PERFORMANCE COMPARISON OF REAL ESTATE INVESTMENT TRUST SECTOR AND VENTURE CAPITAL INVESTMENT TRUST SECTOR IN TURKEY

Abstract

Bu çalışmanın amacı, Türkiye’de Gayrimenkul Yatırım Oraklığı sektörü ile Girişim Sermayesi Yatırım Ortaklığı sektörünün performanslarını karşılaştırmaktır. Bu amaç doğrultusunda, 2014-2019 dönemine ait 32 tane gayrimenkul yatırım ortaklığının ve 7 tane girişim sermayesi yatırım ortaklığının yıllık verileri kullanılarak, Veri Zarflama yöntemi ile analiz yapılmaktadır. Veri Zarlama analizinde, net kar tutarı ve hisse başına kar tutarı, çıktı değişkenleri olarak kullanılırken, riskli yatırım tutarı, toplam öz sermaye tutarı ve toplam aktif tutarı, girdi değişkenleri olarak kullanılmaktadır. Yapılan analiz sonucunda, genel olarak, gayrimenkul yatırım ortaklığı sektörünün, girişim sermayesi yatırım ortaklığı sektörüne göre daha etkin olduğu, Malmquist verimlilik sonuçlarına göre de, gayrimenkul yatırım ortaklığı sektörünün, girişim sermayesi yatırım ortaklığı sektörüne göre daha verimli olduğu anlaşılmaktadır.

Keywords

• Gayrimenkul
• Risk Sermayesi
• Performans

PERFORMANCE COMPARISON OF REAL ESTATE INVESTMENT TRUST SECTOR AND VENTURE CAPITAL INVESTMENT TRUST SECTOR IN TURKEY

Abstract

The aim of this study is to compare performance of the real estate investment trust (REIT) sector and venture capital investment trusts (VCIT) sector in Turkey. In order to accomplish this purpose, Data Enveloped Analysis is utilized by using the data of 32 REIT and 7 VCIT for the yearly term of 2014-2019. In addition, while net profit amount and profit per share are used as output variables, risky investment amount, total equity amount, total asset amount are used as input variables. At the end of the analysis, in general it is concluded that the real estate investment trust sector hashigher efficiency than venture capital investment trust sector has. Besides, according to the Malmquist Productivity results, again real estate investment trust sector has more productivity than the venture capital investment trust sector has.

Keywords

• Real Estate
• Ventur Capital
• Performance

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