규제시장에서 요금원가 산정을 위한 자본유지 개념의 선택

The concept of capital maintenance is central to the rate-making process based on current cost accounting(CCA). There are two capital maintenance concepts; the operating capital maintenance(OCM) and the financial capital maintenance(FCM).The present study develops a model and analyzes some important issues regarding the selection of the two concepts in the rate-making process.A special emphasis is made in critically evaluaing the prevailing practices of selecting the FCM as the main capital maintenance concept among some EU countries. Specifically, the present study finds that (i) additional risk factors arising from choosing the OCM concept can be accounted for by adjusting the rate of return, (ii) in case of determining interconnection charge costs where a major investment has been already made, achieving price efficiency could be more important than rectifying the investor disincentives for new investment, (iii) even for general financial reporting purposes, OCM concept suits better for firms with significant amount of tangible capital, (iv) the sum of FCM depreciation is the same as the sum of HCA depreciation, making it difficult to justify CCA as a superior alternate of HCA in rate-making process, and (v) the effects of adopting accounting procedures used for the general purpose financial reporting to rate-making process should be identified and evaluated cautiously.