TÜRK FİRMALARINDA FİNANSAL KISITLAR VE YATIRIM: DOKUMA, GİYİM EŞYASI VE DERİ SEKTÖRÜNDE BİR ARAŞTIRMA

Year 2020, Volume: 12 Issue: 23, 426 - 436, 31.07.2020

Bahadır Ergün

https://doi.org/10.14784/marufacd.781540

Abstract

Yeni borç ya da özkaynak gibi dışsal finansmana erişimde problemler yaşanması durumunda, firmalar yatırımlarını içsel nakit akışları ile finanse etmek zorunda kalabilirler. Bu durum firmaların yatırımlarının kendi nakit akışlarıyla kısıtlı olması anlamına gelir. Bu çalışmanın amacı, firmaların yatırımlarında içsel nakit akışlarına bağımlılıklarının araştırılmasıdır. Veri seti hisse senetleri Borsa İstanbul’da (BİST) işlem gören, Dokuma, Giyim Eşyası ve Deri Sektöründe yer alan 20 firmanın 2005 ve 2017 arasındaki finansal verilerinden oluşmaktadır. Analiz için Gölge Değişkenli En Küçük Kareler yöntemi ve Euler Denklemlerinden faydalanılmıştır. Tahmin edilen modellerin sonuçlarına göre içsel nakit akışlarının firma yatırımlarını pozitif ve anlamlı bir şekilde etkilediği gözlenmiştir. Diğer bir ifade ile içsel nakit akışları azaldığında yatırımlar da azlamak zorunda kalmaktadır; bu durum dışsal finansmana erişimde problemlerin yaşanıyor olduğunun göstergesidir.

Keywords

Finansal Kısıtlar, Nakit Akışı, Yatırım, Dokuma, Giyim Eşyası ve Deri Sektörü, BIST

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