IDEAS home Printed from https://ideas.repec.org/a/prg/jnlpol/v2002y2002i2id355.html
   My bibliography  Save this article

Kapitálová výnosnost (možnosti využití produkční funkce pro ohodnocování firem v české ekonomice)
[Capital yield (the possibility of using of production function for valuation of firms in czech economy)]

Author

Listed:
  • Jan Kodera
  • Václava Pánková

Abstract

The aim of the article is to create a theoretical support for capital yield determination on the basement of neoclassical microeconomics. The yields of an industrial capital can be used as a discount factor in determination of the value of a firm by discounted cash flow methods. Following the neoclassical assumptions we know that firms are optimising their behaviour and hence they relate the desired capital stock to interest rates and employment to wage in the way of equalization of marginal products of capital and labour to interest rate and wage respectively. A methodology of measuring capital yields by the help of a production function of a sector proposed here follows from the mentioned neoclassical assumptions. An application is made to representative groups of firms belonging to five important industrial sectors in the small economy of the Czech Republic. The results are discussed and compared with others ways of valuation.

Suggested Citation

  • Jan Kodera & Václava Pánková, 2002. "Kapitálová výnosnost (možnosti využití produkční funkce pro ohodnocování firem v české ekonomice) [Capital yield (the possibility of using of production function for valuation of firms in czech eco," Politická ekonomie, Prague University of Economics and Business, vol. 2002(2).
    • Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:2:id:355
    DOI: 10.18267/j.polek.355
    as

    Download full text from publisher

    File URL: http://polek.vse.cz/doi/10.18267/j.polek.355.html
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.polek.355?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2002:y:2002:i:2:id:355. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.