A Financial Ratio Analysis on BIST Information and Technology Index (XUTEK) Using AHP-weighted Grey Relational Analysis

Abstract

The financial ratio analysis is an important issue for the stock exchange markets which have many sub-sectoral indexes. During Industry 4.0 revolution and transition, the sector of information and technology is shown as one of the sectors that have great strategic importance in the global change and development process. So, the performance of the information and technology sector provides a significant added value to the economies. In this study, multi-criteria decision-making (MCDM) approaches will be used to determine the weights of the criteria with considering the experts’ opinions used in the evaluation of the financial performance of the companies operating in the field of Information and Technology Sector of BIST Stock Index (XUTEK). In order to measure the financial performance of companies with MCDM methods, the ratios of the liquidity, operational/activity, financial structure, and profitability are obtained from the financial statements are frequently applied in the scientific literature. In the study, criteria weights were determined by using the pairwise comparison feature of the analytical hierarchy process method and expert opinions. Then, the smallest and largest values of the financial ratio values in quarterly periods in 2020 and the uncertainty formed were evaluated with the gray relational analysis method. After all; XUTEK stocks to be included in the priority investment portfolio in terms of financial performance have been determined.

Keywords

• Analytic hierarchy process
• Grey relational analysis
• BIST stock index
• Uncertainty

AHP Ağırlıklı Gri İlişkisel Analiz Kullanarak BIST Bilişim ve Teknoloji Endeksinde (XUTEK) Finansal Oranlar Analizi

Abstract

Finansal oran analizi, birçok alt sektör endeksine sahip borsalar için önemli bir konudur. Endüstri 4.0 devrimi ve geçiş sürecinde bilgi ve teknoloji sektörü, küresel değişim ve gelişim sürecinde büyük stratejik öneme sahip sektörlerden biri olarak gösterilmektedir. Dolayısıyla bilgi ve teknoloji sektörünün performansı ekonomilere önemli bir katma değer sağlamaktadır. Bu çalışmada, Bilgi ve Teknoloji Sektörü alanında faaliyet gösteren şirketlerin finansal performanslarının değerlendirilmesinde kullanılan uzman görüşleri dikkate alınarak kriterlerin ağırlıklarının belirlenmesinde çok kriterli karar verme (ÇKKV) yaklaşımları kullanılacaktır. ÇKKV yöntemleri ile şirketlerin finansal performanslarını ölçmek için finansal tablolardan elde edilen likidite, operasyonel/faaliyet, finansal yapı ve karlılık oranları bilimsel literatürde sıklıkla uygulanmaktadır. Çalışmada, analitik hiyerarşi süreç yönteminin ikili karşılaştırma özelliği ile uzman görüşleri kullanılarak kriter ağırlıkları tespit edilmiştir. Daha sonra, 2020 yılında üçer aylık dönemlerdeki finansal oran değerlerinin en küçük ve en büyük değerleri ile oluşan belirsizlik gri ilişkisel analiz yöntemi ile değerlendirilmiştir. Sonuçta; finansal performans açısından öncelikli yatırım portföyüne alınacak XUTEK hisse senetleri belirlenmiştir

Keywords

• Analitik hiyerarşi süreci
• Gri ilişkisel analiz
• Hisse senedi endeksi
• Belirsizlik

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