Rizik kapitala kao faktor procene vrednosti preduzeća

The process of privatization in Serbia and Montenegro creates the need for evaluation of enterprises which are the subjects of transformation. The estimation of risk plays the main role in evaluations, providing the valid and precise business valuations. In our country, information about risks are not used so much because the capital market is in procedure of development. On the contrary, those information are very important and frequently used in countries with developed capital markets. These capital markets have a long history, and many useful information are available for the analysts. They can compare data from many years and make some conclusions about risk and trend of variables. It is necessary to present the practice of developed countries which use several models in risk estimation such as The Capital Asset Pricing Model, The Arbitrage Pricing Model, Multi factor models and Proxy models. There are some differences between models, but all of them use different information from stock exchange, dividing risk into two categories: market risk and specific risk which can be well diversified. Thereby, the risk becomes the leading factor in account of discount rate which will be used in evaluation of enterprises. The mostly used model in practice is The Capital Asset Pricing Model because of simplicity and possibility to explain the market risk, but all other models are used, too. The development of capital market in our country will be inevitably the reason for applying those models. Also, some changes in law of business valuation will be made. Accordingly, the quality and validity of evaluation will be increased.