Ahmet MENTEŞ

4113

FİNANSMAN KARARLARINI ETKİLEYEN FAKTÖRLER: TÜRK İMALAT SANAYİ ÜZERİNE BİR ÇALIŞMA

Finansman kararları üzerinde etkili olan faktörlerin belirlenmesi amacıyla yapılan bu çalışmada, Türkiye’de imalat sanayinde faaliyet gösteren ve Borsa İstanbul (BIST) Sınai Endeksi’nde (XUSIN) 2004-2017 yılları arasında kesintisiz olarak yer alan 87 adet şirketin 14 dönemini kapsayan dengeli panel veri seti oluşturulmuştur. Şirketlerin finansman kararlarını temsilen seçilen değişkenler,kısa vadeli finansal borçların özkaynaklara oranı (KVF), uzun vadeli finansal borçların özkaynaklara oranı (UFB) ve toplam finansal borçların özkaynaklara oranıdır (TFB). Analiz sonuçlarına göre şirkete özgü değişkenlerden karlılığının KVF ve TFB üzerindeki etkisi negatif ve anlamlı iken, şirket büyüklüğünün UVF ve TFB üzerindeki etkisi ise pozitif ve anlamlıdır. Makroekonomik değişkenlerden ticari kredilerin ortalama faiz oranı ve reel ekonomik büyüme oranının finansman kararları üzerindeki etkisi istatistiki olarak anlamlı ve negatiftir.

FACTORS THAT AFFECT FINANCING DECISIONS: A STUDY ON TURKISH MANUFACTURING INDUSTRY

This study aims to identify the factors that affect financing decisions in Turkish manufacturing industry. For this purpose a balanced panel data set is constructed. The panel data set covers a 14-year period (2004 to 2017) and consists of 87 firms that are listed at the Borsa Istanbul (BIST) Industry Index (XUSIN). The variables chosen to represent the financing decisions of the firms are ratios of short term financial debt to equity (KVF), long term financial debt to equity (UVF) and total financial debt to equity (TFB). According to findings, profitability as a firm specific variable, has significant and negative effect on KVF and TFB, while firm size has significant and positive effect on UVF and TFB. Among macroeconomic variables, average interest rate of commercial debt and rate of real economic growth have negative and significant effect on financing decisions.
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Mali Çözüm-Cover
  • ISSN: 1303-5444
  • Yayın Aralığı: Yılda 6 Sayı
  • Başlangıç: 1991
  • Yayıncı: İstanbul Serbest Muhasebeci Mali Müşavirler Odası
Arşiv
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