIx KoBa coil crlleri or KanI'lra'[a

N4oxe 6LIrl4 BeoMa KoMIIJIeKCaIT' Onn rpo[lKotsh

Lrllcy ,,onnn Jbt4Bt4" H Tpai\HIIHoHaJIHO IIOCMaTpaI{o

ue rtoc'roje, 3aro tul'o He H3a3hBaiy ctp'ttwn HoBL\a'

tlpena KoHI{eIl'ly reHepncaFl'a BpeAHocrfi 3a aK-

rIhoHape, B,rIacHLIqKa ynafatua 3HaTHO Cy pI',I3Ht{-

Hraja o4 uo:ajlrJbNrarba HoBIl,a, Te crora r'lopajy

ycrbyqt4Tt4 I'l oAroBapajyhy nper'lniy no ocHony

BHlIef pv3vKa'

17 p o c eu u u m p o w K o e u K o nu m a r'I o (w e i 51 hte d - av'

erage cost of capital - K) uspauyHaeajy ce Ha

cre4ehn HaqI'IH:

ft = .--- o!a:e1e

--- x Ko +

Y xY nuu u3 I 0 P u (t uua ucuP ou'a

- col!!!!!u tlnutTtg!-

x K,*Y xY nuu u 3 I o P u fi uua uc uP a m'a

Ko - upoceqllll rpolrlKoBH no:aju'neHor KaTILITaJIa

KcK -'fpoluKollH COflcTIleHOl' KaIIH'laJIa

6l

7)

fl p oqeH a oq e KI4 B aFba H H B e c'rnTop a v nr4 pn3vKa

nHsec'rHqlaia Mox(e rroApa3yMeBaru rIpHMer{y

c,[oxeHUX MOAeJIa, r'refy xojrana ce Kao uajno:-

varuiu vlcrv.uy I{oAe't llpefl Itt]ItS lba -t{a-nI4'ra'T}If

u^.'tn* (Capital Asset Pricing Model - CAPlvl) Lt MoAen

ap6nrpaxHor Bpe/lHoBarl a (Arbitrage Pricing

It4odel - APM).u I'l nope4 peJIarHBHe crox(eHocru' oc-

"ouu, "r"t"ttt CAPMT MoAeJIa Mor'[H 6v' ce

rrpeACTatrHTta Ha cle4ehH HaqtaH B:

E(R)=Rr+BlE(R",)-RJ

E(R) - oqeKHBaHK npuHoc o4 6n;to r<oie uH-

uecruqnje HJIH cpeACTBa, rtoBe3aHI,tx ca pt,,t3HKoM

R, - npnHo c ,,6e2 pv3vKa" fnonyr Apx(aBHHX

o6nesuuqa)

B fbeta) - c'l'eneH Pn"]nKa

E(R,,,J - or{eKHBaHI'l rIpHFIoc Ha rpx(HUl'ry arqn ja

(yo6nvaieuo ce o4peilyje nperco 5&P 5 00e uttu HeKor

Apyror rPIKH IrIH or ll H4exca)

11 per,,ra uaee4eH oi S opr'lyl n, oqeKH,BaH I'1 IIpH -

rroc 6talo xoie uHuec'i-uqraje, yxny'ryjyhu vl BJrac-

HHqKe, je4uan ie npnnocy lla r3B' Hepn3hqHa yra-

rama, ytehaHoM 3a npenrziy rro ocHoBy rp)Killl]Hor

pH3I,tKa. CAPM MoAen roApa3yMeBa npoqeHy oi{e-

Kr-rBaH,a HHBecri'lropa, Kp03 ns6op o4ronapajyher

rrpnHoca Ha HepH3I'lqHa ynaralsa u 6era rtoeQn-

qrajeura. floje4nna uc'rpa)rtnBaH'a yr<asyjy Ha ro Aa

[polleHa'rpolxKoBa co[cTBeHof KafiHlara ua ouaj

""u"t rttoxe 6uru y rpaHHIlH ognnycf r'turiyc 3%

pea,IIHLIX TpoluKoBa KarlH'I-aJIa' Vxo'rtltxo 6u ce sexo

npe4ysehe $nHaHcnpa'ro ABe rpehnue H3 coIICTBe-

Hor KaIIKTala, a je4Hor''t 'r'pehuHot''t 113 Ayta [uro je

yo6nvajena nponopqNja noja He yrpox{aBa

aolu""t"oa'r) crarnclnqKa fpeulKa 6n ce xperala

y rpaHHI{aMa og2o/o-

PHsHx xojeu cy H3'rloll{eHH HHBecrHTopH Morao

6N ce no4e,rvtvy ABe rpyne: (1) rpxnuuvlpt43t4rI4Jrt4 cvc'tewcKn plr3nK; (2J cneqhQnr{aH pfi3uK

noje4nuauHe fiHBecrHqnje, oguocHo Hecl,rcreMCKH

flo4pa:yueea npoceqHe rporxKoBe KaMara:a cse o6asese xoje ce yx,nyvyiy y o6pauyu (ne y'ra:e y o6:up rexyhe o6aueae KoJe He

logpa:y,ueoaiy nltahame rar'lal'e]' nn'rilaTepunuH ,,Mo/\eJI BpeAHOtsat5a KanHTaIHe aKTHse,.n,,Mol,IeJI ap6llrpaxHor BpeAHoBarba'. llpey3eTH ry u:: l[paraHaq,{paraHa

[2011J: ,,Kpu'uxe c.rarr/{apA.or CApM-a n 'ojaea ""p;;;;;i;;";;rrlu

tu4"ri", ruuytrceodtmeo' sor' 55' 6p'3-4'c'rp'52

cxpaheuuqe y oBoM paAy Koje ce o4uoce Ha onilTeIIpHxeaheue noil'Ioue Kao lx'ro cy GAPM u EVA cy NsueAeHe H3 eHUIeCKOT je:uxa'

frpu,rNxor,r 'ucalLa .tourri'o*r]i'p""av i" -"p"ttn"no cre4ehe rpaMaru't*o npu""to' Cmpaue peuu ce nuwy KdKo ce uszoeopdly' c

mu.M wmo ce npu npsoJt uueofien'y y sazpadu tt-ue doje useoprto'

cAPM cv pasnujaluarqepHqKrl npoQecopu illapn [williarn sharpe) u lluruep ('lohn Litner)' He3aB{cH]1M pa4ou' xopucrehn

QnuaHcujcxe Moaenc *",";y';;;;'-;lig i.".rr,r:: T"a;;'ii;."r Tobin) n MaprouH'1 (Harrv Markowitz) 0 r.ruoue tsHAerH tsr4rre:

young David; O,Byrne Stephtn, iZ OO f J: EVA and V"f r"le;rJJ Management: A Practicai buide to Implementation' McGraw-Hill' c'rpB)

165-203.

elY:elr,nal.racarpa4uquiot''I6epsaHcror[ocIOBatbanocroieHe3aBHCHeJ'tH3y3eTHOIle]belleAreHIlUiexojece6aeeaHajlH30MBpeArrocrr{ aKrr"ju, r"by *oi,.*u c" r,oc"6rro ",'^";i'inao'i&noor

(S&P)'Ta areuqr'rja a*ra'{}'l3Hpa rloci{oBane 2'000 KopropaqHJay

CAllu4py|rzupasenjenuu3eMarba,ayMalbeMo6uuyut"yl,iTi.,{pa:-nojyCHcrerq"p"a"oll'T-l'acuuuaiyHaKoMrrrrexcHHMaHaJ,rH3aMa oqeKl4BaHHX HoBriaHux roKoBa H putti *opnopaquie' uaxpoeKoHoMcKe cuTyaqNje' rpaHcKHM H ceKTopCKHM

nopefer!en. sap soo'oiv"u^ra ucru 6po1 ualeehxx KopnoparHBrIHx npe4yseha, yrJIaBHoM ca ceAuIUTeM y cA[' Bn4eru nuue:

http ://www2.standardandpoors com'

i

ilocnoeue $uuaucuje35

pr43r,rK. haro ce lrper.arzja no ocHoBy rpxHlxHor pH-

,"*, u".'ro o6pavyHaea ilo crotlH og 5o/o (nttyc/MhHyc 1o/o), rtttorn eKoHoMhcrrz crr'rarpajy 4a je oua

3HarHo Hnxta.'fpa4nqnoua,'tna QraHaucnjcxa I'eo-

przja Har,rauratsa Aa je ylarame y o6re:unqe yBeK

curypunje oA ynaraba y axqnje, Te crora aKqho-

HapH overcyjy BHue rIpHHoce' Hcrpaxnnamanoje4nHnx ayropa [Jeremy Siegel), r'refyrr'rru, 4ajyu:neuaf yjyhe pe3yJITare'to AHarusoM noAaraKa H3

19.u20. BeKa Ao,ra3H ce Ao t{14rbeHaI{e Aa y rep14oAy

0A flpeKo 20 lo4uHa rlpHHocH ro ocHoBy Apxarlaaxqnja rpeBa3Hna3e crony nuQ.rraqnje, 4ox lo uuje

yBeK cJlj raj ca o6re:HHIIaMa. Oao orrcpnhe je

BaJTHAHo qaK H y nepnol{HMa paroBa r'r 4enpecnia.

lpyrnu per{HMa, I{ao AyroporlHa HHBec'turyuia,

axqrje cy ce IIoKa3arle cr'IrypHnjnwt og o6nesunqa.

To r,u..rn.nnqapa Aa cy3ax'reBH 3a eKCTpa rlpHHocHMa

ua axqnje HeocIIoBarIh a npeMa HeKUM eKCTpeM-

Hr4M CXBaTaILH Ma IIp oqeHal' Tpx(Hlx H of pH3 H Ka rlaK

rpe6a ga'reiKu HyJrH. Taxre reopr'rje o6H'IHo Hac'ra-

jy u Ao6wjajy Ha norynapHocrH y ycroBr4uapacravrrpocnepu're'I'a 'rp]KHtu ra xap-rr'rja oA BpeAHocrH.

