BIST- Borsa İstanbul'da yapılan halka arzların şirket birleşme ve satın alma faaliyetleri üzerindeki etkileri
Küçük Resim Yok
Tarih
2022
Yazarlar
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Cilt Başlığı
Yayıncı
İstanbul Beykent Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Küreselleşen Dünya ve artan rekabet şartları altında işletmelerin karlarını sürdürülebilir şekilde arttırmak istemeleri son derece gereklidir. Bunun sonucu olarak şirket birleşme ve satın alma faaliyetleri son yıllarda ülkemizde de oldukça fazla şekilde gözlemlenmeye başlanmıştır. Özellikle işletmelerin uluslarararası rekabet şartlarına uyum sağlayabilmeleri, yeni pazarlara girebilme yetenekleri, etkin kaynak ve likidite yönetimi, faaliyetlerini teknoloji ile harmanlayarak entegre şekilde yönetmek istemeleri sebebiyle son yıllarda daha da önem kazanmıştır. Atfedilen bu önemlilik başlığı altında, birçok çalışmaya konu olan şirket birleşme ve satın alma faaliyetleri finans alan literatüründe de oldukça önemli bir yere sahiptir. Bu anlamda işletmeler, hedefledikleri büyüme ve stratejik yönetim stratejileri dahilinde birleşme ve satın alma faaliyetlerini finanse edilebilmek için önemli miktarlarda sermaye gereksinimine ihtiyaç duymaktadırlar. İhtiyaç duyulan sermaye gereksiniminin karşılanmasında halka arz, önemli yöntemlerden biridir. Öte yandan işletmelerin halka arz edilmesinin en önemli nedeni birleşme ve satın alma faaliyetlerine katılım göstermesine ilişkin beklenti ve planlarıdır. Bu kapsamda tezde ele alınan ampirik uygulamada, Borsa İstanbul'da 1990-2019 yılları arasında halka açık işletmelerin ilk halka arz sonrası gerçekleşen birleşme ve satın alma faaliyetleri incelenmiştir. İşletmelerin halka açılma kararlarını tetikleyen unsurlar arasında birleşme ve satın alma faaliyetlerine katılma arzularının yer alıp almaması, halka arza özgü bilgiler ışığında deneysel olarak araştırılmıştır. Bu bilgiler arasında halka arzdan elde edilen gelirler, halka arz fiyatlandırması, sahiplik yapısı, piyasa zamanlaması, halka arz döneminde işletmenin gözlemlenebilir finansal özelliklerinin etkileri, lojistik regresyon analiz modeli kullanılarak sonuca ulaştırılmıştır. Ayrıca halka açık işletmelerin birleşme ve satın alma faaliyetlerine katılırken teklif veren işletme, hedef olan işletme ve satan işletme rollerinden hangisini aldığı öngürülmeye çalışılmıştır. Buna göre, yeni halka açılan bir işletmenin halka arzından sonraki 5 yıl içinde bir birleşme ve satın alma işleminde teklif veren, hedef olan veya satan işletme olma ihtimalinin halka arzdan elde edilen gelirler ile işletmenin halka arz sonrası sahiplik- kontrol yapısı ile şekillendiği söylenebilmektedir. Ayrıca Türkiye'deki işletmelerin tercih ettiği halka arz şekli de birleşme ve satın alma işleminde belirleyici rol oynamaktadır.
Under the conditions of the globalizing world and increasing competition, it is extremely necessary for businesses to want to increase their profits in a sustainable way. As a result of this, merger and acquisition activities have started to be observed in our country in recent years. It has gained more importance in recent years due to the fact that businesses can adapt to international competition conditions, their ability to enter new markets, effective resource and liquidity management, and their desire to manage their activities in an integrated way by blending them with technology. Under this ascribed importance title, merger and acquisition activities, which are the main topic of many studies, have a very important place in the finance literature. In this sense, businesses need significant amounts of capital in order to finance their merger and acquisition activities within the scope of their targeted growth and strategic management strategies. Public offering is one of the important methods in meeting the capital requirement. On the other hand, the most important reason for companies to go public is their expectations and plans regarding participation in merger and acquisition activities. In this context, in the empirical application discussed in the thesis, the merger and acquisition activities of publicly traded companies in Borsa Istanbul between 1990 and 2019 after the initial public offering were examined. Whether the willingness to participate in merger and acquisition activities is among the factors that trigger the decisions of the enterprises to go public, has been experimentally investigated in the light of the information specific to the public offering. Among this information, the revenues obtained from the public offering, IPO pricing, ownership structure, market timing, the effects of the observable financial characteristics of the enterprise during the IPO period were concluded by using the logistic regression analysis model. In addition, while participating in the merger and acquisition activities of publicly traded enterprises, it has been tried to predict which of the roles of the bidder, the target business and the selling business. Accordingly, it can be said that the probability of a newly publicly offering business being a bidder, target or selling business in a merger and acquisition transaction within 5 years after the public offering is shaped by the revenues obtained from the public offering and the ownership-control structure of the business after the public offering. In addition, the type of public offering preferred by Turkish enterprises plays a decisive role in mergers and acquisitions.
Under the conditions of the globalizing world and increasing competition, it is extremely necessary for businesses to want to increase their profits in a sustainable way. As a result of this, merger and acquisition activities have started to be observed in our country in recent years. It has gained more importance in recent years due to the fact that businesses can adapt to international competition conditions, their ability to enter new markets, effective resource and liquidity management, and their desire to manage their activities in an integrated way by blending them with technology. Under this ascribed importance title, merger and acquisition activities, which are the main topic of many studies, have a very important place in the finance literature. In this sense, businesses need significant amounts of capital in order to finance their merger and acquisition activities within the scope of their targeted growth and strategic management strategies. Public offering is one of the important methods in meeting the capital requirement. On the other hand, the most important reason for companies to go public is their expectations and plans regarding participation in merger and acquisition activities. In this context, in the empirical application discussed in the thesis, the merger and acquisition activities of publicly traded companies in Borsa Istanbul between 1990 and 2019 after the initial public offering were examined. Whether the willingness to participate in merger and acquisition activities is among the factors that trigger the decisions of the enterprises to go public, has been experimentally investigated in the light of the information specific to the public offering. Among this information, the revenues obtained from the public offering, IPO pricing, ownership structure, market timing, the effects of the observable financial characteristics of the enterprise during the IPO period were concluded by using the logistic regression analysis model. In addition, while participating in the merger and acquisition activities of publicly traded enterprises, it has been tried to predict which of the roles of the bidder, the target business and the selling business. Accordingly, it can be said that the probability of a newly publicly offering business being a bidder, target or selling business in a merger and acquisition transaction within 5 years after the public offering is shaped by the revenues obtained from the public offering and the ownership-control structure of the business after the public offering. In addition, the type of public offering preferred by Turkish enterprises plays a decisive role in mergers and acquisitions.
Açıklama
Anahtar Kelimeler
İşletme, Business Administration
