Türkiye'deki Menkul Kıymet Yatırım Ortaklıklarının Etkinliklerinin Veri Zarflama Analizi ile Değerlendirilmesi

Bu çalışmada parametrik olmayan bir etkinlik ölçüm yöntemi olan Veri Zarflama Analizi (VZA) ile Türkiye’deki menkul kıymet yatırım ortaklıklarının etkinlikleri değerlendirilmektedir. Çalışmada üç adet girdi ve üç adet çıktının yer aldığı CCR ve BCC veri zarflama modelleri kullanılmıştır. 2005-2007 yılını kapsayan çalışmada menkul kıymet yatırım ortaklıklarının faaliyet etkinsizlikleri saf teknik etkinsizlikten ziyade ölçek etkinsizliğinden kaynaklanmakta iken, son dönemde ölçek etkinliklerini arttırarak daha etkin hale geldikleri ortaya çıkmıştır. Menkul kıymet yatırım ortaklıklarının büyük bir çoğunluğu ölçeğe göre artan getiride faaliyet göstermektedir. Bu durum, genişlemek suretiyle daha etkin hale gelebileceklerini göstermektedir. Ayrıca, büyük menkul kıymet yatırım ortaklıkları küçük olanlardan daha etkin durumdadır.

Evaluation of the Efficiences of Securities Investment Trusts in Turkey by Data Envelopment Analysis

This paper aims to evaluate the efficiencies of securities investment trusts in Turkey by Data Envelopment Analysis (DEA), which is a non-parametric efficiency measurement approach. CCR, as well as BCC data envelopment models with three inputs and three outputs are used. The findings of the paper covering the period of 2005-2007 indicate that while the operating inefficiencies of securities investment trusts result more from scale inefficiency than from pure technical inefficiency, they have become more efficient by increasing their scale efficiencies in the recent period. The majority of securities investment trusts operate at increasing returns to scale. This is an indication that they might become more efficient through expansion. Moreover, larger securities investment trusts are more efficient than relatively smaller ones.

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