MODEL OF ACCOUNTING THE PROBABILITY OF DEFAULT FOR CALCULATION OF WACC AND DETERMINATION OF OPTIMAL CAPITAL STRUCTURE

The work is devoted to the solving the important issue on necessity of the direct accounting of probability of default of corporation at calculation of required return of own capital and the weighted average price of the capital of WACC. The model for calculation of the weighted average price of the capital of WACC and determination of optimal capital structure taking into account probability of a default of firm in an explicit form is suggested. For calculation of probability of a default the use of the EDF Moody`s KMV model compatible to model of the author is proposed.