Povzetek

Na področju ocenjevanja vrednosti podjetij v Sloveniji je uporaba pribitka za kapitalsko tveganje, kot ga izračunava Ibbotson Associates, pri večini ocenjevalcev skorajda avtomatizem. Zelo redki pri izračunih uporabljamo druge vire.
V tem prispevku bom opozorila na pomembnost ugotovitev zadnjih strokovnih raziskav na tem področju, na vsebinske omejitve metodologije Ibbotson Associates in na možne drugačne načine izračunavanja pribitka za kapitalsko tveganje. Predvsem pa bi s tem prispevkom želela spodbuditi ocenjevalce vrednosti v slovenskem prostoru, da bi o pribitku za kapitalsko tveganje začeli razmišljati kot o metodologiji, in ne več le kot o matematično izraženi številki.

Summary

The use of equity risk premium (ERP) derived from Ibbotson Associates publication SBBI Valuation Edition Yearbook is considered almost a standard among Slovene appraisers. We rarely think about the possibility of using other sources for assessing equity risk premiums.
In this article, I would therefore like to shed some light on recent research questioning the use of realized equity risk premiums as an estimate of the ERP, and highlight the limitations of ERP as presented in Ibbotson Associates. Furthermore, I would like to stress the importance of ERP to Slovene appraisers and try to emphasize the importance of ERP concept rather than the ERP as a single mathematical number.