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Pesune tlodama eKoHor'4cKo epeduocm (EVA) sacuuBo ce Ha xopex4uju pauyuosodcmseHoz KoHqenma do6umu' EVA ysutta y o6sup anopmyHumemue mpowKole concmleHoz Kanumarra, xoju ce

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fiyurc4uiu dyzopouuoe eeHepucaraa epeduocmu. Ko*rnrleKCHocm pauyuoeodcmBeHux uodu$uxaquio "ttoxe 6umu ieduo od xnyuuux cna6ocmu EVA rcouqenma, s6oe ueza uuje
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ped u ocmu.

nodusurcaquja,

Knyuue pequ: dodama

eeHe pu caLhe
e

Uvod

fiodama eKo]toJ4cKa epeduocm (Economic Value Added - EVA) pasrajeHa je .rorcor,r 1990-.rr.rx o4 crpaHe KoHcyJr.rar{r'cKe KoMrrauuje,,CrepH Crjy_ apr" (Stern Stewart). C o6snpou 4a je EBA 3auraheH sHax oA crpaHe HaBeAeHe KoHcy.lTaHTcKe KoMraunje, MHorr.1 ayropn xojn ce 6ase oBoM npo6lelrarfiKoM trpBeHCTBeHo KopHCTe TepMHH e Korr or4 cKa d o6um (e co n om i c p rofit).

Calr rcoHrlenr eKor{oMCKe go6nru npncyrau je eeh 4yxe o4 je4uor eerca. EKoHoMHC.l.a AnQpe4 Mapuar (Marshall) je, rcpajen 19. eerca, pa3Buo KoHrlerrr pe3HAyaJrHe 4o6uru, rcojn ce Hcxa:yje xao pa3rrna Hero 4o6nrx H TporxKoBa colcrBeHor Kailurala. Ilpna snavajHa nparcruqHa [pHMeHa pe3nAyanHe go6trru aesyje ce 3a ,,Ieuepan Mo'ropc" (General Motors) ToKoM rpBHX 4erleuaja 20. nema. TorcoM 1980-nx Hacra.re cy suavajue r;to6alue eKoHoMCKe npoMeHe, rcoje cy yrnr{a,rre Ha Aa.rbH pa3Boj oaor KoHr{e[Ta. Tarcof e, Quuaucrajcrca

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npe4c.raurajy ieltty ol TpoluKoBa KaIII4TaJIa, xoira Mepelr'a eKoHOMcKe AOKpHTHqHHX TaqKH ycilexa reHepI'lcalba 6vtru. Ilony.rrapra:aquja KoHIIenra je 4o a4an'raq'u1e BpeAHocra 3a aKI{HoHape AoBeJIa

ie noy:4aHt toA:l:-.

ilpoqeHe

7. TeoPuicxe ocHoae EBA xouqenma

p"=toy"rt"

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eKo-

HOMCKe BpeAHocTH' IOC'IIOBaI+'a IIpeMoAeJIy OqeFbH tsalla yCI]e[I HOCTH

Kao caupeueHo MepHJIo nepQopt"taHcH' eKOHoMcKa BpeA'HOCT HOMCKa 4o6ur LJTV AOAara pa'IyHoBoAcrBeHor KoH[peAcraBJba xopenqujy oropryHHrerHe ;;";" go6nru.EVA ysrar'ra y o6:up xoju ce pavyTpo[IKOBe concrBeHof KarlhTa'[a' ue o6yxnaraiy :6ol rora uro He

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flpevra TpaAHr\HoHarHoM

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je renepucarre
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KanumaJla: m-powKose concmleHoe u nosaiuneHoz
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uHsecmupauu xanumaa' x mpowKo7u Kqnumafla

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roje ce 3acHI4Ba

HeKof lIHBecrHqI4OUOr npojexra MareMarnvxn BpeAHocru npojexeKBHBaJIeHTHa Hero ca4arumoi 6orarcrsa axra. To 3HaqH Aa ce MaKChMH3oBalbe quoHapa o6e:6efyje MaKcHMH3oBarbeM caAaurbe Y ropt Jp"oto.t" 6y4yhux eKoHoMcKHx 4o6urarca' ce lrocMoxe clttlcny,KoHI{enr eKoHoMcKe 4o6uru

je

udeumu''Iuoz

sehHHa fipllHoce ouenyjere L'trv )KervlTe"' Be'rlHxa aKI-\LIoHapa cHrypHo 6u oAroBopl4Jla "uaiauue
rr.roryhe".

