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Sigorta Şirketlerinde Özkaynak Maliyetinin Belirlenmesinde Kullanılan Yöntemlerin Karşılaştırılması

An Evaluation of the Approaches Employed in Estimating Cost of Equity for Insurance Firms

Journal Name:

  • Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2008

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Despite being a part of financial services sector, insurance firms apart from other financial service firms in capital components aspect. At industrial firms' standpoint, the cost of capital constitutes a benchmark for the evaluation of investment projects; whereas, it is applied for pricing insurance policies in insurance sector. This study aims to investigate alternative approaches used for cost of equity computations of insurance firms, and to provide a comparative evaluation of these models that are subject to ongoing discussions in the literature. Along with the increase in wealth of all economic units, insurance sector is expected to show a rapid growth in the near future of Turkey. Considering the sector's high potential of growth, the subject of cost of capital in insurance sector can be easily realized. As carrying unique and relatively simple features in explaining risk-return relationship, CAPM still possesses some practical advantages over other approaches regarding the cost of capital concept. Thus, after accounting for the special nature of insurance industry, an adopted version of CAPM (after-taxes) for nsurance firms is considered a relatively superior methodology.
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Abstract (Original Language): 
Sigorta sirketleri birer finansal hizmet kurulusu olmasina ragmen onlarin sermaye yapisi diger finansal sektör firmalarindan bile ayrilir. Sermaye maliyeti sanayi sirketlerinde yatirim projelerinin degerlemesinde baz alinan bir ölçütken, sigorta sirketlerinde poliçe fiyatlamasinda dikkate alinan bir unsur olarak karsimiza çikmaktadir. Çalismanin amaci literatürde görüs ayriliklarinin sözkonusu oldugu sigorta sirketlerinde özkaynak maliyetinin belirlenmesinde basvurulan yöntemlerin incelenerek karsilastirmali olarak ele alinmasidir. Türkiye'de toplumun ekonomik refahinin artmasina paralel olarak sektörün gelisme potansiyeli oldukça yüksektir. Dolayisiyla, ülkemizde henüz bakir bir alan olan sigortacilik sektörünün yakin bir gelecekte hizli bir büyümeye sahne olacagi öngörüsü, sektör açisindan sermaye maliyeti konusunun önemini ortaya koymaktadir. Risk-getiri iliskisini yansitmadaki basarisi ve göreceli olarak basit yapisiyla CAPM'in vergi etkisini yansitan uygulamasinin, sigorta sektörünün kendine has dogasi göz önünde bulundurularak teorisyenler tarafindan uyarlanan versiyonu, bir basvuru kaynagi olma özelligini sürdürmektedir.
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  • 2
129-141
  • Turkish

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