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Alman Borsalarında İşlem Gören Alternatif Enerji Firmalarının Fiyatlarına Etki Eden Faktörler

The Factors Affecting the Stock Prices of Alternative Energy Firms Listed on German Stock Exchanges

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Abstract (2. Language): 
In this study, the factors affecting the stock prices of alternative energy companies listed on German stock exchanges were analyzed. For that purpose, DAX 30 index, oil prices and natural gas prices were chosen as the factors that might have effect on stock prices of alternative energy companies. GARCH(1,1) model was used for the analysis as the data in the analysis demanded so. The results suggested that DAX index has effect on the stock returns of alternative energy companies and that result was already expected. However, natural gas appeared as a more important factor than oil prices with regard to the volatility of stock prices of alternative energy companies. Natural gas prices have more obvious effect on the risk of alternative energy companies than oil prices. One possible cause of that result may be the fact that Europe especially Germany is not only net natural gas importer but also they mostly depend on only one supplier.
Abstract (Original Language): 
Bu çalışmada, fosil yakıtlara alternatif enerji üreten, Alman borsalarında işlem gören, alternatif enerji firmalarının hisse senedi performansını etkileyen faktörler, özellikle petrol ve doğal gaz fiyatlarının etkisi incelenmiştir. Bu amaçla, DAX 30 endeksi, petrol fiyatları ve doğal gaz fiyatları, alternatif enerji firmalarının hisse senedi fiyatını etkileyebilecek faktörler olarak seçilmiştir. Çalışmada GARCH (1,1) modeli uygulanmıştır ve modelin uygunluğunu test etmek amacıyla yapılan testlerin sonucunda, model uygun görülmüştür. Analiz sonucunda, literatürde beklendiği gibi DAX endeksi Alman borsalarında işlem gören Alternatif Enerji Firmalarının getirisini etkiler bulunmuştur. Alternatif Enerji Firmalarının hisse senedi fiyatlarındaki oynaklığı, yani riski etkileyen faktör olarak petrol fiyatlarından ziyade, doğal gaz fiyatları ön plana çıkmıştır. Çalışma sonucunda petrol fiyatlarının alternatif enerji firmalarının hisse senedi fiyatları üstünde ciddi bir etkiye sahip olmadığı ancak bunun aksine doğal gaz fiyatlarının etkili olduğu görülmektedir. Bunun nedeni, Avrupa'nın, özellikle Almanya'nın doğal gaz konusunda sadece dışarı bağımlı olması değil aynı zamanda büyük oranda tek bir tedarikçiye bağımlı olması olarak görülebilir.

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