6vrru BeoMa cy6jercrnnua' Ha Illrratle

KoH\enma MaTpaTH riao ucmoaemAH npuHl4unu'lv|a luro ce Mo)Ke npHKaHemo calawr+,e epeduocm4 3aru Teoplajccnv trpnMepoM y HacraBKy'

"rcoje

100; HHnqn janHo ynarali'e y npojexar uaHocu 4 ro4'uHe repI4oA Kopuuhema ulH aMopru3aquje ie HaKOH o[opeH feHephue Hero HOBqaHeToKoBe y H3Hocy o4 50' Tpourxoeu KarIHTara

ocHoB14 npHMeHe KoHIIenra AoAare ce Texrba Aa oHa eKOHOMCKe BpeAHOCTH, Hara3vr ycfiexa 6yge je4aH o4 Haj:Haua|e.uiux rIoKa3areJba BpeAHocrH 3a npe4yseha y npoqecy reHepl'Ica*'a

3nBarba I'r"rycrpaH3Hoce 100/o, a pa4H noje4HocraBJberba Hehe 6nru Haxna4Hnx quje npernocranNhernro 4a yrr"r"*". V Ta6enn l uTa6etu 2 6uhe rpuKa3aHa CaBpeAHOCT HOBqaHHX TOKOBa H

Hnar, nocroje KoHTpaAHKTopHH "nrltttrp". hcrpaxIaBarba peJIeBaHTHocrl'l EVA rao pe3yJITarH

Belut(lt 6poi MepH.rra feHepl{caba tspeAHocrH' u Hs o6/,acttn QraHaucuicxe reopnie a'nn nocroie n npaKce 3araxe ce.3a npnMeny EVA' xoja.ocnopanajy n'en sHavaj' V rort

ffirt"*,

r.tpu*"u"ma

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

Aa cMvrcry, BeoMa ie auavajHo HarJIacHTI4 oA p"r"uurr"tocr EVA y eenuxoj MepH 3aBHcH [pI,IMeHe o4ronapaiyhHx paqyHoBo{crBeH}Ix yruqarn ua uo4uquxaquia, xoje Mory 3Haqaiuo

HCTO CAAAlxlbY HOBTIAHHX NPH/IilBA flPCACTABJbA

o4 100/o' Pasrnra lSOel aHcxoHryjy ce cronoM n :l6upa AHCKoHToBaHI4x noqe'rHe nHnecrnqnje

BpeAHocr HoBqaHHX ToKoBa npojerra [58'5J'

rfeHy BpeAHocT.
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School' rev' lanuarv Economic Value Added, Harvard Business Mihir, Fabrizio Ferri, (2006J: Understanding

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)KHBo'rHe cpe4Hue), go6anmaua

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eKonoMCKe

ero caAau r$e BpeAr r oc-rn

pa3yMeBa c,rroxeunjn o6pauyu, xojia o6yxea'ra rpLr

Cal\aurbe BpeAHocTr,r eKoHoM-

npor{eAype: [1J npoqeHy rpotxKoBa xauarana; (2]

+1

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

PAqv HoB} ACTB O

1 -2

/2o12

34 o6pa'{yH DaqvHoBoACTBeHe MoAHohKaqHje; t3) KanH'raJla' noalonue 4o6nrn lt HHBecrl'IpaHof ""'r't.l

2.
fl
p

oqeH a oq

e KI4 B

aFba

y Ilpoqeua mpowKoea Kanumalra odpa'ryHy dofumu eKoHo'McKe

nHsec'rHqlaia Mox(e ce Kao uajno:c,[oxeHUX MOAeJIa, r'refy xojrana varuiu vlcrv.uy I{oAe't llpefl Itt]ItS lba -t{a-nI4'ra'T}If Lt MoAen u^.'tn* (Capital Asset Pricing Model CAPlvl)

c'rnTop a v nr4 pn3vKa rroApa3yMeBaru rIpHMer{y

H H Be

ap6nrpaxHor

EBA Kao npen KopaK y npol\ecy o6pavyna KarlHu=guaia ce npoqeHa npoceqHnx TpoIIrKoBa t"r".'np"ta reopnjcxnM cxBarabnMa' TpoIxKoBH rpolxKoKa[HTaJIa npeAcl'alr"tbajy onop'r'yHI"I'rerHe rcojr'r ce Molre ocrBapH'l'L'l Be, oAHocHo npHHoc
Ir

Bpe/lHoBarl a (Arbitrage Pricing crox(eHocru' ocIt4odel - APM).u I'l nope4 peJIarHBHe

"ouu, "r"t"ttt cle4ehH rrpeACTatrHTta Ha

CAPMT MoAeJIa Mor'[H

HaqtaH
B:

6v'

ce

E(R)=Rr+BlE(R",)-RJ
uHE(R) - oqeKHBaHK npuHoc o4 6n;to r<oie pt,,t3HKoM uecruqnje HJIH cpeACTBa, rtoBe3aHI,tx ca R, - npnHo c ,,6e2 pv3vKa" fnonyr Apx(aBHHX

Y npaxcll, ruefy'rlrr''r, qecro ce 3acHI{Ba Ha K0MIIJIeKCHHM Sr'rHaHcnjcKO-MATCMATHT-IKHM MOACJIHMA'

pH3l,tKa' eKoM ApyroM HHBec'rLIIlHi otu Ia4eH'rueHol TpoluKoBa KatrHTaJIa o6pavyH

