Çalışma Sermayesi Finanslama Stratejilerinin Firma Karlılığı Üzerine Etkileri: İMKB’de Kayıtlı Firmalar Üzerinde Bir Araştırma
Yükleniyor...
Dosyalar
Tarih
2013
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Selçuk Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Firmalar için karlılık, var oldukları günden beri en önemli amaçlardan biridir. Çalışma sermayesi ile firma karlılığı arasındaki sıkı ilişkiden dolayı firmalar için önem arz eden çalışma sermayesi yönetiminin başarısında karlılık, risk ve likidite arasındaki dengenin sağlanması da önemli bir etkendir. Bu dengenin kurulması ise firmaların hangi finanslama stratejisini uygulayacağına bağlıdır. Yapılan bu çalışmada, çalışma sermayesi finanslama stratejilerinin firma karlılığı üzerine etkileri belirlenmeye çalışılmış ve İMKB’de kayıtlı dokuma sanayinde faaliyette bulunan 16 firma üzerinde bir araştırma yapılmıştır. Araştırma verileri 2003 – 2012 yılları arasında dokuma sanayinde faaliyet gösteren firmaların mali tabloları kullanılarak hesaplanan oranlardan oluşmaktadır. Zaman serilerinin durağanlığı Eviews programı yardımıyla birim kök testi ile test edilmiştir, daha sonra da verilerin durağan olduğu görülüp SPSS 15.0 programı kullanılarak basit regresyon analizi yapılmıştır. Analiz sonuucunda, çalışma sermayesini finanslama stratejileri ile aktif karlılık arasında anlamlı bir ilişki olduğu tespit edilmiştir. Buna göre atılgan finanslanma stratejisini takip eden firmaların aktif karlılıklarının en yüksek olduğu, dengeli finansman stratejisini takip eden firmaların ikinci sırada yer aldığı ve muhazakar finansman stratejiyi takip eden firmaların ise son sırada yer aldığı tespit edilmiştir.
Profitability is one of the most important objectives for companies since they have been. A firm which completed its founded phase and ready for production needs money and credit to cover raw materials, labor, storage and insurance expenses in order to start production. Here, in order to start production necessary money and credit that are connected to income groups are called as working capitals. Due to the tight relationship between the profitability of the company with working capital, profitability in the success of working capital management which are important for firms, is a major factor to ensure balance between liquidity and risk. Working capital depends on ensuring efficiency in management, determining optimum level of working capital which is needed by company and financing those working capital items in a correct way. Therefore, initially the investment level of current assets should be determined, and then it should be considered that how necessary financing will be provided for this investment. An ideal economy, it should be that short-term assets must be financed with short-term assets and long-term assets must be financed with long-term assets and owners equity. Otherwise, the firm can be in trouble in terms of financing. So firms should operate their activities in most profitable and efficient way. Because profitability brings risk at the same time, firms should establish policies to ensure the balance of risk and profitability. Therefore this is directly related to which working capital financing strategy will be chosen. Because, there are 3 financing strategy as conservative, balanced and aggressive and all of them have different level of profitability and risk. A research is carried out on 16 publicly traded companies which operates in weaving industry on ISE. Research data consist of calculated ratios using financial statements of companies which operate in the weaving industry in between 2003-2012 years. Stationary of time series has been tested with unit root test with the help of Eviews program and having seem that data are stationary and a simple regression analysis was performed using SPSS 15.0 software. According to analysis, working capital financing strategies are represented by the current rates of the last 10 years of weaving industries. Profitability levels are represented by the rate of return on assets. Accordingly, it is investigated that the effect of current ratio variable on the profitability of weaving industry firms listed on the ISE. For these firms which are considered in the paper, they are evaluated according to if their current ratio variable is equal or bigger than 2 (CR ? 2) conservative financing strategy, if the variable 1 ? CR < 2 , balanced financing strategy and if current ratio variable is smaller than 1 ( CR < 1) aggressive financing strategy are applied. As a result of analysis, it has been found that there is significant relationship between working capital financing strategies and return on assets. Accordingly, it is identified that firms who follow brash financing strategies have highest return on assets, firms who follow balanced financing strategies take second place and firms who follow conservative financing strategy in last place.
Profitability is one of the most important objectives for companies since they have been. A firm which completed its founded phase and ready for production needs money and credit to cover raw materials, labor, storage and insurance expenses in order to start production. Here, in order to start production necessary money and credit that are connected to income groups are called as working capitals. Due to the tight relationship between the profitability of the company with working capital, profitability in the success of working capital management which are important for firms, is a major factor to ensure balance between liquidity and risk. Working capital depends on ensuring efficiency in management, determining optimum level of working capital which is needed by company and financing those working capital items in a correct way. Therefore, initially the investment level of current assets should be determined, and then it should be considered that how necessary financing will be provided for this investment. An ideal economy, it should be that short-term assets must be financed with short-term assets and long-term assets must be financed with long-term assets and owners equity. Otherwise, the firm can be in trouble in terms of financing. So firms should operate their activities in most profitable and efficient way. Because profitability brings risk at the same time, firms should establish policies to ensure the balance of risk and profitability. Therefore this is directly related to which working capital financing strategy will be chosen. Because, there are 3 financing strategy as conservative, balanced and aggressive and all of them have different level of profitability and risk. A research is carried out on 16 publicly traded companies which operates in weaving industry on ISE. Research data consist of calculated ratios using financial statements of companies which operate in the weaving industry in between 2003-2012 years. Stationary of time series has been tested with unit root test with the help of Eviews program and having seem that data are stationary and a simple regression analysis was performed using SPSS 15.0 software. According to analysis, working capital financing strategies are represented by the current rates of the last 10 years of weaving industries. Profitability levels are represented by the rate of return on assets. Accordingly, it is investigated that the effect of current ratio variable on the profitability of weaving industry firms listed on the ISE. For these firms which are considered in the paper, they are evaluated according to if their current ratio variable is equal or bigger than 2 (CR ? 2) conservative financing strategy, if the variable 1 ? CR < 2 , balanced financing strategy and if current ratio variable is smaller than 1 ( CR < 1) aggressive financing strategy are applied. As a result of analysis, it has been found that there is significant relationship between working capital financing strategies and return on assets. Accordingly, it is identified that firms who follow brash financing strategies have highest return on assets, firms who follow balanced financing strategies take second place and firms who follow conservative financing strategy in last place.
Açıklama
Anahtar Kelimeler
Çalışma Sermayesi, Karlılık, Finanslama Stratejisi, Working capital, Profitability, Financing Strategy
Kaynak
Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
Sayı
30
Künye
Altan, M., Şekeroğlu, G., (2013). Çalışma Sermayesi Finanslama Stratejilerinin Firma Karlılığı Üzerine Etkileri: İMKB’de Kayıtlı Firmalar Üzerinde Bir Araştırma. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 30, 223-228.
