Oceňování, 2018 (vol. 11), issue 3

Articles

The selected issue of sworn experts' regulation amendment

Tomáš Buus

Oceňování 2018, 11(3):3-14 | DOI: 10.18267/j.ocenovani.213

This paper deals with the government proposal of the new law on expert, expert offices and institutes. Paper summarizes the parts of the law, identified by the author of the paper as troubling, and shows their analysis, as well as the analysis of their consequences. We can say that the actual proposal of experts' regulation law update can slow down many law suits held by both the civil and penal courts. Further, its consequence can be distortion of the composition of expert public towards adverse selection and it can increase the motivation of some experts to provide or distorted expertises.

Reagent function and beta coefficient in the calculation of the discount rate - part 1 (stable level of debt)

Miloš Mařík, Pavla Maříková

Oceňování 2018, 11(3):15-28 | DOI: 10.18267/j.ocenovani.214

The article examines the problems associated with the application of the simplest and most popular equation for calculating the debt beta coefficient. It shows that the use of this function may result in a significant error in the resulting valuation of the company, since it assumes that foreign capital has a stable level on a permanent basis and is at the same time risk-free. The text shows that if debt is stable, the present value of the tax shield and thus the resulting value of the enterprise is not dependent on the cost of debt. However, if there is a different level of interest on debt from the risk-free interest rate in the financial plan, the...

The correlation of the costs of foreign capital and the chosen financial variables

Lucie Rudolfová

Oceňování 2018, 11(3):29-42 | DOI: 10.18267/j.ocenovani.215

The article examines the correlation of the costs of foreign capital and the set of financial variables. The sample of 8,359 companies has been chosen from the companies which were active in the period 2013-2016 in Czech Republic. The main used method is correlation analysis. The article examines the correlation on the complete sample, on the percentiles and within deciles sorted according the absolute level of debt. As the result of this analysis, there are the most suitable financial variables and functions chosen, which can be used for the estimation of the costs of foreign capital.

The prognosis of sales of medical practices dependent on capitation payments

Radana Šmídová, Jaroslava Holečková

Oceňování 2018, 11(3):43-52 | DOI: 10.18267/j.ocenovani.216

A medical practice is characterized by a series of dissimilarities compared to other kinds of business. The value is primarily created by unidentifiable intangible assets, the goodwill is determined by the practitioner, the value of material assets represents a small part on total value, and the incomes are affected by the amount of the capitation payment. The article focuses on the prognosis of sales of medical practices dependent on capitation payments. The prognosis works on the quantitative estimate of patients, the estimated amount of the capitation payments and an estimated number of operations per a patient.

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