Pealsn l'px(Lrt-tlHH ycnoBv cy, r'lefyrraM, on'repe-

henN nepnoAnMa peqecnje n paznneL4Tnx Kph3a,

rcao u cy6jexrnBHHM c'raBoBHMa HHBecrl'ITopa, r<oje

BepoBal'Ho uehe rrpenn[Ie HHTepecoBa'I'H qHrbe-

H14rla Aa cy y ABaAecerof oAHllII5eM rlepHol{y y/Iara-

ma y ar<qnje y npoceKy cnrypattja o4 ylarama y o6-

ne3uuqe. tt

3a pasrzxy oA TpxHIxHor pH3HKa, rlpeMa

reopnjcxHr.r cxBararbuMa CAPM, cneqnQnvau pn-

3hK npeAyseha ce rulolKe n:6ehu 4unep:uSnKaldH-jor'r, l'e crora He HocH TIHKaKBy HalpaAy t4ilH npn-uoc. Y [paKCI4, yMalbeFbe cneqnQuvHor ph3LIKa

14HBecl'H'r'opa n oApa3yMetsa ynarae,e y noprQonn opa3JrHqHTHX uHnecruqrja, npeMa pa3nvsvtrwv

AenarHocruMa, r-eorpaQcrcnu no4pyvjnrta v'rA.lllro je n:paxeHnia 4ueep:r'rSraxaqNja ynataba,uana je ocerJbHBocr z6mpnuxn op'r$o.l ao nep$op -

Mar{cH ua noje.lnuavHe H H3oJIoBase necra6n,rt-

Hocrr4 'rpx{Hula. Ci'.rarpa ce Aa ce y [poceKy 70o/o

yr(yrrHor pr43HKa rrpe4y:eha oAHocH Ha cneql,r-

QnvaH, a 30o/o Ha 'f plKHillHld qLI3]dlK.

Koe$nqHjerrr 6ela oApaxaBa reH4eullrajyrpoMeHe qeue arcqnja HeKor rrpe4y:eha, y ol{Hocy

Ha yKynHo 'I'plKHture xaprr'ria oA BpeAHocru.

llpocevaH 6era rcocQNrlr,rjeHr Ha HeKoM Tp)KHluryy3Hocn 1; yrconnxo ie neno npe4ysehe H3Jlox(eHo

pr43r4ry MalleM oA npocevHor, onaj xoeQr'rqNjeHr he

6uru vrcno4l, u vice versa. fipyruM peqnMa, AoK ce

nper'ruja IIo ocHoBy rp]KHlIlHor pH3I4Ka npnrlreruyie

Ha cBa npe4yseha, cneqnQnvaH ph3HK noje4nHllx

npe4yseha 3aBHCH oA rbnxoBor 6era xoeQnqrz-jeHra.

V npaxcu paannjeunx 3eMa'rba, npoceqHH Tpolu-

KoBH KaIIHTala rcpehy ce y rpaHnl{lt o4 B 4o 1- 1 lpo-qeHara. 3a noce6uo p143HqHe ceKTope, rrorlyrarcqnja npe4yseha xoja ce rpBeHCTBeHo 6ase HH-

TepHeT nOC"IIOBati,eM, [pOCeqHH TpoIIIKC)BH Ka-

fiH'rara nory 6nrn v Btilt4' Mefy uajpasnnjeuziut

ApxaBaMa, nonyr CA{ n Heuavxe, pa3/luKe y[poceqHhM crortaMa Kal.luraJla uacrajy npBeHC-

TBeHo s6or paslnvHTnx rlpHHoca Ha ApxaBse o6-

Be3HHqe.

Auarvsa CAPM MoAe,[a 3axreBa KpHTHqKH

ocBpT. Er'rnnprajcxa I4crpa)I{HBalba cy Bp[IeHa oA

paHHX I971-rux h y noqerKy cy yKa3HBaila Aa cy

npoceqllla rpt4t{ocu Ha nopr$o;tuo axqnja no4y-

/lapHu ca 6era xoeSxqrzjeHron noprQo.rruja' Bpe-

MeHoM cy ce jaen.rte KpHTHKe 6pojur'rx yr"rleAHHX ay-

'ropa, xojra y :uavajHoj r'lepn ocnopanajy onaj

KoHr{err. V npaxcu, nefyrr'rrr'r, CAPM je ocrao

ruHpoKo npuxeaheHH MoAen.

Kao uajveurhe rcopr'rruheHa anrepHarnBa MoAe-

ry CAPM, Hcrhr{e ce MoAeJI APM xoju ce npBH rlyrnojaeno roKoM L970-rux.12 On norash oA nperrlo-craBKe Aa ce [pLIHoc I]o ocHoBy 6vrtto xoje

nHnecrr.rquje Mox(e noAe,[I,ITH Ha ABe KoMtroHeHTe:

(1) ovexrzeaHr Lrilv rpeABHAJbHnu npunoc; (2)

H eoqeKHBaH V V trK He[peABI4A ]bt4Bll \rpHHOC.

R=E[R)+U

R - npuHoc

E(R) - oeeKnBaHH rpHHoc

U - uerpegnvqlbuBn npHHoc

Kao s y MoAeJIy CAPM, Hecl'ICTeMcKV vltLlcleqnQuurrH pt,r3HK npe4y:eha He AoHocu HarpaAy

H JrH rrpHI{ oc yc/IeA uoryhuocrn 4n nepsN$nrcaqn j e

ynaran'a. FIa npHr,rep, uajaue npo4aje HoBor npoH3-

uoAa HeKor rpe4yseha 4oaeurhe Ao pacra I{eHa

rberoBnx axqHja. Ca 4pyre crpaHe, cMarbelbe Hc-

[.rara I\T4BHAeHAA HeKor Apyror npe4y:eha 4o-ueuhe Ao naAa Ileua axqnja. floc"ne4nvuo, crel{H-

Qravur.r 4orafajn y Be3H ca nocnoBalseM HeKor

npe4y:eha yrwry Ha IIeHy rbeloBnx axqnja, arv ce

rrpHHoc noprQonraja He Mella, 3aro turo ce noje-

AHHaqHe II03HTHBHe I4"IIH Hefa'fHBIIe npoMeHe IIeHa

y najnehoj laepn rvefyco6no ncrcnyvyjy. Ca ApyrecrpaHe, HeoqeKI4BaHe [poMeHe y MaKpoeKoHoMC-

KHM HHAHKaropnMa, rronyr ApylxrBeHor 6pyro

l0) Ilpena: Glassman lames, Hassett Kevin ( 19 9 9J: ,,Sto ck prices Are Still Far Too l,ow", Wall Street J ournal Europ e, March 18, crp ' 12

11J To 6;a ce ua6o,,se Molno H,,lycTpoBaTH r{uTr.rparber,,r KejHcoee u3peKe: ,,['la 4yxu poK cBH CnO Upreu".

t2) llona:ehn oA HecaBp11eHocrl1 MoAena I{A[[M, exoHor,.rscra Poc fstephen Ross] je 7976. pazauo r"ro4er AIlM Bu4e'rn auue:

Damodoran Aswath,i2002): InvestmentVoluation - second edition,Wiley Finance, ctp-72-75.

PALIy HoB1 ACT BO 1'2 / 2 0 1. 2

36

np oH3 B oAa (D B P), HHonaqr4i e, (INr'J 1-^*"*arHHx

crora (KSJ yrravy y o4pefenoi rraepra Ha cBa rpe-

4yseha. flo4 npernot''uu*ot,a g'" cy oBa'I'pH $axropa

AoBo,'bHa Aa oApeAe chcreMcKH pH3HK xoiu yrnue

l{a rpHHOCe aKql4]a' MO?Ke ce npolul4pl'lTH ocHOBHa

Atltvl le4uavhHa:t'

R : E(R) + []ouu Fuuu * P''n F"u" * 0*' F6' * e

B1 - ceusnrnnHocr noie4HHarlHe nunecrnqv ie Ha

nenpe4enf e"" npo*""" y 6u*topy * (DBP' lN F u K$

F* - uenpe4rufeue npoMeHe y Qarcropy x(DBP'

INFn KS)

e - Aeo rrpIalloca noju ce He Mo)Ke o6jacHurll

cHc'reMa'lcKnr'l sax'r'opnMa pH3HKa'

3a pas.nNxy o/{ MoAe'na CAPM' xoln no4pa:y-

r,reea ie4aH Qar<'rop cllc'reMCKoI'pH3HKa' AflM t'{oxe

yK,'bf{HBa'rH BHIrle Saxropa' Vnpaeo oBa KoM-

fTTeKCHOCT o'f elKatsa rbef oBy ltpaKTHqHy npHMeHy'

Bes uauepe Aa Ae'l'aJbHLIie aualnsnpaMo oBy npo6-

,,"tutrny, norpe6uo je yxa:arn Ha pa3JIHqHTe

pe3y"Itrare H IbHXoB€ eSercre Ha BpeAHoBarbe rlpe-

Ay=*nu,4o rcoinx ce Mo)xe 4ohn npraveHoM otsa ABa

MoAela ['fa6ena 3)'

V noc.rte4moj r<o'noHn Ta6e'rre 3 sala:u ce npo-

ueH-I'yaJl Ha pa3 JI 14 Ka y BpeAr{ oc'f 14Ma r{o BrlaH HX'f o-

Ta6ena6p.3-YnopeduunpuKa3mpowKaaaconcmaeHozKanumallanpeJ^aMoaefluJ^aCAPMuAIIM y noi"du'ut o1nucmuJvta nocloaalba

rcoua roin ce o6pauyuanajy nper"ra oBa ABa Mero/l'a'

Ko4 naQrne HHAycrpt'Iie' Ha npnuep' pa3nl4Ka oA

4,7o/o MO>Ke 3HaqH'rl{ ga 6u BpeAHOCT AlrcKoH-

ToBaHHX rIoBrlaHHX'l'oKoBa', o6pauyHa'rUX no cAPM

MoAe/ly, Mofra a" oya" u"tuu'" tnopo 25o/o't+

Ilope4 cJIo?KeHnx CAPM u APM MoAena rpo-

qeHe rpolxKoBa KanHrarla' y reopr4lc--YT pa3Mar-

parL,HMa LI [paKcH .{eCTo ce npllr'leruyjy H Tpi{ pe.

rarLIBHo je4Hoc'ranHnja HavnHa o6pauyHa: MoAen

Ar4cKOHToBarba otleKHBaHe AI{BHAeHAe', MOAen

xoper<qnle AyropoqHe KaMarHe crone H MoAeJl

,,32't\alba" '

Modea ducxoumoeoLba oueKLtBalux dusudetfiu

noJIa3H OA flpeTnocTaBKe Aa ce u',eHa KanHTaJIa no

ocHoBy o6HqHHx axqnia Molxe H3par{yHarh IIa

an"4"i'tt Ha'lilH:ts

koo:**gt0A

k6n- qeua xatrHTaJIa Io ocHoBy o6rzvHux arcqr'r ja

P,,n - l exyha rplKhlxlla tleHa axrlr'r je

D - o'{ercusaHa AHBnAeIIAe rlo oclloBy o6nquux

axrlnia Y nPeoi ToALIHH

g - cTona pac'ra He'fo AnBI4AeHAe

flper'aa oaoj ie;lrravvlz [vBVAeHAe' I'IJIH Apyrl4

o6 tr^rlr4ra c'i'p N 6yun j e rt on qa aKqH o Il ap HMa' n p eA-

llporuexaepegxocrn - %

06racr nocroBatua

7,6

0,7

6,60,914,6

11,839

11 "

14,4 14,3

15,0

14,7

16,8

147

0,1

1,8

!Ynnu!"ug_ !,! -- 4,1Pygapoao

0cr,r rypa rue fi MoBu He !' {LB. oTa

:e] -13,7

,fa6e,'ra je caul'r*'eHa npeMa noAaltnlra: Copcland,l.om, Koller Tim, Murrin Jack, (2000): Vu]uation: Mcusurin'q and

Manaaing rhe value "f ''"i*",,''*"irtitJ Jiii""' Mcxlnsey&Company lnc ctp'228'

13) Young David; O'Byrne Stephen' (2001) EVA and varue_Based Managenent: A prat:ticar GLtide to Imprementotion, McGraw-Flill" crp

183. yutL,yuyjy y o6pauyrr IlAllM H AIIM.

