İÇ ve DIŞ FİNANSMAN KAYNAKLARININ AR-GE HARCAMALARINA ETKİSİ: BIST’E KOTE AR-GE YOĞUN ŞİRKETLER ÜZERİNE DİNAMİK PANEL VERİ ANALİZİ (2006-2015)

Yıl 2018, Sayı: 3, 7 - 30, 28.06.2018

N.savaş Demirci

Öz

Yeni
bilgiler üreterek verimliliğin artmasını sağlayan inovasyon, rekabetin her
geçen gün daha fazla yoğunlaştığı küresel ekonomide işletmeler için oldukça
stratejik bir faaliyet haline gelmiştir. İnovasyon performansının ölçülmesinde en
sık kullanılan göstergelerden biri olan araştırma-geliştirme (AR-GE) harcamaları,
ilgili yatırımların kendine has özellikleri nedeniyle farklı finansman
dinamiklerine sahip olabilmektedir. Bu noktada AR-GE harcamaları ve başlıca finansman
kaynakları arasındaki ilişki önemli hale gelmektedir. Çalışmada, Borsa
İstanbul’a (BIST) kote AR-GE yoğun şirketlerin 2006-2015 dönemi verileri
kullanılarak AR-GE harcamalarının bağımlı değişken olarak yer aldığı dinamik
panel veri analizi yapılmıştır.
Arellano-Bond fark genelleştirilmiş momentler yöntemi (GMM) tahmincisinin
kullanıldığı analiz sonuçları; AR-GE harcamalarının bir dönem gecikmeli
değerinden, borçlanmadan kaynaklanan nakit akışlarından, şirket yaşından ve
satışlardan pozitif, iç kaynaklardan sağlanan nakit akışlarından ve şirket
büyüklüğünden negatif olarak etkilendiğini ortaya koymaktadır. Çalışmanın
sonuçları, AR-GE yatırımlarının ağırlıkla borç ile finanse edildiğini ve AR-GE
yoğun şirketlere sağlanacak düşük faiz oranlı ve esnek geri ödemeli AR-GE
kredilerinin ilgili harcamaları artırabileceğini göstermektedir.    

Anahtar Kelimeler

AR-GE Harcamaları, AR-GE Finansmanı, Nakit Akışları, Dinamik Panel Veri Analizi, İnovasyon

Kaynakça

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