İmalat Sanayii İşletmelerinde Ar-Ge Harcaması Bilgisinin Değer İlişkisi

Yıl 2020, Cilt: 20 Sayı: 3, 109 - 130, 29.09.2020

Gülşah Kulalı

https://doi.org/10.18037/ausbd.801841

Öz

Bu çalışmanın amacı, Türkiye’deki imalat sanayii işletmeleri için maddi olmayan duran varlık yatırımlarından biri olan Ar-Ge harcamalarının değer ilişkisini araştırmaktır. 2014-2018 yılları arasında aralıksız kar etmiş olan ve BIST’te işlem gören 45 adet işletmenin bu beş yıllık süreçteki verileri ile, Ohlson (1995) değerleme modelini temel alan doğrusal bir panel regresyon modeli tahmin edilmiştir. 2014-2018 dönemine ilişkin iki, dört ve altı ay gecikmeli fiyatlar için kurulan modellerin her birinden elde edilen bulgular göstermektedir ki; Ar-Ge harcaması bilgisi piyasa tarafından pozitif değerlenmiştir. Panelde Ar-Ge harcaması bilgisinin fiyat üzerindeki etkisi 31 Aralık tarihinden sonra ilk iki ay içinde bir noktada ortaya çıkmış; ve Şubat, Nisan, Haziran ayları son günleri arasında, etkinin en fazla olduğu nokta Nisan ayı son günü fiyatı olmuştur. Kurulan modellerde kontrol değişkeni olarak yer alan işletme büyüklüğü değişkeninin katsayısının pozitif olması, işletmeler büyüdükçe büyüklüğün işletmenin piyasa değeri faydasını arttığını göstermektedir.

Anahtar Kelimeler

Değer ilişkisi, , Ar-Ge Harcamaları, İmalat Sanayii, Borsa Istanbul

Kaynakça

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