FİNANSAL RİSKLER İLE FİRMA DEĞERİ ARASINDAKİ İLİŞKİNİN BELİRLENMESİ: BORSA İSTANBUL FİRMALARI ÜZERİNE BİR UYGULAMA

Çalışmada, finansal riskler ile firma değeri arasındaki ilişkiyi ortaya çıkarmak amaçlanmıştır. Bu bağlamda, 2012-2017 yılları arasında Borsa İstanbul 100 Endeksinde pay senetleri devamlı olarak işlem gören firmalara ilişkin veriler, panel veri analizi ile incelenmiştir. Finansal riskler, faiz, sermaye, kur, likidite ve kredi riskleri ile temsil edilmiştir. Firma değeri ise Tobin’s Q, Piyasa Değeri/Defter Değeri ve Fiyat/Kazanç oranları ile ölçülmüştür. Analiz kapsamında üç farklı model oluşturulmuştur. Birinci modelde sermaye ve likidite riskleri ile TQ arasında anlamlı ve negatif ilişki tespit edilirken, kur, kredi ve faiz riski ile anlamlı herhangi bir ilişki tespit edilememiştir. İkinci modelde, kredi riski ile Piyasa Değeri/Defter Değeri oranı arasında anlamlı ve negatif ilişki tespit edilirken, faiz, sermaye, kur ve likidite riskleri ile anlamlı herhangi bir ilişki tespit edilememiştir. Üçüncü modelde ise kur ve kredi riskleri ile Fiyat/Kazanç oranı arasında anlamlı ve negatif ilişki tespit edilirken, faiz, sermaye ve likidite riskleri ile anlamlı herhangi bir ilişki tespit edilememiştir.

Anahtar Kelimeler:

Finansal Riskler, Firma Değeri, Borsa İstanbul, Panel Veri Analizi

DETERMINATION OF THE RELATIONSHIP BETWEEN FINANCIAL RISKS AND FIRM VALUE: AN APPLICATION ON ISTANBUL STOCK EXCHANGE COMPANIES

This study is aimed at revealing the relationship between financial risks and firm value. In this context, the data from the firms, whose shares are continuously traded on Borsa Istanbul 100 Index between 2012-2017, is analyzed by the panel data analysis. Financial risks are represented by interest, capital, currency, liquidity and credit risks. Firm value is measured by Tobin Q, Market Value/Book Value and Price/Earning ratios. Within the scope of the analysis, three different models are specified. In the first model, while a negative and significant relationship was found between capital and liquidity risks and Tobin Q, no significant relationship was observed with currency, credit and interest risk. In the second model, while a negative and significant relationship was found between credit risk and Market Value/Book Value, no significant relationship was observed with interest, capital, currency and liquidity risks. In the third model, while a negative and significant relationship was found between credit and currency risks and Price/Earning ratio, no significant relationship was observed with interest, capital and liquidity risks. Consequently, it has been revealed that in order to increase their firm value, Borsa Istanbul 100 index firms should consider sales and receivable policies, financial decisions, liquidity position and exchange rates.

Keywords:

Financial Risks, Firm Value, Istanbul Stock Exchange, Panel Data Analysis,

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