文章基本信息

标题：A Comprehensive Approach to Regulation of Natural Monopolies – Setting a Fair Rate of Return
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作者：Družić, Ivo ; Štritof, Ivona ; Gelo, Tomislav 等
期刊名称：Zagreb International Review of Economics and Business
印刷版ISSN：1331-5609
出版年度：2012
卷号：15.
期号：1.
页码：49-72
出版社：Ekonomski fakultet Sveučilišta u Zagrebu
摘要：One of the main questions, when designing the principles of the rate of return regulatory method, is “what is a fair rate of return”. This question is important since a fair rate of return is essential for sustaining a fi nancial stability of regulated companies and securing prudential new network investments. This paper tackles a problem of setting a fair rate of return in case of Croatia for four monopoly network activities, transmission and distribution in electricity and gas sector. A method used for setting a rate of return as defi ned in the regulatory sub-laws is a weighted average cost of capital (WACC). The goal of this paper is twofold: i) to validate the methodology prescribed by the regulator having in mind that the national economic, fi nancial and regulatory environment has not yet reached its maturity, thus hindering consistent estimation of particular WACC parameters and ii) to analyze the results obtained for WACC. The fi ndings of research indicate that signifi cant improvements should be made concerning the overall regulatory policy and defi ned methodological approach.
关键词：monopoly; regulation; WACC