TİCARET KREDİSİNİN İŞLETMELERİN SATIŞLARINA VE KÂRLILIKLARINA ETKİSİ: BİR ANALİZ

Abstract

Günümüzde kredili satışlar, sadece ülkemizde değil tüm dünyada toplam ticaretin önemli kısmını oluşturmaktadır. Bu çalışmada ticaretin ve ekonominin gelişmesinde önemli katkısı olduğu iddia edilen ticaret kredisi üzerinde durulmaktadır. Çalışmada, Türkiye’de Borsa İstanbul’da kayıtlı rastgele seçilmiş 32 imalat şirketinin 2008-2015 yıllarına ait mali bilgiler kullanılarak ticaret kredisinin satışlara, büyümeye ve kârlılığa etkisi belirlenmeye çalışılmıştır. Çalışmada oran analizi ve trend analizi yöntemleri kullanılmıştır. Analiz sonuçlarına göre ticaret kredisinin 2008-2015 döneminde şirketlerin büyümesine, satışlarına ve kârlılıklarına olumlu etkisi olmadığı bulunmuştur. Bu dönem içerisinde dünyada ve Türkiye’de yaşanan ekonomik sıkıntıların, analiz sonuçlarının bu şekilde çıkmasında etkili olduğu düşünülmektedir.

Keywords

• Ticaret Kredisi,Ticaret Kredisi Politikası,Ticaret Kredisi Yönetimi

THE EFFECT OF TRADE CREDITS ON SALES AND PROFITS OF THE ENTERPRISES: AN ANALYSIS

Abstract

Nowadays, credit sales constitute an important part of the trade not only in our country but also all over the world. This study focuses on the trade credit, which is claimed to be a significant contributor to the development of trade and the economy. In the study, it was tried to determine the effect of trade credits on sales, growth and profitability by using financial information for the 2008-2015 years of 32 randomly selected manufacturing companies registered in Stock Exchange Istanbul. Ratio analysis and trend analysis methods were used in the study. According to the results of the analysis, it was found that the trade credit did not have a positive effect on the growth, sales and profitability of the companies in 2008-2015 period. During this period, the economic difficulties experienced in Turkey and in the world, the analysis results are believed to be effective in this way come.

Keywords

• Trade Credit,Trade Credit Policy,Trade Credit Management,Trend Analysis

References

1. Akgüç, Öztin. (1995), Mali Tablolar Analizi, Muhasebe Enstitüsü Yayın No: 64, Muhasebe Enstitüsü Eğitim ve Araştırma Vakfı Yayın No:16, Genişletilmiş 9. Baskı, İstanbul: Avcıol Basım Yayın.
2. Akgüç, Öztin. (2011), Kredi Taleplerinin Değerlendirilmesi, İstanbul: Arayış Basım ve yayın.
3. Berger, A. N., Udell, F. G. (1998), The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance22, 1-69.
4. Brennan, Brennan M. J., Maksimovic, V., Zechner, J. (1988), Vendor financing. Journal of Finance 43, 1127–1141.
5. Bridge B M. (1998), "Financial Distress in Local Banks in Kenya, Uganda and Zambia: Causes and Implications for Regulatory Policy", Development Policy Review Journal, Vol. 16 No.2, pp.173~89
6. Cheng NS, Pike R, 2003. The trade credit decision: evidence of UK firms. Managerial and Decision Economics 24, 419–438.
7. Deloof M, Jegers M, 1996. Trade credit, product quality, and intragroup trade: some European evidence. Financial Management 25, 33-43.
8. Deloof, Marc (2003): “Does working capital management affect profitability of Belgian firms?” Journal of Business, Finance & Accounting, 30, 573-587.

