Birleşme ve satın almaların işletmelerin finansal performansı üzerindeki etkilerinin incelenmesi: Panel veri analizi

Bu çalışmada amaç, birleşme ve satın alma faaliyetlerinin işletmelerin finansal performansı üzerinde herhangi bir değişme meydana getirip getirmediğinin incelenmesidir. Çalışmada ayrıca birleşme ve satın alma işlemlerinde bulunan firmaların finansal performans düzeylerinin likidite, etkinlik, mali yapı, karlılık ve piyasa performansı gibi farklı alanlardan seçilen finansal oranlardan hangileriyle anlamlı olarak açıklanabileceği araştırılmıştır. Bu çerçevede 2004-2005 yılları arasında İMKB'ye kote imalat sanayindeki işletmelerden 17'sinin gerçekleştirmiş olduğu birleşme ve satın alma işlemleri incelenmiştir. Oran analizi sonucunda birleşen/satın alan işletmelerin finansal performans düzeyinde bir artış görülmüştür. Metodolojik olarak panel veri regresyon analizi yöntemi kullanılarak analiz yapılmış ve elde edilen bulgulara göre asit-test oranı, aktif devir hızı, stok devir hızı ve borçlanma rasyosu'nun işletmelerin finansal performansının önemli birer belirleyicisi olduğu tespit edilmiştir.

The study of the effects of merger and acquisitions on firms' financial performance: A panel data analysis

The aim of this study is to investigate if merger and acquisition activities would cause any changes on firms' financial performance. In addition, it also is investigated that the level and direction of financial performance of such corporates would be explained in a meaningful way by which of those financial ratios that are selected from various areas like liquidity, efficiency, capital structure, profitability and market performance. Within that context, the merger and acquisition transactions of 17 enterprises from manufacturing industry that are listed in the Istanbul Stock Exchange in the years of 2004 and 2005 were studied. At the end of ratio analysis, it was seen an increase on return on equity parameter which is an indicator of financial performance after the merging operation. Methodologically, the analysis was done by using the method of panel data regression analysis. According to the findings, the acid-test ratio, asset turnover, inventory turnover and debt ratio are important determinants of enterprises' financial performance.

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