Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahmini: Düzenleme Kurumları Açısından İncelenmesi

Öz

Enerji şebeke şirketleri için sermaye maliyetinin tahmin edilmesi, enerji piyasası düzenleme kurumlarının aldıkları kararları doğrudan etkilediğinden kritik bir konudur. Enerji piyasası düzenleme kurumları, ulusal kanunlar ile belirlenen görevleri çerçevesinde, bir taraftan tüketicilerin haklarını diğer taraftan yatırımcılara kabul edilebilir getiri sağlayacak şekilde enerji şebeke şirketleri için makul bir getiri oranı belirlemek durumundadır. Tüm ülkelerde uygulanabilecek genel kabul görmüş bir tahmin yöntemi bulunmamaktadır. Özellikle farklı getiri beklentisine sahip ortaklık yapısına sahip enerji şirketi için sermaye maliyetinin tahmininin düzenleme kurumları açısından incelenmesine ihtiyaç bulunmaktadır. Ancak mevcut tahmin yöntemleri ya endüstri bazında ya da ülke bazında sermaye maliyeti değerleri sağlamakta olup şebeke şirketlerinin hissedarlarının farklı getiri bekletilerini dikkate almamaktadır.

Anahtar Kelimeler

• Sermaye Maliyeti, Enerji Düzenleme, Enerji Şirketleri

COST OF CAPITAL ESTIMATION FOR ENERGY NETWORK UTILITIES: REVISITING FROM THE PERSPECTIVE OF REGULATORS

Öz

Estimating the cost of capital for energy network utilities is critical because it directly effects decisions energy regulators make. The regulators have to estimate and allow a reasonable rate of return for network utilities as part of their duties under national laws, while balancing the protection of consumers and allowing an acceptable return to network investors. There is no generally accepted method applicable in all countries. Consequently, there is a need to review the estimation methods from the regulator's perspective, especially how to estimate an acceptable return if the network utility has an ownership structure with different return interests. Unfortunately, the available models provide either industry based or countrywide cost of capital values and do not consider different return expectations of network utility shareholders.

Anahtar Kelimeler

• Cost of Capital, Energy Regulation, Energy Utility

Kaynakça

1. Alexander, I., Estache, A., and Oliveri, A., (2000), A few things transport regulators should know about risk and the cost of capital. Utilities Policy, 9, 1- 13.
2. Alexander, I. and Irwin, T. (1996), Price Caps, Rate-of-Return Regulation, and the Cost of Capital, Note No.87, September, Washington, D.C.: The World Bank Group.
3. Armstrong, M., Cowan, S., and Vickers, J. (1998), Regulatory reform: Economic analysis and British experience, fourth printing. Cambridge, MA: The MIT Press, Massachusetts Institute of Technology.
4. Arnold, G. (2008), Corporate Financial Management, fourth edition. England: Pearson Education Limited.
5. Averch, H. and Johnson, L.L. (1962), Behavior of the firm under regulatory constraint, The American Economic Review, 52(5), 1052-1069.
6. Bakovic, T., Tenenbaum, B., and Woolf, F. (2003), Regulation by contract: A new way to privatize electricity distribution? Washington, D.C.: The World Bank.
7. Bekaert, G. and Harvey, C.R. (1995), Time-varying world market integration, Journal of Finance, 50, 403-444.
8. Bekaert, G. and Harvey, C.R. (2002), Research in emerging markets finance: Looking to the future, Emerging Markets Review, 3, 429-448.

