A Study on the Capital Structure of the Turkish Real Sector Firms

Özet Bu çalışma, İstanbul Menkul Kıymetler Borsası (IMKB)' nda işlem görmekte olan Türk reel sektör firmalarının sermaye yapısını analiz etmekte olup, aynı zamanda bu firmaların finansal karar alma süreçlerini incelemektedir. Sonuçlar, sözkonusu firmaların finansman yöneticilerinin anket sorularına verdikleri cevaplarla oluşturulmuştur. Ayrıca, bu firmaların mevcut sermaye yapılarının büyüme fırsatları ile olan ilişkisi MKB veritabanına dayanarak incelenmiştir. Sonuçlar, firmaların uzun vadeli borç kullanımından kaçınmakta olup kısa vadeli borcu tercih ettiklerini göstermektedir. Büyüme fırsatları ile borç kullanımı arasında beklenen negatif yönlü ilişki tespit edilememiştir. Firmaların çoğunluğu geleceğe yönelik bir sermaye yapısı hedeflemekte ve yatırımlarının finansmanında sözkonusu hedeflerini sistematik olarak takip etmekte olduklarını onaylamaktadırlar. Firmalar, hedefledikleri sermaye yapılarında uzun vadeli borç kullanımlarının payım arttırmayı planladıklarını belirtmektedirler ve sözkonusu bulgu firmaların bir sonraki yıla ait finansal tabloları incelenerek doğrulanmıştır.

Türk Reel Sektör Firmalarının Sermaye Yapısı Üzerine Bir Çalışma

Abstract This papa: analyses the capital structure of Turkish real sector firms iisted on the Istanbul Stock Exchange (ISE) and stresses on their financial decision making process. The results are obtained from the answers given to the questionnaire by financial executives of the firms. The current capital structure of the firms and their association with the growth opportunities are cross-examined by referring to data from ISE database. The results suggest that the firms avoid using long term debt and they prefer shorter maturity for corporate debt. An expected negative relationship between debt usage and growth opportunities is not found for the firms. Most of the firms confirm that, they set a target capital structure for future and they follow it systematically when they finance investments. Furthermore, majority of firms in the sample emphasize that they plan to increase the portion of long term debt in their target capital structure and this is validated after controlling the financial tables of the firms for the next year.

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