Küresel kriz ortamında İMKB sınai şirketlerine yönelik finansal etkinlik sınaması: Veri zarflama analizi uygulaması

Küresel ölçekte yaşanan mali kriz, hem uluslararası finansal piyasaları hem de uluslar arası mal piyasalarını derinden etkilemiştir. Sadece şirketler bazında değil hükümetler bazında da mali krize yönelik kararlar alınmaktadır. Böyle bir süreçte Türkiye’de İMKB Sınai Endeksine kayıtlı 142 şirketin mali etkinliği sınanmıştır. Araştırma dönemi 31 Aralık 2008 bilanço dönemidir. Uygulama aşamasında veri zarflama yöntemi kullanılmıştır. Uygulama aşamasında kullandığımız veri zarflama analizi ölçeğe göre sabit getiri varsayımına dayanmaktadır. Bu çerçevede uygulama iki aşamadan oluşmaktadır. Birinci aşamada, veri zarflama analizi temel etkinlik yaklaşımıyla incelenmiştir. İkinci aşamada, veri zarflama analizi süper etkinlik yaklaşımıyla incelenmiştir. Elde edilen sonuçlar, bu yaklaşımlar çerçevesinde yorumlanmıştır. Ayrıca, uygulama aşamasında, etkin şirketlerin aldıkları referans kümeleri verilerek, etkin olmayan şirketlere, kendilerini bu etkin şirketler ile kıyaslama yapma olanağı sağlanmıştır.

Financial efficiency test of the ise industrial companies in the global crisis environment: Data envelopment analysis application

The global financial crisis has deeply affected the international finance markets and also the international commodity markets. Decisions have been taken not only on the company basis but also on the government basis. In such a period, the financial activity of 142 companies which are registered to the Istanbul Stock Exchange Industrial Index was tested. Research period is the balance sheet term of 31th December 2008. During the application period the data envelopment method was used. The data envelopment analysis which we used during the application phase is based on the constant returns-toscale assumption. In this framework the application includes two stages. At the first stage the data envelopment analysis was examined with the basic efficiency approach. At the second stage, the data envelopment analysis was examined with the super efficiency approach. The gathered results were discussed within the framework of these approaches. Besides, during the application stage a possibility was provided to the inactive companies to compare themselves with the active ones by giving the benchmark cluster of the active companies.

PDF

___

Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance. 23(4):589-609.
Atan, M. (2005). Üretim ve Verimlilik Arttırma Teknikleri. Eğitim Notları.
Bakırcı, F., (2006). Üretimde Etkinlik ve Verimlilik Ölçümü Veri Zarflama Analizi Teori ve Uygulama.Atlas Yayınları No: 53.
Bussofiane, A., Dyson, R. ve Rhodes, E. (1991). Applied Data Envelopment Analysis. European Journal of Operational Research. 2(6):1 – 15.
Banker, R.D., Charnes, A. ve Cooper, W.W. (1984). Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis. Management Science. 30(9):1078-1092.
Chandra, P., Cooper,W.W., Li S. ve Rahman, A. (1998). Using DEA to Evalute 29 Canadian Textile Companies-Considering Return to Scale. International Journal of Production Economics. 54:129-141.
Charnes, A., Cooper, W.W. ve Rhodes, E. (1978). Measuring the Efficiency of Decision Making Units. European Journal of Operational Research. 2:429-444.
Cooper, W.W., Seiford, L.M. ve Zhu, J. (2000). A Unified Additive Model Approach for Evaluating Inefficiency and Congestion with Associated Measures in DEA. Socio-Economic Planning Sciences. 34(12):1-25.
Izadbakhsh, H., M.Hour A, A., Amirkhani, A. M., ve Saberi, M. (2009). Performance Assessment and Optimization of the After-Sale Networks. Proceedings of World Academy of Science,Engineering And Technology. 37:910-914.
Jajri, I. ve Rahmah, I. (2007). Technical Efficiency, Technological Change and Total Factor Productivity Growth in Malaysian Manufacturing Sector. The Icfai Journal of Industrial Economics. 4(4):63-75
Karacabey, A. A. (2001). Veri Zarflama Analizi. Ankara Üniversitesi S.B.F. Tartışma Metinleri No:33.
Kravtsova, V. (2008). Foreign Presence and Efficiency in Transition Economies. J Prod Anal.29:91–102.
Lee, Y. C., Jin-Li H. ve Jia-Fu K. (2008). The Effect of ISO Certification on Managerial Efficiency and Financial Performance: An Empirical Study of Manufacturing Firms. International Journal of Management. 25(1):166-174
Löber, G. ve Matthias, S. (2009). Integrating Categorical Variables in Data Envelopment Analysis Models: A Simple Solution Technique. European Journal of Operational Research.202:810–818.
Mei Tsenga, F.,, Yu-Jing C. ve Ja-Shen C. (2007). Measuring Business Performance in the High-Tech Manufacturing Industry: Acase Study of Taiwan’s Large-Sized TFT-LCD Panel Companies.Omega 37(3):686–697.
Mukherjee, K. (2009). Measuring Energy Effciency in the Context of an Emerging Economy: The Case of Indian Manufacturing. European Journal of Operational Research. 201:933–941.
Mostafaee,A. ve Saljooghi, F.H. (2009). Cost Effciency Measures in Data EnvelopmentAnalysis with Data Uncertainty. European Journal of Operational Research. 202:595–603.
OECD (2009). Economic Outlook No:85.
Psillaki, M., Ioannis E. T. ve Dimitris M. (2009). Evaluation of Credit Risk Based on Firm Performance. European Journal of Operational Research. 201:873–881.
Staub, R. A., Geraldo, S. S. ve Benjamin, M. T. (2009). Evolution of Bank Effciency in Brazil: A DEAApproach. European Journal of Operational Research. 202:204–213.
Sueyoshi, T. ve Mika, G. (2008). Can R&D Expenditure Avoid Corporate Bankruptcy? Comparison Between Japanese Machinery and Electric Equipment Industries Using DEA–Discriminant Analysis. European Journal of Operational Research. 196:289–311.
İNTERNET KAYNAKLARI
http://dpt.gov.tr/teg/2009/02/tii.2.xls (Erişim Tarihi: 10.11.2009).
http://muhasebat.gov.tr/ekogosterge/index.php (Erişim Tarihi: 10.11.2009).