Measuring Value Creation and Appropriation in the Brazilian Power Distribution Industry

G. Susteras
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Abstract

Value creation and appropriation is a common study topic in the context of creating superior value in relation to competitors but is seldom applied in the context of regulated markets. Regulators must create a truly sustainable market environment by promoting a balanced value appropriation among all stakeholders. The objective of this research is to introduce the application of the VCA (Value Creation and Appropriation) method for measuring value creation and appropriation by stakeholders in regulated markets, with the illustrative case of the Brazilian power distribution market. By applying this methodology, we could test 3 specific hypotheses and found that (1) in most scenarios there is no significant difference in the creation and appropriation of value between state-owned and privately-owned companies, (2) despite complains presented by Distribution Companies, there are no indication that the value created and appropriated by stakeholders decreased over time, and (3) the regulatory intervention introduced by the Brazilian government in 2012, to try to force energy price reductions, unequivocally affected the dynamics of total value creation and value appropriation. This paper contributes to both scholars and practitioners and the proposed methodology can serve as a powerful benchmarking tool, especially as a means for policymakers to assess the maturity level of their local market regulation.
衡量巴西配电行业的价值创造与分配
价值创造和分配是一个常见的研究课题,涉及创造相对于竞争对手的卓越价值,但很少应用于受监管的市场。监管者必须通过促进所有利益相关者之间的均衡价值分配,创造真正可持续的市场环境。本研究的目的是介绍 VCA(价值创造与分配)方法的应用,以巴西配电市场为例,衡量受监管市场中利益相关者的价值创造与分配情况。通过应用该方法,我们可以检验 3 个具体假设,并发现:(1) 在大多数情况下,国有企业和私有企业在价值创造和占有方面没有显著差异;(2) 尽管配电公司提出了抱怨,但没有迹象表明利益相关者创造和占有的价值随着时间的推移而减少;(3) 巴西政府在 2012 年引入监管干预措施,试图强制降低能源价格,这明确影响了总价值创造和价值占有的动态。本文对学者和从业人员都有帮助,所提出的方法可作为有力的基准工具,特别是作为政策制定者评估当地市场监管成熟度的一种手段。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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