Yerel Muhasebe Standartlarına ve UFRS’ye Göre Hazırlanan Kar ve Özkaynak Rakamlarının Hisse Senedi Fiyatlarına Yansıması: Türkiye Örneği

Öz

Bu çalışmada, Türkiye’deki muhasebe bilgilerinin hisse senetleri fiyatına yansımasında Uluslararası Finansal Raporlama Standartları (UFRS)’nın etkisi ampirik olarak incelenmiştir. 2005 yılından itibaren İstanbul Menkul Kıymetler Borsası (İMKB)’nda işlem gören şirketlerin finansal tablolarını UFRS’ye uygun olarak hazırlayıp sunmaları benimsenmiştir. Ohlson (2005) tarafından önerilen hisse senedi değerleme modeli kullanılarak öncelikle, ulusal muhasebe standartlarına (2000-2002 dönemi) ve UFRS (2005-2009 dönemi)’ye göre hesaplanan özkaynak ve kar rakamlarının hisse senedi fiyatına yansıması analiz edilmiştir. Daha sonra, zorunlu UFRS uygulamasından elde edilen muhasebe bilgilerinin hisse senedi fiyatı üzerindeki etkisi incelenmek üzere 2 ayrı dönem kıyaslanmıştır. Yapılan analiz sonucunda, farklı her iki raporlama sistemine göre hesaplanan özkaynak ve kar rakamlarının birlikte ve ayrı ayrı, hisse senedi fiyatına olumlu ve önemli ölçüde yansıdığı görülmüştür. Ayrıca analiz sonuçları, özkaynak rakamlarının hisse senedi fiyatına kar rakamlarından daha fazla yansıdığını göstermiştir. İki farklı raporlama standardı kıyaslandığında da UFRS’nin İMKB’de işlem gören şirketlerin muhasebe bilgilerini hisse senetleri fiyatlarına daha iyi yansıttığı sonucuna varılmıştır. Bu çalışmayla muhasebe bilgilerinin hisse senetleri fiyatlarına yansıması ve zorunlu UFRS uygulamalarına ilişkin literatürde varolan tartışmalara olumlu katkı sağlaması düşünülmektedir

Anahtar Kelimeler

• UFRS, hisse senedi fiyatlarına yansıma, yerel muhasebe standartları, sermaye piyasaları

Value Relevance of Book Value & Earnings Under the Local GAAP and IFRS: Evidence from Turkey

Öz

This study examines empirically the impact of International Financial Reporting Standards (IFRS) on the value relevance of accounting information in Turkey. Turkish listed firms on the Istanbul Stock Exchange (ISE) are required to adopt IFRS in the preparation and presentation of their financial statements since 2005. Using the equity valuation model as suggested by Ohlson (1995), firstly, the value relevance of earnings and book values of equity produced under Turkish Local Standards and under IFRS is analyzed. And then, these two periods are compared to investigate whether the mandatory adoption of IFRS has an impact on value relevance of accounting information. The analysis results show that earnings and book value are, jointly and individually, positively and significantly related to stock price under the two different reporting regimes. Additionally, the results provide that book value of equity is more value relevant than earnings. When two different reporting standards are compared, it is found that the adoption of IFRS increased the value relevance of accounting information for Turkish listed firms. This study contributes to the existing literature on the value relevance of accounting information and to the debate over the mandatory adoption of IFRS

Anahtar Kelimeler

• IFRS, value relevance, local GAAP, capital markets

Kaynakça

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