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Sigorta Şirketlerinde Özkaynak Maliyetinin Belirlenmesinde Kullanılan Yöntemlerin Karşılaştırılması

Yıl 2008, Cilt: 3 Sayı: 2, 129 - 141, 01.10.2008

Seyfettin Ünal

Öz

Bir işletmenin piyasa değerinin belirleyicisi varlık yatırımlarının sağlaması beklenen nakit akımlarının bugünkü değeridir. Sözkonusu değer sermaye maliyetinin üzerinde olması halinde firmanın piyasa değerine artı değer olarak yansıyıp, altında kaldığı takdirde eksi değer olarak yansıyacaktır. Dolayısıyla firmanın değerinin artmasına veya azalmasına neden olabilecek ‘‘değer’’ unsurunun belirleyicisinin sermaye maliyeti olduğu görülür.

Kaynakça

  • Brigham, Eugene F. ve Louis C. Gapenski (1994), Financial Management, Theory and Practice, Seventh Edition, Dryden.
  • Copeland, Thomas E. ve J. Fred Weston (1992), Financial Theory and Corporate Policy, Third Edition, Addison Wesley.
  • Cottle, Sidney, Roger F. Murray ve Frank E. Block (1988), Graham and Dodd’s Security Analysis, Fifth Edition, McGraw Hill.
  • Cummins, J. David ve David J. Nye (1971), ‘‘The Cost of Capital of Insurance Companies: Comments’’, The Journal of Risk and Insurance, 39 (3), 487-491.
  • Çanakçı, İbrahim Halil (2005), ‘‘Hedef, Gelişmiş Ülkeler Seviyesi’’, Birlik Dergisi, Türkiye Sigorta ve Reasürans Şirketler BirliğiYayını, Ocak-Mart 2005 (1), 26-31.
  • D'Arcy, Stephen P. ve James R. Garven (1990), ‘‘Property-Liability Insurance Pricing Models: An Empirical Evaluation’’, The Journal of Risk and Insurance, 57 (3), 391-430.
  • De Mey, Jozef (2000), ‘‘Comments on the Cost of Capital’’, Geneva Papers on Risk & Insurance, 25 (1), 25-40.
  • Doherty, Neil A. ve James R. Garven (1986), ‘‘Price Regulation in Property-Liability Insurance: A Contingent Claims Approach’’, Journal of Finance, 41 (5), 1031-1050.
  • Donaldson, Gordon (1961), Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity, A Survey, Harward Graduate School of Business Administration.
  • Fairley, William B. (1979), ‘‘Investment Income and Profit Margins in Property Liability Insurance’’, Bell Journal of Economics, 10 (1), 192-210.
  • Forbes, Stephen W. (1972), ‘‘The Cost of Capital of Insurance Companies: Further Comment’’, The Journal of Risk and Insurance, 39 (3), 491-492.
  • Hamada, Robert S. (1969), ‘‘Portfolio Analysis, Market Equilibrium, and Corporation Finance’’, Journal of Finance, 24 (1), 13-31.
  • Hill, Raymond D. (1979), ‘‘Profit Regulation in Property Liability Insurance’’, Bell Journal of Economics, 10 (1), 172-191.
  • Hill, Raymond D. ve Franco Modigliani (1987), ‘‘The Massachusetts Model of Profit Regulation in Non-Life Insurance’’, An Appraisal and Extensions, Ed. Cummins ve Harrington, Chapter 2.
  • Myers, Stewart C. (1984), ‘‘The Capital Structure Puzzle’’, Journal of Finance, 39 (3), 575-592.
  • Jensen, Michael C. ve William H. Meckling (1976), ‘‘Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure’’, Journal of Financial Economics, 3 (4), 305-360.
  • Launie, J.J. (1971), ‘‘The Cost of Capital of Insurance Companies’’, The Journal of Risk and Insurance, 38 (2), 263-268.
  • Launie, J.J. (1972), ‘‘The Cost of Capital of Insurance Companies: Author's Reply’’, The Journal of Risk and Insurance, 39 (3), 492-495.
  • Lee, Alice C. ve J. David Cummins (1998), ‘‘Alternative Models for Estimating the Cost of Equity Capital for Property/Casualty Insurers’’, Review of Quantitative Finance and Accounting, 10 (3), 235–267.
  • Marsh, Paul (1982), ‘‘The Choice Between Equity and Debt: An Empirical Study’’, Journal of Finance, 37 (1), 121-144.
  • Quirin, G. David ve William R. Waters (1975), ‘‘Market Efficiency and the Cost of Capital: The Strange Case of Fire and Casualty Insurance Companies’’, The Journal of Finance, 30 (2), 427-445.
  • Stowe, John D. (1978), ‘‘Life Insurance Company Portfolio Behavior’’, The Journal of Risk and Insurance, 45 (3), 431-447.
  • Taggart, Robert A.Jr. (1977), ‘‘A Model of Corporate Financing Decisions’’, Journal of Finance, 32 (5), 1467-1484.
  • Van Horne, James C. (2002), Financial Management Policy, Twelfth Edition, Prentice Hall.

