Finansal Sürdürülebilir Büyüme Oranı ve Finansal Oranlar: Borsa İstanbul İmalat Sanayi Üzerinde Bir Araştırma

Bu çalışmada, finansal sürdürülebilir büyüme oranından (SGR) sapmanın finansal oranlar ile ilişkisinin incelenmesi amaçlanmıştır. Bu kapsamda, Borsa İstanbul’da listelenen 69 halka açık imalat sanayi firmasının 2013-2015 dönemi 3 yıllık ortalama verileri üzerinde, gerçekleşen büyüme oranı (AGR) ve Higgins (1977) SGR’si belirlenmiştir. AGR-SGR farkının, aktif karlılığı, öz kaynak karlılığı, fiyat/kazanç oranı, borçlanma oranı ve cari orana etkisinin araştırılması ve SGR’nin en etkili bileşeninin belirlenebilmesi amacıyla korelasyon analizi ve tek değişkenli yatay-kesit regresyon analizi yöntemlerinden faydalanılmıştır. İncelenen 69 firmanın 3 yıllık ortalama SGR’si %10 iken aşırı büyüyen 46 firmanın SGR’si %6, yetersiz büyüyen 23 firmanın SGR’si %18 dir. Analiz bulgularına göre AGR-SGR farkı ile aktif ve öz kaynak karlılığı arasında negatif ilişki bulunmaktadır. SGR’nin en etkili bileşeni kar marjıdır. Genel olarak, aşırı büyüyen firmaların düşük karlılıkları nedeniyle daha düşük SGR ile faaliyet gösterirken yetersiz büyüyen firmaların yüksek karlılıklarının yüksek SGR’ye yol açtığı sonucuna varılmaktadır.

Financial Sustainable Growth Rate and Financial Ratios: A Research on Borsa İstanbul Manufacturing Firms

In this study, it was aimed to examine the relationship between the deviation from financial sustainable growth rate (SGR) and the financial ratios. In this context, actual growth rate (AGR) and Higgins (1977) SGR were determined over the 3-year average of 2013-2015 period of 69 publicly traded manufacturing companies listed on the Borsa İstanbul. Correlation analysis and univariate cross-section regression analysis methods were utilized to investigate the effect of AGR-SGR difference on the return on assets, return on equity, price/earnings ratio, debt ratio, current ratio and to determine the most influential component of SGR. The 3-year average SGR of 69 firms examined was 10%, while the SGR for the 46 over-growing companies was 6% and for 23 undergrowing companies SGR was 18%. According to the findings of the analyses a negative relationship between the AGR-SGR and the return on asset and return on equity was found and it was seen that the most influential component of SGR was profit margin. Overall it was concluded that over-growing firms operated with lower SGR due to their low profitability while high profitability of under-growing firms led to high SGR.

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