Excess Cash Margin

Yıl 2020, Sayı: 40, 129 - 149, 31.12.2020

Bülent Gayretli Sami Karacan

https://doi.org/10.35343/kosbed.840135

Öz

Earnings quality depends on how well firm earnings are supported by cash flows. In order to
measure earnings quality, it is possible to use earnings quality indicators, which are much more
practical to apply compared to complex models. In this article, Excess Cash Margin (ECM), an
earnings quality indicator, an early warning signal that provides useful information about the
relationship between a firm's net income and operating cash flow, is examined in detail. If net
income and operating cash flow do not change at similar rates over extended periods,
inconsistencies that may be seen in ECM may indicate that earnings are of poor quality. However, inconsistencies seen in the ECM in the short run may not mean that earnings are of poor quality.
Seasonal changes, cyclical developments, changes in the firm’s life cycle and firm-specific
developments may result in differences between the rates of change in net income and the rates of
change in operating cash flow. It should also be emphasized that the usefulness of ECM for its
purposes depends on making some adjustments for particular parameters in the ECM equation.

Anahtar Kelimeler

Accrual Basis of Accounting, Cash Flows, Earnings Management, Fraud, Earnings Quality

Artakalan Nakit Marjı

Öz

Kâr kalitesi, firma kârlarının nakit akışlarıyla ne kadar iyi desteklendiğine bağlıdır. Kâr kalitesini
ölçebilmek için, karmaşık modellere nazaran uygulanması çok daha pratik olan kâr kalitesi
göstergelerini kullanmak mümkündür. Bu makalede, bir firmanın net kârı ile esas faaliyetlerinden
nakit akışı arasındaki ilişkiye dair faydalı bilgiler sağlayan bir kâr kalitesi göstergesi ve erken uyarı
sinyali olan Artakalan Nakit Marjı (ANM) ayrıntılı olarak incelenmektedir. Net kârlar ve esas
faaliyetlerden nakit akışları, uzun dönemler boyunca benzer oranlarda değişmiyorsa, ANM’de
görülebilecek tutarsızlıklar, kârların kalitesiz olduğuna işaret edebilir. ANM'de kısa dönemde
görülen tutarsızlıklar ise, kârların kalitesiz olduğu anlamına gelmeyebilir. Mevsimsel değişiklikler,
konjonktürel olaylar, firmanın yaşam döngüsündeki değişiklikler ve firmaya özgü olaylar, net
kârların değişim oranları ile esas faaliyetlerden nakit akışlarının değişim oranları arasında
farklılıklara neden olabilir. Ayrıca vurgulamak gerekir ki, ANM’nin amaçları doğrultusunda
faydalı olabilmesi, ANM denklemindeki belirli parametrelerde birtakım düzeltmelerin yapılmasına
bağlıdır.

