Enerji sektöründe yapılan finansal performans analizinde stok bulundurmanın etkisi
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Tarih
2024
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İstanbul Ticaret Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Bu özgün çalışmada, Borsa İstanbul’da enerji sektöründe yer alan firmalardan stok bulunduran ve stok bulundurmayan firmaların bu özelliklerinin performanslarını nasıl etkilediğini tespit etmek amacı ile stok bulunduran Aygaz ve stok bulundurmayan Zorlu Enerji firmalarının finansal oranları karşılaştırılmıştır. Analizde enerji sektöründe faaliyet gösteren iki firmanın 2005/1 ve 2022/1 dönemleri arasındaki finansal verileri kullanılarak oranlar hesaplanmıştır. Analizde finansal performansı temsilen faaliyet kârlılığı bağımlı değişken olarak alınmıştır. Bağımsız değişken olarak 14 farklı geleneksel oran kullanılmıştır. Amaç: Stok bulunduran işletmenin stok bulundurmayan işletmeye göre daha yüksek finansman gideri olacağı için sermaye yapıları aynı veya benzer olan firmalardan stok bulunduranın Net Kâr / Faaliyet Kârı oranının bulundurmayana göre daha düşük olduğunun ortaya konulmasıdır. Yöntem: Enerji sektöründe faaliyet gösteren stok bulunduran ve bulundurmayan firmaların faaliyet kârlılığı üzerinde etkili oranların farklılığını tespit etmek amacıyla basit doğrusal regresyon modeli uygulanmıştır. Bulgular: Çalışmanın sonucunda stok bulundurma özelliğine göre firmalarda faaliyet kârlılığını etkileyen oranların farklılık gösterdiği tespit edilmiştir Stok bulunduran Aygaz’ın faaliyet kârlılığı stok bulundurmayan Zorlu Enerji’nin faaliyet kârlılığından düşük olduğu gözlenmiştir. Bu bulgu çalışmanın hipotezine uygun olmakla beraber, benzer sermaye yapıları olan firmalara ulaşılamadığı için hipotezdeki bu koşul yerine gelmemiştir. Ayrıca bu iki firmanın Net Kâr/Faaliyet Kârı ve FVÖK/Faiz Gideri oranları da karşılaştırılmıştır. Sonuç olarak hipotezdeki beklenti olan stok bulunduran firmadaki faaliyet kârlılığının stok bulundurmayana göre düşük olması ve Net/Kâr / Faaliyet Kârının da düşük olması hesaplanan oranlar ile doğrulanmaktadır. Özgünlük: Yapılan çalışmanın özgün tarafı hem dönemsel hem de etkinlik ölçümleri dikkate alınarak literatüre katkıda bulunması amaçlanmaktadır.
In this research, the financial ratios of Aygaz, which keeps inventory, and Zorlu Enerji, which does not keep inventory, were compared to determine how these characteristics affect their performance Using financial data from two companies operating in the energy sector between 2005/1 and 2022/1 periods, ratios have been calculated for analysis. In the analysis, operating profit margin was taken as the dependent variable representing financial performance. 14 different traditional ratios were used as independent variables. Objective: To determine that the operating profitability of the company keeping inventory is lower than that of the company not keeping inventory due to the higher financial expenses of the company keeping inventory, assuming that the capital structures of the companies are the same or similar. Method: A simple linear regression model has been applied to determine the differences in the impact ratios affecting the operating profitability of companies operating in the energy sector, with and without inventory, aiming to assess the variations. Findings: The study found that the ratios affecting the operating profitability of companies differed according to the inventory holding feature. It was observed that the operating profitability of Aygaz which keeps inventory, was lower than that of Zorlu Enerji which does not keep inventory. Although this finding is consistent with the research hypothesis, the condition in the hypothesis was not met because similar capital structures were not reached. As a result, the expectation in research hypothesis that the operating profitability of the company keeping inventory would be lower than that of the company not keeping inventory was confirmed by the calculated ratios. Originality The intention of the conducted study is; to contribute to the literature by considering both periodical and effectiveness measurements, highlighting its original aspect.
In this research, the financial ratios of Aygaz, which keeps inventory, and Zorlu Enerji, which does not keep inventory, were compared to determine how these characteristics affect their performance Using financial data from two companies operating in the energy sector between 2005/1 and 2022/1 periods, ratios have been calculated for analysis. In the analysis, operating profit margin was taken as the dependent variable representing financial performance. 14 different traditional ratios were used as independent variables. Objective: To determine that the operating profitability of the company keeping inventory is lower than that of the company not keeping inventory due to the higher financial expenses of the company keeping inventory, assuming that the capital structures of the companies are the same or similar. Method: A simple linear regression model has been applied to determine the differences in the impact ratios affecting the operating profitability of companies operating in the energy sector, with and without inventory, aiming to assess the variations. Findings: The study found that the ratios affecting the operating profitability of companies differed according to the inventory holding feature. It was observed that the operating profitability of Aygaz which keeps inventory, was lower than that of Zorlu Enerji which does not keep inventory. Although this finding is consistent with the research hypothesis, the condition in the hypothesis was not met because similar capital structures were not reached. As a result, the expectation in research hypothesis that the operating profitability of the company keeping inventory would be lower than that of the company not keeping inventory was confirmed by the calculated ratios. Originality The intention of the conducted study is; to contribute to the literature by considering both periodical and effectiveness measurements, highlighting its original aspect.
Açıklama
Anahtar Kelimeler
Enerji Sektörü, Oran Analizi, Faaliyet Kârlılığı, Regresyon Analizi, Energy Sector, Ratio Analysis, Operating Profitability, Regression Analysis
Kaynak
İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
23
Sayı
49
