Excess Cash Margin

Year 2020, Issue: 40, 129 - 149, 31.12.2020

Bülent Gayretli , Sami Karacan

https://doi.org/10.35343/kosbed.840135

Abstract

Earnings quality depends on how well firm earnings are supported by cash flows. In order to
measure earnings quality, it is possible to use earnings quality indicators, which are much more
practical to apply compared to complex models. In this article, Excess Cash Margin (ECM), an
earnings quality indicator, an early warning signal that provides useful information about the
relationship between a firm's net income and operating cash flow, is examined in detail. If net
income and operating cash flow do not change at similar rates over extended periods,
inconsistencies that may be seen in ECM may indicate that earnings are of poor quality. However, inconsistencies seen in the ECM in the short run may not mean that earnings are of poor quality.
Seasonal changes, cyclical developments, changes in the firm’s life cycle and firm-specific
developments may result in differences between the rates of change in net income and the rates of
change in operating cash flow. It should also be emphasized that the usefulness of ECM for its
purposes depends on making some adjustments for particular parameters in the ECM equation.

Keywords

Accrual Basis of Accounting, Cash Flows, Earnings Management, Fraud, Earnings Quality

Artakalan Nakit Marjı

Abstract

Kâr kalitesi, firma kârlarının nakit akışlarıyla ne kadar iyi desteklendiğine bağlıdır. Kâr kalitesini
ölçebilmek için, karmaşık modellere nazaran uygulanması çok daha pratik olan kâr kalitesi
göstergelerini kullanmak mümkündür. Bu makalede, bir firmanın net kârı ile esas faaliyetlerinden
nakit akışı arasındaki ilişkiye dair faydalı bilgiler sağlayan bir kâr kalitesi göstergesi ve erken uyarı
sinyali olan Artakalan Nakit Marjı (ANM) ayrıntılı olarak incelenmektedir. Net kârlar ve esas
faaliyetlerden nakit akışları, uzun dönemler boyunca benzer oranlarda değişmiyorsa, ANM’de
görülebilecek tutarsızlıklar, kârların kalitesiz olduğuna işaret edebilir. ANM'de kısa dönemde
görülen tutarsızlıklar ise, kârların kalitesiz olduğu anlamına gelmeyebilir. Mevsimsel değişiklikler,
konjonktürel olaylar, firmanın yaşam döngüsündeki değişiklikler ve firmaya özgü olaylar, net
kârların değişim oranları ile esas faaliyetlerden nakit akışlarının değişim oranları arasında
farklılıklara neden olabilir. Ayrıca vurgulamak gerekir ki, ANM’nin amaçları doğrultusunda
faydalı olabilmesi, ANM denklemindeki belirli parametrelerde birtakım düzeltmelerin yapılmasına
bağlıdır.

Keywords

Tahakkuk Esaslı Muhasebe, Nakit Akışları, Kâr Yönetimi, Hile, Kâr Kalitesi

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