YATIRIM FAALİYETLERİNDEN KAYNAKLI NAKİT AKIŞLARININ DEĞER İLİŞKİSİ

Yatırım faaliyetlerinden kaynaklı nakit akışları (YFKNA), firmaların gelecek dönemlerdeki ana faaliyetlerinden nakit sağlayabilme gücü açısından önemli bir göstergedir. Bir firmanın bugünkü değeri gelecekteki nakit akımlarına bağlı olarak değişmektedir. Bu bağlamda, YFKNA’daki artışın firmanın piyasa değerini olumlu yönde etkilemesi beklenmelidir. Çalışmamızda, 2009-2018 döneminde Borsa İstanbul’da pay senetleri işlem gören 287 firmanın verileri kullanılarak YFKNA’nın firmaların piyasa değeri üzerindeki etkisi Fiyat Modeli’nin modifiye edilmiş versiyonu ile araştırılmaktadır. YFKNA’nın firma değeri üzerindeki etkisinin pozitif yönde ve istatistiki olarak anlamlı olduğunu ortaya koyan analiz sonuçlarımız, YFKNA’nın hisse senedi fiyatlarınca yansıtıldığını ve piyasaya faydalı bilgiler sunduğunu göstermektedir.

VALUE RELEVANCE OF INVESTING CASH FLOWS

Investing Cash Flows (CFI) are indicators of the future performance and cash generation power from core operating activities of a firm. Since future cash flows are one of the major determinants of the current firm value, an increase in CFI should be expected to positively affect the current firm value. In this study, based on a sample of 287 listed firms on Borsa Istanbul between 2009 and 2018, the association between CFI figures and market value of equity is analysed by employing a modified version of the Price Model. Regression outcomes document evidence for the positive value relevance of CFI, which should be read as follows: CFI figures provide useful information for valuation as they are reflected in share prices.

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