KoBa Kaflp nlnxo r'a o6pavytta rtp oceqH HX Tpolll o6pavyuarn rrHTara HeorxoAHo ie uajlpe noce6uo [o6aueee)s u TpoIUKoBe rro:ujt,,'"to"tn"ttu"" lr;seH or KacoftcrBeH or xa n nra'rta.'f potu KoBH no3a;
Ca 4pyre rHTaJra IIpeACTaBJbaiy yroropeHy KaMal-y' oIx KoBa coil crlleri or KanI'lra'[a crpaHe, o 6pavyH'rp

o6nesuuqa)
rIpHFIoc Ha rpx(HUl'ry arqn ja (yo6nvaieuo ce o4peilyje nperco 5&P 5 00e uttu HeKor
E(R,,,J

B fbeta)

c'l'eneH Pn"]nKa

- or{eKHBaHI'l

Apyror
11

rPIKH IrIH

or ll H4exca)

rpo[lKotsh N4oxe 6LIrl4 BeoMa KoMIIJIeKCaIT' Onn H Tpai\HIIHoHaJIHO IIOCMaTpaI{o Lrllcy ,,onnn Jbt4Bt4" ue rtoc'roje, 3aro tul'o He H3a3hBaiy ctp'ttwn HoBL\a' tlpena KoHI{eIl'ly reHepncaFl'a BpeAHocrfi 3a aKpI',I3Ht{rIhoHape, B,rIacHLIqKa ynafatua 3HaTHO Cy Te crora r'lopajy Hraja o4 uo:ajlrJbNrarba HoBIl,a, ycrbyqt4Tt4 I'l oAroBapajyhy nper'lniy no ocHony BHlIef pv3vKa'

oi S opr'lyl n, oqeKH,BaH I'1 IIpH vl BJracrroc 6talo xoie uHuec'i-uqraje, yxny'ryjyhu

per,,ra uaee4eH

HHqKe, je4uan ie npnnocy

erage cost of capital - K) uspauyHaeajy ce

cre4ehn HaqI'IH:

17

p o c eu u

mpow

oe

nu m

a r'I

o (w

i 51 hte d -

av'
Ha

lla r3B' Hepn3hqHa yrarama, ytehaHoM 3a npenrziy rro ocHoBy rp)Killl]Hor oi{epH3I,tKa. CAPM MoAen roApa3yMeBa npoqeHy Kp03 ns6op o4ronapajyher Kr-rBaH,a HHBecri'lropa, rrpnHoca Ha HepH3I'lqHa ynaralsa u 6era rtoeQnqrajeura. floje4nna uc'rpa)rtnBaH'a yr<asyjy Ha ro Aa [polleHa'rpolxKoBa co[cTBeHof KafiHlara ua ouaj rttoxe 6uru y rpaHHIlH ognnycf r'turiyc 3%

ft = .---

o!a:e1e
u3

sexo pea,IIHLIX TpoluKoBa KarlH'I-aJIa' Vxo'rtltxo 6u ce npe4ysehe $nHaHcnpa'ro ABe rpehnue H3 coIICTBeje Hor KaIIKTala, a je4Hor''t 'r'pehuHot''t 113 Ayta [uro

""u"t

Y xY nuu

Y xY
Ko

--col!!!!!u tlnutTtg!u3

ucuP ou'a P u (t uua

Ko +

yo6nvajena nponopqNja noja He yrpox{aBa aolu""t"oa'r) crarnclnqKa fpeulKa 6n ce xperala

y rpaHHI{aMa og2o/o-

x K,*
KaTILITaJIa

nuu

oP

u fi uua uc uP a m'a

PHsHx xojeu cy H3'rloll{eHH HHBecrHTopH Morao 6N ce no4e,rvtvy ABe rpyne: (1) rpxnuuvlpt43t4r

- upoceqllll rpolrlKoBH no:aju'neHor

I4Jrt4 cvc'tewcKn plr3nK;

(2J cneqhQnr{aH

pfi3uK

KcK

-'fpoluKollH COflcTIleHOl' KaIIH'laJIa

noje4nuauHe fiHBecrHqnje, oguocHo Hecl,rcreMCKH

6l

y'ra:e y o6:up rexyhe o6aueae KoJe He o6asese xoje ce yx,nyvyiy y o6pauyu (ne flo4pa:yueea npoceqHe rporxKoBe KaMara:a cse logpa:y,ueoaiy nltahame rar'lal'e]' nn'rila ap6llrpaxHor BpeAHoBarba'. llpey3eTH ry u:: l[paraHaq,{paraHa TepunuH ,,Mo/\eJI BpeAHOtsat5a KanHTaIHe aKTHse,.n,,Mol,IeJI tu4"ri", ruuytrceodtmeo' sor' 55' 6p'3-4'c'rp'52 CApM-a n [2011J: ,,Kpu'uxe c.rarr/{apA.or 'ojaea ""p;;;;;i;;";;rrlu je:uxa'
cxpaheuuqe y oBoM paAy Koje ce o4uoce
Ha

