Borsa İstanbul AŞ. Perakende Ticaret Sektöründe Sermaye Yapısı Kararlarının Mikro Panel Veri Yöntemi ile İncelenmesi

Yıl 2019, Sayı: 41, 220 - 234, 01.02.2019

Erhan Demireli Berk Yıldız

Öz

İşletmenin sermaye yapısı, uzun vadeli yabancı kaynakları ile özsermayesinin toplamından oluşmaktadır. Başka bir ifadeyle sermaye yapısı, bir işletmede devamlı olarak bulundurulması zorunlu olan sermaye tutarını ifade etmektedir. Dolayısıyla işletme yönetim sürecinde sermaye yapısı kararları, stratejik finansal kararlar olarak değerlendirilmelidir. Çünkü sermaye yapısına ilişkin alınan kararlar işletmenin uzun vadede ortaya çıkacak faaliyetlerine yön vermekte, çeşitli çözüm önerileri geliştirmektedir. Öte yandan perakende ticaret sektörü ise; kısa vadeli kararların alındığı, tüketicinin eğilim ve yönelimlerinin işletmeler tarafından yoğun olarak hissedildiği, teknolojik gelişmelere açık, iş modeli temelinde insan odaklı olan dinamik bir sektördür. Bu çalışmada dinamik bir sektör olan perakende ticaret sektörü ile stratejik kararların odak noktası olan sermaye yapısı kararları arasındaki etkileşim incelenmiştir. Çalışmanın temel amacı, potansiyel yatırımcıların ve perakende ticaret sektöründe faaliyet gösteren işletme yöneticilerinin alacağı kararlara ışık tutmaktır. Bu doğrultuda çalışmada, iki ayrı model kurulmuş, ardından kısa ve uzun vadeli borçların, toplam varlıklar üzerindeki etkileri ayrı ayrı analiz edilmiştir. Çalışma sonucunda kısa vadeli borçların, toplam varlıklar üzerindeki etkisinin toplam borç/özsermaye, özsermaye/toplam varlıklar ve büyüme faktörleri ile açıklanabildiği; uzun vadeli borçların toplama varlıklara etkisinin ise toplam borç/özsermaye, işletmenin yaşı ve özsermaye/toplam varlıklar faktörleri ile açıklanabildiği sonucuna ulaşılmıştır.

Anahtar Kelimeler

Sermaye Yapısı, Borsa İstanbul, Perakende Ticaret Sektörü, Mikro Panel Veri Yöntemi

The Examination of Capital Structure Decisions By Micro Panel Data Method in Borsa Istanbul Retailing Trade Sector

Öz

The capital structure forms by sum of long-term debt and equity capital. In other words, the capital structure refers to the amount of capital that is mandatory. Therefore, capital structure decisions must evaluate as strategic financial decisions along business management. Because capital structure decisions related with long-term decisions that propose some solutions to them. On the other hand, retailing trade sector is dynamic, focused on consumer sensitive, and short-term decisions are taken in this sector. In this study we investigated interaction between dynamic retailing trade sector and capital structure decisions that are based on strategic decisions. The aim of this study is orient the potential investors and executives of retail companies. In this context, we developed two different models and analyzed the effects of short and long term debts on total assets by micro panel data method. The results are showed that the effects of short-term debts on total assets can explain by total debt / equity, equity / total assets and growth factors, however the effects of long-term debts on total assets can explain by total debt / equity, the age of enterprise and equity / total assets

Anahtar Kelimeler

Capital Structure, Borsa İstanbul, Retailing Trade Sector, Micro Panel Data Analysis

Kaynakça

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