KAMUSAL BİR SEKTÖR OLARAK UZAY SEKTÖRÜ ve UZAY SEKTÖRÜNE YÖNELİK YATIRIMLARIN DEĞERLEMESİ

İbrahim BOZKURT, Metin Kamil ERCAN
4.098 387

Abstract


Uzay sektörüne yönelik yatırımların riskleri, karasal yatırımların sahip olduğu risklerden daha yüksektir. Yüksek risk, uzaya yönelik yatırımlar için fon bulmayı zorlaştırır. Bu nedenle de ilgili sektördeki yatırımlar, genellikle kamu kesimi tarafından finanse edilir. Kamusal kaynakların kıt olması, kamu kesiminin, sosyal ve ekonomik anlamda en faydalı olan uzay yatırımına yönelmesini zorunlu kılar. Bu çalışmanın temel amacı, uzaya yönelik yatırımlardan sosyal ve ekonomik açıdan en faydalı olanını tespit etmeye yardımcı olacak değerleme yöntemini ortaya koymaktır. Çalışma; uzaya yönelik yatırımların, net bugünkü değer, reel opsiyon ve harmanlanmış değer yöntemleri kullanılarak değerlenebileceğini ortaya koymuştur. Kamu kesimi açısından en uygun yöntem ise harmanlanmış değer yöntemidir.

Keywords


Kamu Yatırımı; Uzay Sektörü; Uzay Finansmanı; Uzayın Geleceği; Değer Tespiti

Full Text:

PDF (Türkçe)


DOI: http://dx.doi.org/10.18825/irem.42072

References


Akgül, İbrahim (2001), “Dünyadaki Uzay Faaliyetleri ve Türkiye’nin Potansiyeli: Uzay Hukuku”, http://ibrahimakgül.av.tr/uzayhukuku.html (14 Temmuz 2012).

Aksoy, Ahmet - Yalçıner, Kürşat (2008), İşletme Sermayesi Yönetimi (4. Baskı), Gazi Kitabevi, Ankara.

Black, Fischer - Scholes, Myron (1972), “The Valuation of Option Contracts and a Test of Market Efficiency”, The Journal of Finance, Vol. 27, No 2, p. 399-417.

Black, Fischer - Scholes, Myron (1973), “The Pricing of Options and Corporate Liabilities”, Journal of Political Economy, 81 (3), p. 637–654.

Brathwaite, Joy Danielle (2011), Value-Informed Space Systems Design And Acquisition. Doctor of Philosophy in the School of Aerospace Engineering, Georgia Institute of Technology, Atlanta (USA).

Cox, John C. - Ross, Stephen A. – Rubinstein, Mark (1979), “Option Pricing: A Simplified Approach”, Journal of Financial Economics, 7, p. 229-263.

Damodaran, Aswath (2013), “Country Default Spreads and Risk Premiums”, http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html, (2 Şubat 2013).

Damodaran, Aswath (2002), Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, John Wiley & Sons, Inc., New York.

Dos Santos, Álvaro Fabricio (2003), “Financing of Space Assets” Space Policy, Vol. 19, pp. 127–129.

Eilingsfeld, Fabian - Schaetzler, D. (2000), “The Cost of Capital for Space Tourism Ventures”, Proceedings of 2nd ISST, Daimler-Chrysler GmbH.

Elbert, Bruce. R. (2004), Satellite Communication Applications Handbook, Artech House, London.

Emerson, Jed - Wachowicz, Jay - Chun, Suzi (1999), “Social Return On Investment: Exploring Aspects of Value Creation in the Nonprofit Sector” San Francisco, CA: RDF. pp. 131-173.

Ercan, Metin Kamil - Ban, Ünsal (2005), Finansal Yönetim, Gazi Kitabevi, Ankara.

Foust, Jeff (2007), The Challenges Of Funding Space Startups. The Space Review, http://www.thespacereview.com/article/887/1, (10 Şubat 2013).

Gair, Cynthia (2002), “A Report From the Good Ship SROI”, The Roberts Enterprise Development Fund, p.1-15.

Gertsch, Richard - Gertsch, Leslie (2000), “Economic Analysis Tools for Mineral Projects in Space”, Space Resources Roundtable II, Colorado School of Mines, p.1-9, (Erişim) http://www.kemcom.net/EconAnal.pdf, (01 Ağustos 2012).

Gilboa, Yael - Guo, Xiaoyu (2011), “Real Option Analysis of a Large-Scale Space Solar Power Venture” The Michigan Journal of Business, Vol. 4, Issue 2, p. 121-141.

Gürsoy, Cudi T. (2012), Finansal Yönetim İlkeleri (2. Baskı), Beta Basım AŞ, İstanbul.

Hawes, W. Michael - Duffey, Michael R. (2008), “Formulation of Financial Valuation Methodologies for NASA’s Human Spaceflight Projects”, Project Management Journal, Vol. 39, No:1, p. 85-94.

(http://mars-one.com/en/about-mars-one/about-mars-one, 20 Eylül 2012).

