İşletme Performansının Değerlendirilmesinde Ekonomik Katma Değer ve Piyasa Katma Değeri Yöntemleri ve Bu Yöntemlerin Hisse Senedi Geitirlerini Açıklama Gücünün İncelemesi:İMKB 100 Örneği
Öz
Anahtar Kelimeler
Kaynakça
- BIDDlE, Gary C.lBOWEN, Robert M.I WAlLACE James S. (1997), "Does EVA Beat Eamings, Evidenee on Assoeiations with Stoek Retums and Firm Value," Journalaf Accounting Et Economies(VoI.24, Iss.3, Deeember): 301.336.
- CHEN, Shimin/DODD, James L. (2001), "Operating Income, Residual Income and EVA: Whieh Metric is More Value Relavent," Journalaf Manageriallssues (VoL. Xiii, Spring): 65.86.
- CHEN, Shimin/DODD, James L. (1997), "Eeonomie Value Added," Journalaf Managerial Issues (VoL. 9, No.3, Fall): 1.8.
- CLINTON, B.Douglas/CHEN, Shimin (1998), "Do New Performanee Measures Up," Management Accounting (Oet. 1998, Vol. 80, NoA): 1-5.
- COPELAND, Toml KOLLER, Timl MURRIN, Jaek (1995), Valuation Measuring and Managing the Value of Campanies (New York: John Wiley& Sons, Ine., Second Edition).
- CORNELL, Bradford (1993), Corporate Valuation Tools for Effective Appraisal and Decision Making (New York: Irwin Professional Publishing).
- EUELLY, A. N.I KHALlD, S. A. (2001), "Performance Measures and Wealth Creation in an Emerging Market: The Case of Saudi Arabia," International Journalaf Commerce Et: Management (VoL. 11, 3-4): 54-71.
- ERDOGAN, Orall BERK Niyazil KATIRCIOGLU, Erol (2000), "The Eeonomie Profit Approaeh in Firm Performance Measurement," Russian and East European Finance and Trade (VoI.36): 54-75.
- FARSLO, F.I DEGEL, J.I DEGNER, J. (2000), "Eeonomie value Added(EVA) and Stoek Returns," The Financier(Vol. 7, NO.1-4): 115-119.
- GAPENSKI, Louis, C. (1996), "Using MVA and EVA to Measure Finandal Performanee," Healthcare Financial Management (VoI.50, March): 56.
- GÜRBÜZ, A. 0.1 ERGINCAN, Y. (2004), Şirket Değerlemesi (istanbul: Literatür Yayınlan, No: 119).
- GRANT, James, L. (1996), "Foundation of EVA for Investment Managers," The Journalaf Portfolio Management (Fall): 41-47.
- GRUBER, Elton (1995), Modern Portfolio Theory and Investment Analysis (New York: John Wiley and Sons, Ine., Fourth Edition).
- HACKEL, Kenneth, 5.1 L1VNAT, Jashua (1996), Cash Flow and Security Analysis (USA: Irwin Professional Publishing).
- JACKSON, Alfred (1996), "The How and Why of EVA at CS First Boston," Journalaf Applied Corporate Finance (VoL. 9, No. 1, Spring): 98-103.
- KANG, J.I KWANG, K.I HENDERSON, W. C. (2002), "Eeonomie Value Added(EVA): A Finandal Performance Measure," Journalaf Accounting and Finance Research (VoL., 10, No. 1, Spring): 48-56.
- KUDLA, Ronald, J.lARENDT, David A. (2000), "Making EVA Work," AFP Exchange (VoI.20, No. 4, Fall): 98-101.
- LOVATA, L.M.I M.L.COSTIGAN (2002), "Empirieial Analysis of Adopters of Eeonomie Value Added, " Management Accounting Research (VoL. 13): 215-228.
- MC CORMACKI DRUMMOND (2001), Journalaf Applied Corporate Finance (VoL. 13, No. 4): 76-87.