14) HaeeTleua pa3nuKa uacraie tro ocHoBy pa3"lt4i{HT'Ix Qaxropa pu3l{Ka Ko)l{ ce' a rleHy axqnia npe4y:eha'

1s) y^"i,"Jdff::x;:"'T;:;:::::1ff;:;'J"J#:Jffi:ii:{iiil':.J4{*:i1'ffiHi""flTrli'flritiJdTflrji.fit

:::ff::J,"J:t[*:e;mii"il": Jh5':;',#'l:"..'"":'J1;ili'll';;';'au'rnh tr{rytpa: i:3;:]'";H:::,J"jf ;?'i

nojc7,r,,av'nx """0"";il;;;;J';;;;p"ov ::::.;,!:i:"*i!:l;,lif;l3lll3''1,i'?;"i"::;:i:': fffill;""#""''io 'u 'oiir rr,, * t p :'- nh ' 12bu 5): Pai node'ta do6umu u no'

.7/

iloc"toeue fiuuarrcuie

cr-annajy,.]-eMe.Ib:ao4pe|NnarbeBpeAHocrHo6Lt.I-npe4y:ehe.Je4Irao4ruoryhux.rpa4aqnjaeJIeMeHa-Hux axqnja. Kao octroeiln HeAocraraK npHMeHe oBe Ta pl13nKa ie cne4eha noAera:''

reopnjeynpaKcHlic'l't4qeCeqHbeHHIIa4anoje4una o pr43vtK KJbyt{Hor qoBeKa - [oApa3yMeBa KoM[e-

;;;;;; np"ay'"n" HI4cy vfllutahurara AI4BHAeH- reHrHocr MeHaIJepa l,l crpyqE'aKa;

Ae APKH HH3 roAHHa (uai'ploooep "Majxpoco$-r"J'"a o tseJl,q'Ha npe4yseha - yKonHKo npe4ysehe nua

ocrBaph'anu .y =*ro"iluH pacr qeHa aKqnia Moxe -

;;;;;"".*, noro*aj, onai pH3hK Hehe 6urn

ce, nefyTnu, npeTnocraBI'IrH Aa ce H y oBHM ::1.:?. :Havaiau; y cynporHoM' norpe6Ho je n:eptunrn

ieRrzMa ueira axqn,ia 6azupa Ha oqeKl4Bannr'r 6y4y- al,aJrl'3y i(oHKypeHTcxor art6nieH'ra;'hrt

Oro"oeHAaMa' /\py|rzu peqHMa' HrI"::'i::p-: . $uHauchjfi<a crpyxrypa - troApa3yMena aHarrH3y

,"""ViV 4a he v 6v4vhuoclu Irpe4vaehe \'"':1:.:'..\ ;;';;;."'rHe H xopH3oH'I'arHe Qnuaucn jcre

AHBnAeH/{e, KaAa LrHIre He 6y4e lroryh:::.:'..:." Iriy*'.yp", Kao h crpyKrype roc/roBHor pe3y/r-

ripo6nr-a6H./rHo Hrrnec'r'Hp?b€. KpaTropov:"f i: tul.",

;*;:n;rx?.::1,iff::::^'ilJ'l'#;: ffi:: ' lli::uoo'a/reorpascKa AI4Bep3n$rrxaqnia -

Kyilrre ttero 4o6nr-Ke, oAI'IocHo '"n"p"" ui*Utott :-111::'

aHanH3y trpo143BoAHor acoprhMaHa I'{

3a aKrrHoHape, u.ro y'ehana q".,y "*qnlJ;f:l: ::'""#::H;jffii'j::;JJJ'."--ffi'Ji;:J]:T;llffi::: i:u;;;]'"n"H'e

Kar, farrHl'x AUUr4 'ldKd [Jjil:il:r"*:::H.l.xx.,llilo"11u"*

" "o-

Modet xopex4uje dyeapouue Ko"^4amHe cmone

ilojra3H ol1 qnlbeH14lIC Aa cy aKIIHOHapH y rlo/\pe-

f euont ttorroxaiy rIo npal]y Ha ocrllaperl'e npHHoca y

oAI{ocy Lla KpeAl'l'f ope' l{pyrur'r peq14Ma' TeK KaAa ce

r.r3Mnpe cse o6ase:e npeMa KpeAh'ropnMa' B'[ac-

HHIIH Mory ocrBapHTvl rlp14lloce' Y roM cI'aHc"Iy' oqe-

KHBaHa H,[I4 x{eJbeHa crolla IIpHIloca aKrIHOHapa'

:5or eehe H3JIolKerIoc'rH pH3l'lKy, lo npannny je url-

ua oA crole [pnHoca KpeAHTopa' Mo4el KopeK-

quje 4yropoqHe KaMa'l'He c'rorIe lrora:]n oA l\eHe

AyropoqHHX Ayrolra KoIlKpe'rrlor npe71y:eha ua

xojy ce tto cy6jexrr'rnuoj n ad hoc rpoqeHta art'ailv-

'rruupu 4o4aje tlTlpefeHra rpoqeHar nper'lnie :a

f "rr,..to ocuossi-t HeAoclalaK oeol- r'lo4e'rta je

rberoBa j e71u oc'r'au u o cr rz cy6 j ercTH BII ocr rlp oqeHe'

ix'l-o ItoApa3yMeBa 71a 4o6rzjerrn pe3y'['rar trpeAc'ra-

u.rua rpy6y a 11p oKCH Ma qlai y qeHa Kall H'l-aJI a'

Kao :HavajaH Mel-ol{ o6pavyHa rpoIIIKolla cotrc-

'rBeHor KaIIHTaJla, tloce6uo y 3eMJlaMa y pa:nojy'

r..rc'fl,Iqe ce vode"t ,,sudcttaa"' Onai r'ao4ell 4oHerc'rte ie

c.rHqaH Mo/ieJly xopercqnie KaMarlIe c'role' anv cey

o4pef ucalr'y'i'potxKoBa KalIHTaJIa IIora314 oA crorte

lpnr{oca Ha yJlararLa 6e: pn:uxa' Haxos rora ce'

cJrHrIHo 3vllarby, AoAajy noce6su c;rojenn cilel\H-

Qi'tvul.tx pl'{3Hl{a, xoju ce oAHoce Ha I(oHKperHo

rrpe4ysehe moje ce npoqerr'yje' Crona rlpuHoca Ha

ynu.u,n" 6e: pu:axa nocrojr'r caMo y leopnjn' s6ot'

'r'ora il'ro je cnarco lJIxrSIi€ noBe3aHo ca oApe-

beuur,{ pH3HKoM. 36or rora ce IIepH3LlqHa ynaraE'a

ne:yjy sa Hajcnr-ypHnjy r'loryhy crorly npnHoca'

ru'ro yo6nuajeuo nogpa3yMeBa [pnHoc rlo ocHol]y

AplKaRHHX o6ne:Hnlla' Ilarcos y'rnpf rzeama rtpHHo-

ca ilo octlolly Hepl'l:JH'rltHX ynaralba' c'rte4ehr'r KopaK

je npoqeua cleqn$nvunx pll3nKa 3a KoHKperHo

o 4rlBep3u$Hxaquia Kynaqa - ycMepeHoc'r Ha Ma-

n ra 5poj KyraL\a rcojra xynyjy rpe'rexHH Aeo

acop't-HMaHa je prasuvHr'ria noc'iloBHa napu jaH'ra;

. MoryhHocr npe4nllf arba - rIpHnHKoM npojex-

toui,n" 6y4yhnx pe3y/lrara rlocJloBanra' lpo-qeH'uBarlH ce qecro oclamajy Ha Hcropu;CKe

'r:p.u4oo". lllro ie npe4y:ehe crapuje' cMarpa ce

a, noato;" 6o.rue t'toryhnoc'rn npe4unfama'

f{pacrn u u e r p o M e H e y n p I4 B p e AH o r'l ar''r 6 r'r i e ury'

rraefyruru, y ae.rtnnoj MepH yMarbyiy ynorpe6'uu-

Bocr HC'l-oPH j crcux rlo4araxa'

KracnQnrcaqnja pr'rsnrca Mor'ra 6u ga ce unyc-

rpyie xnnolerHr{KKM rlpHMepoM o6pavyna rpolil-

Koua colICTBeHol KaIIHTarla' Ynolnrco le crorla [pH-

Hoca Ha Hepn3HqHa yJlararba 4o/o' a ]KmyuHH eJIe-

MeIIT pn3hKa npe4y:eha je orpauuqeHa llailJla'ra

[oApa?fil4BaFba - To rIOApa3yMeBa 4a he ce Hepu-

=r"tu crora og 4o/o ,,HaA3HnarL7" 3a AOAaTH ux 4o/o'

Csr4x ocrarnx tre'r Qar<ropa pu3hKa cy Ha npoceq-

HoM HLlBoy u yeehanajy s6npun 'rpouaK cotlcrBe-

Hor KannTana 3a IIo 0,5%' flper'aa oBoM noje4Hoc-

TaB.IbeIIOM IlpHMepy, TpoIxKoBli concrBeHof KaIIH-

.fana h3Hoc nnu 6n 10,5o/o (4o/o + 4o/s + 5 x 0,5%)'

Mog,elu o6pauyua rpolxKoBa Katrhra"Ila' rronyr

CAPM n APM, y:uavajuoi MepH oAyAapajy o4 rpa-

ALIiIHoHan tllax pa'ryH oB oACTIIeHHx o6'rtacru H crpa-

xHBarr,a. Ca 4pyre crpaHe, npoqeHa eJle'^4eHamo pu-

3UK0 y pa3MaTpaHKM MeToAaMa "34$ar+'a" H KO-

penqnje KaMarHe crotre [peACTaB'Iha BeoMa

3HALIAjHy oKmuBItOCIn caBpeJ4eHoe ynp0eJ4JaqKOZ

pouyioeodcmsa, noce6Ho y AoMeFIy aHa'rnse Srz-

HaHcnjcxol- pn3HKa H pH3l'{Ka KoHKypeH'I'Hor oKpy-

XteFIra.

