Nakit döngüsünün firma değerine etkileri
Küçük Resim Yok
Tarih
2021
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İstanbul Beykent Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
İşletmelerin hissedarlarına, çalışanlarına, tedarikçilerine kısaca toplumlara katkısının sürdürülebilir olması için işletme sermayesi yönetiminin önemine dikkat çekilmektedir. Bu bağlamda işletme sermayesi yönetimine yönelik çalışmalarda nakit döngüsünün sıkça kullanıldığı görülmektedir. Daha önce yapılan çalışmalarda nakit döngüsünün likidite yönetimine yönelik önemi daha net ifade edilmesine karşın, işletme kârlılığı ve firma değerine yönelik çalışmalarda, birbirinden farklı sonuçlar olduğu görülmektedir. Bu tez çalışmasında nakit döngüsünün firma değerine olan etkilerini ölçümleyebilmek için Pay Senedi Değeri (PSD), Faiz, Vergi, İtfa Payları ve Amortisman Öncesi Kazanç (FAVÖK) ve İşletme sermayesi Değeri (İSD) ara değişkenleri kullanılmıştır. Çalışma için BİST'teki pay senetleri 2003-2019 yılları arasında kesintisiz işlem gören 43 firmanın, çeyrek dönemler dahil 68 dönemlik verileri temin edilmiştir. Bu verilerden hesaplanan 67 döneme ait değişkenler, panel veri analizi ile incelenmiştir. Yapılan çalışma sonucunda; Nakit Döngüsü (ND) ile halka açık şirketlerin firma değeri ve pay senedi getirisi arasında zıt yönlü bir ilişki olduğu görülmüştür. ND azaldıkça (süre olarak) halka açık şirketlerin firma değeri ve pay senedi getirisinin arttığı, Nakit Döngüsü (ND) arttıkça (süre olarak) halka açık şirketlerin firma değeri ve pay senedi getirisinin düştüğü anlaşılmaktadır. Nakit Döngüsü (ND) ile FSNA/FCFF, ÖSNA/FCFE ve EKD/EVA yöntemine göre yapılan şirket değerleme sonuçları arasında zıt yönlü bir ilişki olduğu görülmüştür. ND azaldıkça (süre olarak) firma değerinin arttığı, ND arttıkça (süre olarak) ise firma değerinin düştüğü sonucuna ulaşılmıştır.
THE EFFECTS OF THE CASH CYCLE ON FIRM VALUE Working capital management is very important in order to make the contribution of the companies to their shareholders, employees, suppliers -in short to the societies- sustainable. In this context, it is seen that the cash cycle is frequently used in studies regarding working capital management. Although the importance of cash cycle for liquidity management has been expressed more clearly in previous studies, it is seen that there are different results in the studies on business profitability and firm value. In this thesis, in order to measure the effects of the cash cycle on firm value, the intermediate variables of Interest, Tax, Depreciation, Earnings Before Amortization (EBİTDA), share register value, and working capital value are used. For the study, 68-period data of 43 companies whose share registers in BIST were traded continuously between 2003-2019, including quarterly periods, were procured. Variables belonging to 67 periods calculated from these data were analyzed by panel data analysis. As a result of the work done; It has been observed that there is an opposite relationship between the Cash Cycle (CC) and the firm value and stock return of publicly held companies. It is understood that as the Cash Cycle (CC) decreases (in terms of duration), the firm value and stock return of publicly held companies increase, and as the Cash Cycle (CC) increases (in terms of duration), the firm value and the stock return of publicly held companies decrease. It has been observed that there is an opposite relationship between Cash Cycle (CC) and company valuation results based on FCFF, FCFE and EVA method. It is concluded that as the Cash Cycle (CC) decreases (in terms of duration) the value of the firm increases, and as the Cash Cycle (CC) increases (in terms of duration) the value of the firm decreases.
THE EFFECTS OF THE CASH CYCLE ON FIRM VALUE Working capital management is very important in order to make the contribution of the companies to their shareholders, employees, suppliers -in short to the societies- sustainable. In this context, it is seen that the cash cycle is frequently used in studies regarding working capital management. Although the importance of cash cycle for liquidity management has been expressed more clearly in previous studies, it is seen that there are different results in the studies on business profitability and firm value. In this thesis, in order to measure the effects of the cash cycle on firm value, the intermediate variables of Interest, Tax, Depreciation, Earnings Before Amortization (EBİTDA), share register value, and working capital value are used. For the study, 68-period data of 43 companies whose share registers in BIST were traded continuously between 2003-2019, including quarterly periods, were procured. Variables belonging to 67 periods calculated from these data were analyzed by panel data analysis. As a result of the work done; It has been observed that there is an opposite relationship between the Cash Cycle (CC) and the firm value and stock return of publicly held companies. It is understood that as the Cash Cycle (CC) decreases (in terms of duration), the firm value and stock return of publicly held companies increase, and as the Cash Cycle (CC) increases (in terms of duration), the firm value and the stock return of publicly held companies decrease. It has been observed that there is an opposite relationship between Cash Cycle (CC) and company valuation results based on FCFF, FCFE and EVA method. It is concluded that as the Cash Cycle (CC) decreases (in terms of duration) the value of the firm increases, and as the Cash Cycle (CC) increases (in terms of duration) the value of the firm decreases.
Açıklama
Anahtar Kelimeler
İşletme, Business Administration
