, (22.07.2010). Outlook Update", Press Release, July 7," />, (19.07.2010)." />, (21.07.2010)." />
BibTex RIS Kaynak Göster

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

Yıl 2012, Cilt: 19 Sayı: 1, 149 - 161, 01.03.2012

Öz

Kaynakça

  • 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.
  • BARRY, C.B., PEAVY III, J.W., and RODRIGUEZ, M. (1997), Emerging Stock Markets: Risk, Return, and Performance, June, The Research Foundation of the Institute of Chartered Financial Analysts & Blackwell Publishers, Charlottesville, Virginia.
  • BEKAERT, G. (1995), "Market integration and investment barriers in emerging equity markets", The World Bank Economic Review, 9(1): 75-107.
  • BEKAERT, G. and HARVEY, C.R. (2002), "Research in emerging markets finance: Looking to the future", Emerging Markets Review, 3: 429-448.
  • BEKAERT, G. and HARVEY, C.R. (2003), "Emerging markets finance", Journal of Empirical Finance, 10: 3-55.
  • BESLEY, S. and BOLTEN, S.E. (1994), "Rate setting in the utilities industry: Does size make a difference?", The Financial Review, 29(4): 521-538.
  • BREALEY, R.A., MYERS, S.C., and ALLEN, F. (2008), Principles of Corporate Finance, Ninth Edition, McGraw-Hill Education (Asia), Singapore.
  • BRUNER, R.F., CONROY, R.M., ESTRADA, J., and KRITZMAN, M. (2002), "Introduction to valuation in emerging markets", Emerging Markets Review, 3: 310-324.
  • BUCKLEY, A. (2004), Multinational Finance, Fifth Edition, Pearson Education Limited, Essex, UK.
  • COPELAND, T.E., KOLLER, T., AND MURRIN J. (2000), Valuation: Measuring and Managing the Value of Companies, John Wiley & Sons, Inc., New Jersey, USA.
  • COPELAND, T.E., WESTON, J.F., and SHASTRI, K. (2005), Financial Theory and Corporate Policy, Fourth Edition, Pearson Addison Wesley, Boston.
  • DAMODARAN, A. (2005), Applied Corporate Finance: A User's Manual, Second Edition, August, John Wiley & Sons, Inc., New Jersey.
  • FRANKS, J. (2007), Cost of capital: Some current issues, Robinson, M. (ed.), Utility Regulation in Competitive Markets: Problems and Progress, Edward Elgar Publishing, Inc., London, 189-201.
  • GROUT, P. (1994), The cost of capital in regulated industries, Bishop, M., Kay, J. and Mayer, C. (eds.), The Regulatory Challenge, Oxford University Press, Oxford, 387-407.
  • HARRIS, R.S., MARSTON, F.C., MISHRA, D.R., and O`BRIEN, T.J. (2003), "Ex-ante cost of equity estimates of S&P 500 Firms: the choice between global and domestic CAPM", Financial Management, Autumn: 51-66. IMF (2010), <http://www.imf.org/external/pubs/ft/weo/2010/update/02/pdf/0710.pdf>, (22.07.2010). Outlook Update", Press Release, July 7,
  • JENKINSON, T. (2006), Regulation and the cost of capital, Crew, M. and Parker, D. (eds.), International Handbook on Economic Regulation, Edward Elgar Publishing Limited, Cheltenham, UK; Northampton, MA, USA, 146-163.
  • KAHN, A. (1989), The Economics of Regulation, Principles and Institutions, MIT Press, Cambridge, Mass.; London.
  • KEANE, S. (1993), Emerging Markets - The Relevance of Efficient Market Theory, ACCA Research, Occasional Research Paper No.15. Glasgow University, The Chartered Association of Certified Accountants, Glasgow, UK.
  • LOWRY, M.N., and KAUFMANN, L. (1995), Price Cap Designer’s Handbook, Edison Electric Institute, Washington, D.C.
  • MADURA, J. (2008), International Corporate Finance, Ninth Edition, Thomson-South-Western, Mason, Ohio.
  • MILLAR, C.C.J., GRANT, R.M., and CHOI, C.J. (2000), Introduction - Current issues in international business research, Millar, C.C.J., Grant, R.M., and Choi, C.J. (eds.), International Business: Emerging Issues and Emerging Markets, Palgrave MacMillan, Basingstoke, UK, 1-17.
  • MISHRA, D.R., O`BRIEN, T.J. (2001), A comparison of cost of equity estimates of local and global CAPMs, The Financial Review, 36: 27-48.
  • PEREIRO, L.E. (2001), "The valuation of closely-held companies in Latin America", Emerging Markets Review, 2: 330-370.
  • PEREIRO, L.E. (2002), Valuation of Companies in Emerging Markets: A Practical Approach, John Wiley & Sons, Inc., New York.
  • PEREIRO, L.E. (2006), "The practice of investment valuation in emerging markets: Evidence from Argentina", Journal of Multinational Financial Management, 16: 160-183.
  • PRATT, S.P. and GRABOWSKI, R.I. (2008), Cost of Capital: Applications and Examples, Third Edition, John Wiley & Sons, Inc., New Jersey.
  • PRIVATISATION ADMINISTRATION OF THE REPUBLIC OF TURKEY (2010), "Privatization implementations", in Turkish, <http://www.oib.gov.tr>, (19.07.2010).
  • SABAL, J. (2004), "The discount rate in emerging markets: A guide", Journal of Applied Corporate Finance, 16(2-3): 155-166.
  • SERCU, P. and UPPAL, R. (1995), International Financial Markets and the Firm, South-Western College Publishing, Mason, Ohio.
  • SHAPIRO, A.C. (2003), Multinational Financial Management, Seventh Edition, John Wiley & Sons, Inc., New York.
  • STANDARD & POOR`S (2010), Press Release, June 24, www.standardandpoors.com/indices, (22.07.2010).
  • STULZ, R. (1999), "Globalization, corporate finance and the cost of capital", Journal of Applied Corporate Finance, 12: 8-25.
  • WHITTINGTON, G. (1998), Regulatory asset value and the cost of capital, Beesley, M.E. (ed.) Regulating Utilities: Understanding the Issues, The Institute of Economic Affairs in association with London Business School, London, 91-113.
  • WIKIPEDIA (2010), "Emerging markets", <http://en.wikipedia.org/wiki/Emerging_markets>, (21.07.2010).