i6l

t7l

Crarr.{Hh 11pe4par, (2006J: Caepe"ueuo ynpda'4roH:'e $uuartcujata npedyseha'

Jlexo }3epa, B,raxoguh A,rexcau4ap, flo:tlatlrrh Bla4ur'lup, (1997J: llpo4eua

E*urru ra*" [1lic1'H'l'y'r, B eo rp a4, ct' p' 5 6 - 62

Exououcru $axy,rrer Kparyjesaq, crp' 215'

epeduocmu KanLtmQJtQ - nemodoaozttjo u npunepLI'

-.)o PAq yHO BOACTBO 1-2 /2 0 1 2

3. P auy uo eo d cm e e u e il o 0 u {tuxaquj e npuo dpauyuy eKoHoJqcKe do6umu

Harcou o6pavyHa npocerlHHX TporxKoBa KarrH-'raila, ctrcAehn rcoparc y o6pavyuy AoAare eKo-HoMCKe BpeAHocrn rrpeAc'r'aB/ba nz6op H npHMeHypaqyH oBoAClBeH HX r.r o4n Q H rcaq uja. @ unaucr j cr<opaqyH o ts oAC'r'B o LrecTo n oApa3yMeBa rrpoHaJrax{ett)eKoM rr poM H ca H: r"r ef y n o'r'e H q ra j a.l rro ro H $l nK.f H HXr\H"rbeBa, [otryr npyixarba 6,rraronpelnreHux H eKo-HoMCKH pe"rreBarrrHHx nuQopr,rarlnja, ca je4r:e crpa-He H lolrrroBarba o4pefeHux paqyHoBoACTBeHHXrrpaBnrra, ca Apyre crpaHe. C o6:r.rpor,r ua ro 4a jepaqyHoRoAC'r'BeHo H3tse[r'faBarle saxoHcxa o6a_Be3a Kopnopa.r'r{BHHX npe4y:eha, moje no4lexe pa_3rra-Hr4'r'r4u eKClepFrHM npoBepaMa (4pxaeHzxopraHa H peBH3opcxnx xyhaJ, Mox{e ce 3aKlbyqwrv4a he ouo wy 6ygyhuoc-r.fi rrpeAcTaBJbarr4 ocHoBHr,{n uajnoys4auujz nsnop nHSopr,.raqr.rja sa excrepueKopHCllHKe. H nope4 cBHX uarropa paqyHorjoAct,tse_rre npo$ecnje, i'.refyrnu, uehe locrojaru Mo-r-yhnocru Aa ce y:Havajuoj vepn 6nnaucnpajy no_:aqnje nonyr BpeAr{oct.H JbyACKwx pecypca HJ:HcrBopeHor 6peu4a HeKor npe4yseha. To cy,,ueo-tranrbrBe nosutltrje" vHja npe4uocr ce He Moxerroy3AaHo v3Mepwrq H Hana3e ce y AHper{Tuoj uesraca yKyrrHoM TplKHlxHoM upe4uoruhy npe4yseha,xoja ce y yclrotsHMa pa:aajenor 6epsancrcor tlocno_Barla Mox{e Merbara cBaKot ceKyHAa. floruropaqyHoBoAC.rBo He MolKe H ue 6n.r-pe6ano ilpeBHtrreAa oAc-fyila oA cBof KoH3epBal'HBH3Ma, HeofixoAr{oje npnr,reur,rr.H o4pefeHy AonyHy $Huaucujcno_-payyHoBoACTBeHol H3neu.ratsarr'a, xoja sehe 6NrnorpaHnqeHa crpHK.r-HHM ilpaBwnvMa oee npoQe_cnje. Y roM cMHCJry, KoHqeflT eKoHoMCKe p,o6u.rvt,xojn ce y Hajeehoj MepH 3acHhBa Ha paqyHoBol.(_c'rBeHHM rauQopuaqrzjana, no4pa3yMeBa parlyHo_tsoAcrBeHe uo4rzSNxarquje xoje rpe6a 4a or,.roryherroy:4auHje tspeAHotsan,e leHepHcaHe tspeAHoc.rH.

lloruro eKoHoMCKa go6nr rpe6a Aa cJry)r{H KaoAOnyHa paqyHoBol{c-fBerroM H3BeuTaBariy, oHa He6H rpe6a,'ro Aa o/{cryra y MepH y rcojoj p"rrrn, ,r.6u 6una jacuo un4"rbwga H pa3yMJbHBa KopHC-Hra\HMa. V rorr cMt4cny, npHMeHa onax uo4NQarca_qaja rrropa AaHcilyHvr cle4ehe xpnrepajyne:18. crBaparbe u:paxeunjnx Kopenarluja usuefly exo-

HoMCKe go6nru H rrpuHoca, oAHocHo rplKHUHeBpeAHocrH, a'r.o 3HaqH o6es6eferre Aa eKoHoM_cxa 4o6111 6y4e noys4auNje r,repnJro feHepHCaHeBpeAHOCTH;

. noAC'r'HqaHre flpoqeca |eHepHCar{)a BpeAHOCTH 3acBe KJbyqHe crejrcxol4epe, a rre caMo 3a aKrlHo-Hape, npH vevyje norpe6uo 4a y o4pefeHoj ruepNyKJbyqH Ba)KHe e.rreMel{'re xoje Hr.rje 6n"rro uoryhev c'r.a3ar v : 6 o r rco Li g ep IrarH3Ma v Jru c,tpr4K-r- H uxpaqyr{oBoACTBeHHX [patsHra [nonyr :uavajHuxN u eec'rn r1i.r j a y,, H eor H nJrr H na cpe/r{c'rna ", Kao [rrocy pa:noj JbyAcKLlx pecypca, $oprr.rHpau,e nojaa-HOCTH IIOTpOIIIaqa, peH oMe,,eKo"[ ol]r KH ol{f oRop_Hor'i{ rrpeAy3eha ar4.);

. n()3rzTHBHO yTnr{aIt,e Ha AOr{Ouerbe o/{Jryr{a, flpHqeMy Korraqarr pe3yrrar uo4nQuxaqr.rje rpe6a 4atIoAc'faKHe MerrarJ epe IIa AOr{ olIIeIIe OIITHMan_HHX oAnyKa, y c.l4ucrly l{yfopoeHof fe}repHCarsaBpe/{HocTH;

o oc'r'BapeFbe suauajHor yl.nryaja Ha pe3yn.rar eKo_rioMcr(e 4o6u.ru - y rrpaKCH ce qec'r'o troKa3aJro AaIt o j e4 z H e rut o4 n $ ra rca r1u j e a rrl a jy 6 es H a.r a j a n yr-u -qaj rra go6u'r, rrr-ro AoBol{H y rrr.rraFbe onpaBAa-HOC-f tbl,IxoBe ilpHMeHe.

V nparccu je n4enrn$hKouaHo npeKo 150 uo-ryhrax r'ao4raSrzr<aquja, atv ce He npenopyvyjerrpHMeHa Battle oA 15 y nexon npe4y:ehy. Cuar.pace 4a je y nehuur c.,ryvajena on.l.r4Ma.rtHa npHMeHaAo rrer Mo/{HQv xaquja. Kao sexe o4 Hajsuava juwjuxo6nac'ru noreuqnjalHr.rx parryHoBoACTBeHr4x Mo_

4rzQrlrcaqaja Mory ce nzgsojuru.. npLt3Hasor;e pac_xoda (ay6umaxa), ucmpaltuBatbe u paseoj, p%epeu_cau,o, o6pauyH mpowKoso 3ar|uxL, anopmusuquja uo ne pamu gH u tt usLtHe.ln

4. O6pauyu Hemo nocJtoene do|umu HaKoHo no p e3ua orb a u u Ha e cmup a H o 2 KA numaJro

IIaxos o4pef unarla rrpoceqrrHX TpourKoBa Ka_ilvl-ara n rrpHMeHe o4r.oaapajyhux pavyHoro4c-'r'BeHHX no4uQHxarl uja, c,:legehn KopaK y EVA o6pa_t{yHy npeAc'raBJba H3paqyHaBa}5e HeTO noc,rroBHeg1o6w'u HaKoH orropa3nRdh? H HHBec.rnpaHorKarrHTaJra. Hemo nocJroaHa do6um HaKoH onope_Juaatua @nn po\uja ce nyHhM onope3nBabeMsqo6r.r'ru npe4yseha rrpe KaMara l,t nope3a crorroMnopesa Ha 4o6ur:

HtlI = do6um npe Ka.rvrrmo u nop%o x(1- cmona nopesa ua do6um)20

llpN,rzxon o6pavyna rpotxKoBa KarrH'rara,TporxKoBh KaMara ce uo4x$nrcyjy cronor,r [ope3a

1Bl

le)

20)

3axuh B,ra4r.rr'rup (20 11J: ,,Meperoe nepQop naHcH - caBpeMeuH xoullen'r'H", XLI I cxr,rno:njyr,4 Caee: pavyrroeolla u peeu:opa Cp6l.rje,Pouyuoeodcmeo u nocnoeue @Ltuaucuje y coepe-^4eHuJi yc,'r06L!.Ma u3aeumaaaH,a, Keu"numi'm Suuouc'ujcioz uruL*uruuu*o, Lt3o3o1Lt,n e p cne Kmu e e u o? p a H u\ e ha, 3,rarrl6op 26-28. rv^aj, crp. 257.

Bu4erN eHrrle: 3axgh B,ra4Nr,,rup, op. cit., crp.257-260.

V llpaxcn ttocroje HeKoJ'lHKo paJnHqHTHx uapujaHln o6pavyna IIIIl{ (:6or pa3rHr*.rrHX TyMacerba no:nqnje 4o6ura npe KaMara HnopesaJ, o veny he HaKHaAHo 6nru ronopa.

