İÇ ve DIŞ FİNANSMAN KAYNAKLARININ AR-GE HARCAMALARINA ETKİSİ: BIST’E KOTE AR-GE YOĞUN ŞİRKETLER ÜZERİNE DİNAMİK PANEL VERİ ANALİZİ (2006-2015)

Yeni bilgiler üreterek verimliliğin artmasını sağlayan inovasyon, rekabetin her geçen gün daha fazla yoğunlaştığı küresel ekonomide işletmeler için oldukça stratejik bir faaliyet haline gelmiştir. İnovasyon performansının ölçülmesinde en sık kullanılan göstergelerden biri olan araştırma-geliştirme (AR-GE) harcamaları, ilgili yatırımların kendine has özellikleri nedeniyle farklı finansman dinamiklerine sahip olabilmektedir. Bu noktada AR-GE harcamaları ve başlıca finansman kaynakları arasındaki ilişki önemli hale gelmektedir. Çalışmada, Borsa İstanbul’a (BIST) kote AR-GE yoğun şirketlerin 2006-2015 dönemi verileri kullanılarak AR-GE harcamalarının bağımlı değişken olarak yer aldığı dinamik panel veri analizi yapılmıştır. Arellano-Bond fark genelleştirilmiş momentler yöntemi (GMM) tahmincisinin kullanıldığı analiz sonuçları; AR-GE harcamalarının bir dönem gecikmeli değerinden, borçlanmadan kaynaklanan nakit akışlarından, şirket yaşından ve satışlardan pozitif, iç kaynaklardan sağlanan nakit akışlarından ve şirket büyüklüğünden negatif olarak etkilendiğini ortaya koymaktadır. Çalışmanın sonuçları, AR-GE yatırımlarının ağırlıkla borç ile finanse edildiğini ve AR-GE yoğun şirketlere sağlanacak düşük faiz oranlı ve esnek geri ödemeli AR-GE kredilerinin ilgili harcamaları artırabileceğini göstermektedir.

Anahtar Kelimeler:

AR-GE Harcamaları, AR-GE Finansmanı, Nakit Akışları, Dinamik Panel Veri Analizi, İnovasyon

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