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首页> 外文期刊>International Journal of Energy Sector Management >Valuations of electricity distribution and retail companies in an emerging market An empirical study on Turkey
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Valuations of electricity distribution and retail companies in an emerging market An empirical study on Turkey

机译：新兴市场中配电和零售公司的估值土耳其的实证研究

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摘要

Purpose - This paper is aimed to evaluate recently privatized 18 electricity distribution and retail companies, using the data and conditions at the time they were privatized. The main hypothesis of the study is that most of the privatized companies in this research are underpriced similar to previous experiences in developed and emerging economies. Design/methodology/approach - Values of the companies are calculated considering the formal procedures of Turkish energy authorities. These companies are valued under the base, moderate and extreme scenarios created from different sets of assumptions considering conditions and existing data at the time they were privatized. Discounted cash flows (DCF) methodology is used in the estimations. The market prices obtained in their privatization tenders are compared with those theoretically calculated values (intrinsic prices). Findings - The findings reject the hypothesis and indicate an overpricing in general in the privatizations of Turkey. Even the extreme scenario which gives the highest intrinsic values supports the findings. Research limitations/implications - Research is limited with 18 regional electricity distribution company in Turkey. Originality/value - The paper is one of the initial empirical studies on the valuation of energy companies using DCF methodology in an emerging market.
机译：目的-本文旨在使用私有化时的数据和条件评估最近私有化的18家配电和零售公司。该研究的主要假设是，该研究中的大多数私有化公司的价格都被低估，类似于发达和新兴经济体的以往经验。设计/方法/方法-公司的价值是根据土耳其能源部门的正式程序计算得出的。这些公司在私有化时考虑条件和现有数据的情况下，根据各种假设创建的基础，中度和极端情境下都受到重视。估计中使用折现现金流量（DCF）方法。将其私有化招标中获得的市场价格与理论计算的价格（内部价格）进行比较。调查结果-调查结果拒绝了这一假设，并表明土耳其私有化过程中总体定价过高。即使给出最高内在价值的极端情况也支持这一发现。研究的局限性/意义-研究仅限于土耳其的18家区域性配电公司。原创性/价值-本文是对新兴市场中使用DCF方法进行的能源公司估值的初步实证研究之一。

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