Citation Number
4
Views
61
Downloands
11
Firmaların faaliyet sonuçlarının, mevcut finansal durumlarının detaylı olarak yorumlayabilmek için finansal oranlar kullanılmaktadır. Firmaların ürettikleri söz konusu muhasebe bilgisi ile piyasa değerleri arasında ilişkinin incelenmesi uzun zamandır araştırmacıların odak noktası olmuştur. Genel geçer bir modelin ortaya konulamaması, konunun uzun süre gündemde kalmasını sağlamıştır. Bu çalışmanın amacı, aynı sektörde fakat farklı piyasalarda faaliyet gösteren firmaların finansal oranları ile piyasa değeri arasındaki ilişkinin incelenmesi ve karşılaştırılmasıdır. Bu amaç doğrultusunda, Borsa İstanbul (BIST) ve Londra Borsası (FTSE) imalat sektöründe işlem gören firmalara ait veri kullanılmıştır. Analiz dönemi olarak 2008-2018 yılları belirlenirken, ilgili dönemde veri sürekliliği gözetilerek Borsa İstanbul’da 36, Londra Borsası’nda ise 45 imalat firmasının verisine ulaşılmıştır. Panel veri analizinin kullanıldığı tahminler sonucunda, Borsa İstanbul için dönen varlık devir hızı, borçlanma oranı ve fiyat kazanç oranı ile firma değerinin istatistiksel olarak anlamlı ilişkisi olduğu gözlemlenmiştir. Londra Borsası için ise öz kaynak devir hızı, borçlanma oranı ve öz sermaye karlılık oranı istatistiksel olarak anlamlı bulunmuştur. Analiz sonuçlarına göre, genel-geçer bir model olabileceği yargısı reddedilirken aynı sektörde fakat farklı piyasalarda faaliyet gösteren firmalar için benzer finansal oran grubu firma değeri ilişkisinin görülebileceği tespit edilmiştir.
Financial rates are used to explain in detail the results of the company’s activities, the current financial situation. The study of the relationship between the relevant accounting information that companies produce and market values has long been the focus of researchers. The failure to present a general passing model has made it possible for the subject to remain on the agenda for a long time. The aim of this study is to study and compare the relationship between the financial ratio and market value of companies operating in the same sector but in different markets. For this purpose, the data of the companies that are traded in the manufacturing sector of the Stock Exchange of Istanbul (BIST) and the London Stock Exchange (FTSE) were used. As an analysis period, the 2008-2018 years are determined, the data continuity in the relevant period is monitored and the data of the Stock Exchange in Istanbul is 36, and the London Stock Exchange is 45 manufacturing companies. As a result of the predictions used by the panel data analysis, it was observed that the return asset rate, debt rate and price profit rate and the value of the company have a statistically meaningful relationship. For the London Stock Exchange, the turnover rate, the debt rate and the profitability rate of the capital are statistically significant. According to the results of the analysis, the judgment that it may be a general-intermediate model is rejected; it has been found that similar financial ratio group for companies operating in the same sector but in different markets can see the company’s value relationship.
Since half of the century, financial ratios are useful tools to analyze the relationship between the accounting information and market value of firms in finance literature. However, any researcher could find a valid model for all sectors or firms. The aim of this study is to examine and compare the relationship between financial ratios and market value in terms of different markets. For this purpose, the yearly data gathered from Borsa İstanbul (BIST) and London Stock Exchange (FTSE) manufacturing sectors for the period 2008-2018. The data involves 36 manufacturing companies traded on the BIST and 45 companies traded on the FTSE. As a result of the estimations using panel data analysis, it was observed that there is a statistically significant relationship between the asset turnover rate, borrowing rate and price gain rate and market value for BIST; equity turnover rate, borrowing rate and equity profitability ratio were found statistically significant in the FTSE. It is consistent with the literature that we cannot discover a general-valid model for all markets. Nevertheless, similar financial ratio groups have impact on market value of firms.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
Article Detail 
Citation Owners
Similar Articles
Download PDF
Journal Information
Listen Paper
Print This Page
Share
Mendeley