(http://www.tcmb.gov.tr/, 28 Şubat 2013)

(http://www.planetaryresources.com/, 12 Ağustos 2012).

(https://www.nasa.gov/, 03 Mart 2013)

(http://en.federalspace.ru/, 03 Mart 2013)

(http://global.jaxa.jp/, 03 Mart 2013)

(http://www.cnsa.gov.cn, 03 Mart 2013)

(http://www.isro.gov.in/, 03 Mart 2013)

(http://www.esa.int/ESA, 03 Mart 2013)

(http://uzay.tubitak.gov.tr/, 03 Mart 2013)

(http://www.galacticsuite.com/, 03 Mart 2013)

(http://www.bigelowaerospace.com/, 03 Mart 2013)

(http://www.planetaryresources.com/mission/, 03 Mart 2013)

(http://mars-one.com/en/about-mars-one/about-mars-one, 03

Mart 2013)

(http://www.spacex.com/, 03 Mart 2013)

(http://www.orbital.com/, 03 Mart 2013)

(http://www.virgingalactic.com/, 03 Mart 2013)

(http://www.planetaryresources.com/, 03 Mart 2013)

(http://www.blueorigin.com/, 03 Mart 2013)

(http://stratolaunch.com/, 03 Mart 2013)

(http://www.sncorp.com/index.php, 03 Mart 2013)

(http://mircorp.org/corporate.html, 03 Mart 2013)

(http://www.rocketshiptours.com/, 03 Mart 2013)

(http://www.rocketshiptours.com/, 03 Mart 2013)

(http://www.virgingalactic.com/, 03 Mart 2013)

(http://www.orbitalatk.com/, 03 Mart 2013)

(http://www.scaled.com/projects/, 03 Mart 2013)

(http://www.thespaceshipcompany.com/, 03 Mart 2013)

(https://www.thalesgroup.com/en/worldwide/space?

LangType=2057, 03 Mart 2013)

(http://www.boeing.com/, 03 Mart 2013)

(http://www.iai.co.il/2013/22031-en/homepage.aspx, 03 Mart

(http://www.turksat.com.tr, 03 Mart 2013)

(http://www.globalcom.cl, 03 Mart 2013)

(http://www.spaceexpo.dk, 03 Mart 2013)

(http://www.arianespace.com/, 03 Mart 2013)

(http://www.ilslaunch.com/, 03 Mart 2013)

(http://suparco.gov.pk/webroot/index.asp, 03 Mart 2013)

(https://tbe.com/, 03 Mart 2013)

(http://www.laspace.ru/, 03 Mart 2013)

Lark, Eva J. (2005), “Investment Financing of Exploration: Examples from the Past to Ideas for a Lunar Future”, International Lunar Conference. p. 1-13, http://sci2.esa.int/Confefrences/ILC2005/Manuscripts/LarkE-01-DOC.pdf, (10 Ağustos 2012).

Livingston, David M. (1999), The Obstacles to Financing New Space Industries. Mars Society, http://www.spacefuture.com/archive/the_obstacles_to_financing_new_space_industries.shtml, (15 Temmuz 2012).

McVey, Michelle (2002). Valuation Techniques for Complex Space Systems: An Analysis of a Potential Satellite Servicing Market, Master of Science in Aeronautics and Astronautics. Cambridge: Massachusetts Institute of Technology.

NORDİCİTY (2010), Study on the Market Value of Fixed and Broadcasting Satellite Spectrum in Canada, NORDİCİTY GROUP LTD, Canada.

OECD (2004), Space 2030: Exploring the Future of Space Applications, OECD Publishing, Paris, http://www.keepeek.com/Digital-Asset-Management/oecd/economics/space-2030_9789264020344-en, (22 Temmuz 2012).

Peeters, W - Gürtuna, Ö. - Hachem, A. N. (2005), “Classifying and evaluating space projects: a unified method for estimating social and private returns”, Proceedings of 2nd International Conference on Recent Advances in Space Technologies. p. 834- 839, http://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=1512695&isnumber=32390, (1 Temmuz 2012).

Peeters, W. - Gurtuna, Ö. - Zervos, V. (2008), “Challenges and Opportunities in Space Financing for Emerging Enterpereneurs”, 59th International Astronautical Congress. pp. 1-9, 2008.

Quiat, Andrew L. (1997), Financing Infrastructure For Follow-On Space Business Development, Acra Asrronourico, Vol. 41., No. 4 -10, pp. 707-721.

Sarıaslan, Halil (1997), Yatırım Projelerinin Hazırlanması ve Değerlendirilmesi (3. Baskı), Turhan Kitabevi, Ankara.

Thorpe, Andrew M. (2003), The Commercial Space Age, AuthorHouse, Bloomington.

Üreten, Aykan - Ercan, Metin K. (2000), Firma Değerinin Tespiti ve Yönetimi, Gazi Kitabevi, Ankara.

Yalçıner, Kürşat (2008), Uluslararası Finansman. Gazi Kitabevi, Ankara.