Başlık Belirtilmemiş

Year 2013, Volume: 5 Issue: 3, 63 - 72, 01.09.2013

Mustafa Gözen

Abstract

This article introduces the models for estimating the cost of equity for energy network utilities in emerging economies and discusses them from the perspective of finance theory. For this purpose, a comprehensive review of literature is conducted. The available models in the literature are classified and evaluated in detail. Several versions of CAPM have been developed to estimate the cost of equity in emerging markets since the 1990s. However, the majority of the models are thought to violate the main assumptions of CAPM. On the other hand, all estimation methods look at the issue from the perspective of a global investor with a diversified portfolio. Emerging markets are either segmented from or partially integrated with the global market and frequently there are limits on local investors in these markets to invest in the international market. As a result, the cost of equity to a local investor could be relatively different from that to a global investor. In conclusion, both in practice and theory, there are very diverse and controversial proposals, which do not provide good guidelines for energy regulators in emerging countries in order to fulfill their duties regarding the tariff regulation of energy network utilities

Keywords

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Başlık Belirtilmemiş

Abstract

Bu makale gelişmekte olan ekonomilerde enerji şebeke şirketleri için öz sermaye maliyetinin tahminine yönelik modelleri tanıtmakta ve bu modelleri finans teorisi açısından tartışmaktadır. Bu amaçla, kapsamlı bir literatür taraması yapılmıştır. Literatürde ulaşılan modeller sınıflandırılmış ve ayrıntılı olarak değerlendirilmiştir. 1990'lı yıllardan itibaren gelişmekte olan ülkelerde öz sermaye maliyetinin tahmini için CAPM modeline dayalı çeşitli modeller geliştirilmiştir. Ancak bu modellerin çoğunluğunun CAPM'in ana varsayımlarını ihlal ettiği düşünülmektedir. Diğer taraftan, tüm tahmin yöntemleri konuya çeşitlendirilmiş portföye sahip global bir yatırımcı açısından bakmaktadır. Gelişmekte olan ülkeler ya global piyasalar ile kısmen entegre ya da ayrışmış olmakta ve bazı durumlarda yerli yatırımcıların uluslararası piyasalarda yatırım yapmasına yönelik sınırlamalar bulunmaktadır. Bu nedenle, yerli ve global yatırımcılar için öz sermaye maliyeti birbirinden göreceli olarak farklı olabilmektedir. Sonuç itibarıyla, teori ve uygulamada gelişmekte olan ülkelerdeki enerji düzenleme kurumlarının enerji şebeke şirketlerinin tarifelerinin düzenlenmesine ilişkin görevlerini yerine getirmeleri için iyi kılavuz niteliğinde olmayan, farklı ve karşıt öneriler bulunmaktadır

Keywords

Sermaye maliyeti, öz sermaye maliyeti, WACC, CAPM, enerji tarifesi

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