7)

u EVA cy NsueAeHe H3 eHUIeCKOT onilTeIIpHxeaheue noil'Ioue Kao lx'ro cy GAPM peuu ce nuwy KdKo ce uszoeopdly' c cre4ehe rpaMaru't*o npu""to' Cmpaue .tourri'o*r]i'p""av i" -"p"ttn"no frpu,rNxor,r 'ucalLa y sazpadu tt-ue doje useoprto' mu.M wmo ce npu npsoJt uueofien'y ('lohn Litner)' He3aB{cH]1M pa4ou' xopucrehn

B)

cAPM

sharpe) u lluruep pasnujaluarqepHqKrl npoQecopu illapn [williarn tsHAerH tsr4rre: T"a;;'ii;."r Tobin) n MaprouH'1 (Harrv Markowitz) 0 r.ruoue Moaenc *",";y';;;;'-;lig i.".rr,r:: r"le;rJJ Management: A Practicai buide to Implementation' McGraw-Hill' c'rp QnuaHcujcxe young David; O,Byrne Stephtn, iZ OO f J: EVA and V"f

cv

165-203.
KopropaqHJay elY:elr,nal.racarpa4uquiot''I6epsaHcror[ocIOBatbanocroieHe3aBHCHeJ'tH3y3eTHOIle]belleAreHIlUiexojece6aeeaHajlH30M (S&P)'Ta areuqr'rja a*ra'{}'l3Hpa rloci{oBane 2'000 BpeArrocrr{ aKrr"ju, r"by *oi,.*u c" r,oc"6rro ",'^";i'inao'i&noor CAllu4py|rzupasenjenuu3eMarba,ayMalbeMo6uuyut"yl,iTi.,{pa:-nojyCHcrerq"p"a"oll'T-l'acuuuaiyHaKoMrrrrexcHHM cuTyaqNje' rpaHcKHM H ceKTopCKHM roKoBa H putti *opnopaquie' uaxpoeKoHoMcKe aHaJ,rH3aMa oqeKl4BaHHX HoBriaHux ca ceAuIUTeM y cA[' Bn4eru nuue: ualeehxx KopnoparHBrIHx npe4yseha, yrJIaBHoM nopefer!en. sap soo'oiv"u^ra ucru 6po1

http ://www2.standardandpoors com'

ilocnoeue $uuaucuje
pr43r,rK.

35
Ha cBa npe4yseha, cneqnQnvaH ph3HK noje4nHllx npe4yseha 3aBHCH oA rbnxoBor 6era xoeQnqrz-

haro ce lrper.arzja no ocHoBy rpxHlxHor pHu".'ro o6pavyHaea ilo crotlH og 5o/o (nttyc/ ,"*, je oua MhHyc 1o/o), rtttorn eKoHoMhcrrz crr'rarpajy 4a 3HarHo Hnxta.'fpa4nqnoua,'tna QraHaucnjcxa I'eoprzja Har,rauratsa Aa je ylarame y o6re:unqe yBeK curypunje oA ynaraba y axqnje, Te crora aKqhoHapH overcyjy BHue rIpHHoce' Hcrpaxnnama noje4nHnx ayropa [Jeremy Siegel), r'refyrr'rru, 4ajy
u:neuaf yjyhe pe3yJITare'to AHarusoM noAaraKa 19.u20. BeKa Ao,ra3H ce Ao t{14rbeHaI{e Aa y rep14oAy 0A flpeKo 20 lo4uHa rlpHHocH ro ocHoBy Apxarla axqnja 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.
H3

jeHra.
V npaxcu paannjeunx 3eMa'rba, npoceqHH TpoluKoBH KaIIHTala rcpehy ce y rpaHnl{lt o4 B 4o 1- 1 lpo-

qeHara. 3a noce6uo p143HqHe ceKTope, rrorlyr arcqnja npe4yseha xoja ce rpBeHCTBeHo 6ase HHTepHeT nOC"IIOBati,eM, [pOCeqHH TpoIIIKC)BH KafiH'rara nory 6nrn v Btilt4' Mefy uajpasnnjeuziut ApxaBaMa, nonyr CA{ n Heuavxe, pa3/luKe y

[poceqHhM crortaMa Kal.luraJla uacrajy npBeHCTBeHo s6or paslnvHTnx rlpHHoca Ha ApxaBse o6Be3HHqe.

