TÜREV FİNANSAL ARAÇLARIN SERMAYE YAPISINA ETKİSİ: TÜRKİYE’DEKİ BANKALAR ÖRNEĞİ

Year 2021, Volume: 8 Issue: 3, 1582 - 1599, 30.11.2021

Bilal Akkaynak , Suat Yıldırım

https://doi.org/10.30798/makuiibf.911724

Cited By: 1

Abstract

Bu makalenin amacı türev finansal araç kullanımının bankaların sermaye yapısı üzerine etkisinin araştırılmasıdır. Bu amaçla 2012 ve 2017 yılları arasında Türkiye’de faaliyet gösteren ve düzenli olarak türev ürün kullanan bankalar analiz edilmiştir. Çalışmada panel veri analizi yöntemi kullanılmıştır. Bağımlı değişken olarak sermaye yapısı değişkenleri, bağımsız değişken olarak aktifteki türev kullanımı ve pasifteki türev kullanımı, varlık yapısı, karlılık, büyüklük, risk, büyüme olanakları ve likidite değişkenleri kullanılmıştır. Aktifteki ve pasifteki türev kullanımlarının sermaye yapısı üzerine etkisinin analiz edilmesi için toplam 4 model kurulmuştur. Analiz sonucunda türev ürün kullanımının borçlanmaya etkisi tüm modellerde istatistiksel olarak anlamlı ve pozitif ilişkili bulunmuştur. Ayrıca türev ürün kullanan bankalarda, karlılık ve likidite değişkenleri borçlanma ile negatif ilişkili, varlık yapısı, büyüklük, risk ve büyüme olanakları değişkenleri ise borçlanma ile pozitif ilişkili bulunmuştur

Keywords

Türev Finansal Araçlar, Sermaye Yapısı, Panel Veri Analizi

THE EFFECT OF DERIVATIVE FINANCIAL ASSETS ON CAPITAL STRUCTURE: THE BANK EVIDENCE ON TURKEY

Abstract

The purpose of this article is to investigate the effect of derivative financial instruments on banks’ capital structure. For this purpose, between 2012 and 2017, banks operating in Turkey and analyzed regularly using derivative products. Panel data analysis method was used in the study. Capital structure variables were used as dependent variables, the use of derivatives on assets and liabilities, tangibility, profitability, size, risk, growth opportunities and liquidity variables were used as an independent variable. A total of 4 models have been established in order to analyze the effect of derivative use on assets and liabilities on capital structure. As a result of the analysis, the effect of derivative product on borrowing was found to be statistically significant and positive in all models. In addition, liquidity and profitability variables were negatively corelated with borrowing and risk, tangibility, growth opportunities and size variables were positively corelated with borrowing..

Keywords

Financial Derivatives, Capital Structure, Panel Data Analysis

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