Nakit Akış Döngüsünün Belirleyicileri: Türkiye İmalat Sanayi Örneği

Yıl 2022, Cilt: 9 Sayı: 1, 43 - 56, 14.01.2022

Ersin Yenisu , Sedat Yenice

https://doi.org/10.55026/jobaf.978284

Cited By: 2

Öz

Nakit akış döngüsü son yıllarda işletmeler açısından daha da önem kazanmıştır. İşletmeler borçlarını zamanında ödeyebilmek ve faaliyetlerini kesintisiz olarak sürdürebilmek için mutlaka likiditelerini korumalıdırlar. Nakit yönetimi rekabetin iyice arttığı günümüzde finansal fonların en iyi şekilde yönetilmesi için kritik bir öneme sahiptir. Geleneksel olarak işletmeler nakit akış süresini azaltmak için alacaklarını en kısa sürede temin etmeli, borçlarını firmanın imajını zedelemeyecek şekilde ötelemeli ve stok tutma sürelerini mutlaka azaltmalıdırlar. Bu doğrultuda çalışmada nakit akış döngüsünü belirleyen işletme düzeyindeki unsurlar analiz edilmiştir. Çalışmada Borsa İstanbul (BIST)’da faaliyet gösteren 108 imalat sanayi şirketinin yıllık finansal verileri kullanılmıştır. Dönem olarak ise nispeten istikrarlı diyebileceğimiz 2010-2017 arası analiz edilmiştir. Diğer taraftan veriler hem kesit hem de zaman etkisi taşıdığı için yöntem olarak dinamik bir tahminleme modeli olan Sistem GMM panel regresyon modeli kullanılmıştır. Yapılan korelasyon ve Sistem GMM analizleriyle nakit akış döngüsünü önceki dönem nakit akış süresinin ve aktif devir hızının etkilediği sonucuna varılmıştır. Çalışmada veriler sektörlere ayrıştırılmış ve “tekstil” sektöründe nakit akış döngüsünün en uzun, “metal” sektöründe ise en kısa olduğu bulgulanmıştır. Sonuç olarak, bu çalışmaya göre işletmeler büyüdükçe nakit akış döngüsü süresi kısalmaktadır. Bu nedenle, özellikle küçük işletmeler finansal performanslarını arttırmak için alacak tahsil sürelerini azaltmaya, ortalama stok düzeylerini düşürmeye ve borçlarını daha uzun vadeye yaymaya önem vermelidirler.

Anahtar Kelimeler

Nakit Akış Döngüsü, İmalat Sanayi, Sistem GMM

Determinants of Cash Conversion Cycle: The Case of Turkey Manufacturing Industry

Öz

The cash conversion cycle has become more important in recent years. Firms must always maintain their liquidity in order to be able to pay their debts on time and to continue their activities without interruption. Cash management is critical importance for management of financial funds in today's competitive environment. Traditionally, firms should obtain their receivables as soon as possible, and should long their debts in such a way that they do not damage the image of the company, should reduce their stock hold period. In this study, business level factors that determine the cash conversion cycle are analyzed. The annual financial data of 108 manufacturing companies operating in Borsa İstanbul (BIST) are used. The period between 2010-2017 for relatively stable is analyzed. On the other hand, since the data has both cross-section and time effects, System GMM panel regression model, which is a dynamic estimation model, was used as a method. As a result of the correlation and System GMM analysis, it was concluded that the cash conversion cycle in the previous period and the active turnover rate affected the cash conversion cycle. In the study, the data were divided into sectors and it was found that the cash conversion cycle was the longest in the “textile” industry and the shortest in the “metal” industry. As a result, as businesses grow, the cash conversion cycle time shortens. For this reason, especially small enterprises should pay attention to reducing their credit collection periods, decreasing their average inventory levels and spreading their debts for a longer term in order to increase their financial performance.

Anahtar Kelimeler

Cash Conversion Cycle, Manufacturing, System GMM

Kaynakça

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