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1 Sb'u French C.W., The Treynor Capital Asset Pricing Model: Journal of Investment
2 Sb'u Sharpe W.F., Capital asset prices: a theory of market equilibrium under conditions of risk, The journal of finance vol. XIX September, 1964, no. 3:
3 Sb'u Lintner J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets, Review of Economics and Statistics, 47 (1):
4 Sb'u Mossin Jan, Equilibrium in a Capital Asset Market, 1966 Econometrica, 34 (4), 768-783:
5 Sb'u Markowitz H.M., The early history of portfolio theory: 1600-1960, 1999, Financial Analysts Journal 55 (4):
6 Sb'u Black F., Michael C.J., Myron S.S., The Capital Asset Pricing Model: Some Empirical Tests, 1972, tg 79-121 in M. Jensen ed., Studies in the Theory of Capital Markets. New York: Praeger Publishers:
7 Sb'u Damodaran A., Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 3rd Edition, 2012, John Wiley & Sons, Inc.
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8 U.U. brifiuiqiupjiutj, « ômnmjnLp-jriLblibp|n n[npuinLi5 p|nqlibufi q.limhmLni5mli hfiJlim [иЬгфрЬЬрр, lluibbrnfununLp-jriLli, bp., 2014:
9 U.U. brjJiiuquipjuiti, P[iqlibu[i q.limhmuinLiJ, T-mumfununLp-jnLljlibpli Ijjmpbp, bp., «Sùuihuiu qbm» hpmin., 2019:
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10 Sb'u Damodaran A., Investment Valuation, 2008, John Wiley & Sons, Inc, t2 211-213:
" Sb'u U..U. br\|iuiquipjuili. P[iqlibu|i qliiuhiuinnLJ, T-iuuiu^nunLpjnLlilibpli lijnLpbp, bp., «Sliinb uiuqbrn», 2019:
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Levered beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity)): (3)
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12 Sb'u Damodaran A., Investment Valuation, 2008, John Wiley & Sons, Inc, tg 20:
13 Sb'u Щербаков B.A., Щербакова H.A., Оценка стоимости предприятия (бизнеса), Омега-Л 2006, (Организация и планирование бизнеса), tg 134:
14 Sb'u СЧ-. lTtjuiguil|uitijuiti, Ч-.t. Uuihuil|juiti. ib[iliujliulibp|i 1|шпил|шр1]ш1| h|nJnLliplibp, bp. «U.unr\[iL|» 2016, 116, http://ysu.am/files/Finance-Mnatsakanyan.pdf:
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2006 16870499 0,408 236 568 (0,1969)
2007 20848071 0,236 159 956 (0,3238)
2008 26868321 0,289 767 231 3,7965
2009 8408391 -0,687 1 461 607 0,9050
2010 30204917 2,592 3 179 971 1,1757
2011 33183681 0,099 4 055 345 0,2753
2012 42471171 0,280 6 037 438 0,4888
2013 38134235 -0,102 6 057188 0,0033
2014 21111870 -0,446 7148 870 0,1802
2015 -20708845 -1,981 4 815 102 (0,3265)
2016 31659531 -2,529 6 217 718 0,2913
2017 40218833 0,270 7 680 304 0,2352
2018 38586670 -0,041 10 440 111 0,3593
2019 30869336 -0,200 12 431 575 0,0693
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15 lirijnLuiuliQ l|iuqi5b[ t hbriJitiiul|Q, uii|juj|tihpQ i|hpgi|iuô bti « ЧР-fi U «UiSbpfiiupiutili» ФРС-fi iniuphl|iuti ф|п1|шЬиш1|ш1| huJ2i|buii|nL[ajnLtjtjbp|ng, https://ameriabank.am/page.aspx?id=159&lang=33, https://www.cba.am/am/SitePages/pperiodicals.aspx:
16 http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
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U"|iiuduidiutiiuliiuL|, hiupiupbpiuL|iuli grugiuli^libpli L||npiurinLjajnLtiq hliiu-pmi[npnl[3jnlIj t iniu[|iu qliiuhiuiniuL|iulj|i dbg iupiniugnLb[nL diuL|iupqiuL|ljbp|i hniud|iiuutjnL|3jnLtjp. CLIi-lf npii|bu diuL|pninljinbuiuL|iuli gmgiuli|i2, piuliL|iuj|ili hiudiuL|iupq|i ш^т^ЬЬрр' npii|bu 6jrnq|i, hiuini|iuô|i dfiinnLdtihpQ plinpn2nq дтдш1ф2, pliL|bpnLfajiuLi qmin 2iuhnLjp|i dbönLiajintiQ1 npii|bu iuó|i rnqqinfajnili-
