Analýza přístupu k nákladům kapitálu a kapitálové struktuře ve znaleckých posudcích na ocenění podniku

The thesis focuses on the analysis of the approach to the cost of capital and capital structure in expert’s opinions on the valuation of the business in the Czech Republic. It was examined whether experts prefer a stable or autonomous capital structure, whether the expert’s opinions contain a comprehensive financial plan, the use of interactions, the choice of reagent function for conversion of unlevered costs of equity to levered costs of equity and other factors used by experts to determine the discount rate. Furthermore, unlevered costs of equity were recalculated to levered costs by using a more appropriate reagent function, and the average error in the business valuation was determined arising from the use of an inappropriate reagent function for conversion of unlevered costs of equity. The main benefit of this thesis is to determine the approach of experts to the capital structure and the impact of the reagent function on the value of the company.