FINANCIAL ANALYSIS OF TEXTILE SECTOR BY FINANCIAL RATIOS METHOD AFTER 2008 GLOBAL FINANCIAL CRISIS

Yıl 2012, Cilt: 12 Sayı: 24, 217 - 240, 01.12.2012

Mehmet Karahan Mustafa Özduran

Öz

There are many definitions of the crisis management literature. The business can be
defined as a phenomenon that creates pressure and stress on staff a case of previously
undetected, a threat to the continuity of business operations, emergency measures which should be taken for the solution, otherwise it distorts the dynamics of the business and
ultimately. (Haşit, 2000) The concept of crisis, problem is closely related to concepts such
as risk, uncertainty, conflict, stress, tension and chaos (Tekin and Zerenler, 2005).
After the Second World War began, which gained momentum after 1990, the process
of integration of national and international financial markets, financial crises have brought
about the phenomenon. And many countries both developed and developing, liberalized
their financial systems to render this period of capital account openness on one hand, the
international movement of capital occurred in enormous increases in the other hand, the
severity and long-term financial crises emerged rapidly expanding domain (Delice,2003).
Turkey completed the process of financial liberalization and financial integration in the
1990s, has reached high levels, and has faced a series of financial crisis (Yükseler, 2009).
A different degree of enterprises affected by the crises facing the crisis, but on the
basis of this condition is also associated with business skills to manage the crisis.
Properties and processes vary for each crisis, its causes and consequences of crises are not
possible to make a comment about the general. However, the evaluation of the crises in
the economic structure of the industries and businesses at the time of crisis and crisisresponsive
behavior of perspectives, to analyze the contributions to the assessment of
emerging crises, offer the other. Added to the 2008 economic crisis in the history of our
country as well as the global crisis, the crisis also revealed the need for sector-specific
analysis (Karahan and Kuzu, 2011).
11% of total employment in our country and exports make up approximately 35% to
40 is described as the heart of the textile sector of our economy, more than ever exposed
to worldwide competition, protection of the industry's market share has been a prominent
issue. The only sector with the largest share in Turkey's economy to this extent, strongly
affects the entire economy is caused by the developments in this sector. The textile sector
is very sensitive to internal and external developments, and other sectors with it a
significant effect on Turkish exports. Environments that make up Turkey's soft belly of
the crisis in the textile industry are of great importance for the competitiveness of our
economy sustainability (Ongut, 2007).
In times of crisis due to the dynamics of internal and external shocks arising from
financial markets, every time a significant effect on the textile industry. In this context,
the effects of the crisis in textile sector and the examination of changes in firms' financial
structures, as well as to combat the crisis in the sector will be critical in terms of
protection of competitive advantage.
This study is a continuation of studies on the effects of the crisis, the period after 2008
the world economic crisis, the financial situation of the textile sector are analyzed by
means of financial ratios. In this study, the Istanbul Stock Exchange (ISE) was conducted
on 27 companies belonging to the textile sector. The data were obtained from these
companies for the period 2006-2010. ISE data to obtain data on their financial statements
and corporate web sites FinNet 2000 is used. SPSS 17 statistical program was used to
analyze the study data. 2008 crisis in the period 2006-2010 relative to the average of these
companies in 15 different financial ratio change, were analyzed statistically using t-test
for dependent samples.
Period after the recent global financial crisis, financial ratios traded textile company
through 27, this study aimed to analyze the financial situation as a result of the findings
and interpretations are summarized below. • The liquidity crisis of 2008, according to the ratio of the period, a slight decrease
was observed in the period after the crisis. Emerging standards, however, to be
around 1.5, therefore, they are sufficient despite a decrease in the amount
mentioned. In this case, the ratio of current assets to meet short term debts for the
enterprises that protect and decline during the crisis of liquidity suggest distressing
problem.
• The post-crisis period has been significant increases in the proportion of activities of
enterprises. During this period, increased inventory turnover and inventory costs are
relatively reduced. Accounts payable and fixed assets at rates significantly lower
compared to previous periods. This is a slight increase business capacity utilization
rates that begin to produce enough income or assets indicates. Used to measure the
efficiency of all the assets of enterprises active in the post-crisis period, reduction in
the rate of speed, the idle capacity of businesses and assets that are interpreted in
terms of used enough to produce. Again, the post-crisis period, current assets of
enterprises, it is possible to say that efficient enough to generate income.
• According to the results, in general, financial leverage ratios have continued in the
crisis period starting before the crisis period since 2009 began to decline. The debt
burden of enterprises and as a result of the decrease shows that borrowing costs.
Businesses are trying to emerge in the crisis environment, rising rates of long-term
debt in total debt, long-term credit support is received. Post-crisis period, an amount
of long term debt ratio also declined, and this situation, interpreted in terms of their
financial institutions had trouble getting credit. A small amount of short-term
foreign debt in the period after the crisis rates rise, the returned values in parallel
with a decrease in working capital, a negative impact on business.
• The post-crisis period, the profitability of firms is negative, the three of their postcrisis
period, but also showed damage to businesses is still, however, compared with
averages of 2008 in terms of damage can be stated that significant improvements in
favor of business. Despite a small improvement in profitability after the crisis
period, sales of negativity was still present, active improvement in the profitability
ratio showed a very high rate, but it is still a negative level of the equity movement
toward better profitability than the rate seen in the crisis period can be expressed.

Anahtar Kelimeler

Financial crisis, financial ratios, proportional analysis, the textile industry

2008 KÜRESEL KRİZİ SONRASI DÖNEMDE TEKSTİL SEKTÖRÜNÜN MALİ ORANLAR YÖNTEMİYLE FİNANSAL DURUM ANALİZİ

Öz

Yirminci yüzyılın son çeyreğinden itibaren ülke ve dünya genelinde meydana gelen birçok kriz, tabii olarak diğer sektörlerle birlikte Türk ihracatının önemli başatlarından tekstil sektörünü de etkilemiştir. Krizin etkilerine dair yapılan çalışmaların devamı niteliğindeki bu çalışmada, 2008 dünya ekonomik krizi sonrası dönemde tekstil sektörünün mali oranlar aracılığıyla finansal durum analizi yapılmıştır. Çalışmada, İMKB’ye kayıtlı 27 tekstil işletmesi ele alınmış, bu işletmelere ait 2006-2010 yılları arasındaki mali tablolar kullanılarak, finansal durum analizleri yapılmıştır. Yapılan analizler sonucunda tekstil sektörünün 2008 krizi sonrası dönemde; likidite oranlarında, faaliyet oranlarında ve mali yapı oranlarında istatistiksel olarak anlamlı artışlar olduğu belirlenmiştir. Kriz sonrası dönemde tekstil firmalarının karlılık oranlarlarının hala negatif olduğu tespit edilmiştir. Bu durum, kriz sonrası dönemde işletmelerin kârlılıklarının hala pozitife döndürülememesine rağmen, 2008 yılı ortalamalarına göre önemli iyileşmeler olduğu şeklinde yorumlanmıştır.

Anahtar Kelimeler

Küresel finansal kriz, finansal oranlar, oransal analiz, tekstil sektörü