Sermaye Yapısının Karlılık Üzerindeki Etkisi BIST 100 Üzerine Panel Veri Analizi

Abstract

Sermaye yapısı ve kârlılık ilişkisi, literatürde üzerinde yaklaşık yarım asırdır konuşulan konulardan birisi olarak görülmektedir. Modigliani-Miller (1958) işletmenin sermaye yapısının işletme değeri üzerinde herhangi bir etkisinin olmadığını ileri sürmüştür. Sermayenin ilintisizliği olan bu teoriye göre işletmenin öz kaynak kullanımı ile borç kullanımı arasında işletme değeri açısından herhangi bir fark yoktur. Diğer taraftan Myer (1984) işletmenin borcun vergi kalkanı ve borç dışı vergi kalkanı gibi faktörlerin işletmenin sermaye yapısını etkiyeceğini ileri sürmüştür.

Bu çalışmada, Borsa İstanbul’da faaliyet gösteren 100 işletmenin 2006-2015 yılları arasındaki bilanço verileri incelenmiştir. Bu kapsamda, işletmelerin yıllar itibariyle sermaye yapısında meydana gelen değişmelerin işletmenin karlılığını nasıl etkilediği incelenmiştir. Sermaye yapısının bileşenleri; öz kaynaklar, kısa ve uzun vadeli borçlar, oto finansman kaynakları ve hisse senetlerinden oluşmaktadır.

Panel regresyon analizi sonuçlarına göre daha fazla özkaynak tercihi ile karlılık arasında pozitif yönlü anlamlı ilişkinin var olduğu tespit edilmiştir. Çalışmada uzun vadeli yabancı kaynak tercihi ile kârlılık arasında istatistiksel açıdan anlamlı bir ilişkinin olmadığı tespit edilmiştir. Diğer taraftan Oto Finansman kaynağı olarak yasal yedek tercihi ile karlılık arasında pozitif yönlü anlamlı bir ilişkinin var olduğu tespit edilmiştir.

Keywords

• Sermaye Yapısı,Karlılık,Panel Veri,BIST 100

Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100

Abstract

The relationship between capital structure and profitability is one of the subjects that is being debated in the literature since almost half a century. Modigliani – Miller (1958) argued that the capital structure of an organization has no effect on its value. According to this theory, called the irrelevancy of capital, there is no difference in terms of organization value between the use of equity and the use of loans. On the other hand, Myer (1984) argued that factors such as the tax shield of a loan and non-loan tax shields may affect the capital structure of an organization.

This study examines the balance data for 100 organizations that are active in Istanbul Stock Exchange for the period between 2006 and 2015. The study investigates the relationship between the changes in capital structure and the organization’s profitability along the years The components of capital structure consist of equity, short- and long-term loans, auto financing resources and stocks.

The results of panel regression analysis indicate that there is a significant positive relationship between choosing more equity and profitability. The study determined that there is no significant relationship between choosing long-term foreign capital and profitability. On the other hand, a positive significant relationship was discovered between choosing legal reserve as auto financing resource and profitability .

Keywords

• Capital structure,Profitability,Panel Data,BIST 100

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