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BUYUME IMKANı, FINANSMAN KARARLARı VE YATıRıM MIKTARı ILIŞKISI: BIST ÖRNEĞI

THE RELATIONSHIP OF GROWTH OPPORTUNITIES, FINANCING DECISIONS AND INVESTMENTS: THE CASE OF BIST

Journal Name:

  • Yönetim ve Ekonomi Araştırmaları Dergisi

Publication Year:

  • 2015
DOI: 
http://dx.doi.org/10.11611/JMER401

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Abstract (2. Language): 
This study analyzes the relationship of growth opportunities, leverage ratio, debt maturity and total investments offirms whose stocks are traded in Borsa Istanbul (BIST) with system of equations method. In the analysis, a relationship between leverage ratio and debt maturity has not been determined. It is found that there is a positive relationship between growth opportunities and leverage ratio. The increase in leverage ratio that is seen with an increase in growth opportunities becomes higher with long term borrowing. The study provides evidence showing that growth opportunities have a negative relationship with debt maturity. Even if firms prefer to borrow short term with an increase in their growth opportunities, an increase in their leverage ratio lengthen the debt maturities. Long term borrowing has a negative effect on investments. The reduction effect of an increase in debt maturity on investments decreases with an increase in growth opportunities.
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Abstract (Original Language): 
Bu çalışma hisse senetleri Borsa İstanbul'da (BIST) işlem gören firmaların büyüme imkanı, kaldıraç oranı, borç vadesi ve toplam yatırımlarının ilişkisini eşitlikler sistemi yöntemi ile incelemektedir. Analizde kaldıraç oranı ve borç vadesi arasında bir ilişki tespit edilmemiştir. Büyüme imkanı ve kaldıraç oranı arasında pozitif bir ilişki bulunmuştur. Büyüme imkanıyla beraber kaldıraç oranında görülen artış uzun vadeli borçlanmayla daha da artmaktadır. Çalışmada büyüme imkanının borç vadesi oranı ile negatif ilişkisi olduğu bulunmuştur. Firmalar büyüme imkanındaki artışla beraber kısa vadeli borçlanmayı tercih etseler de kaldıraç oranlarındaki artış borç vadelerinin uzamasına neden olmaktadır. Uzun vadeli borçlanma yatırımlar üzerinde negatif etkiye sahiptir. Borç vadesindeki artışın yatırımları azaltma etkisi firmanın büyüme imkanı arttıkça düşüş göstermektedir.
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  • Turkish

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REFERENCES

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