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 eKCTpeMrlaK Hr4M CXBaTaILH Ma IIp oqeHal' Tpx(Hlx H of pH3 H Ka rpe6a ga'reiKu HyJrH. Taxre reopr'rje o6H'IHo Hac'rajy u Ao6wjajy Ha

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'ropa, xojra y :uavajHoj r'lepn ocnopanajy onaj KoHr{err. V npaxcu, nefyrr'rrr'r, CAPM je ocrao
ruHpoKo npuxeaheHH MoAen.
MeHoM cy ce jaen.rte KpHTHKe 6pojur'rx yr"rleAHHX ay-

norynapHocrH y ycroBr4uapacrav

ra xap-rr'rja oA BpeAHocrH. Pealsn l'px(Lrt-tlHH ycnoBv cy, r'lefyrraM, on'repehenN nepnoAnMa peqecnje n paznneL4Tnx Kph3a,
rrpocnepu're'I'a 'rp]KHtu
rcao

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

ry

BepoBal'Ho
H14rla

uehe rrpenn[Ie HHTepecoBa'I'H qHrbey/Iaray npoceKy cnrypattja o4 ylarama y o6-

Kao uajveurhe rcopr'rruheHa anrepHarnBa MoAeCAPM, Hcrhr{e ce MoAeJI APM xoju ce npBH rlyr nojaeno roKoM L970-rux.12 On norash oA nperrlo-

Aa cy y ABaAecerof oAHllII5eM rlepHol{y

craBKe Aa

ce [pLIHoc I]o ocHoBy 6vrtto xoje

ma y ar<qnje

ne3uuqe.

tt

nHnecrr.rquje Mox(e noAe,[I,ITH Ha ABe KoMtroHeHTe: (1) ovexrzeaHr Lrilv rpeABHAJbHnu npunoc; (2)
H

3a pasrzxy oA TpxHIxHor pH3HKa, rlpeMa

reopnjcxHr.r cxBararbuMa CAPM, cneqnQnvau pn3hK npeAyseha ce rulolKe n:6ehu 4unep:uSnKaldHjor'r,

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

R=E[R)+U
R

l'e crora He HocH TIHKaKBy HalpaAy t4ilH npn-

uoc.

[paKCI4, yMalbeFbe cneqnQuvHor ph3LIKa

npuHoc

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E(R)
U

oeeKnBaHH rpHHoc

- uerpegnvqlbuBn npHHoc

Mar{cH
Hocrr4

ua noje.lnuavHe H H3oJIoBase necra6n,rt'rpx{Hula. Ci'.rarpa ce Aa ce y [poceKy 70o/o yr(yrrHor pr43HKa rrpe4y:eha oAHocH Ha cneql,r'f QnvaH, a 30o/o Ha plKHillHld qLI3]dlK.

MoAeJIy CAPM, Hecl'ICTeMcKV vltLl npe4y:eha He AoHocu HarpaAy j H JrH rrpHI{ oc yc/IeA uoryhuocrn 4n nepsN$nrcaqn e FIa npHr,rep, uajaue npo4aje HoBor npoH3ynaran'a.

Kao

sy

cleqnQuurrH

pt,r3HK

6ela oApaxaBa reH4eullrajy qeue arcqnja HeKor rrpe4y:eha, y ol{Hocy rpoMeHe Ha yKynHo 'I'plKHture xaprr'ria oA BpeAHocru.
Koe$nqHjerrr
llpocevaH 6era rcocQNrlr,rjeHr Ha HeKoM Tp)KHlury y3Hocn 1; yrconnxo ie neno npe4ysehe H3Jlox(eHo pr43r4ry MalleM oA npocevHor, onaj xoeQr'rqNjeHr he

uoAa HeKor rpe4yseha 4oaeurhe Ao pacra I{eHa rberoBnx axqHja. Ca 4pyre crpaHe, cMarbelbe Hc[.rara I\T4BHAeHAA HeKor Apyror npe4y:eha 4oueuhe Ao naAa Ileua axqnja. floc"ne4nvuo, crel{HQravur.r 4orafajn y Be3H ca nocnoBalseM HeKor npe4y:eha yrwry Ha IIeHy rbeloBnx axqnja, arv ce rrpHHoc noprQonraja He Mella, 3aro turo ce nojeAHHaqHe II03HTHBHe I4"IIH Hefa'fHBIIe npoMeHe IIeHa y najnehoj laepn rvefyco6no ncrcnyvyjy. Ca Apyre crpaHe, HeoqeKI4BaHe [poMeHe y MaKpoeKoHoMC-

6uru vrcno4l, u vice versa. fipyruM peqnMa, AoK ce nper'ruja IIo ocHoBy rp]KHlIlHor pH3I4Ka npnrlreruyie

KHM HHAHKaropnMa,

rronyr ApylxrBeHor 6pyro

J

l0)

Ilpena: Glassman lames, Hassett Kevin

19 9 9J: ,,Sto

ck prices Are Still Far Too l,ow", Wall Street ournal Europ e, March 18, crp ' 12
poK cBH CnO Upreu".

