Birleşme ve Satın Alma Faaliyetlerinin Firma Performansı Üzerine Etkisi: Bist’te Bir İnceleme

Amaç – Bu çalışmanın amacı büyüme stratejisi olarak birleşme ve satın alma faaliyetleri gerçekleştiren firmaların bu faaliyetleri sonucunda finansal performanslarının nasıl etkilendiğinin ortaya konulmasıdır. Yöntem – Hesaplamalarda her hangi bir ekonometrik model kullanılmamış yalnızca oran analizi ile karşılaştırma yapılmıştır. Araştırmada BİST’e kayıtlı firmaların 2013-2015 yılları arasında gerçekleştirdikleri birleşme ve satın alma faaliyetlerinin finansal oranları gösteren aktif karlılık (AK), öz sermaye karlılığı (ÖSK), net kar marjı (NKM), brüt kar marjı (BKM), esas faaliyet kar marjı (EKM), ve büyüme oranlarını gösteren net satışların büyüme oranı (NSB), öz sermaye büyüme oranı (ÖSB) ve aktif büyüme oranlarına (AB) etkisi incelenmiştir. Bulgular – Firma karlılık oranlarında hesaplanan toplam 70 oranda, 36 oranda azalış, 34 oranda artış, büyüme oranlarında ise 42 büyüme oranının 30’unda azalış, 12’sinde artış tespit edilmiştir. Yine firmaların yatay, dikey ve karma birleşme/satın alma türlerinden ikisinde karma kalan onikisinde yatay birleşme tercih edildiği görülmüştür. Aynı zamanda satın alan firmaların hedef firmaları aynı ülkeden olmasını tercih ettikleri gözlemlenmiştir. Tartışma – Elde edilen sonuçlar beklentilerin aksine birleşme ve satın alma faaliyetlerinin firmaların karlılıklarında her zaman artışla sonuçlanmadıklarını göstermektedir. Karlılığı arttırılamayan firmaların birleşme satın alma sebeplerini ortaya koyabilmek için borçlanma oranlarını arttırmak amacıyla mı birleşme/satın alma faaliyeti gerçekleştirdikleri ortaya konulmalıdır.

The Effect of Mergers And Acquisition Activities on Company's Performance: A Research on Istanbul Stock Exchange

Purpose – The aim of this study is to show how the financial performance of the firms that perform merger and acquisition activities as growth strategy is affected by these activities. Design/methodology/approach – In the calculations, no econometric model is used and only the ratio analysis is used. In this research, the effect of the merger and acquisition activities between the years 20013 and 2015 of the firms registered in the İstanbul Stock Exchange on return on assets (ROA), return on equity (ROE), return on sales (ROS), gross profit margin (EKM), growth rate of net sales (NSB) which shows growth rates, equity growth rate (OSB) and asset growth rates (AB) is analyzed. Findings – A total of 70 ratios were calculated in the company's profitability. İt’s seen that 36 of thm has decreased and 34 of them has increased. İn growth rates, a decrease was observed in 30 of the 42 and an increase in 12 of them. it was observed that two of the merger / acquitions types of firms were mixed, and horizontal merger / acquitions was preferred in the twelfth. At the same time, it is observed that the firms prefer to acquire target firms that are from the same country. Discussion – The results show that, unlike expectations, mergers and acquisitions do not always result in an increase in the profitability of firms. it should be investigated that firms that do not increase their profitability perform mergers / acquisitions in order to increase their borrowing rate or not. Discussion – While all these processes are classified and appropriate solution proposals are produced, it is necessary that the classifications of complaints, suggestions and thanks (ISQA) should be transferred correctly and that the banks are deeply rooted for these first three issues and customers develop convincing solution times; they are expected to provide solutions to prevent or eliminate the problem by designing processes.

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Kaynak Göster

  • ISSN: 1309-0712
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2009

9.8b 3.3b