-

39ilocnoeue fiuuaucuie

u,a go6wr. Crora ce npHnHKoM o6pavyna HIIA, no4-pa3yMeBa ,,nyHo o[ope3nBa]re" go1vtrn trpe Ka-

Mara A rrope3a. Ha nprzr.,tep, yKoJIHKO je 4O6Ul npe

KaMa'l'a 14 nope3a HeKor npe4y:eha L rntlt:l'nole' 4n-Hapa, a nope3 na 4o6ur- 50o/o,HIL/J16vt vzrtoc+na 0,5

MI'{nroHa - 1'000'000 x [1-0'5) = 500'000'

HueecmupaHu Kanumal Moxe ce n3paqyHarn

Ha ABa HaqHHa, arv ottw 4ajy nc-roueraH pe3y.[Ta'r'

IIpnH rpracryn, rcojn ce o3HaqaBa rcao fiuuouc'uicxu,3acHHBa ce Ha Aectloj c'rpaHH 6wtasca crama, rj.nacr4Bvl, npn !{eMy ce Hr{Bec'l.hpaHA Kailv'rail

LeQurrnue rcatl:

concmBeHu KATUmafl + dyeopouue o6aeese +

KpamKopoLrHe o6aeese ua rcoie ce n",tafta Ka.Mama

Apyrn lpHc'ryn, rcojr.r ce Ha3]lBa onepamu*Hu,

Qonycnpa ce Ha neBy c'rpaHy 6utasca cratra n4e$nHuue HHBecrnpaHH KalrHTa,[ Itao:

oKmule (yrcynua uuosurra) - mexytte o6aeese (xoje

u e no d p a syt tee ojy ntt afia u'e rcuuame)

Kao aJrreprra'rnBF{rz npHCTy[, nocrojra Mo-

lyhnocr o6pavyHa HHBec'r'Hparror KaIIlz'r'ara IIa oc-iroBy'rp)KHrxHe BpeAHoc'rlr rrpeAy:eha, yMec'ro

KrbHroBoACTBeue BpeAHocru. HII{ ce H AaJbe npu-r'aen'yje y HenpoMerleuoi Qoputt. [lourro je rpxnru-rra BpeAHocr ycreuHnx npe4yseha cKopo yBeK

lufitl'ta oA KrbHloBol{c'rBeHe, rra oeaj rraqt.rH ce Ao-6ujajy Hhlxe BpeAHoc'r'H eKoHoncrce 4o6Nrn, xoja ce

y oBoM c,rryvajy qecro o3HaqaBa xao REVA (,,paQn-suca:ua" EVA Hnrz eKoHoMcKa 4o6nrJ.

REVA = HnA - (mptruwua epeduocm npedyseho xnpoceqHu mpowKolu xanumana)

Pag;rHxe y EVA u REVA Kourlenly Mory ce I4JIyc-'r'poBarH cae4ehurt rrpuMepoM. VxynHa rpll(HuHanpe/{Hocr npe4yseha (Ha noverxy roTlnrreJ v3Hocv20 rv'utuotta eBpa, pai{yHoBo/lcrBclro o6pavyuaranpeAHocr HHBecrxpaHor Kartl,tlara H3rrocn 10 vn-.[HoHa eepa, Hfl/{ 2 ltvnuoHa eBpa H Irpocer{Irr.r'r'porxKouH KalHTa,[a 10o/o. Y xourcperttotu o6-paqyHy jacHo cy sr44rbvBe pa3"rIHKe oBa rqua KoH-

rIeIITa:

EBA = 2 r"lvnuoua€ - [10 Nrvltvroua € x Ljo/o) =L rn{raraoH €

REVA= 2ry.klnwoua€-(20 r-nlnuoHa € x 10%J = 0 €

Ilpncra.rrnqe REVA KoHqerra cnoje apryueure:acHrznajy Ha cxBararby Aa reHepHcali,e BpeAHocrl'I

roApa3yMeBa Aa rpeAysehe ocrnapn HIl{ xoja je

Br,rua oA npoH3BoAa rp)KHlIrHe BpeAHocrH rlpeAy-geha H [poceqHHx TpouIKoBa KaTIKTaJIa - y oBoM

npHMepy BHue oA ABa MH"IiHoHa. To 6n 3Haqu.[o Aa

ce oBo npe4ysehe Halra3v Ha rpaHnqa yc[euHortlocrroBalba. Ca acnexra reHeplzcaFba BpeAHoc'rH sa

aKr{HoHape - nottrro REVA hgt{ocvHyra, npe4y:eheuuje reuepncalto, arv HX yMarbnno BpeAHoc'l'.

Onaj npncryn je, nelyrnM, LI3.IIoxeH 6pojHIzl't

Kpr4THKaMa. Ilope4 Tora [ITo rloAaql4 o rpxlrruHojrcanuranH:aqujn orpaHI,{qaBajy npr'rr'leny REVA

caMo Ha npe4y:ehe Kao I{e,rhHy (o6pauyu no Ae-

,rroBHMa 6n nopao Aa ce Bpttrn lrpeMa EVA xon-qenry), caM KoHIIe[T ce 3acHHBa Ha pa3.[HqHTHM

rcprarepn jyr'rnvra o6pa.ryHa: u HBecrnpaH H KalrHTan

ce o6pavyuaBa tto rp]KHIxHHM BpeAHocrI'IMa, a HIl!npeMa paqyHoBoAcrBeHHM BpeArIoc'rHMa. [Iope4'rora, Hajovl'tue4Hnju HeAocraraK REVA npe4cra-BJba IIOCTaB"rbabe H3y3eTHo BHCOKe JIeCTBI{qe yc-

[erurrocrn, rcojy vecro He Mory Aa AocrHrHy HH

BeoMa ycrreuHa npe4y:eha. To 6u ce Haj6one no-rJro hJryclpoBarn Ha trphMepy KoMnaHHje ,,Ko-rca-Ko.ra", tuju je pal{ho rp)KHuHe npeMa K}bH-

roB oAC'rBeHoj npe4nocrn y ogpetleHHM rIepHoAHMa

H3Hocho H lpeKo 20.21 I7op, trperrlocraBxor.a 4a jeTpeHyrHa rplitnuHa BpeAHocr tcortraunje,,Ko-rca-Kola" 200 wunujapAh Aonapa, a KruHroBoA-clBeHa BpeAHocr I4HBecrlzpaHor KattHTara 10

wnnwj ap gu AoJr ap a, y3 Tp oul Ko B e Katr HTaJI a o g l0 o/o

H r.{3y3erHo BHCoK HIIA oa 5 r'rnnnjap4r,I Aonapa, Mo-

ry ce 4o6nrn ApacrHqHo pa3rnqnTe BpeAHocrLI

EVA n REVA, uro ce BuAuy cre4ehen o6pavyuy:

EVA = 5 ur.r.rujap4ra USD - (10 nn"rrrajap4n USD xI0o/o) = 4 rr'Ir'r'rrHjaP4e USD

REVA = 5 r'arz.rrajap4n USD - (200 rrryrnnjap4n USD

xl0o/o) = - t5 vunwjaPlu USD

Onaj xranorernqKu nphMep yxasyje 4a he ;ru-

AepH y feHepHcaFby BpeAHocTr{ cKopo yBeK ocTBa-puBarv HerarnBaH PEBA noKa3are,rb. Haurure,

mpJ{uwHa epeduocm npedyseha ce socHula ua dseocHoaHe KoJqnoHeHme: (1) epedHocmu cadawu'eenoclrolaH,a u (2) epe)uocmu oqeKueaHoz 6ydyttee

21) I{o r',rnaH u ja Ko xa- Kor a je iloq erxo M 19 B 0 -rnx y.rr ar ana y Qulvcxy uu4ycrpujy , npo H3 BoArby B uu a, xa$e HTA., oAHocHo y nocnoB e yrojuva Huje HMaJra KoMrrapa rlrr]He [peArro ctu u nnje MorJla Aa ucxopHcrH er]exre cuueprnje. Toxou 1980-rxx, oea xonnauuja jenpoil{aJre cBe rroc,rosrre je4nHnqe xoje uHcy 6rue noBesarre ca ocHoBHHM rroc/rom H raj HoBar{ hcKopHcrhna 3a fleHerpaqnjy rpxuurauxpoM cBe'ra, KynoBr.rlroM yqeuha y xanNra;ry Sa6puxa xoje cy ce 6aaune $t arrlHpabeM trl{ha. Pe:ylraru cy 6unuuzzaupeAHn, ruronoxa:yje paquo rpll<nruHe trpeMa KrsHroBo4crBerroj npe4nocru, xoju.le 1984-ro4uae H3Hocuo 2,94,a1997.ropuue22,01 (npeua:Shapiro Alen, Balbirer Sheldon , (2000): Modern Corporate Finance, Prantice-Hall, Upper Saddle River, New Jersey 0 745 B, crp. 36 1l

PAqv H }B1ACTB O 1'2 /2 0 1 2

pocma mp)tcuwHe BpedHocmu' llpaa rconnoHeI{Ta

peQner<ryje BpeAHocr npe4yseha y ycnoBHMa rpe-

HyTHHX nepQopvraHcu, Aol{ je 4pyra KoMnoHeHTa

AerepMHHHCaHa TpIKHIxHHM [peAB ullau'uwa unu

o q e K H B a Lb H r.a a 6 y4yh e r p a cTa r plKH Iu H e B p eA H O CT I"I

npe4y:eha. Kog t<ounaunje,,Koxa-Kora", najnehn

Aeo BpeAHocru npeAy3eha:acHosaH je ua ouexnna-

rt,r,rMa 6y4yher pacra, oAI'locHo no6onuamanepQopr',raHcn.

5. CmYduja caYuaia odPauYua

EVA y s nP uJq e HY .rq o d u fi uxaqui a

llpHlnnou HnycrpoBalba ocHoBHhx KapaK're-

pHCTHKa EVA xorrrlerra Ao caAa cy rcopuuheHn

yrJraBHoM np t'tJI HqlI o n oj e4u ocraB/beH I'1 npI{MepH'

Ta1ena 6p. 4 - Suauaiuu fiuuancuicxu nodaqu rcopnopaquie ,,Xiyaum-Ilaxapd"y nepuodY 7993-L998'

(uruocn y M:?.Jtvo].1L:?IrvIa USD - ocI'IM xa4a uuie 4pyravlrie osnaveuo*)

14:nopunoAaTaKa:YoungDavid; 0'ByrneStephen,[2001J,onqu'r',crp'433-434; www'sternstewart'com;www'hpcont flpeua

no4arluua: CrePu.

Ba4ern nnrue:Kleiman Robert [1999): ,,Some New Evidence on EVA Companies " 'Journal of Applied Corporate Finance'vollZ'7'p 81'

Mefyrlru,4a 6n ce aAeKBarrlHJe npHKa3aJIa roreH-quja.rHa KoMnJIeKcHocr o6pavyHa, norpe6uo je

[pHMeHHTH cry4rzjy c'lyvaja HeKor KoHKperHor

npegy:eha. 3a ry cBpxy Kopncrlahe ce npHMep

npe4yseha,,Xjylnr flaxap4" (Hewlett-Packard)' Y

Talenu 4 garu cy cBw peneBaHTHH QuuaucNjcrcunoAar{lr y repuoAy 1'gg3-I998- t'oAVHe2z' flpely-:ehe ,,Xjynrz'r 11axap4" IIor{eJIo je 4a o6pavyHaBa

EVA 1993. roAhHe, AoK ce rao je4aH oA rlhoHhpa

nphMeHe wzguaia ,,Korca-xola", xoja je ycaojnra

EVA jou-r 1987 . rog+taez3'

flpNrtzxol.'t o6pavyua,flewodu$uKoeaHe"eKoHoJvcKe do6umu, Hajnpe je no'rpe6Ho o6pav-

yHarn Hero flocJronuy 4o6ur HaKoH orlope3lzBarba

tHnA) H laHBecrtrpaHn Kallllra.r. floc'roje 4sa rexHtzq-

22)

23)

Jloruunia 1993 1994 1995. 1996. 1997. | 1998.