11J To 6;a ce ua6o,,se Molno H,,lycTpoBaTH r{uTr.rparber,,r KejHcoee u3peKe: ,,['la

4yxu auue: llona:ehn oA HecaBp11eHocrl1 MoAena I{A[[M, exoHor,.rscra Poc fstephen Ross] je 7976. pazauo r"ro4er AIlM Bu4e'rn t2) InvestmentVoluation - second edition,Wiley Finance, ctp-72-75. Damodoran Aswath,i2002):

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

36 HHonaqr4i e, (INr'J 1-^*"*arHHx np oH3 B oAa (D B P), rraepra Ha cBa rpecrora (KSJ yrravy y o4pefenoicy oBa'I'pH $axropa g'" 4yseha. flo4 npernot''uu*ot,a xoiu yrnue oApeAe chcreMcKH pH3HK AoBo,'bHa Aa ce npolul4pl'lTH ocHOBHa l{a rpHHOCe aKql4]a' MO?Ke
rcoua

roin

Atltvl le4uavhHa:t'
R

E(R) +

[]ouu Fuuu

P''n F"u"

* 0*' F6' *

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parL,HMa

oBa ABa Mero/l'a' ce o6pauyuanajy nper"ra npnuep' pa3nl4Ka oA

Ha

nunecrnqv ie Ha ceusnrnnHocr noie4HHarlHe * (DBP' lN F u K$ y nenpe4enf e"" npo*""" 6u*topy npoMeHe y Qarcropy x(DBP'
B1 -

HavnHa o6pauyHa: MoAen rarLIBHo je4Hoc'ranHnja MOAen otleKHBaHe AI{BHAeHAe',

Ar4cKOHToBarba
,,32't\alba"
'

crone H MoAeJl xoper<qnle AyropoqHe KaMarHe

ce u',eHa KanHTaJIa noJIa3H OA flpeTnocTaBKe Aa Molxe H3par{yHarh IIa

F* -

uenpe4rufeue

INFn KS) He Mo)Ke o6jacHurll e - Aeo rrpIalloca noju ce

cHc'reMa'lcKnr'l sax'r'opnMa xoln no4pa:y3a pas.nNxy o/{ MoAe'na CAPM'
r,reea ie4aH Qar<'rop cllc'reMCKoI'pH3HKa'

dusudetfiu Modea ducxoumoeoLba oueKLtBalux no

pH3HKa'

ocHoBy o6HqHHx axqnia

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

AflM t'{oxe Vnpaeo oBa KoMyK,'bf{HBa'rH BHIrle Saxropa' npHMeHy'

oBy ltpaKTHqHy fTTeKCHOCT o'f elKatsa rbef

koo:**g

t0A
arcqr'r

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3 V noc.rte4moj r<o'noHn Ta6e'rre
ueH-I'yaJl Ha pa3
JI
14

o6rzvHux k6n- qeua xatrHTaJIa Io ocHoBy

P,,n

ja

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

otsa ABa

- l exyha rplKhlxlla
Y nPeoi ToALIHH

tleHa axrlr'r je

D g

oclloBy o6nquux o'{ercusaHa AHBnAeIIAe rlo

axrlnia

cTona pac'ra He'fo AnBI4AeHAe

sala:u

ce npo-

Ka

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qa aKqH j o6 tr^rlr4ra c'i'p N 6yun e rt on

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o Il

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llporuexa epegxocrn - %

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39

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Murrin Jack, (2000): Vu]uation: Mcusurin'q

and

"f ''"i*",,''*"irtitJ

13)

(2001) EVA and varue_Based Managenent: Young David; O'Byrne Stephen'

prat:ticar

GLtide

crp to Imprementotion, McGraw-Flill"

H

183.

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pu3l{Ka Ko)l{ tro ocHoBy pa3"lt4i{HT'Ix Qaxropa HaeeTleua pa3nuKa uacraie

ce'yutL,yuyjy y o6pauyrr IlAllM

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a rleHy

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o 4rlBep3u$Hxaquia Kynaqa - ycMepeHoc'r Ha Man ra 5poj KyraL\a rcojra xynyjy rpe'rexHH Aeo jaH'ra;
napu acop't-HMaHa je prasuvHr'ria noc'iloBHa

AyropoqHHX Ayrolra art'ailvxojy ce tto cy6jexrr'rnuoj n ad hoc rpoqeHta

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

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

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n uajnoys4auujz nsnop nHSopr,.raqr.rja sa excrepue KopHCllHKe. H nope4 cBHX uarropa paqyHorjoAct,tse_

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V nparccu je n4enrn$hKouaHo npeKo 150 uoryhrax r'ao4raSrzr<aquja, atv ce He npenopyvyje rrpHMeHa Battle oA 15 y nexon npe4y:ehy. Cuar.pa ce 4a je y nehuur c.,ryvajena on.l.r4Ma.rtHa npHMeHa
Ao rrer Mo/{HQv xaquja. Kao sexe o4 Hajsuava juwjux

je

paqyHoBoAC.rBo He MolKe H ue 6n.r-pe6ano ilpeBHtrre Aa oAc-fyila oA cBof KoH3epBal'HBH3Ma, HeofixoAr{o

