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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
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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
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,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-
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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'
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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
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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
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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
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lSOel aHcxoHryjy ce cronoM o4 100/o' Pasrnra
noqe'rHe nHnecrnqnje n :l6upa AHCKoHToBaHI4x
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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,
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,, 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
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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).
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""'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)
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Jloruunia 1993 1994 1995. 1996. 1997. | 1998.
'l JrynHu npuxo,qu
2. !o6qr npe KaJMaTa fl iloPe3a
3. 0nHaHcltjcru npilxo4t4 - KaMare il
NilBilTCHIC
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155
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7. Tpourosn amopru:aquie 1.006'r
.119 1.297 1.869r.556
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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
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508
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485 415
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tL(ogrygqfarllgn - 8.51L
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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
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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-:::
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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
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llo4 npernocraBKoM Aa ce noAar{H o r.r3BpueHHMpe3epBhcarbvva y noje4nHnn o6pavyHcrcuM re-pL4oAt4Ma r'lot'y 4o6rzrH Ha oCHoBy FbI,lxoBor I]epHO-
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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
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!05: l- 1?17 -
3379,6
19.179
3379,6
2615,3
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1.218
1.217
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Tpouxoalr pe3epBilcarba x (1- eQenr.taHa
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n0q. nepnoAa
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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.
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174 503
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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
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