OPTIMAL CAPITAL STRUCTURE FOR最优资本结构

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1、OPTIMALCAPITALSTRUCTUREFORBUILD-OPERATE-TRANSFERPOWERPROJECTSATHESISSUBMITTEDTOTHEGRADUATESCHOOLOFNATURALANDAPPLIEDSCIENCESOFTHEMIDDLEEASTTECHNICALUNIVERSITYBYERDEMARICIINPARTIALFULFILLMENTOFTHEREQUIREMENTSFORTHEDEGREEOFMASTEROFSCIENCEINTHEDEPARTMENTOFCIVILENGINEERINGJULY20031ApprovaloftheGraduateSc

2、hoolofNaturalandAppliedSciencesProf.Dr.CananÖzgenDirectorIcertifythatthisthesissatisfiesalltherequirementsasathesisforthedegreeofMasterofScienceProf.Dr.MustafaTokyayHeadofDepartmentThisistocertifythatIhavereadthisthesisandthatinouropinionitisfullyadequate,inscopeandquality,asathesisforthedegreeofMas

3、terofScience.Asst.Prof.Dr.MetinArıkanSupervisorExaminingCommitteeMembersAsst.Prof.Dr.MetinARIKANAsst.Prof.Dr.İremDİKMENInst.Dr.EnginERANTNadiBAKIR(MSc.inCE)TuncayALTUNSU(MSc.inCE)2ABSTRACTOPTIMALCAPITALSTRUCTUREFORBUILD-OPERATE-TRANSFERPOWERPROJECTSARICI,ErdemM.S.DepartmentofCivilEngineeringSupervis

4、or:Asst.Prof.Dr.MetinARIKANJuly2003,119pagesObservingthedeficienciesoftraditionalmethodsinmeetingthedemandsoftoday’sinfrastructuredevelopmenthasbeenmotivatingcountriestowardsprivatizationofthesesectors.However,duetothedifferencesinthesesectorsascomparedtootherbusinesses,privatizationcannotbeperforme

5、dwithoutstrictregulations.Today,concessionagreementslikeBOTmodelsseemthebestwayforsolvingtheproblems.Financingofconcessionagreementsplaysakeyrole.InTurkey,mostBOTprojectsarefinancedbycapitalstructurethathasamaximumdebtratio,whichisallowedbythelaw.iiiTheobjectiveofthisstudyistoexaminewhetherthemaximu

6、mamountofdebtratioistheoptimumamountofdebtratio.Optimizationiscarriedoutbyanalyzingthetradeoffbetweenbenefitsoftaxshieldandthelossduetofinancialfailureasaresultofchangeinleverage,assumingotherthingsarethesame.AtheoreticalframeworkisdevelopedfortheanalysisbyselectingAdjustedPresentValueMethodasafinan

7、cialtool.EnergygenerationsectorinTurkeyisanalyzed,stockmarketdatainTurkeyisusedfortheanalysis,andabankruptcypredictionmodelisproposedforBOTprojectsinTurkey.Finally,byusingthetheoreticalframework,anact