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Ka_

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nopesa Ha 4o6ur:

'r'BeHHX no4uQHxarl uja, c,:legehn KopaK y EVA o6pa_

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HoMCKe
BpeAHOCTH;

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llpN,rzxon o6pavyna rpotxKoBa

KarrH'rara,

TporxKoBh KaMara ce uo4x$nrcyjy cronor,r [ope3a

1Bl

3axuh B,ra4r.rr'rup (20 11J: ,,Meperoe nepQop naHcH - caBpeMeuH xoullen'r'H", XLI I cxr,rno:njyr,4 Caee: pavyrroeolla peeu:opa u 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.
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llpaxcn ttocroje HeKoJ'lHKo paJnHqHTHx uapujaHln o6pavyna nopesaJ, o veny he HaKHaAHo 6nru ronopa.

IIIIl{ (:6or

pa3rHr*.rrHX TyMacerba no:nqnje

4o6ura npe KaMara

ilocnoeue fiuuaucuie

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

Crora ce npHnHKoM o6pavyna HIIA, no4pa3yMeBa ,,nyHo o[ope3nBa]re" go1vtrn trpe KaMara A rrope3a. Ha nprzr.,tep, yKoJIHKO je 4O6Ul npe
u,a go6wr. KaMa'l'a
Hapa, a
14

nope3a HeKor npe4y:eha L rntlt:l'nole' 4n-

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 rlpeAygeha H [poceqHHx TpouIKoBa KaTIKTaJIa - y oBoM npHMepy BHue oA ABa MH"IiHoHa. To 6n 3Haqu.[o Aa ce oBo npe4ysehe Halra3v Ha rpaHnqa yc[euHor tlocrroBalba. Ca acnexra reHeplzcaFba BpeAHoc'rH sa
aKr{HoHape

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

- nottrro REVA hgt{ocvHyra, npe4y:ehe uuje reuepncalto, arv HX yMarbnno BpeAHoc'l'.

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

Apyrn lpHc'ryn, rcojr.r ce Ha3]lBa onepamu*Hu, Qonycnpa ce Ha neBy c'rpaHy 6utasca cratra n
4e$nHuue HHBecrnpaHH KalrHTa,[ Itao:
oKmule (yrcynua uuosurra) - mexytte o6aeese (xoje u e no d p a syt tee ojy ntt afia u'e rcuuame) aJrreprra'rnBF{rz npHCTy[, nocrojra Molyhnocr o6pavyHa HHBec'r'Hparror KaIIlz'r'ara IIa oc-

Ilope4 Tora [ITo rloAaql4 o rpxlrruHoj rcanuranH: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 xonqenry), caM KoHIIe[T ce 3acHHBa Ha pa3.[HqHTHM
Kpr4THKaMa. 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 npe4craBJba IIOCTaB"rbabe H3y3eTHo BHCOKe JIeCTBI{qe yc-

Kao

[erurrocrn, rcojy vecro He Mory Aa AocrHrHy

HH

iroBy'rp)KHrxHe BpeAHoc'rlr rrpeAy:eha, yMec'ro KrbHroBoACTBeue BpeAHocru. HII{ ce H AaJbe npur'aen'yje y HenpoMerleuoi Qoputt. [lourro je rpxnrurra BpeAHocr ycreuHnx npe4yseha cKopo yBeK lufitl'ta oA KrbHloBol{c'rBeHe, rra oeaj rraqt.rH ce Ao6ujajy Hhlxe BpeAHoc'r'H eKoHoncrce 4o6Nrn, xoja ce y oBoM c,rryvajy qecro o3HaqaBa xao REVA (,,paQnsuca:ua" EVA Hnrz eKoHoMcKa 4o6nrJ.
REVA = HnA

BeoMa ycrreuHa npe4y:eha. To 6u ce Haj6one norJro hJryclpoBarn Ha trphMepy KoMnaHHje ,,Korca-Ko.ra", tuju je pal{ho rp)KHuHe npeMa K}bHroB oAC'rBeHoj npe4nocrn y ogpetleHHM rIepHoAHMa H3Hocho H lpeKo 20.21 I7op, trperrlocraBxor.a 4a je

- (mptruwua epeduocm npedyseho x npoceqHu mpowKolu xanumana)

TpeHyrHa rplitnuHa BpeAHocr tcortraunje,,Korca-Kola" 200 wunujapAh Aonapa, a KruHroBoAclBeHa 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, Mory ce 4o6nrn ApacrHqHo pa3rnqnTe BpeAHocrLI EVA n REVA, uro ce BuAuy cre4ehen o6pavyuy:
EVA = 5 ur.r.rujap4ra USD - (10 nn"rrrajap4n USD x I0o/o) = 4 rr'Ir'r'rrHjaP4e USD REVA = 5 r'arz.rrajap4n USD - (200 rrryrnnjap4n USD xl0o/o) = - t5 vunwjaPlu USD

