Yıldırım Beyazıt ÖNAL, Serkan Yılmaz KANDIR, Erdinç KARADENİZ

PİYASA KATMA DEĞERİ MVA İLE FİNANSALPERFORMANS ÖLÇÜTLERİ ARASINDAKİ İLİŞKİNİN ÖLÇÜLMESİ: İMKB’YE KOTE 5 TURİZM İŞLETMESİ ÜZERİNE BİR UYGULAMA

Bu makalenin amacı; İstanbul Menkul Kıymetler Borsası’nda İMKB hisseleri işlem gören turizm işletmelerine ait piyasa katma değ verleri MVA ile finansal performans ölçütleri arasındaki ilişkinin incelenmesidir. Buçerçevede, İMKB’ye kote 5 turizm işletmesinin, ekonomik katma değerini EVAzarlayan LBA Danışmanlık Firması tarafından hazırlanan 1995-2000 yıllarına ait EVA ve MVA değerleri kullanılmıştır. Analize dahil turizm işletmelerinin, MVA değerleri ile EVAdeğerleri arasındaki ilişki istatistiksel olarak ortaya konmuştur. Çalışma sonucunda, bu değişkenlerin, turizm işletmelerinin MVA değerleri üzerinde önemli bir etkisi olmadığı saptanmıştır

Anahtar Kelimeler:

Firma Değeri, EVATM, MVA, Turizm, İMKB

The aim of this study is to examine the relationship among market value added MVA and financial performance criteria for the tourism companies that are quoted in the İstanbul Stock Exchange ISE . In this context, theeconomic value added EVAperiod between 1995 and 2000, are used. These data are computed by LBA Consulting Company. The statistical relationship among MVA, EVAsult, these variables do not have any influence over the MVA value of tourism companies

Keywords:

Firm value, EVATM, MVA, Tourism, ISE,

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