9. Bosselman, F., Rossi, J., and Weaver, J.L. (2000), Energy, Economics and the Environment, New York: Foundation Press.
10. Brigham, E.F. and Ehrhardt, M.C. (2005), Financial Management: Theory and Practice, eleventh edition, Australia; United Kingdom: Thomson & Southwestern.
11. Bruner, R.F., Eades, K.M., Harris, R.S., and Higgins, R.C. (1998), Best practices in estimating the cost of capital: Survey and synthesis. Financial Practice and Education, 8, Spring/Summer, 13-28.
12. Butler, K.C. (2004), Multinational Finance, third ed., Mason, Ohio: Thomson & South-Western.
13. Central Bank of the Republic of Turkey (2011), Inflation rates for Turkey, in Turkish, , 18.08.2011.
14. Copeland, T.E., Koller, T., and Murrin J. (2000), Valuation: Measuring and Managing the Value of Companies, New Jersey: John Wiley & Sons, Inc.
15. Copeland, T.E., Weston, J.F., and Shastri, K. (2005), Financial Theory and Corporate Policy, fourth edition, Boston: Pearson Addison Wesley.
16. Crew, M.A. and Kleindorfer, P.R. (1979), Public Utility Economics, London: The MacMillan Press Ltd.
17. Damodaran, A. (2003a) Valuation in emerging markets, Choi, F.D.S. (ed.), International Finance and Accounting Handbook, Third Edition, John Wiley & Sons, Inc., New Jersey, Chapter 9.
18. Damodaran, A. (2003b) "Country risk and company exposure: Theory and practice", Journal of Applied Finance, Fall/Winter: 63-76.
19. Damodaran, A. (2009a) "Volatility rules: Valuing emerging market companies", papers/emergmkts.pdf, (24.06.2010).
20. http://pages.stern.nyu.edu/~adamodar/pdfiles/
21. Damodaran, A. (2009b) "Equity risk premiums (ERP): Determinants, estimation and implications", October 22, http://papers.ssrn.com/sol3/ papers.cfm?abstract_id=1492717, (22.06.2010). Damodaran, A. (2010a), country-risk.pdf>, 05.07.2010. Measuring country risk,
22. Damodaran, A. (2010b), Cost of capital by industry sector, , 25.08.2010.
23. Damodaran, A. (2010c), Levered and Unlevered Betas by Industry, , 22.07.2010. Damodaran, A. (2010d), Total betas by sectors, pages.stern.nyu.edu/~adamodar>, 24.08.2010.
24. Ehrhardt, M.C. (1994), The Search for Value: Measuring the Company's Cost of Capital, Boston: Harvard Business School Press.
25. Erb, C.B., Campbell, R.H., and Viskanta, T.E. (1995), Country risk and global equity selection, Journal of Portfolio Management, 21, 74-83.
26. Erb, C.B., Campbell, R. H., and Viskanta, T.E. (1996), Expected returns and volatility in 135 countries, Journal of Portfolio Management, Spring, 46- 58.
27. Estrada, J. (2007), Discount rates in emerging markets: Four models and an application, Journal of Applied Corporate Finance, 19(2), 72-77.
28. Fifield, S.G.M., Power, D.M., and Sinclair, C.D. (2002), The Role of Economic and Fundamental Factors in Emerging Market Share Returns, Dundee Discussion Papers, September, Dundee: University of Dundee.
29. Franks, J. (2007). Cost of capital: Some current issues, in: Robinson, M., (ed.), Utility Regulation in Competitive Markets: Problems and Progress, London: Edward Elgar Publishing, Inc., 189-201.
30. Franks, J.R. and Broyles, J.E. (1979), Modern Managerial Finance, New York: John Wiley & Sons, Ltd.
31. Gordon, M.J. (1974), The Cost of Capital to a Public Utility. East Lansing, Michigan: Michigan State University Public Utilities Studies, The Institute of Public Utilities.
32. Graham, J.R. and Harvey, C.R. (2001), The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics, 60, 187-243.
33. Grout, P. (1994), The cost of capital in regulated industries, in: Bishop, M., Kay, J., and Mayer, C. (eds.), The Regulatory Challenge, Oxford: Oxford University Press, 387-407.
34. Harvey, C.R. (2001), Asset pricing: Emerging markets, in: Smelser, N.J. and Baltes, P.B. (eds), International Encyclopedia of the Social & Behavioral Sciences, Amsterdam: Elsevier B.V., 840-845.
35. Harvey, C.R. (2005), 12 ways to calculate the international cost of capital., 24.05.2010.
36. Helm, D. (1995a), Regulating in the public interest, in: Helm, D. (ed.), British Utility Regulation: Principles, Experience and Reform, Oxford: The Oxera Press, Oxford Economic Research Associates Ltd., 151-162.
37. Helm, D. (1995b), British Utility Regulation: Theory, Practice, and Reform, in: Helm, D. (ed.), British Utility Regulation: Principles, Experience and Reform, Oxford: The Oxera Press, Oxford Economic Research Associates Ltd., 41-71.