http://www.pondiuni.edu.in/storage/dde/downloads/finiv_sapm.pdf
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80 Sb'u Kozarevic E., Dzafic J., Capital Asset Pricing Model and the Cost of Equity Share Capital on the Sarajevo Stock Exchange, "Journal of Empirical Economics" Vol. 2, No. 2, 2014, tg 88-96:
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Oqinuiq.npói|iuó qpuiljiiitinLpjnLti
1. bqjiiuqiupjiuti U.U., P|iqtjbu|i qtjiuhiuinnul, 1шиш[ипип1|Э]пЛЬЬр|1
2. br|jiuiqiupjuiti ULU., « &iuniujnL|3jni.titibp|i n[npinnul pfiqlibu[i iup-
qliiuhminJmlj h|iúljmfbiliri.|iplibpQ, LLinbliiufbinunLfajnLli, bp.,
2014:
3. UliiugiuL|iutijiuti <.4-., UuihuiLijuiti Ч-.t-, 3a|ntiujtiutibp|n 1^шпш1|шр-úiuli hfiúrutjgtjbp, bp., «LLunr[JiL|», 2016, 128 tg, http://ysu.am/files/Finance-Mnatsakanyan.pdf:
4. Щербаков в.а., Щербакова H.A., Оценка стоимости предприятия (бизнеса)/ Омега-Л, 2006, 288 с. (Организация и планирование
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БИНГЕЛ АМИРЯН
Аспирант кафедры коммерции и организации бизнеса АГЭУ
Количественная оценка коэффициента бета и его применение в оценке бизнеса.-Оценка стоимости бизнеса включает в себя анализ и оценку переменных деловой активности. Следует отметить, что при оценке внешних факторов важно оценить коэффициент бета, отражающий фактор системного риска. В настоящее время существуют различные компании и агентства, которые публикуют бета-коэффициенты для того или иного рынка, но оценка коэффициентов для развивающихся рынков, а также для отдельных предприятий требует значительных усилий. В статье предпринята попытка оценить коэффициент бета на примере банковской системы РА, в первую очередь путем применения финансовых показателей конкретной компании и банковской системы, сравнительного исследования коэффициента бета в банковской системе развивающихся стран, а также нового подхода к оценке, который предполагает оценку коэффициента с применением микроэкономических, отраслевых и макроэкономических показателей.
Ключевые слова: трехуровневая оценка коэффициента бета, системный риск, доходность, ковариация, вариация, ВВП / активы банковской системы, модель ценообразования капитальных активов. 1Е1_: 621, М21
90 PUTjPbP cnsc 2020.1
BINGYOL AMIRYAN
PhD Student at the Chair of Commerce and Business Organization at ASUE
Quantitative Estimation of Coefficient Beta and its Application in Business Valuation.- Business valuation involves analyzing and evaluating business activity variables. It should be mentioned that when studying the external factors it is important to evaluate the coefficient beta, which reflects the systemic risk factor. There are currently various companies and agencies that publish beta coefficients for some markets, but coefficient estimation for emerging markets as well as for individual businesses requires considerable efforts. The paper attempts to estimate the beta coefficient based on the example of the banking system of the Republic of Armenia, primarily by applying the financial indicators of a particular company and the banking system, a comparative study of the beta coefficient in the banking system of developing countries, as well as a new approach to evaluation, which involves evaluating the coefficient application of microeconomic, industrial and macroeconomic indicators.
Key words: three-level assessment of beta coefficient, system risk, profitability, covariance, variation, GDP / banking system assets, capital asset pricing model. JEL: G21, M21