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

Yıl 2012, Cilt: 19 Sayı: 1, 149 - 161, 01.03.2012

Öz

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

Kaynakça

  • 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.
  • BARRY, C.B., PEAVY III, J.W., and RODRIGUEZ, M. (1997), Emerging Stock Markets: Risk, Return, and Performance, June, The Research Foundation of the Institute of Chartered Financial Analysts & Blackwell Publishers, Charlottesville, Virginia.
  • BEKAERT, G. (1995), "Market integration and investment barriers in emerging equity markets", The World Bank Economic Review, 9(1): 75-107.
  • BEKAERT, G. and HARVEY, C.R. (2002), "Research in emerging markets finance: Looking to the future", Emerging Markets Review, 3: 429-448.
  • BEKAERT, G. and HARVEY, C.R. (2003), "Emerging markets finance", Journal of Empirical Finance, 10: 3-55.
  • BESLEY, S. and BOLTEN, S.E. (1994), "Rate setting in the utilities industry: Does size make a difference?", The Financial Review, 29(4): 521-538.
  • BREALEY, R.A., MYERS, S.C., and ALLEN, F. (2008), Principles of Corporate Finance, Ninth Edition, McGraw-Hill Education (Asia), Singapore.
  • BRUNER, R.F., CONROY, R.M., ESTRADA, J., and KRITZMAN, M. (2002), "Introduction to valuation in emerging markets", Emerging Markets Review, 3: 310-324.
  • BUCKLEY, A. (2004), Multinational Finance, Fifth Edition, Pearson Education Limited, Essex, UK.
  • COPELAND, T.E., KOLLER, T., AND MURRIN J. (2000), Valuation: Measuring and Managing the Value of Companies, John Wiley & Sons, Inc., New Jersey, USA.
  • COPELAND, T.E., WESTON, J.F., and SHASTRI, K. (2005), Financial Theory and Corporate Policy, Fourth Edition, Pearson Addison Wesley, Boston.
  • DAMODARAN, A. (2005), Applied Corporate Finance: A User's Manual, Second Edition, August, John Wiley & Sons, Inc., New Jersey.
  • FRANKS, J. (2007), Cost of capital: Some current issues, Robinson, M. (ed.), Utility Regulation in Competitive Markets: Problems and Progress, Edward Elgar Publishing, Inc., London, 189-201.
  • GROUT, P. (1994), The cost of capital in regulated industries, Bishop, M., Kay, J. and Mayer, C. (eds.), The Regulatory Challenge, Oxford University Press, Oxford, 387-407.
  • HARRIS, R.S., MARSTON, F.C., MISHRA, D.R., and O`BRIEN, T.J. (2003), "Ex-ante cost of equity estimates of S&P 500 Firms: the choice between global and domestic CAPM", Financial Management, Autumn: 51-66. IMF (2010), <http://www.imf.org/external/pubs/ft/weo/2010/update/02/pdf/0710.pdf>, (22.07.2010). Outlook Update", Press Release, July 7,
  • JENKINSON, T. (2006), Regulation and the cost of capital, Crew, M. and Parker, D. (eds.), International Handbook on Economic Regulation, Edward Elgar Publishing Limited, Cheltenham, UK; Northampton, MA, USA, 146-163.
  • KAHN, A. (1989), The Economics of Regulation, Principles and Institutions, MIT Press, Cambridge, Mass.; London.
