COMPETITIVE ADVANTAGE PERIOD MODEL IN VALUATION THEORY: EXAMPLES FROM ISE

Öz

Although the concept of Competitive Advantage Period (CAP) has been existing for almost 50 years, it has not been worked extensively in the academic world. It has the capacity to bring new perspectives to the valuation theory’s discounted cash flow method, as well as being a new tool for investors in their decision making processes. The concept which can be defined as the number of years a company can create value for its shareholders, actually lies in between industrial organization and finance (more specifically corporate finance).

Anahtar Kelimeler

• Valuation, Competetive Advantage Period, Invested Capital, Working Capital, Weighted Cost of Capital, Discounted Cash Flow Method

DEĞERLEME TEORİSİNDE REKABETÇİ AVANTAJ DÖNEMİ MODELİ: İMKB’DEN ÖRNEKLER

Öz

Rekabetçi Avantaj Dönemi (Competitive Advantage Period-CAP) kavramı, neredeyse 50 yıllık bir geçmişi olmasına rağmen ayrıntılı şekilde incelenmemiş bir kavramdır. Değerleme teorisi bünyesinde indirgenmiş nakit akımları yöntemine farklı boyutlar getirebilecek nitelikte olan söz konusu kavram, aynı zamanda yatırımcıların karar alma süreçlerine de bir nebze daha ışık tutabilecek bir yapıdadır. Şirketlerin, ortakları için değer yaratma dönemi olarak basitçe tarif edilebilecek olan bu kavram, bir anlamda endüstri iktisadı ve finansın daha özelinde ise işletme finansının kesişim bölgelerinden birisini oluşturmaktadır.

Anahtar Kelimeler

• Değerleme, Rekabetçi Avantaj Dönemi, Yatırılmış Sermaye, İşletme Sermayesi, Ağırlıklı Ortalama Sermaye Maliyeti, İndirgenmiş Nakit Akımları Yöntemi

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