DÖVİZ KUR RİSKİ İLE ŞİRKET DEĞERİ ARASINDAKİ İLİŞKİNİN İMKB OTOMOTİV SEKTÖRÜNDE ANALİZİ

Abstract

With the collapse of the fixed rate system, volatility of exchange rates and related risks has become an important component of the international financial system. Exchange rate movements affect both operational cash flow of the company and the discount rate used to evaluate the company. The purpose of this study is to reveal the relationship between the market value and the net exchange position of the company. In this frame, the research subject consists of publicly-held companies in the Turkish automotive industry. Quarterly raw data between the years 2004 and 2008 is used in the study. Initially, Pearson Correlation Test is applied to the data set and in the second stage, Panel Data Analysis is applied

Keywords

• Exchange Rate, Exchange Rate Risk, Firm Value, Correlation Analysis

DÖVİZ KUR RİSKİ İLE ŞİRKET DEĞERİ ARASINDAKİ İLİŞKİNİN İMKB OTOMOTİV SEKTÖRÜNDE ANALİZİ

Abstract

Sabit kur sisteminin çöküşüyle birlikte, döviz kurlarının volatilitesi ve buna bağlı riskler, uluslararası finansal yönetimin önemli bir bileşeni haline gelmiştir. Döviz kuru hareketleri hem şirketin faaliyetleri ile ilgili nakit akımını hem de şirketi değerlendirmek için kullanılan iskonto oranını etkilemektedir. Bu çalışmanın amacı, şirket piyasa değeri ile net döviz pozisyonu arasındaki ilişkinin ortaya çıkarılmasıdır. Bu çerçevede araştırma konusunu, halka açık Türk Otomotiv Sanayi oluşturmaktadır. Çalışmamızda 2004–2008 yıllarına ait üçer aylık ham veriler kullanılmıştır. Konuyla ilgili oluşturduğumuz veri setine ilk olarak Pearson Korelasyon testi, ikinci olarak ise Panel Veri analizi uygulanmıştır

Keywords

• Döviz Kuru, Döviz Kuru Riski, Şirket Değeri, Korelasyon Analizi

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