The Weighted Average Cost of Capital for the Analysis of Innovative Projects Integrated into the Company

The aim of the study is to create a methodology for assessing the estimated average weighted cost of capital in innovative projects that are integrated into an existing company, but at the same time, uncommon at the time. For this purpose, it is proposed to estimate not the estimated weighted average cost of the project capital, but the estimated weighted average cost of the company's capital as a whole, because of the value of project capital will be unreasonably high. Such an approach will allow taking into account various systemic financial effects, for example, expressed in the fact that the cash flows of some projects partially finance the implementation of other projects. This is possible only in the case of projects already integrated into an existing company. The presented methodology allows this to be reflected both in the numerator of net present value -- through the systemic financial effects of project cash flows and in the denominator of net present value -- by discounting project cash flows not at the weighted average cost of capital for an individual project, but at the weighted average cost of company capital