Diskontní faktory používané při oceňování investic

The diploma thesis focuses on the discount rate for business valuation. First, the basic concepts and business valuation methods are defined and described. The next part deals with the discount rate itself. The last part analyzes the CAPM model and the surcharge method of discount rate estimation. The aim of this thesis is to analyze the economic substance of the discount rate, including interconnection with basic economic theories. It is also intended to draw attention to some problems associated with the practical use of basic methods of discount rate estimation. Based on the results of the thesis, discount rate can be interpreted as the required rate of return of an investment for a specific investor, which considers his opportunity costs. The required rate of return reflects available comparable alternative investment opportunities and a subjective minimum rate of return that reflects especially investor’s time preferences and risk aversion. Practical problems of using CAPM are especially some invalid assumptions of the model, the question of real availability of investment on capital markets, incomparability with valued investment and the selection of specific model parameters. In the case of surcharge methods, the main problem is the quantification of specific parameters.