'l JrynHu npuxo,qu

2. !o6qr npe KaJMaTa fl iloPe3a

3. 0nHaHcltjcru npilxo4t4 - KaMare il

NilBilTCHIC

,^el)2.54s

I

)9

31sle _ 3s.421 -]3.s68 3.726

I270 Zes I

42.895 I 47.061I

4.339 I 3.841

485ll1

4 0r.rHaucnjcrr pacxo44 I9yarl5. llope: Ha Ao6ur

155

824

206 , _3!_)1.1gg '1.108

I

21s I 235i* l--*,6. Hero ao6urax 1.599 2.433 2.586 1.119 I Lgqs

7. Tpourosn amopru:aquie 1.006'r

.119 1.297 1.869r.556

B. loroeilHa I KparK0pot]Ha ynaratua 1'644 2.478 2.616 3.327 4.s69 I 4.067

2,lqlrQ!'Hryqgql'a --

-!l2Ll0,0cHosHa (pe,qoBa (yruuyvyjyhr,l

7.521lemlunu re)

l l, Axyrvryrr,lpara arvropn,r:aqnja (1480() 3.347

l2,3emrunure 514

13. 0oara 4yropoqHa yflataba (yruuyuyjyhn

neruarep lljan Ha )

2320

16.73614.)rynHa ,lMoBt'lHa - aKrt{Ba

1 5. KoarKoooqHil KDeauTtl ).190

1941_

7.93B

3.610

508

2.730

y.64_ t!6L8.7 47 10.198

4.036 " 4.667

485 415

3.477 4.172

16:3Zt I 17]!

11.776 ] tr.,to

s.464 | otz468 |

+so

4.4e0 I s.zlr

19,567 74.Q7 )7.699 31.749 I 13.671

2.469 3.214 2.125 1.726 I t.tqs

16. Tervhe o6aae:e (6e: ramarHnx o6aaera) ' 4'678 5.761 7.730 i s.+ga 9.993 1 17.228

17 fivrnnnuuil KnPflLrr,l 661 547 663 2.579 1.158 I Z.O0l

l8.OoanegyropoqHe o6ase:e 690

(nereoenca ba)864 981 1.059 1.217 L218

tL(ogrygqfarllgn - 8.51L

20. 6ooi eMllToBaHnx aKqnja (y rvrr,rnurouurua) 1'011

9.926 11.839 13.418 16.1ss I 16,919

1.019 1 .020 1 .014 1.041 1.015

[l ocLt ostr e rf uu a u cui e

2'l. HosqaHil roxoBr,{ n0 ocHoBy n0o0BHilx aKr.

22, Hero ilHsecruquje (Hoae nHaeonqnje -pacxogoBaHe nuseou qnje)

23.0rxynrueue conoaeHe axqrja -eM[T0BaHe H0Be aKqhje

25. E0errr,rsHa nqpg,qlq-oo1! (y %)x

26. [eHa no arqmjm (ua xpajy o6pau. nepno4a)"

27. flpocevrr rpoulKoBfi KanilTar a (y ok)"

28. Tpouroar.r (oncrBeHor xanurara (y %)*

29. !o6nrar no axqnjlr"

llanoMeHa: Oucxa,rrrn o6pavylrcxn tlepHoA rroApa3yMetsa 31. oxro6ap

Ta6eaa 6p. 5 - O6pauyn Hemo nocJtoalre dodumu HaKort onopesuaan a (eapujanma I)

41

lo6r,rr npe KaMara 14 noprru tf l

1994.

2.549

0nHa ucrjcrn npnxogur [2] 29

2578

(1 - eQerrnaua nopecKa aona) x 100% 660/o

Hero nocrosua A06r4T HaK0H 0n0pe3ilBatua I 701

r,r3HocH y uraraonulra USD

2,D!

1.298

lq

3.456 4321 __l _!lL-2.619 2.005 2.346

126 305 i 1.957

450 512 i 625

50,25 61,675

17 ,05 16,08

18,406 24,469

Tadena 6p. 5a - O6pauyu Herno nocnoaHe do6umu HaKoH onope3usarca (eapujanma II)

1994. 1995. 1996. 1997. r998.

[o6nr npe KaMara il nope]a 2.549 3.568 3.726 4.339 1.841

0nHaHcujcxn np!1xoAr4 29 270 295 311 485

[op.tl9l!r{ 824 l.tee 1.108 1.316 1.146

EQenn nopecrux [oroAHocril KaMara

(0r,rHaHcr,tjcxr,r pafi o.qn x e$ennauanoperKa ctona Ha Ao6ur)

q?68 9B

281 5

65 65

Hero nocloaHa go6ur HaxoH 0n0pe3[Baba 1 70i 2571 3269 3115

r.l3rrocH y r'.raluoHlilva usD

Ka naqHHa o6pa.ryHa Ilfl/|, xojH gajy nc.re pe3ynrat'e -

nphKa3ar-ru cy y'l'a6etua II-5 n'l'a6e,,rn II-Sa.

Vrrorpe6a tllll{ olpaunvena je yr'raBHoM ua o6-paqyH eKorroMcKe go6u'ru v aHall4\-vsxe norpe6eHa HHBoy crpareurKor MeHar,rMeHTa npe4y:eha.Car'n repnlrir Hero rroc,[oBue 4o6u'rn HaKoH onope3r,r-

Bal6a H3BeAeu je ns ar{r.[oaMepHirKe repMHHo,rror-uje.

Y runxo uoj il paKch ce Kop Hcre A aa va3uya'n,an z j e pe-

3yJrrar o6pavyHa HAeurar{aH.

Mox<e ce rrpHMerHTH Aa KoHrlenr Hllll getyjeHejacuo, yr{oJrHKo ce ynopeAH ca paqyrro-BoACTBeHHM nosnqujavra 4o6nrxa - noc"rroaHudo6umax, do6umax us pe)oeuo? noclrolaha npeonopesularca, do6umax npe onopnulaha u Hemodo6umqrc. fiourro ce Hfl{ oqhrneAHo He Mo}fiecBpcraru y 6ntro xojy o4 HaBeAeHHX nosrrlrzjap,o6urn,y nparccu ce janrs ajy pastutura ryMaeerr,a.

H ecyrriacrz qe uacrajy : 6or n osr.rq uje d o 6 u m a xnpe nop%a u Ko"tqoma (euu. Earning Before lncome

24) Ner Operoting Prolit Less Adjusted l'axes (N0PLA'n u Net Operating Profit After'fax (NOPAT).

--E

42PAqvHo BOACTBO 1'2 /2 0 12

Ta6etta 6p. 6 - O6pauyu uHaecmupaHoz Kanumana (onepamuaHu npucmyn)

1 995.

24.477

"1997.

31.149

5.761 ll1!16.6971 3.806 21.7 56

Lr3HocH y lrn.rtt'tonuua IJSD

And Taxes - EBIn,xoja ce KopHCl'H y o6pauyrry-Hll/,'

[e$uuHqnje ns SI'rHaH cujcwux peuHnKa" o6H'{Ho

noicmoeeltyiy ot:y nosu1ujy ca nocJlosHLt'v do6um-

xou (operoting income), rcojr'r lpe4craBft'a pa3rHKy

nocroBHHX npl4xo;ra I4 pacxo/{a' Ca 4pyre cl'paHe'

nocroje MH[]JbeFL,a 4a y o6pavyH Ao6hrKa IIpe no-

pe3a tr KaMara rpe6a yKtbyl\llll n noanqrie oc t'a-

JrHX npHXoAa H pacxoAa [rpyne 67 n57 I't3 KoH'rHor

orcnnpa). 'l'arcol)e, y o6pavyHy je clopan H repMHH

,,rcarntara", oAHocHO Ha xoje KaMare ce o4rrocll' <DH-

uaHcujcrcn pacxollH IIo ocHoBy KaMara yBeK ce HC-

x,,r'yuyjy ns o6pavyna, 3a pa3JILIxy o4 $lanarrcNjc-

rnx Itpl.txo4a.'u

V oeo['l paAy, IIollIJIo ce oA rlperllocraBxe 4a je

po6nr ltpe KaMa'l'a h rtope:Ja HcroBe'flla paqyHo-

eoTlcluenoj ra'reroprljn IIocJIorlHH Ao6HTaIt, arn Aa

je npu.rrr'rrou o6pavyrra IIIIl{ nrl'l'pe6Ito yK'It'ytlI4TI'J H

$nrrancujct<e nphxoAe.'l'ott rntetlaqepn tr'raolpajy

ulauaK c.rlo6o4lrnx IIoBqaHI4x cpe/{cl-aBa y pa3-

JrvqATe xaprnje oA BpeATIOC'rw'y r\vJby ocrBapeEa

rlpHHOCa llo ocHoBy KaMa'fa v A:HBwAefiAll' Ka4a otr',t

rrpl-rHocl,r lrpeACTaB.rbajy enavajny c'raBKy y ol{Hocy

Ha rocJIoBH w go6urarc, nor-pe6uo je yrcryvnrv r4xy

o6pavyu HII{. Vrco'lt'two 6u ce y pa3MarpaHoM

nphMepy Hcr<Ibyez4iln SNHancujccH IIpHXoAH 3a

rocleAlry rol{LlHy o6pavyHa (1998' I'o4Nua), HII{6u 6v'ro Mali,H 3a qaK 349 Mwnvolla AoJlapa'

H nope4 o4pef eHnx Ilecyr'racl4qa y 4eQuunca-

ruy H11ll, pa3it03H 3a r+'eHy IlpnMeHy y Kotlqen'l-y

"r.orrota*" 4O6|rvt MOfy ce peJlarHBFIO je4ltoc-

'raBHo o6iacHnrn' Yxolnro ce pacxoAu tlo ocHoBy

KaMara yKroHe Ias o6pa'iyrra, IIocrH)Ke ce eQena'r

,,xortnepsnje AyroBa y corcrlleHn xattu'rar" Apy-

rHM pet{t{Ma, o6pavyH Hfll{ npuru ce noA nperrloc-

'raBKoM Aa ce rpeAyaehe QIzHaucHpa HCK'rbyqHBo I'13

corICTBeHI4X CpeACTaBa, ycJIeA qefa HeMa AhpeKT-

HHX TpolxKoBa coficrBeHOf HHTH flo3aJMJbeHOf Ka-

THTAJIA,

One 4,re no:uqnje noiaeryjy ce y c"negeher''t

4e,uy ie4,ttavnue o6pa'ryHa eKoIroMCrce 4o6nln [uu-BecmLtpaHLI KAnumaJt x npoceLlttu mpowKosu KAnU'

rna"to). Tpourxonu nosain"rr'elrot' tz concrBeHor

Kalr]1'raJta oB/1e ce eI{crl,[t.rl\HTlto o6pavytranajy

MHOXebeM ca yKynIlHM HHIJec'l'upaHHM Kallh'fa-

,'IoM, qr4Me ce 4o6uja oqeKl4Ballu TpIKhIUHH ilpllHoc'

Tpoutxouu KaMa l'a ce yr'rarr,yjy, Kao uro je

HanoMeHyro, Kao nocneAI4I{a IIOpecKnx IloloAHOC-

rra QnuaHcnparba H3 KPeAh'ta.

