İşletme Performansının Değerlendirilmesinde Ekonomik Katma Değer (EVA) ve Piyasa Katma Değeri (MVA) Yöntemleri ve Bu Yöntemlerin Hisse Senedi Getirilerini Açıklama Gücünün İncelenmesi: İMKB 100 Örneği

Bu çalışmanın amacı, işletme performansının değerlendirilmesinde EVA ve MVA yöntemlerinin nasıl kullanılacağının, ÎMKB 100 endeksinde yer alan sınai işletmeler örnek alınarak gösterilmesi ve yöntemin hisse senedi getirilerini açıklama gücünün diğer ölçütlerle karşılaştırılmalı olarak incelenmesidir. Yapılan inceleme sonucunda, hiçbir işletmenin 1997-2002 döneminin bütününde ekonomik katma değer yaratamadıkları, onyedi işletmenin ise inceleme döneminin bütününde negatif EVA değerleri elde ettikleri, onbir işletmenin tüm inceleme döneminde piyasa katma değeri yarattıkları ve EVA ve MVA'nın hisse senedi getirilerini açıklama gücünün ROE, ROA ve EPS'ye göre daha yüksek olduğu, ancak her iki grupta da yer alan değişkenlerin hisse senedi getirilerindeki değişimin küçük bir bölümünü açıklayabildikleri saptanmıştır.

The Economic Value Added (EVA) Measure in the Corporate Performance Evaluation and It's Explanation Power of Share Returns: The İstanbul Stock Exhange 30 Index Example

The aim of this paper is to show how this measures can be used and if the new performance measures (EVA and MVA) explain share returns better than the traditional performance measures (EPS, ROE and ROA). This study shows that market inefficiencies and some defects in calculations of weighted average cost of capital by capital assets pricing model restrict the use of the Economic Value Added as a method to avaluate firm's performance. It is also found that the EVA and MVA have better explanation power of share returns than the traditional performance measures, but the variation in the share returns can be explained very little with these variables in both groups.

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