Serbest Nakit Akışları İle Sermaye Yapısının İşletme Etkinliği Üzerindeki Etkisinin BİST 100’deki İmalat Sanayi Sektörü İşletmelerinde Araştırılması

Öz

Günümüzde işletmelerin nihayi amacının değer maksimizasyonu olduğu kabul edilmektedir. Bu amacı gerçekleştirmek için verilen kararlar: yatırım, finansman ve temettü dağıtım kararları olarak sınıflandırılabilir. İşletme değerini etkileyen finansman kararların başında başarılı bir nakit yönetiminin olduğu düşünülmektedir. Nakit yönetimi kararları ile sağlanacak nakit mevcudu, işletmenin iktisadi faaliyetlerini sürdürebilmesi ve net pozitif değere sahip projelere yatırım yapabilmesi bakımından büyük öneme sahipken, ihtiyaçtan fazla nakitin bulundurulması temsil maliyetlerinin ortaya çıkmasına neden olabilecektir. Jensen, 1986 yılında ortaya koyduğu Serbest Nakit Akış Teorisinde, serbest nakit akışının kontrol altına alınmasıyla işletme değerinin artmasının sağlanabileceğini savunmaktadır. Bu teoriye göre serbest nakit akışı üzerinde düzenleyici role sahip olan faktörlerden biri işletmenin sermaye yapısı özellikle de yabancı kaynaklarıdır. Bu çalışma serbest nakit akışının sermaye yapısı ile birlikte işletme etkinliği üzerindeki etkisinin incelenmesi amacıyla yapılmıştır. Araştırmada 2009-2018 döneminde BİST 100’de imalat sanayi sektöründe faaliyet gösteren toplam 40 işletmenin verilerinden yararlanılmış, işletmelerin etkinliklerinin ölçülmesi için CCR - girdi yönelimli VZA yöntemi uygulanmıştır. İmalat sanayi sektöründe elde edilen bulgular, Jensen’ın Serbest Nakit Akışı Teorisiyle örtüşmüş olup, serbest nakit akışı ile işletme etkinliği arasında negatif; sermaye yapısı ile işletme etkinliği arasında pozitif (U biçimli), istatistiksel olarak anlamlı ilişki ortaya koymuştur. Diğer taraftan araştırmada bağımsız değişkenlerin işletme etkinliği üzerindeki etkilerinin gelecek dönemlerde tahmin edilebilirliği hakkında ayrı bir analiz yapılmıştır. Buna göre 2019 yılının ilk dokuz aylık verileri ele alınarak dönemin tamamı için tahmini etkinlik skorları, 2009-2018 dönemiyle ilgili geçmişe dönük tahmini etkinlik skorlarıyla karşılaştırılmıştır. Ulaşılan bulgular, imalat sanayi sektöründe, tüm değişkenler ile işletme etkinliği arasındaki ilişkilerin gelecek dönemlerde de aynı yönde olacağını göstermiştir.

Anahtar Kelimeler

• etkinlik
• VZA
• Serbest Nakit Akışı
• Sermaye Yapısı
• Temsil Maliyeti

The Effect of Free Cash Flow and Capital Structure on The Company’s Efficiency and an Application in ISE 100

Abstract

Nowadays, it is accepted that the ultimate goal of firms is value maximization. Decisions made to achieve this aim, are classified as investment decisions, financial decisions and dividend distribution decisions. It is thought that successful cash management is the leading financial decision that affects the firm's value. While the amount of cash that is provided by cash management decisions has a great importance for the company to continue its economic activities and to invest in projects with net positive value, having more cash than needed may cause agency costs. Jensen, with the Free Cash Flow Theory put forward in 1986, argues that, if free cash flow be brought under control it can eventually increase the firm’s value. According to this theory, one of the factors that have a regulatory role on free cash flow is capital structure of the firm especially its foreign resources. This study was carried out to examine the effect of the free cash flow with capital structure on firm’s efficiency. In the research, the data of a total of 40 companies operating in the manufacturing industry sector in ISE 100 within the period of 2009-2018 were used, CCR - input oriented DEA method was applied to measure the efficiency of the firms. The findings obtained in the manufacturing industry sector coincided with Jensen's Free Cash Flow Theory, and statistically revealed that free cash flow and capital structure had significant negative and significant positive (U shaped) relationship with firms’ efficiency respectively. On the other hand, a separate analysis was made about the predictability of the effects of independent variables on firm’s efficiency in coming periods. For this reason, by considering the data of the first 9 months of 2019, estimated efficiency scores for the whole period were compared with the historical efficiency scores for the period of 2009-2018. Findings have shown that there will be similar relationships between all variables and firm’s efficiency in the manufacturing industry sector in the future.

Keywords

• Efficiency
• DEA
• Free Cash Flow
• Capital Structure
• Agency Cost

Kaynakça

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