Halil Emre AKBAŞ

6851

Ekonomik katma değer yaklaşımı ve hissedar değeri

Hissedar değerinin maksimize edilmesi, finansal yönetimin temel amaçlardan birisidir. Buna karşılık; yatırım karlılığı ve özsermaye karlılığı gibi geleneksel performans ölçülerinin yetersizlikleri, işletmeleri hissedar değerini arttırmanın alternatif yollarını aramaya zorlamaktadır. Alternatif bir performans ölçüm yöntemi olarak 1990’lı yıllarda geliştirilen ekonomik katma değer yaklaşımı, bu amaca ulaşmak için işletmeler tarafından kullanılabilecek temel araçlardan biri olarak görülmektedir. Ekonomik katma değerin geleneksel performans ölçülere karşı temel üstünlüğü, işletme tarafından yaratılan değerin ölçümünde borçlar ve özkaynaklar dâhil tüm sermayenin maliyetini dikkate almasıdır. Bu temel üstünlüğü nedeniyle, ekonomik katma değer yöntemine geliştirildiği günden bu yana, hem işletmeler hem de akademisyenler tarafından artan bir ilgi gösterilmektedir. Bu çalışmada ekonomik katma değerin tanımı, hesaplanması, üstünlükleri, kullanım alanları ve kısıtları ortaya konulmuştur. Ayrıca hissedar değerini belirleyen etkenler incelenmiştir.

Economic value added approach and shareholder value

Maximizing the shareholder value is one of the main purposes of financial management. On the other hand, the insufficiencies of traditional performance measures such as return on investment and return on equity, has been forcing companies to seek the new ways of increasing shareholder value. Economic value added approach which was developed as an alternative performance measurement method in 1990s, is seen as one of the fundamental tools that can be used by companies in order to reach this aim. The main advantage of economic value added over traditional performance measures is to consider the costs of all capital, including debts and equity. Owing to this main advantage, there has been a growing attention paid to economic value added by both academicians and companies since it was developed. In this study, the definition, calculation, advantages, usage areas and limitations of economic value added were introduced. The drivers of shareholder value were also analyzed.
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Mali Çözüm-Cover
  • ISSN: 1303-5444
  • Yayın Aralığı: Yılda 6 Sayı
  • Başlangıç: 1991
  • Yayıncı: İstanbul Serbest Muhasebeci Mali Müşavirler Odası
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Halil Emre AKBAŞ