Pag;rHxe y EVA u REVA Kourlenly Mory ce I4JIyc-

'r'poBarH cae4ehurt rrpuMepoM. VxynHa rpll(HuHa npe/{Hocr npe4yseha (Ha noverxy roTlnrreJ v3Hocv

20 rv'utuotta eBpa, pai{yHoBo/lcrBclro o6pavyuara vn.[HoHa eepa, Hfl/{ 2 ltvnuoHa eBpa H Irpocer{Irr.r 'r'porxKouH KalHTa,[a 10o/o. Y xourcperttotu o6paqyHy jacHo cy sr44rbvBe pa3"rIHKe oBa rqua KoHnpeAHocr HHBecrxpaHor Kartl,tlara H3rrocn 10
rIeIITa: EBA = 2 r"lvnuoua

Onaj xranorernqKu nphMep yxasyje 4a he ;ruAepH y feHepHcaFby BpeAHocTr{ cKopo yBeK ocTBa-

puBarv HerarnBaH PEBA noKa3are,rb. Haurure, mpJ{uwHa epeduocm npedyseha ce socHula ua dse
ocHoaHe KoJqnoHeHme:

- [10

Nrvltvroua x Ljo/o) =

L rn{raraoH

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45
Shapiro Alan; Balbirer Sheldon (2000)V Modern Corporate Finance, Prantice-Hall, Upper Saddle River, New Jersey 07458.

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cxr.rx MepKJla

9.

Young David, O'Byrne Stephen, (2001): EVA and Value-Based Management: A Practicol
Guide to Implementofron, McGraw-Hill.

uaj.reuhe nopuruheHa tloKa3are.rr,a y fipaKCH BenHKHX KopnoparuBHHX rrpeAy3eha: 4o4ary rpxrrrrHy BpeAHocr - MVA (pa:nnxa rpxnuHe BpeAHocrn npe4y:eha v Kailvrara lzHBecrHpaHor y npe4ysehe) n AoAary exoHoMcKyBpe4nocr - EVA. OcHosHe [peAHoc'rH oBa ABa norca:arerua jec're rbr,rxoBa pe"rIa'r'HtsHa je4Hocraeuocr o6pavyua n
rza

10.

3axuh Btaguwrup, (2005): Pacnogena go6umu u nor,rumuxa dueudeHdu [uouorpaQnja), Bnua nocloBHa uKona Honn Ca4 3axnh Btapuvtup,,,Mepe*e repSopr'aaHcn
-

tI.

pa3yM,rbnBocr. V sauzcHocrr4 oA rrolpe6a MeHa{epa rz u orpe6a :Ja fl pylKa u,er',r n H Q oprr.r a r1r.r j a uL rzp oj jannocrn, npe4y:eha Mol y Aa npr.rr.,renyjy H Apyr-e caBpeMeHe MoAeJre o6pavyua.

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mem $uuaucujcxoz us?erumaaeL+,o - usaso+u, nepcneKmuBe u ozpaHuqerca, 3narn6op 26-28. na1, 20 17., crp. 243 -266.
1,2.

Jlumepamypa:

I. 2. 3.
4.

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Essentials oJ'Investmenfs, McGraw Hill

Irwin

"Ilexo Bepa; Braxoshh AlemcaH4ap; [o:sauHh Bra4nu up, (1997): flpoqeua BpeAHocru Kailumeta - Jqemodo"loeuja u npuuepu, ExoHoMcKH I.rHCTr.tryr, Eeorpa4.
n oj e4ra -

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

13. CraH.{ Iah [Ipe4par,,, I{eua Karr HTa.ra

uation

Damodoran Aswath., (2002): InvestmentVal- second edition, Wiley Finance Desai Mihir; Fabrizio Ferri, ,,Understanding

HaqHHX ra3Bopa QnHancupama npe4yseha", Pauyuoeodcmlo toA.50, 6poj 7-8, Caue: peBH3opa H paqyHoBo\a, 20A 6., crp. 3 6-47

Economic Value Added", Harvord Business School, rev. January 9,2006, No 9-206-016.

14. CraH.rr.rh fipe4par, [2006J: Caepeueuo ynp a elbabe fi uuancuj au a np e dys eha, Exonor'.rcxr.r Qa

xyrrrer Kparyjena

q.

!,palauaq {paraua,,,Kpnruxe craHAapAHor CAPM-a a nojana KopHroBaHHx nep:nja MoAenari, Pauytrceodcmlo, BoJt. 55, 6p. 3-4, 201,I, c'rp.52-64.
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7.

Internet sajtovi
http: / / www2.standardandpoors.com.
http: //wwrru.investopedia.com/tcrms/e/ebit.asp
htLp 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-

Glassman James, Hassett Kevin, ,,Stock prices Are Still Far Too Low",Wall StreetJournal Europe, March 78, 1999 ., p.12

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