- MILUNOVICH, Stevenl TSUEI, Albert (1996), "EVA in The Computer Industry," Journalaf Applied Corporate Finance (VoL. 9, No. 1, Spring): 104.115.
- O'BYRNE, Stephen F. (1996), "EVA And Market Value," Journalaf Applied Corporate Finance (VoL. 9, No 1, Spring): 116-125 .
- ÖZÇAM, Ferhat (1996), Teknik Analiz ve Istanbul Menkul Kıymetler Borsası (Ankara: SPK, Yayın No. 32)
- PEIXOTO, S. (2002), "Eeonomie Value Added Aplieation to Portuguese Publie Companies," SSRN Working Paper Series: 1-17.
- STEWARD, G. Bennett (1990), The Quest for Value (USA: Harper Collins Publishers Ine.).
- YILGÖR, A. G. (2004), "Özsermaye Maliyetinin Belirlenmesinde Karşılaştırmalı Bir Analiz," Işletme ve Finans (No. 220, Temmuz): 46-55.
- www.ekutuD.dpt.gov.tr/tg
- www.imkb.gov.tr
- www.eanaktari.org.ekonomi/anayasaliktisat/monetarizm/aktanutkuluDaraDolitikasi.htm
İŞLETME PERFORMANSININ DEĞERLENDİRİLMESİNDE EKONOMİK KATMA DEĞER (EVA) VE PİYASA KATMA DEĞERİ (MVA) YÖNTEMLERİ VE BU YÖNTEMLERİN HİSSE SENEDİ GETİRİLERİNİ AÇIKLAMA GÜCÜNÜN İNCELENMESİ: İMKB 100 ÖRNEĞİ
Öz
Bu çalışmanın amacı, işletme performansının değerlendirilmesinde EVA ve MVA yöntemlerinin nasıl kullanılacağının, İMKB 100 endeksinde yer alan sınai işletmeler örnek alınarak gösterilmesi ve yöntemin hisse senedi getirilerini açıklama gücünün diğer ölçütlerle karşılaştırılmalı olarak incelenmesidir. Yapılan inceleme sonucunda, hiçbir işletmenin 1997-2002 döneminin bütününde ekonomik katma değer yaratamadıkları, onyedi işletmenin ise inceleme döneminin bütününde negatif EVA değerleri elde ettikleri, onbir işletmenin tüm inceleme döneminde piyasa katma değeri yarattıkları ve EVA ve MVA'nın hisse senedi getirilerini açıklama gücünün ROE, ROA ve EPS'ye göre daha yüksek olduğu, ancak her iki grupta da yer alan değişkenlerin hisse senedi getirilerindeki değişimin küçük bir bölümünü açıklayabildikleri saptanmıştır.
Anahtar Kelimeler
İşletme performansı geleneksel performans ölçütleri ekonomik katma değer piyasa katma değeri hisse senedi getirisi
Kaynakça
- BIDDlE, Gary C.lBOWEN, Robert M.I WAlLACE James S. (1997), "Does EVA Beat Eamings, Evidenee on Assoeiations with Stoek Retums and Firm Value," Journalaf Accounting Et Economies(VoI.24, Iss.3, Deeember): 301.336.
- CHEN, Shimin/DODD, James L. (2001), "Operating Income, Residual Income and EVA: Whieh Metric is More Value Relavent," Journalaf Manageriallssues (VoL. Xiii, Spring): 65.86.
- CHEN, Shimin/DODD, James L. (1997), "Eeonomie Value Added," Journalaf Managerial Issues (VoL. 9, No.3, Fall): 1.8.
- CLINTON, B.Douglas/CHEN, Shimin (1998), "Do New Performanee Measures Up," Management Accounting (Oet. 1998, Vol. 80, NoA): 1-5.
- COPELAND, Toml KOLLER, Timl MURRIN, Jaek (1995), Valuation Measuring and Managing the Value of Campanies (New York: John Wiley& Sons, Ine., Second Edition).
- CORNELL, Bradford (1993), Corporate Valuation Tools for Effective Appraisal and Decision Making (New York: Irwin Professional Publishing).
