FİRMA DEĞERİNİ MAKSİMİZE EDECEK NAKİT AKIŞLARIN SİSTEM DİNAMİĞİ YAKLAŞIMIYLA ANALİZİ

Abstract

Bu çalışmada, firma değerinin hesaplanmasında sıkça kullanılan firmaya serbest nakit akımları, sistem dinamiği modeliyle belirlenmeye çalışılmıştır. Çalışma için BİST-100 endeksinde işlem gören bir firma seçilmiş ve finansal verileri analiz edilerek firmanın nakit akım projeksiyonu oluşturulmuştur. Sistem dinamiği modeliyle firmanın gelecekteki nakit akımları belirli senaryolar altında çalıştırılmıştır. Sonuçlar, sistem dinamiği modeli ile firmanın gelecekteki nakit akımlarının başarılı bir şekilde tahmin edilebildiğini göstermektedir. Sistem dinamiğinin etkili biri stratejik yönetim muhasebesi tekniği olarak kullanılabileceği ve firma yöneticilerinin firma değerini en yükseğe çıkaracak kararları verirken ihtiyaç duyacakları verileri sağlayabileceği değerlendirilmektedir.

Keywords

• Firma Değeri
• Sistem Dinamiği
• Stratejik Yönetim Muhasebesi
• Nakit Akışı

THE ANALYSIS OF CASH FLOWS MAXIMIZING THE FIRM VALUE THROUGH THE APPROACH OF SYSTEM DYNAMİCS

Abstract

In this study, it was practiced to adopt free cash flows to firm which is frequently used in calculating the firm value through the system dynamics model. For the study, a firm traded at Borsa Istanbul 100 Index (BIST-100) was chosen and the firm’s cash flow projection was created by analyzing its financial data. Future cash flows of the firm were exercised under certain scenarios via system dynamics model. The results exhibit that the future cash flows of the firm can be predicted successfully through the system dynamics model. It is considered that the system dynamics can be used as an efficient strategic management accounting technique and that it can provide the data which the business executives will require when making the optimal decisions maximizing the firm value.

Keywords

• Firm Value
• System Dynamics
• Strategic Management Accounting
• Cash Flows

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