  • KEANE, S. (1993), Emerging Markets - The Relevance of Efficient Market Theory, ACCA Research, Occasional Research Paper No.15. Glasgow University, The Chartered Association of Certified Accountants, Glasgow, UK.
  • LOWRY, M.N., and KAUFMANN, L. (1995), Price Cap Designer’s Handbook, Edison Electric Institute, Washington, D.C.
  • MADURA, J. (2008), International Corporate Finance, Ninth Edition, Thomson-South-Western, Mason, Ohio.
  • MILLAR, C.C.J., GRANT, R.M., and CHOI, C.J. (2000), Introduction - Current issues in international business research, Millar, C.C.J., Grant, R.M., and Choi, C.J. (eds.), International Business: Emerging Issues and Emerging Markets, Palgrave MacMillan, Basingstoke, UK, 1-17.
  • MISHRA, D.R., O`BRIEN, T.J. (2001), A comparison of cost of equity estimates of local and global CAPMs, The Financial Review, 36: 27-48.
  • PEREIRO, L.E. (2001), "The valuation of closely-held companies in Latin America", Emerging Markets Review, 2: 330-370.
  • PEREIRO, L.E. (2002), Valuation of Companies in Emerging Markets: A Practical Approach, John Wiley & Sons, Inc., New York.
  • PEREIRO, L.E. (2006), "The practice of investment valuation in emerging markets: Evidence from Argentina", Journal of Multinational Financial Management, 16: 160-183.
  • PRATT, S.P. and GRABOWSKI, R.I. (2008), Cost of Capital: Applications and Examples, Third Edition, John Wiley & Sons, Inc., New Jersey.
  • PRIVATISATION ADMINISTRATION OF THE REPUBLIC OF TURKEY (2010), "Privatization implementations", in Turkish, <http://www.oib.gov.tr>, (19.07.2010).
  • SABAL, J. (2004), "The discount rate in emerging markets: A guide", Journal of Applied Corporate Finance, 16(2-3): 155-166.
  • SERCU, P. and UPPAL, R. (1995), International Financial Markets and the Firm, South-Western College Publishing, Mason, Ohio.
  • SHAPIRO, A.C. (2003), Multinational Financial Management, Seventh Edition, John Wiley & Sons, Inc., New York.
  • STANDARD & POOR`S (2010), Press Release, June 24, www.standardandpoors.com/indices, (22.07.2010).
  • STULZ, R. (1999), "Globalization, corporate finance and the cost of capital", Journal of Applied Corporate Finance, 12: 8-25.
  • WHITTINGTON, G. (1998), Regulatory asset value and the cost of capital, Beesley, M.E. (ed.) Regulating Utilities: Understanding the Issues, The Institute of Economic Affairs in association with London Business School, London, 91-113.
  • WIKIPEDIA (2010), "Emerging markets", <http://en.wikipedia.org/wiki/Emerging_markets>, (21.07.2010).
Toplam 34 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Mustafa Gözen

Yayımlanma Tarihi 1 Mart 2012
Yayımlandığı Sayı Yıl 2012 Cilt: 19 Sayı: 1

Kaynak Göster

APA Gözen, M. (2012). Gelişmekte Olan Ülkelerde Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahminindeki Ana Konu ve Sorunlar. Yönetim Ve Ekonomi Dergisi, 19(1), 149-161.