Halka Açık Olmayan Şirketlerde Sistematik Risk Ölçütü Beta Katsayısının Tahmin Edilmesi(Forecasting Systematic Risk Measure Beta Coefficient For Private Companies)

Abstract

Systematic risk being insensitive to portfolio diversification affects all financial markets and all financial assets operated in these markets.Systematic risk measure beta coefficient shows the sensitivity of the securities’ returns to variations in the market return.Beta coefficient is forecasted by using regression model.For publicly traded firms, we know the historical market datas,thus there is no difficulty for estimating beta coefficients of these firms.On the other hand,private companies do not have a market price history.Consequently there are difficulties for estimating beta coefficients of private companies.In this study,to forecast beta coefficients for private firms,three models or approaches are suggested and with details analysed.These models or approaches are accounting betas,fundamental betas and comparable publicly traded firms betas.

Keywords

• Sistematik Risk
• Beta Katsayısı
• Halka Açık Olmayan Şirketler
• Muhasebe Betaları
• Temel Betalar
• Karşılaştırılabilir Halka Açık Şirket Betaları
• Systematic Risk
• Beta Coefficient
• Private Companies
• Accounting Betas
• Fundamental Betas
• Comparable Publicly Traded Firms Betas