- EUELLY, A. N.I KHALlD, S. A. (2001), "Performance Measures and Wealth Creation in an Emerging Market: The Case of Saudi Arabia," International Journalaf Commerce Et: Management (VoL. 11, 3-4): 54-71.
- ERDOGAN, Orall BERK Niyazil KATIRCIOGLU, Erol (2000), "The Eeonomie Profit Approaeh in Firm Performance Measurement," Russian and East European Finance and Trade (VoI.36): 54-75.
- FARSLO, F.I DEGEL, J.I DEGNER, J. (2000), "Eeonomie value Added(EVA) and Stoek Returns," The Financier(Vol. 7, NO.1-4): 115-119.
- GAPENSKI, Louis, C. (1996), "Using MVA and EVA to Measure Finandal Performanee," Healthcare Financial Management (VoI.50, March): 56.
- GÜRBÜZ, A. 0.1 ERGINCAN, Y. (2004), Şirket Değerlemesi (istanbul: Literatür Yayınlan, No: 119).
- GRANT, James, L. (1996), "Foundation of EVA for Investment Managers," The Journalaf Portfolio Management (Fall): 41-47.
- GRUBER, Elton (1995), Modern Portfolio Theory and Investment Analysis (New York: John Wiley and Sons, Ine., Fourth Edition).
- HACKEL, Kenneth, 5.1 L1VNAT, Jashua (1996), Cash Flow and Security Analysis (USA: Irwin Professional Publishing).
- JACKSON, Alfred (1996), "The How and Why of EVA at CS First Boston," Journalaf Applied Corporate Finance (VoL. 9, No. 1, Spring): 98-103.
- KANG, J.I KWANG, K.I HENDERSON, W. C. (2002), "Eeonomie Value Added(EVA): A Finandal Performance Measure," Journalaf Accounting and Finance Research (VoL., 10, No. 1, Spring): 48-56.
- KUDLA, Ronald, J.lARENDT, David A. (2000), "Making EVA Work," AFP Exchange (VoI.20, No. 4, Fall): 98-101.
- LOVATA, L.M.I M.L.COSTIGAN (2002), "Empirieial Analysis of Adopters of Eeonomie Value Added, " Management Accounting Research (VoL. 13): 215-228.
- MC CORMACKI DRUMMOND (2001), Journalaf Applied Corporate Finance (VoL. 13, No. 4): 76-87.
- MILUNOVICH, Stevenl TSUEI, Albert (1996), "EVA in The Computer Industry," Journalaf Applied Corporate Finance (VoL. 9, No. 1, Spring): 104.115.
- O'BYRNE, Stephen F. (1996), "EVA And Market Value," Journalaf Applied Corporate Finance (VoL. 9, No 1, Spring): 116-125 .
- ÖZÇAM, Ferhat (1996), Teknik Analiz ve Istanbul Menkul Kıymetler Borsası (Ankara: SPK, Yayın No. 32)
- PEIXOTO, S. (2002), "Eeonomie Value Added Aplieation to Portuguese Publie Companies," SSRN Working Paper Series: 1-17.
- STEWARD, G. Bennett (1990), The Quest for Value (USA: Harper Collins Publishers Ine.).
- YILGÖR, A. G. (2004), "Özsermaye Maliyetinin Belirlenmesinde Karşılaştırmalı Bir Analiz," Işletme ve Finans (No. 220, Temmuz): 46-55.
- www.ekutuD.dpt.gov.tr/tg
- www.imkb.gov.tr
- www.eanaktari.org.ekonomi/anayasaliktisat/monetarizm/aktanutkuluDaraDolitikasi.htm
Toplam 28 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Araştırma Makaleleri |
| Yazarlar | |
| Yayımlanma Tarihi | 1 Ocak 2005 |
| Gönderilme Tarihi | 31 Temmuz 2014 |
| Yayımlandığı Sayı | Yıl 2005 Cilt: 60 Sayı: 01 |