Türkiye'de gayri menkul yatırım ortaklıklarının ve girişim sermayesi yatırım ortaklıklarının finansal performanslarının karşılaştırılması
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Tarih
2020
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info:eu-repo/semantics/openAccess
Özet
Bu tezin amacı, Türkiye'de gayrimenkul yatırım ortaklıklarının ve girişim sermayesi yatırım ortaklıklarının finansal performanslarının karşılaştırılmasını yapmaktır. Bunun için her bir şirketin finansal durumu analiz edilmekte, daha sonra, şirketlerin finansal durumları karşılaştırılmakta ve son olarak şirketlerin finansal durumları grafiksel olarak incelenmektedir. Analizde, 15 Gayrimenkul Yatırım Ortaklığı (GYO) şirketi ve 7 Girişim Sermayesi Yatırım Ortaklığı (GSYO) şirketinin yatırım durumu, karlılık durumu, sermaye yapısı durumu ve borsa performans durumu incelenmekte ve veri olarak şirketlerin 2014-2018 dönemine ait bilanço, gelir tablosu ve faaliyet raporlarındaki bilgilerden yararlanılarak finansal oranlar hesaplanmakta ve daha sonra hesaplanan oranlardan yararlanılarak oran analizi ve grafiksel analiz yapılmaktadır. Analizde, yatırım oranları (dönen varlık/toplam aktif, duran varlık/toplam aktif, girişim sermayesi yatırımı/toplam aktif, yatırım amaçlı gayrimenkuller/toplam aktif, finansal yatırım/toplam aktif), Sermaye yapısı oranları (toplam öz sermaye/toplam aktif, uzun vadeli borç/toplam aktif), karlık oranları (net kar/öz sermaye, net kar/toplam aktif), borsa performans oranları (fiyat/kazanç oranı, piyasa değeri/defter değeri oranı, hisse başına kar oranı) kullanılacaktır.
In this study, Is to analyze financial performances of each real estate investment trust (REITs) firms and venture capital investment trust (VCITs) of the Turkish firms. In addition, it aims to find out whether the making profit of those same functioned sectors have harmony with each other; especially according to taking risk or not. On the consequences of this study, the financial performances of real estate investment trusts, and venture capital investment trusts are compared within themselves. Finally, the financial performance of real estate investment trusts and venture capital trusts are compared as two sectors. For conducting this thesis, ratio analysis method and the 32 REITs with 7 investment trust companies operating in Turkey, annual investment, profitability, capital structure, and stock market performance rates for the period of 2014-2019 are used. The investment rates which are used consist of cash or cash equivalents / total assets, investment properties / total assets, venture capital investments / total assets, and capital structure ratios. Additionally, the total equity or total liabilities that involve; short term debt / total liabilities, long term debt / total liabilities, and profitability ratios. Moreover, the net profit or equity which is also used are the followings; stock market performance rates; price / earnings ratio, market value / book value ratio, profit per share ratios. Therefore, real estate investment trust sector is riskier investments than venture capital investment trust sector. Venture capital is riskier than the investment partnership sector and uses less equity capital use more longterm debt, equity and asset profitability are higher than the price / earnings ratio is lower, the market value / book value ratio is lower, and finally the rate of profit per share is higher. Key Words: Real estate, Venture Capital, Ratio Analysis.
In this study, Is to analyze financial performances of each real estate investment trust (REITs) firms and venture capital investment trust (VCITs) of the Turkish firms. In addition, it aims to find out whether the making profit of those same functioned sectors have harmony with each other; especially according to taking risk or not. On the consequences of this study, the financial performances of real estate investment trusts, and venture capital investment trusts are compared within themselves. Finally, the financial performance of real estate investment trusts and venture capital trusts are compared as two sectors. For conducting this thesis, ratio analysis method and the 32 REITs with 7 investment trust companies operating in Turkey, annual investment, profitability, capital structure, and stock market performance rates for the period of 2014-2019 are used. The investment rates which are used consist of cash or cash equivalents / total assets, investment properties / total assets, venture capital investments / total assets, and capital structure ratios. Additionally, the total equity or total liabilities that involve; short term debt / total liabilities, long term debt / total liabilities, and profitability ratios. Moreover, the net profit or equity which is also used are the followings; stock market performance rates; price / earnings ratio, market value / book value ratio, profit per share ratios. Therefore, real estate investment trust sector is riskier investments than venture capital investment trust sector. Venture capital is riskier than the investment partnership sector and uses less equity capital use more longterm debt, equity and asset profitability are higher than the price / earnings ratio is lower, the market value / book value ratio is lower, and finally the rate of profit per share is higher. Key Words: Real estate, Venture Capital, Ratio Analysis.
Açıklama
Anahtar Kelimeler
Gayrimenkul yatırımı, Girişim Sermayesi, Oran Analizi, Real estate, Venture Capital, Ratio Analysis
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Künye
Darwısh, Z. (2020). Türkiye'de gayri menkul yatırım ortaklıklarının ve girişim sermayesi yatırım ortaklıklarının finansal performanslarının karşılaştırılması. (Yüksek Lisans Tezi) Niğde Ömer Halisdemir Üniversitesi, Sosyal Bilimler Enstitüsü, Niğde