Sigorta Şirketlerinde Özkaynak Maliyetinin Belirlenmesinde Kullanılan Yöntemlerin Karşılaştırılması

Yıl 2008, Cilt: 3 Sayı: 2, 129 - 141, 01.10.2008

Seyfettin Ünal

Öz

Kaynakça

  • Brigham, Eugene F. ve Louis C. Gapenski (1994), Financial Management, Theory and Practice, Seventh Edition, Dryden.
  • Copeland, Thomas E. ve J. Fred Weston (1992), Financial Theory and Corporate Policy, Third Edition, Addison Wesley.
  • Cottle, Sidney, Roger F. Murray ve Frank E. Block (1988), Graham and Dodd’s Security Analysis, Fifth Edition, McGraw Hill.
  • Cummins, J. David ve David J. Nye (1971), ‘‘The Cost of Capital of Insurance Companies: Comments’’, The Journal of Risk and Insurance, 39 (3), 487-491.
  • Çanakçı, İbrahim Halil (2005), ‘‘Hedef, Gelişmiş Ülkeler Seviyesi’’, Birlik Dergisi, Türkiye Sigorta ve Reasürans Şirketler BirliğiYayını, Ocak-Mart 2005 (1), 26-31.
  • D'Arcy, Stephen P. ve James R. Garven (1990), ‘‘Property-Liability Insurance Pricing Models: An Empirical Evaluation’’, The Journal of Risk and Insurance, 57 (3), 391-430.
  • De Mey, Jozef (2000), ‘‘Comments on the Cost of Capital’’, Geneva Papers on Risk & Insurance, 25 (1), 25-40.
  • Doherty, Neil A. ve James R. Garven (1986), ‘‘Price Regulation in Property-Liability Insurance: A Contingent Claims Approach’’, Journal of Finance, 41 (5), 1031-1050.
  • Donaldson, Gordon (1961), Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity, A Survey, Harward Graduate School of Business Administration.
  • Fairley, William B. (1979), ‘‘Investment Income and Profit Margins in Property Liability Insurance’’, Bell Journal of Economics, 10 (1), 192-210.
  • Forbes, Stephen W. (1972), ‘‘The Cost of Capital of Insurance Companies: Further Comment’’, The Journal of Risk and Insurance, 39 (3), 491-492.
  • Hamada, Robert S. (1969), ‘‘Portfolio Analysis, Market Equilibrium, and Corporation Finance’’, Journal of Finance, 24 (1), 13-31.
  • Hill, Raymond D. (1979), ‘‘Profit Regulation in Property Liability Insurance’’, Bell Journal of Economics, 10 (1), 172-191.
  • Hill, Raymond D. ve Franco Modigliani (1987), ‘‘The Massachusetts Model of Profit Regulation in Non-Life Insurance’’, An Appraisal and Extensions, Ed. Cummins ve Harrington, Chapter 2.
  • Myers, Stewart C. (1984), ‘‘The Capital Structure Puzzle’’, Journal of Finance, 39 (3), 575-592.
  • Jensen, Michael C. ve William H. Meckling (1976), ‘‘Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure’’, Journal of Financial Economics, 3 (4), 305-360.
  • Launie, J.J. (1971), ‘‘The Cost of Capital of Insurance Companies’’, The Journal of Risk and Insurance, 38 (2), 263-268.
  • Launie, J.J. (1972), ‘‘The Cost of Capital of Insurance Companies: Author's Reply’’, The Journal of Risk and Insurance, 39 (3), 492-495.
  • Lee, Alice C. ve J. David Cummins (1998), ‘‘Alternative Models for Estimating the Cost of Equity Capital for Property/Casualty Insurers’’, Review of Quantitative Finance and Accounting, 10 (3), 235–267.
  • Marsh, Paul (1982), ‘‘The Choice Between Equity and Debt: An Empirical Study’’, Journal of Finance, 37 (1), 121-144.
  • Quirin, G. David ve William R. Waters (1975), ‘‘Market Efficiency and the Cost of Capital: The Strange Case of Fire and Casualty Insurance Companies’’, The Journal of Finance, 30 (2), 427-445.
  • Stowe, John D. (1978), ‘‘Life Insurance Company Portfolio Behavior’’, The Journal of Risk and Insurance, 45 (3), 431-447.
  • Taggart, Robert A.Jr. (1977), ‘‘A Model of Corporate Financing Decisions’’, Journal of Finance, 32 (5), 1467-1484.
  • Van Horne, James C. (2002), Financial Management Policy, Twelfth Edition, Prentice Hall.
Toplam 24 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Seyfettin Ünal Bu kişi benim

Yayımlanma Tarihi 1 Ekim 2008
Yayımlandığı Sayı Yıl 2008 Cilt: 3 Sayı: 2

Kaynak Göster

APA Ünal, S. (2008). Sigorta Şirketlerinde Özkaynak Maliyetinin Belirlenmesinde Kullanılan Yöntemlerin Karşılaştırılması. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 3(2), 129-141.