Halka Açık Finansal Kiralama ve Faktoring Şirketlerinin Performans Ölçümü ve Analizinde Kullanilan EVA ve TOPSİS Yöntemlerinin Hisse Senedi Değerleri ile Karşilaştirmali Analizi

Balance sheet and income statement data of large-scale companies is of great importance in investments. However, the great number of financial statement items that should be ta-ken into account and the severity of difficulties encountered in putting them in order have made the development of new methods inevitable and imperative in terms of easy decisi-on making for investors. Testing the ability of giving linear results of developed performan-ce appraisal criteria with the change in the price of the stock market is important in terms of the usefulness of the criteria. Our aim in this study is to compare the companies in the sector in terms of performance criteria by testing the power of EVA and TOPSIS methods, two of performance evaluation criteria, acting in parallel with the change in the stock mar¬ket value . In this study, performance ratings of seven financial leasing and factoring companies, which operate in the financial leasing and factoring sector in Turkey and operate at the Is-tanbul Stock Exchange Market (ISEM), they obtained in accordance with EVA and TOP¬SIS performance criteria and by means of financial ratios, which calculated on the basis of their balance sheets and income statement items covering the period of 2005-2010 , were analyzed by comparing with the annual change in stock market price. As a consequence of the analysis, it was determined that EVA and TOPSIS performance criteria had given pa-rallel results with the change in stock market value.