38. Hull, J.C. (1980), The Evaluation of Risk in Business Investment, first edition, United Kingdom: Pergamon Press.
39. Independent Pricing and Regulatory Tribunal of New South Wales (2002), Weighted average cost of capital, Discussion paper DP56, August, Sydney, Australia.
40. InflationData.com (2011), Inflation rates for the U.S., , 17.08.2011.
41. Jenkinson, T. (2006), Regulation and the cost of capital, in: Crew, M. and Parker, D., (eds.), International Handbook on Economic Regulation, Cheltenham, UK; Northampton, MA, USA: Edward Elgar Publishing Limited, 146-163.
42. Kahn, A. (1989), The Economics of Regulation, Principles and Institutions, Cambridge, Mass.: MIT Press.
43. Koller, T., Goedhart, M., and Wessels, D. (2005), Valuation: Measuring and Managing the Value of Companies, fourth edition, New Jersey: John Wiley & Sons, Inc.
44. Madura, J. (2008), International Corporate Finance, ninth ed., Mason, Ohio: Thomson-South-Western.
45. Makholm, J.D. and Sander, D.O. (1992), Four Common Errors in Applying the DCF in Utility Rate Cases. Working Paper, NERA Topics, February 1, 1-10, New , 14.05.2010. Economic Research Associates; Inc.,
46. Mariscal, J.O., Lee, R.M. (1993), The valuation of Mexican stocks: An extension of the capital asset pricing model, Goldman Sachs Latin American Research, BA456_2006/GS_The_valuation_of_mexican_stocks.pdf>, 19.08.2010.
47. McRae, T. W. (1996), International Business Finance: A Concise Introduction, New York: John Willy & Sons, Inc.
48. Myers, S.C. and Borucki, L.S. (1994), Discounted Cash Flow Estimates of the Cost of Equity Capital - A Case Study, Financial Markets, Institutions & Instruments, 3(3), 9-45.
49. Northcott, D. (1995), Capital Investment Decision-Making, London: The Dryden Press.
50. Patterson, C.S. (1995), The cost of capital: Theory and estimation. Westport, Connecticut: Quorum Books.
51. Pereiro, L.E. (2001), The valuation of closely-held companies in Latin America, Emerging Markets Review, 2, 330-370.
52. Pereiro, L.E. (2006), The practice of investment valuation in emerging markets: Evidence from Argentina, Journal of Multinational Financial Management, 16, 160-183.
53. Pratt, S.P. and Grabowski, R.I. (2008), Cost of Capital: Applications and Examples, third ed., New Jersey: John Wiley & Sons, Inc.
54. Rocha, K., Camacho, F. and Braganca, G. (2007), Return on capital of Brazilian electricity distributors: A comparative analysis, Energy Policy, 35, 2526-2537.
55. Roll, R.W. and Ross, S.A. (1998), The arbitrage pricing theory versus the capital asset pricing model, in: Lofthouse, S., (ed.), Readings in Investments, New York: John Wiley & Sons, Ltd., 25-37.
56. Ross, S.A., Westerfield, R.W., and Jordan, B.D. (1993), Fundamentals of Corporate Finance, second ed., Boston: Irwin McGraw-Hill.
57. Sabal, J. (2004), The discount rate in emerging markets: A guide, Journal of Applied Corporate Finance, 16(2-3), 155-166.
58. Sercu, P. and Uppal, R. (1995), International Financial Markets and the Firm, Ohio: South-Western College Publishing.
59. Shapiro, A.C. (2003), Multinational Financial Management, seventh ed., New York: John Wiley & Sons, Inc.
60. The Federal Reserve Bank of Cleveland (2011), Cleveland Fed Estimates of Inflation Expectations, News Release , 17.08.2011.
61. Voll, S.P., Bhattacharyya, S., and Juris, A. (1998), Cost of capital for privatised distribution companies: A working paper for a calculation for India, NERA , 29.05.2010. paper, October, Washington D.C.,
62. Wall Street Journal (2011), online.wsj.com/mdc/public/page/marketsdata_europe.html>, 19.08.2011. Market Data Center,
63. Welch, I. (2000a), Research Roundtable: The Equity Premium, papers.cfm?abstract_id=234713>, 13.07.2010.
64. Welch, I. (2000b), Views of financial economists on the equity premium and other issues, The Journal of Business, 73(4), 501-537.
65. Welch, I. (2008), The consensus estimate for the equity premium by academic financial economists in December 2007: An update to Welch (2000). Working papers.cfm?abstract_id=1084918>, 13.07.2010. University, paper, Brown
66. Weyman-Jones, T.G. (1994), Recent developments in the economics of public utility regulation, in: Cable J. (ed.), Current Issues in Industrial Economics, London: The MacMillan Press Ltd., 192-226.