Türkiye'de faaliyette bulunan girişim sermayesi yatırım ortaklıklarının finansal performansları üzerinde etkili olan içsel faktörlerin incelenmesi
Küçük Resim Yok
Tarih
2024
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Niğde Ömer Halisdemir Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Bu çalışmanın amacı, Türkiye'de faaliyet gösteren Girişim Sermayesi Yatırım Ortaklıklarının performanslarının analiz edilmesi ve performansları üzerinde etkili olan içsel faktörlerin belirlenmesidir. Çalışmada, Türkiye'de faaliyette bulunan Girişim Sermayesi Yatırım Ortaklıklarının 2013-2019 dönemine ait yıllık verileri kullanılarak, Veri Zarflama Analizi ve Panel Veri Analizi yöntemleri ile analiz yapılmıştır. Veri Zarflama Analizinde girdi değişkenleri olarak; duran varlıklar/toplam aktifler ve öz sermaye/toplam pasifler kullanılırken, çıktı değişkenleri olarak; net kar/toplam öz sermaye ve net kar/toplam aktifler kullanılmıştır. Panel Veri Analizinde ise, bağımlı değişken olarak; net kar/toplam öz sermaye ile net kar/toplam aktifler kullanılırken, bağımsız değişken olarak; dönen varlıklar/kısa vadeli yabancı kaynaklar, dönen varlıklar/toplam aktifler, duran varlıklar/toplam aktifler, kısa vadeli borç/toplam aktifler, öz sermaye/toplam aktifler oranları kullanılmıştır. Yapılan Veri Zarflama Analizinde etkinlik ve verimlilik sonuçlarına göre, Verusatürk'ün tüm yıllarda etkin olduğu, Hedef GSYO'nın ise tüm yıllarda etkinlikten uzak olduğu görülmüştür. Verimlilik analizinde ise; 2019 yılında tüm girişim sermayesi yatırım ortaklıklarının verimliliklerini arttırdığı 2014 yılında ise tüm girişim sermayesi yatırım ortaklıklarının verimliliklerini azalttıkları görülmektedir. Yapılan panel veri analizi sonucunda; Model-1 de, öz sermaye karlılık oranı ile cari oran, öz sermaye oranı ve kısa vadeli borç oranları arasında pozitif bir ilişki bulunurken, öz sermaye karlılık oranı ile menkul kıymet yatırım oranı arasında negatif bir ilişki bulunmuştur. Model-2'de, aktif karlılık oranı ile cari oran, öz sermaye oranı ve kısa vadeli borç oranları arasında pozitif bir ilişki bulunurken, aktif karlılık oranı ile menkul kıymet yatırım oranı arasında negatif bir ilişki bulunmuştur.
The aim of this doctoral thesis is to analyze the performance of Venture Capital Investment Trusts operating in Turkey and to determine the factors affecting their performance. In the study, analysis was carried out using Data Envelopment Analysis and Panel Data Analysis methods, using the annual data of Venture Capital Investment Partnerships operating in Turkey for the period 2013-2019. In Data Envelopment Analysis, while fixed assets/total assets and equity capital/total liabilities were used as input variables; net profit/total equity and net profit/total assets were used as output variables. In Panel Data Analysis, while net profit/total equity and net profit/total assets were used as independent variables, current assets/short-term foreign resources, current assets/total assets, fixed assets/total assets, short-term debt/total assets and equity capital/total assets ratios were used as independent variables. According to the effectiveness and efficiency results of the Data Envelopment Analysis, it is seen that Verusatürk was effective in all years, while Hedef GSYO was far from effective in all years. In efficiency analysis; It is seen that all venture capital investment partnerships increased their productivity in 2019, and all venture capital investment partnerships decreased their productivity in 2014. As a result of the panel data analysis; In Model-1, while there was a positive relationship between the return on equity ratio and the current ratio, equity ratio, and short-term debt ratios, a negative relationship was found between the return on equity ratio and the security investment rate. In Model-2, while there was a positive relationship between asset profitability rate, current ratio, equity ratio, and short-term debt ratios, a negative relationship was found between asset profitability rate and securities investment rate.
The aim of this doctoral thesis is to analyze the performance of Venture Capital Investment Trusts operating in Turkey and to determine the factors affecting their performance. In the study, analysis was carried out using Data Envelopment Analysis and Panel Data Analysis methods, using the annual data of Venture Capital Investment Partnerships operating in Turkey for the period 2013-2019. In Data Envelopment Analysis, while fixed assets/total assets and equity capital/total liabilities were used as input variables; net profit/total equity and net profit/total assets were used as output variables. In Panel Data Analysis, while net profit/total equity and net profit/total assets were used as independent variables, current assets/short-term foreign resources, current assets/total assets, fixed assets/total assets, short-term debt/total assets and equity capital/total assets ratios were used as independent variables. According to the effectiveness and efficiency results of the Data Envelopment Analysis, it is seen that Verusatürk was effective in all years, while Hedef GSYO was far from effective in all years. In efficiency analysis; It is seen that all venture capital investment partnerships increased their productivity in 2019, and all venture capital investment partnerships decreased their productivity in 2014. As a result of the panel data analysis; In Model-1, while there was a positive relationship between the return on equity ratio and the current ratio, equity ratio, and short-term debt ratios, a negative relationship was found between the return on equity ratio and the security investment rate. In Model-2, while there was a positive relationship between asset profitability rate, current ratio, equity ratio, and short-term debt ratios, a negative relationship was found between asset profitability rate and securities investment rate.
Açıklama
Sosyal Bilimler Enstitüsü, İşletme Ana Bilim Dalı, Muhasebe Finansman Bilim Dalı
Anahtar Kelimeler
Eğitim ve Öğretim, Education and Training, İşletme