C"rte4ehu, 3HarHo je4HocrannnjH ropax, je

o6pavyrr HH Becrl4paH or Ka[HTa.[a' flpn'uiz t<ot''t o6-

paqyHa EVA yo6nvajeHo ce Kopl'lcru nosuquja

r.J HBe c-I'r4paH or KaliH'raJIa H a tr oqe'I'Ky o 6pauyH cxo t'

nephoAa. Beh je HarIoMeHy'I-o Aa ce HHBecrHpaHH

Ka[HTaJ] Mo]t(e H3paqyHa'tv Ha ABa Ha'ruHa, xojr't

Her o nocnoaHa Ao6nr

[lpoceuHu TpotuK0Bl4 KanilTatla (y 0/0)

[/HaeonpaHll KannTa[ Ha noqeTKY

o6pavyHcrot nePt4oAa

1994. 1?es.

2571

'15,5

1 1.806

1996.

281 5

16.697

194

1997.

3269

r 998.

3115

I5,0I

II16,5

12,058

15,7

Il-789

-148Exosoncxa do6um

I-l3ttOCll Y r'ru"rruOUr'rlra USD

http ://www.investopedia.com/terms/e/ebit asp i http ://www.valuebasedmanagement net/methods-ebit html'

rlpeua ouoln arrrepHarutsHoM rvMacerbv' rroApa3vM€tsa.':, {",911^i:r^1. U^i-:::

^l-t:.";%";1r1,;T:"Ht::t?;J:Jfff::ir:3:ffff""ffi:ilil#::?:#",';##tr;:;T';"ili'";:i'ioai. zui; Kane Arex; Marcus Aran: lzoo:r1' Essenriars orrnvestments, McGraw

431

2s)

26)

33,671

1eryhqoqa e:q{!elrqrvr3rHlr[0qqq..3i) \-t'gU tl,lHeecrnpaxu Kanurar (na xpajy I 12.058

Tufiefla 6p. 7 - Ofipauytr uenodutfuKoaaHe eKoHoJvIcKe do6umu

Hill trwin, 2003, c'rP. 452

iloc,toeue fiuuaucuje .P -)

4ajy ncre pe3yn'r'al'e (yTa6etu 6 rcoparuheu je orre-pa'rxBlrH upncrynJ.

Iloruro cy no:JHarrz trpocelrr{H TpolrrKoBa Karru-'faJra, Mo)Ke ce H3paqyHaTV ilepvo4ur{Ha eKoHOMCKago6u'r (Ta6etra7)

fl p H n e rr o rr.r p a q yl{ o B oA c-r n e H HX r'r o4 a Q z rca 11 r.r j a

Mory ce /\o6r4'tL4 y o4pefeuoj r'repu 4pylaunjn pe-3yn'raru EVA. To ce Molxe H"rryc'rpoBarr,r rrpHMeHoMje4irocrauHnje no4nSuxaqnje xoja roApa3yMeBae nv Mw rr w c a tL, e p e 3 c' p ll H c a tba L1 3 o 6 p av yu a. Pa v yu o -

BOIIcTBeHO nOCMaTpaHO, pe3epBHCa}sa rpeA-cran"rajy noreuqaja.uHe o6ase:e sa rcoje noc-r-ojrnhcoKa ueponaruoha 4a he Hac'ra-rH y 6y4yhHocrn.Een4eurr.rpajy ce rcao pacxoAa flepnoAa y KoMe ceBpuH pe3epBHCalbe H Kao roeeharle pe3epBr.r-caba-o6asega y oKunpy rracnBe. lloruro ce oBenpoMeFre y rperryrny Krsar{eHra ne :acuusajy uaH0Br{aHKM'r'oKoBHMa/ -l-o npeACTaBrua je4au oA pa3-,rrora FbHXotse e"rrHMHHar{nje ws o6pavyua eKoHoM-cxe 4o6nru. 'faxof e, ylonh+o ce y :Havajnoj rr,repr.l

Sopr'rrzpajy pe3epBLrcarsa,'l'o yMaruyje pavyuo-Bo/{cl'tseHy, a rHMe H eKorroMCKy 4o6wr y HeKoMrepuoAy. E-rrunrnrraqHja onux no:nqnja no/{pa3y-MeBa KopeKrlujy l|tl/] 14 vHBecrvpaHof KarH.rara.

llo4 npernocraBKoM Aa ce noAar{H o r.r3BpueHHMpe3epBhcarbvva y noje4nHnn o6pavyHcrcuM re-pL4oAt4Ma r'lot'y 4o6rzrH Ha oCHoBy FbI,lxoBor I]epHO-

Ahqlror rronehan'a (c'rame ]{a fioqerKy u xpajynepno4aJ, norpe6ue xopexqrje Mory ce rpHKa3arHy'fa6emt 8. Hllll rpe6a 4a ce yeeha 3a H3Hoc rporu-KoBe pe3epBla:aH)a. Vxolaxo ce y3Me y o6sttp ua-eHH H3paqyHaBari,a HnA fnocloeua 4o6ur x[1-crona rrope3a ua 4o6arJ], :ax,r,yvyje ce Aa royneharue rpe6a ga 6yge KopHroBaHo eQerrounope:Ja Ha 4o6Hr. Ha npnr'.rep, yKo,rrHKo ce ilocMa't.panocneArr,a roAHHa o6pavyHa ( 1 998), eJrHMHHHCarleo6pavyua rercyher pe3epnncan,a o4 1 MHJTHoH

4o"rrapa yneh ano 6vr lrocJroBHy l{o6Nr:a vcrt4 L13Hoc.

HIl{ he 6n'ru yseh,aHa 3a 720 xumaga Aonapa[nn,rNou Aonapa x [1-0,28)]. /{pyrnr'r pequMa, Mo-

4n$Hrcaqzja rpe6a ga 6ype npHMerbeHa Ha raKaBHayHH 4a 4aje pe3ynrare rcoju 6tt Hacraltr Aape3epBucarbe Haje svr 6uno H3tspueHo. Cne4ehrlr(opaK [peAcraBJba e"rrHMHHar{Hja yrHqaja pe3ep-Bncarla sa 1unauc crarba. Y 6ntaucy crarba rlarpajy ro4rzue 1998. roAHHe ne 6u 6wno losnqujepe3epBHcarba [1.000.000 4onapal qHMe 6upaqyHoBoAcrBeHa 6pyro 4o6n r 6nna eufia 3a vc.rnL13Hoc, ulo 3Hariu Aa 6n Hero go6u,r HaKoH

Ta6e"1o 6p.8 - o6pauyu ttodufiuxoBaHe eKoHoncxe do6umu - ucKr,.r,yqer6e pesepeucarba

1994.

864

1 995. 't996. '1997.

!05: l- 1?17 -

3379,6

19.179

3379,6

2615,3

r 998,

1.218

1.217

1

11.15

0,7

3115,7

le:epa4ryq HqIpqjl 0q!4y1.9r ry_p{or1a

- Pe:epaurcatua Ha noqeTKy o6pavyncroi nepilo4a

Henogr,l$rxooaHa HeTo n0clt0BHa go6nr

Tpouxoalr pe3epBilcarba x (1- eQenr.taHa

rlpqlg crq4

MoguQraxoaaHa Hero nootoBHa

Hemo4m$nxoaaHil rHBecrilpaHil KanuTan Ha

, fi0qeTKy nep,l0Aa

Perepancarua ,, np*,rorro, *p Ou *- (eQenuaHa noperKa oona il3 rperxo4Hornepuo4a)

_ Mo4uQnxoBaHu uHBecrupaHu xant,tTar Ha

n0q. nepnoAa

U!44$rlgqara ryro ro!!!!l9 40614T

_ Mogu$ux. 14HBecrilpaHil KanilTan x npoc.

Tp0tuK0Bl/ Ka[ilTaIa

exononcxa do6um

690

lt4

503,3 253,3

21.t56

47

21.109

311s;/

3256,3

140,6

7876,8

r.r3HocH y r,rn.rruorrulra USD

44

PAtly Ho B7/lcT BO 1 -2 / 2 A 1 2

ea npuKa3 JvrodufiuKolalle u lrcJ\oa ufiuKoaatle eKoIto.tvICKe do6umu

Ta6ena6P.9-lnoP u

1996. 1997, 1998.

MoAra0uxogaxa exoHolvKlg Ao6ur (raoxpyxeH urnoc)

-.,,^ )nAnm

1994. 1 995.

253 501 141

174 503

l89 -1 48-)89 431 194

HeuoduEuxoeqnu

LI3HOCI't Y r''rU'rr'rOnUlla USI)

orope3r,rBaba [720.000 4oflapa) ynehala yKyrtl]rl 3axtr'yuarc

;"":i;"j:;:ilir"r; ,^r".nr=';il1"'J^4 "(ir",lffi[ :j],i,."

6poj caupe.ae]{Hx Kop'opa'r,'"Hx'pe-

4o,,apaJ. To .v tt"vh" o6uu"'"' I{"'" t"-):;;;;; uI'-"^11' v tu"tv o6pavvuana n ianuo o6iau'rr'vje

ns o6pavyuu,nu"..rrpaHof KalHT"^, n"t.I" #v 4oAalY eKoHoMCKy BpeAHoc'f I4JIH eKolloMCKy Ao-

o6pa'ryHy eKoHoMcKe go6uruKopHcrl'l 'ilt"ilil q"t u-l:Jt*"uy' EVA npe4craBrba 3rlarraiuy nH-

Hr{Becl.HpaHof KarH.r-ara Ha roqerKy r";;;;;';; oopl-11louy AonyHy rpaAHUho}IarIHoM paqyHo-

3Ha'Li' 4a he pe:epBHCaFLa us 'exvhe

t";;;;;t;- ::'1-::':""'t;; *o"q"ntv 4o6nrra' Hnar' v reo-

til:ffi ff :;;K1l**?1r,"i'.::;:#il*l:r;:;g+:i*t*Ei"jt'='tu]3tih"mg m;',:#Ti*;,"X1X #.'#;J : ti - l1:.+3 "."

EVi o 6 p avv' "'

* "5

v"'' M o)I{ e H M a .'