9. Derban W.K, Banner J M and Mullineaux A (2005) Loan Repayment Performance in Community Development Finance Institution in the UK, Small business economics 23, 319-332
10. Elliehausen GE, Wolken JD, 1993. The demand for trade credit: An investigation ofmotives for trade credit use by small businesses. Working Paper, The Federal ReserveBoard.
11. Elliehausen, G., Wolken, J. (1993), The demand for trade credit: an investigation of Motive for trade credit use by small business. Board of governors of the Federal Reserve System, Washington.
12. Emery, G. W. (1987), An optimal financial response to variable demand. Journal of Financial and Quantitative Analysis22, 209–225.
13. Eugene, F. B. (1992). Fundamentals of Financial Management, Sixth Edition, Dryden Press,
14. Ferris, J. S. (1981), A transactions theory of trade credit use, Quarterly Journal of Economics96, 243-270.
15. Finlay, S. M. (2009), Are we modelling the right thing?: The impact of incorrect problem specification in credit scoring, Expert Systems with Applications. 36, 5, p. 9065-9071 7 p. Research output: Contribution to journal › Journal Article
16. Garcia-Teruel PJ, Martinez-Solano P, (2010). Determinants of trade credit: A comparative study of European SMEs. International Small Business Journal 28, 215-233.
17. García-Teruel, P.J., Martínez-Solano.P. (2014), Trade credit and SME profitability. Small Business Economics42, 561-577.
18. Giannetti M, 2003. Do better institutions mitigate agency problems? Evidence from corporate finance choices. Journal of financial and quantitative analysis 38, 185-212.
19. Gücenme Ümit, (2000); Mali Tablolar Analizi, Bursa: Marmara Kitapevi Yayınları
20. Hermes,N., Kihanga,E., Lensink,R., Lutz.C. (2011). The impact of trade credit on customer switching behaviour: evidence from the Tanzanian rice market. The Journal of Development Studies 48, 363-376.
21. Hernandez de Cos, Hernando I, 1999. El crédito comercial en las empresas manufactureras españolas. Moneda y Crédito 209, 231–67.
22. Hill MD, Kelly GW, Lockhart GB, Washam JO, 2010. Trade Credit, Market Value, and Product Market Dynamics, FMA New York
23. Hill, M. D., Kelly, G. W., Lockhart, G. B. (2012), Shareholder returns from supplying trade credit. Financial Management 41, 255–280.
24. Ifurueze M.S. K (2013). The Impact of Effective Management On Credit Sales On Profitability and Liquidity of Food and Beverage Industry in Nigeria, Global Journal of Management and Business Research USA 13(2) Illinois, U.S.A
25. Joshua Onuora K. Ifeacho Samuel Nwafili, (2017), The Effects of Credit Management on Profitability of Manufacturing Firm in Nigeria. (A Study of Selected Companies in Nigerian Stock Exchange), Research Journal of Finance and Accounting, ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online), Vol.8, No.10, 142-154.
26. Kairu P K. (2009), "Credit Management", 2 Ed., Focus Publishers Ltd Nairobi
27. Kakuru, J. (2001), Financial Decisions and the Business, 2 nd edition, Kampala: The business publishing group
28. Kalunda, E., Nduku, B. &Kabiru, J. (2012). Pharmaceutical Manufacturing Companies in Kenya and Their Credit Risk Management Practices, Research Journal of Finance and Accounting, Vol. 3, No. 5, pp. 159- 167
29. Kungu James N., Wanjau Kenneth L., Gekâra Geoffrey M. and Waititu Anthony G. (2014), Effects of Credit Policy on Profitability of Manufacturing Firms in Kenya IOSR Journal of Economics and Finance (IOSR-JEF) e-ISSN: 2321-5933, p-ISSN: 2321-5925.Volume 2, Issue 4, PP 01-07
30. Lee YW, Stowe JD, (1993), Product risk, asymmetric information, and trade credit. Journal of Financial and Quantitative analysis 28, 285-300.
31. Long, M. S., Malitz, I. B., Ravid, S. A. (1993), Trade credit, quality guarantees, and product marketability. Financial Management 22, 117–127.
32. Margrabe K, (2007), "The incidence of secured debt: evidence from the small business community", Journal of Financial and Quantitative Analysis, Vol. 24 pp.379-394
33. Mason G. and Roger B. (1998), "A capital adequacy framework for Islamic banks: the need to reconcile depositors' risk aversion with managers' risk taking", Applied Financial Economics, Vol.14 No.4, pp.429-441.
34. Meltzer, A. H. (1960), Mercantile credit, monetary policy, and size of firms. The Review of Economics and Statistics42, 429–437.
35. Mian, S., Smith, C.W. (1992), “Accounts Receivable Management Policy: Theory and Evidence”. Journal of Finance, Vol.47.pp.169-201.
36. Miller, C. (2008). “Is it time to review your credit policy”.Retrieved November 29, 2013 from www.creditresearchfoundationonline.com
37. Nadiri, N. I. (1969), The determinants of trade credit terms in the US total manufacturing sector. Econometrica37, 408–423.
38. Ng, C. K., Smith, J. K., & Smith, R. L. (1999), Evidence on the determinants of credit terms used in interfirm trade. Journal of Finance54, 1109–1129.
39. Niskanen J, Niskanen M, (2006). The Determinants of Corporate Trade Credit Policies in a Bank-dominated Financial Environment: the Case of Finish Small Firms. European Financial Management 12, 81-102.
40. Ojeka SA (2012) Credit Policy And Its Effect On Liquidity: A Study Of Selected Manufacturing Companies In Nigeria the Journal of Commerce 3 (3), 10
41. Petersen, M. A., Rajan, R. G. (1997), Trade credit: theories and evidence. Review of Financial Studies, 10, 661–691.
42. Pike R, Cheng NS, Cravens K, Lamminmaki D, (2005). Trade credits terms: asymmetric information and price discrimination evidence from three continents. Journal of Business, Finance and Accounting 32, 1197–1236.
43. Sartoris, W., Hill, N. (1981). Evaluating credit policy alternatives: a present value framework. Journal of Financial Research 4, 81–89.
44. Schwartz, RA, (1974). An economic model of trade credit. Journal of Financial and Quantitative Analysis 9, 643-657.
45. Szabo P. T (2005) A Road Map for Effective Credit Policy Collective Wisdom Magazine Vol.No 20 Retrieved
46. Tirole, J. (2006), The theory of corporate finance. Princeton University Press, Princeton.
47. Wilner, B. S. (2000). The exploitation of relationship in financial distress: the case of trade credit. Journal of Finance55, 153–178.
48. Wilson N, Summers B, (2002). Trade credit terms offered by small firms: survey evidence and empirical analysis. Journal of Business Finance and Accounting 29, 317-351.