Çalışma Sermayesi Finanslama Stratejilerinin Firma Karlılığı Üzerine Etkileri: İMKB’de KayıtlıFirmalar Üzerinde Bir Araştırma

Firmalar için karlılık, var olduklarıgünden beri en önemli amaçlardan biridir. Çalışma sermayesi ile firma karlılığıarasındaki sıkıilişkiden dolayıfirmalar için önem arz eden çalışma sermayesi yönetiminin başarısında karlılık, risk ve likidite arasındaki dengenin sağlanmasıda önemli bir etkendir. Bu dengenin kurulmasıise firmaların hangi finanslama stratejisini uygulayacağına bağlıdır. Yapılan bu çalışmada, çalışma sermayesi finanslama stratejilerinin firma karlılığıüzerine etkileri belirlenmeye çalışılmışve İMKB’de kayıtlıdokuma sanayinde faaliyette bulunan 16 firma üzerinde bir araştırma yapılmıştır. Araştırma verileri 2003 – 2012 yıllarıarasında dokuma sanayinde faaliyet gösteren firmaların mali tablolarıkullanılarak hesaplanan oranlardan oluşmaktadır. Zaman serilerinin durağanlığıEviews programıyardımıyla birim kök testi ile test edilmiştir, daha sonra da verilerin durağan olduğu görülüp SPSS 15.0 programıkullanılarak basit regresyon analizi yapılmıştır. Analiz sonuucunda, çalışma sermayesini finanslama stratejileri ile aktif karlılık arasında anlamlıbir ilişki olduğu tespit edilmiştir. Buna göre atılgan finanslanma stratejisini takip eden firmaların aktif karlılıklarının en yüksek olduğu, dengeli finansman stratejisini takip eden firmaların ikinci sırada yer aldığıve muhazakar finansman stratejiyi takip eden firmaların ise son sırada yer aldığıtespit edilmiştir.

Profitability is one of the most important objectives for companies since they have been. A firm which completed its founded phase and ready for production needs money and credit to cover raw materials, labor, storage and insurance expenses in order to start production. Here, in order to start production necessary money and credit that are connected to income groups are called as working capitals. Due to the tight relationship between the profitability of the company with working capital, profitability in the success of working capital management which are important for firms, is a major factor to ensure balance between liquidity and risk. Working capital depends on ensuring efficiency in management, determining optimum level of working capital which is needed by company and financing those working capital items in a correct way. Therefore, initially the investment level of current assets should be determined, and then it should be considered that how necessary financing will be provided for this investment. An ideal economy, it should be that short-term assets must be financed with short-term assets and long-term assets must be financed with long-term assets and owners equity. Otherwise, the firm can be in trouble in terms of financing. So firms should operate their activities in most profitable and efficient way. Because profitability brings risk at the same time, firms should establish policies to ensure the balance of risk and profitability. Therefore this is directly related to which working capital financing strategy will be chosen. Because, there are 3 financing strategy as conservative, balanced and aggressive and all of them have different level of profitability and risk. A research is carried out on 16 publicly traded companies which operates in weaving industry on ISE. Research data consist of calculated ratios using financial statements of companies which operate in the weaving industry in between 2003-2012 years. Stationary of time series has been tested with unit root test with the help of Eviews program and having seem that data are stationary and a simple regression analysis was performed using SPSS 15.0 software. According to analysis, working capital financing strategies are represented by the current rates of the last 10 years of weaving industries. Profitability levels are represented by the rate of return on assets. Accordingly, it is investigated that the effect of current ratio variable on the profitability of weaving industry firms listed on the ISE. For these firms which are considered in the paper, they are evaluated according to if their current ratio variable is equal or bigger than 2 CR ≥ 2 conservative financing strategy, if the variable 1 ≤ CR < 2 , balanced financing strategy and if current ratio variable is smaller than 1 CR < 1 aggressive financing strategy are applied. As a result of analysis, it has been found that there is significant relationship between working capital financing strategies and return on assets. Accordingly, it is identified that firms who follow brash financing strategies have highest return on assets, firms who follow balanced financing strategies take second place and firms who follow conservative financing strategy in last place