Sermaye Yapısının Karlılık Üzerindeki Etkisi BIST 100 Üzerine Panel Veri Analizi

Year 2017, Volume: 16 Issue: 2, 303 - 312, 27.04.2017

Erkan Alsu

https://doi.org/10.21547/jss.300017

Cited By: 5

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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