Yatırım Faaliyetlerinden Kaynaklanan Nakit Akışlarının Tahmin Gücü

Year 2020, , 611 - 622, 30.09.2020

Melik Ertugrul

https://doi.org/10.24988/ije.202035312

Abstract

İşletme faaliyetlerinden nakit akışları (İFNA) firma değerini belirleyen önemli unsurlardan olduğu ve firmanın likiditesini gösterdiği için gelecek dönemki İFNA’nın tahmini birçok paydaşın odak noktasında yer almaktadır. Çalışmamızda, yatırım faaliyetlerinden kaynaklanan nakit akışlarının (YFKNA) İFNA’yı tahmin gücü incelenmektedir. 2009-2018 yılları arası Borsa İstanbul’a kote firmalar için yapılan analizler, YFKNA’nın bir yıl sonraki ve iki yıl sonraki İFNA’yı tahmin gücü bulunmasa da üç yıl sonraki İFNA’yı tahmin edebildiğini göstermektedir. Diğer bir deyişle, sonuçlarımız, bugünkü yatırımların meyvelerinin üç yıl sonrasında alınabildiğine işaret etmektedir.

Keywords

Yatırım faaliyetlerinden kaynaklanan nakit akışları, tahmin gücü, yatırım

PREDICTIVE ABILITY OF INVESTING CASH FLOWS

Abstract

Prediction of cash flow from operating activities (CFO) is on the focus of most stakeholders of a firm since CFO is the major ingredient of the firm value and it reveals the financial health and liquidity of the firm. The extant literature focuses on the predictive abilities of today’s earnings and CFO figures. Different than the literature, we examine the predictive ability of cash flow from investing activities (CFI). By employing a sample of Turkish listed firms between 2009 and 2018, we document that CFI does have a significant impact on neither one-year-ahead CFO nor two-years-ahead CFO while it negatively and significantly affects three-years-ahead CFO. In other words, today’s cash investments are harvested three years after they take place.

Keywords

Cash flow from investments, Investing, Predictive ability

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