Gelişmekte Olan Ülkelerde Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahminindeki Ana Konu ve Sorunlar

Year 2012, Volume: 19 Issue: 1, 149 - 161, 01.03.2012

Mustafa Gözen

Abstract

Keywords

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Gelişmekte Olan Ülkelerde Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahminindeki Ana Konu ve Sorunlar

Abstract

Gelişmekte olan ülkeler göreceli olarak derinliği olmayan sermaye piyasasına, daha yüksek ülke riskine, ekonomik belirsizliklere ve siyasi riske sahip olduklarından bu ülkelerde sermaye maliyetinin tahmini daha zordur. Tecrübelere göre, gelişmekte olan ülkelerdeki enerji piyasası düzenleme kurumlarının sermaye maliyetinin tahmininde, genellikle kendi personelinin çalışma ve tavsiyelerine ve/veya danışmanlık hizmetlerine bağımlı oldukları görülmektedir. Enerji piyasası düzenleme kurumları bu konuda nihai karar verici durumunda olduğundan, enerji şirketleri için makul ve kabul edilebilir bir sermaye maliyetinin tahminindeki ana konu ve sorunları anlamaları gerekmektedir. Makale, düzenleme kurumlarının sermaye maliyeti tahmininde dikkate almaları gereken ana konu ve sorunları ortaya koymakta ve tartışmaktadır. Ancak gelişmekte olan ülkelerde sermaye maliyetinin belirlenmesinde ana konu ve sorunların nasıl dikkate alınacağına ilişkin olarak akademisyen, düzenleme kurumu, bankacı ve diğer uygulayıcılar arasında bir uzlaşma bulunmamaktadır. Bu durum, gelişmekte olan ülkelerde sermaye maliyeti tahminini daha da zorlaştırmaktadır

Keywords

Sermaye maliyeti, WACC, enerji düzenlemesi

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