Anahtar Kelimeler

Tahakkuk Esaslı Muhasebe, Nakit Akışları, Kâr Yönetimi, Hile, Kâr Kalitesi

Kaynakça

• AICPA (1997). SAS No. 82: Consideration of Fraud in a Financial Statement Audit. New York.
• AICPA (2002). SAS No. 99: Consideration of Fraud in a Financial Statement Audit. New York.
• Akdoğan, Nalan, Nejat Tenker (2010). Finansal Tablolar ve Mali Analiz Teknikleri. Ankara: Gazi Kitabevi.
• Cohen, Daniel A. (2003). “Quality of Financial Reporting Choice: Determinants and Economic Consequences”. Working Paper, New York University.
• Dechow, Patricia M. (1992). Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals. Doctoral Dissertation, University of Rochester, New York.
• Dechow, Patricia M., Catherine M. Schrand (2004). Earnings Quality. Charlottesville: The Research Foundation of CFA Institute.
• Fellows, James A. (1985). “The Economic and Accounting Definitions of Income: Proposals for Reform, a Note”. The American Economist. 29 (2): 57-62.
• Fraser, Lyn M., Aileen Ormiston (2012). Understanding Financial Statements. London: Pearson Education.
• Givoly, Dan, Carla Hayn (2000). "The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?”. Journal of Accounting and Economics. 29 (3): 287-320.
• Güvemli, Oktay (1977). İşletmelerde Nakit Akışı Planlaması. İstanbul: Çağlayan Kitabevi.
• Healy, Paul M., James M. Wahlen (1999). “A Review of the Earnings Management Literature and Its Implications for Standard Setting”. Accounting Horizons. 13 (4): 365-383.
• IASB (2018). International Financial Reporting Standards (Çev. KGK. www.kgk.gov.tr/14.10.2020). London: IASCF.
• Karacan, Sami (2009). KOBİ'lerde UFRS'ye Uygun Finansal Raporlama. Kocaeli: Umuttepe Yayınları.
• Kishalı, Yunus, Selman A. Erden, Sadi Işıklılar (2002). Finansal Muhasebe. İstanbul: Türkmen Kitabevi.
• McNichols, Maureen F. (2002). “Discussion of the Quality of Accruals and Earnings: The Role of Accrual Estimation Errors”. The Accounting Review. 77: 61–69.
• Mikhail, Michael B., Beverly R. Walther, Richard H. Willis (2003). “Reactions to Dividend Changes Conditional on Earnings Quality”. Journal of Accounting, Auditing and Finance. 18: 121–151.
• Mishra, Chandra, Ralph Drtina (2004). “Accounting Manipulations and Business Failures: The Case for Effective Financial Disclosure and Corporate Governance”. The Journal of Private Equity. 7 (4): 27–35.
• Mulford, Charles W., Allan Mathis (2018). Earnings Quality Trends (Quarter 1, 2018). Atlanta: Georgia Institute of Technology.
• Mulford, Charles W., Euqene E. Comiskey (1996). Financial Warnings. New York: John Wiley & Sons.
• Mulford, Charles W., Eugene E. Comiskey (2002). The Financial Numbers Game: Detection Creative Accounting Practices. New York: John Wiley & Sons.
• Mulford, Charles W., Eugene E. Comiskey (2005). Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance. New Jersey: John Wiley & Sons.
• Mulford, Charles W., Jose Mogurusa, David Yom (2012). Earnings Quality: Summary Reports on Individual Companies. Atlanta: Georgia Institute of Technology.
• Mulford, Charles W., Josh Tucker (2013). Earnings Quality Trends (Quarter 2, 2012): A Return to Normal Levels. Atlanta: Georgia Institute of Technology.
• Mulford, Charles W., Mark Jacobson (2017). Earnings Quality Trends: Wait & See (Quarter 3, 2016). Atlanta: Georgia Institute of Technology.
• Mulford, Charles W., Michael L. Ely (2003). Excess Cash Margin and the S&P 100. Atlanta: Georgia Institute of Technology.
• Mulford, Charles W., Michael L. Ely (2004). A Look at Cash Flow and Earnings Growth for the S&P 100. Atlanta: Georgia Institute of Technology.
• Mulford, Charles W., Sarika Misra (2016). Earnings Quality Trends: Stabilization (Quarter 3, 2015). Atlanta: Georgia Institute of Technology.
• Örten, Remzi, Hasan Kaval, Aydın Karapınar (2007). Türkiye Muhasebe-Finansal Raporlama Standartları. Ankara: Gazi Kitabevi.
• Powers, William C., Raymond S. Troubh, Herbert S. Winokur (2002). Report of Investigation by the Special Investigative Committee of the Board of Directors of Enron Corp. Texas.
• Riahi-Belkaoui, Ahmed (1999). Earnings Measurement, Determination, Management, and Usefulness: An Empirical Approach. London: Quorum Books.
• Sarıoğlu, Kerem (2010). Nakit Akış Tablosu ve Yönetim Kararlarında Kullanımı. İstanbul: İstanbul Üniversitesi İşletme Fakültesi Muhasebe Enstitüsü Yayınları.
• Schipper, Katherine (1989). “Commentary on Earnings Management”. Accounting Horizons. 3: 91-102.
• Schipper, Katherine, Linda Vincent (2003). “Earnings Quality”. Accounting Horizons. 17: 97-110.
• SEC (1999). Securities and Exchange Comission 1999 Annual Report. Washington DC.
• Sharma, Divesh S., Errol R. Iselin (2003). “The Decision Usefulness of Reported Cash Flow and Accrual Information in a Behavioural Field Experiment”. Accounting and Business Research. 33 (2): 123-135.
• Treadway, James C., William M. Batten, William S. Kanaga, Hugh L. Marsh, Thomas I. Storrs, Donald H. Trautlein (1987). Report of the National Commission on Fraudulent Financial Reporting. Washington DC.