3epBHCarL,a yr.H.le Ha uHBecrlrpa'H Ka[HTJn t"o*'u np"t""' u4tou'p"lyhnx pauyHoBoACTBeHI'lx Mo-

rcpaiy o6pavyHcKol rlepnoAa' 4nQnxaquja'

^\ r{ax u pera.r'tsHo je4rrocranu" t"l^o"I11i],1'

AHarz:om yllopeAllor llpl4Kasa ['l'a6e'rra -9J' ouo*u.purr" y oBoM paAy' yKa3yjy Ha rto'euqn]arH]'

yo.r"u"ly ." ,r,"lruirr" pa:JJrhKe y pe3yn ral HI4a Mo "*"rrr,"*."oat H3paqyHaBal'a t"to7ln$uxonaHe

4uQrarcouaHe 11 HeMoAH$ttnonane eKoHoMcKe Ao- """"1-la*" go6uru, ruro 6vr IoCTaJIo H3y3e'rrlo

6^ru y no;"4"*,',ui';;;;;;;", ""-6i.::::"# ;:;il:"" yKoJ',HKo 6n ce np'r,teH,oo sehr4 6poi ruo-

onpaRAa npHMeHy r,lo71n$r.rxa11u.ie. !,o6rtellH pe- ' ''\rjr.

Y 'ror.a cM14cny, lt: .:::T."-::,,:,:,:3y)rrarvv oBoM rp'Mepv' r'refvrn^a';;;;:':;u iif'::iq,ia'

v -roM cMHCnv' rpe npHMeHe nor

rperflocraBn" 4" n"ty Hac'raJI,, t=o"u"'"'"'"t"""'u 1"9::1" .uup"''-' raxub,By aHartv3y "'r-poIiIKoBa

pe3epBHca*,a.yro.rrnno6uor*rnu.'rrru,i"*;; i ,i.]l:*"" (cost'benefir). pavyrrouoAcrBelre Mo-

leee ro4'Hr. (tra rrphMep .,u o"'''nJ""t""::':;: Tti:'il?:,X1"JJ['X'-Ti:iff;:l;:il:fi3i11rr,oHa ooo*"u"*J,;.:;;';'" cy 6nna gopy::j,:':

:";,:?y" npeseuryie Kop'cirHr\HMa il crr'Mvnr,carbe

paqyHoBoACrBeIIa pe3epBHcarba y .T:":li:iT -"t*"p; Ha AyropoqHo I'rHRec'fHpalse' qhMe ce

.oa.nutul, rryH Il3Hoc 6uo 6u [pl{3Har Kao pacxuA

nep'oAa y KoMe je uacrao, "': gl-t-ifti: :fiffiffi:U"irH:iX.Jffi:ilfl"'?l."'1"T;:rHauajHor yMaFbe rba eKoHoMcKe o"6'l.i ^ryu.::: ;;;;";r"r;e r pasnoi, KaApoBe hJrh crBapaH'e

;;;;;;, t;r.rto 6u 4ohi,r 4o 4e$op'aqu'- i"li:: noiJ,t*u.t" Kvnail'a Kao ro3'qniv nnonuHe v

AhrrHHX pe3yrrra'ra - HCKa3aHa uI,IIxu -*1,1"::t:i 'iii-;;u.t"rr,u1' ca 4pyre crpaHe' cnara no4nQu-

* :U i" I *" *: l;::: "tr+1f ","# i"'.',!' I rui: l*"* "# r'ffi ; "ililill: :

Jfi ::tYOttrc"f v 19Oe' ToAHHH' 'liaxofe' y

i? l:.il.:: uio.to"t'" craHAapAa' Kao H eKcrepHoi A

go-nu 6u u go BerlzKor oAcTynarba oa paqyllo-

BoACrtseHor p"=n"."u' flouTo i" u"iuu'#'l;;"^ i:l'?t"i KoHrponH' yr'ramyje roy3AaHocr LICKa:.ra-

cBaKe roreHquiarue rrao4raQnnaq'i";;il;;;- t'o't'gva'JpaqyHa' 36or rora ie rtorpe6uo KopHC-

paxennje xope.raqnje r.r:r,,refy "*"""J;;Jffi;;; :]:1:'" npv'*':r r::ij::" o6iaurtre'''e pa3JIora

H re'ep,CaHe'peAHocr,, enHMHH""::j.""'^:f::. Xg*:::ffiliJil:lX:xu"il'#;Jxffil'5ff;carla Ha uar{LlH rpeA,craBfteH y oBoM*np1y^-:.f^'i: eKouoMCKy4o6ur)'

l*mrur*T:::';;;i:"';,:"ru;i'l:if ^...,.1""'=rapaivhn rocroBalse4ot'rahnxKopnopa-

Qnr<aqnjn' H"'o nu.nou,,a 4o6Hr ,.op,n.yj" ." ,u .l,uu,* npe4yeeha, MoXe Ce npLIMeTH.lh:Havajrto

rexyhape3eplrncarba,AoK.""'o..'"paHHKa-oACyCTBoHH.lepeCoBaISa3aCaBpeMeHaMepHJIaflnrar rcopiaryie Ha ocHol]y O"r.Oo""'u""'=' tt'"'t n"p*of *"cll' l4nax' y 6y4yhr.rocrra ce Mo]Ke orleK,.-

XOAHofllepHoAa.ouajrrpo6,rreMMofao6ra4aceyua-uu.,"npo'eIIaTaKBeflpaKCe,llpBeHC'fBeHono

'rH trphMeHoM npoceKa HlrBecr,patror xan''ar" ::'""",1u*::,:t'il::#Jilil:ff

t';il".JX:

Ha rtoqel'Ky n r<pajy o6pa'ryucxol' IlepHoAa' "r '

E

\

ilocfloeue fiuuaucuje 45

uocrn)Ke ce o6 j aen, u aa rbeM Me'roAo.u orn j e o 6pavy-Ha r.r pe3ynrara HeKoJuzKo caBpeMeHnx Qnuaucuj-cxr.rx MepKJla nep$opr'rauca, xoja Mepe reHepvlcaHyBpeAHocr 3a aKr-(HoHape. Yxo.rruno ce pasMorpeucKyc'rBa pasnNjeHnx 3eMa"rrra, Moxe ce 3aKrbyqnrv4a 6n ycreruHa KoprroparHBHa npe4y:eha y Cp6njnMorna Aa ce y noqerKy opujeurvt[y caMo Ha ABauaj.reuhe nopuruheHa tloKa3are.rr,a y fipaKCH

BenHKHX KopnoparuBHHX rrpeAy3eha: 4o4ary rp-xrrrrHy BpeAHocr - MVA (pa:nnxa rpxnuHeBpeAHocrn npe4y:eha v Kailvrara lzHBecrHpaHor ynpe4ysehe) n AoAary exoHoMcKyBpe4nocr - EVA.OcHosHe [peAHoc'rH oBa ABa norca:arerua jec'rerbr,rxoBa pe"rIa'r'HtsHa je4Hocraeuocr o6pavyua npa3yM,rbnBocr. V sauzcHocrr4 oA rrolpe6a MeHa{eparza rz u orpe6a :Ja fl pylKa u,er',r n H Q oprr.r a r1r.r j a uL rzp ojjannocrn, npe4y:eha Mol y Aa npr.rr.,renyjy H Apyr-ecaBpeMeHe MoAeJre o6pavyua.

Jlumepamypa:

I. Bodie Zvi; Kane Alex; Marcus Alan: [2003):Essentials oJ'Investmenfs, McGraw Hill Irwin

2. Copeland Tom; Koller Tim; Murrin, Jack, [2000):Voluation: Meaxtrinpl ond Managing the Value ofCom pa nies, third edition, McKinsey&Company Inc.

3. Damodoran Aswath., (2002): InvestmentVal-uation - second edition, Wiley Finance

4. Desai Mihir; Fabrizio Ferri, ,,UnderstandingEconomic Value Added", Harvord BusinessSchool, rev. January 9,2006, No 9-206-016.

!,palauaq {paraua,,,Kpnruxe craHAapAHorCAPM-a a nojana KopHroBaHHx nep:njaMoAenari, Pauytrceodcmlo, BoJt. 55, 6p. 3-4,201,I, c'rp.52-64.

Kleiman Robert,,,Some New Hvidence on EVACompanies", Journal of Applied Corporate Fi-nance, vol 12.2, 7999., pp 79-9I.

Glassman James, Hassett Kevin, ,,Stock pricesAre Still Far Too Low",Wall StreetJournal Eu-rope, March 78, 1999 ., p.12

7.

o. Shapiro Alan; Balbirer Sheldon (2000)V Mod-ern Corporate Finance, Prantice-Hall, UpperSaddle River, New Jersey 07458.

Young David, O'Byrne Stephen, (2001): EVAand Value-Based Management: A PracticolGuide to Implementofron, McGraw-Hill.

3axuh Btaguwrup, (2005): Pacnogena go6u-mu u nor,rumuxa dueudeHdu [uouorpaQnja),Bnua nocloBHa uKona Honn Ca4

3axnh Btapuvtup,,,Mepe*e repSopr'aaHcn -

caBpeMeHH xonrlel'rn", XLII cwrr'nozvtjyr,r,

Canes pavynoaotla H peBn3opa Cp6uje, Pa-uyuoeodcmeo u noc"/tolHe fiuuaucuje y cas-peJ4eHurl ycrlo+ut4o u3*ewmaaan a, Keanu-mem $uuaucujcxoz us?erumaaeL+,o - usa-so+u, nepcneKmuBe u ozpaHuqerca, 3narn6op26-28. na1, 20 17., crp. 243 -266.

"Ilexo Bepa; Braxoshh AlemcaH4ap; [o:sa-uHh Bra4nu up, (1997): flpoqeua BpeAHocruKailumeta - Jqemodo"loeuja u npuuepu, Exo-HoMcKH I.rHCTr.tryr, Eeorpa4.

CraH.{ Iah [Ipe4par,,, I{eua Karr HTa.ra n oj e4ra -

HaqHHX ra3Bopa QnHancupama npe4yseha",Pauyuoeodcmlo toA.50, 6poj 7-8, Caue: pe-BH3opa H paqyHoBo\a, 20A 6., crp. 3 6-47

CraH.rr.rh fipe4par, [2006J: Caepeueuo yn-p a elbabe fi uuancuj au a np e dys eha, Exonor'.r-cxr.r Qa xyrrrer Kparyjena q.

Internet sajtovi

http: / / www2.standardandpoors.com.

http: //wwrru.investopedia.com/tcrms/e/ebit.asphtLp i / / ww w.va I u e b a s e d m a n a ge m e n t. n e t/m e th-ods_ebit,html

http : / / p ages. s te rn. nyu. e d u / - a d am o d a r/N ew_H ome_Page/valuati on/concchks/eva.htm#eva 1

9.

10.

tI.

1,2.

13.

14.