IDEAS home Printed from https://ideas.repec.org/a/ege/journl/v13y2013i4p497-504.html
   My bibliography  Save this article

IMKB’de Islem Goren Isletmeler icin Para Politikasi ve Sermaye Yapisi Iliskisi

Author

Listed:
  • Umut HALAC

    (Yasar Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Ekonomi Bolumu)

  • Mustafa Gurol DURAK

    (Yasar Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Isletme Bolumu)

Abstract

Genisleyen para politikasindan yararlanmak isteyen isletmeler goz onune alindiginda borsada islem gormeyen isletmelerin yatirimlarini artirmalari icin otofinansman disindaki tek yol dusuk faiz oranlarindan borclanmaktir. Borsada islem goren isletmelerin yararlanabilecegi bir baska secenek ise hisse senedi ihrac etmektir. Bu isletmeler, yatirima yonlendirecekleri tutarlari yeni hisse senedi ihraci yoluyla elde edebilirler veya dusuk faiz oranlariyla borclanma olanaklarindan yararlanmak isteyebilirler. Bu durum Tobin q teorisi ile aciklanmaktadir.Tobin q teorisi, para politikasinin menkul kiymetler borsasi kanaliyla ekonomiyi etkileme mekanizmasini aciklamaktadir. Tobin q, isletmelerin piyasa degerlerinin sermayenin yerine konma maliyetine bolunmesi olarak tanimlanmaktadir. Sayet “q” degeri yuksek ise, firmanin piyasa fiyati goreceli olarak sermayenin yerine konma maliyetinden buyuktur. Bu durumda isletmeler hisse senedi arz ederek, yeni yatirimin maliyetinden goreceli olarak daha yuksek getiri elde edebilmektedirler. Az miktarda hisse senedi arzi ile daha fazla yatirim yapilabilmekte; boylece toplam yatirim tutari artabilmektedir. Bu calismanin amaci, 2003-2010 yillari arasinda Istanbul Menkul Kiymetler Borsasi’nda (IMKB) islem goren sirketlerin, para politikalarini da goz onunde bulundurarak yatirimlarinin finansmaninda hangi yontemi tercih ettiklerini incelemektir. Inceleme kapsaminda onceki donemlerin sermaye yapilarinin da etkisini goz onunde bulundurabilmek uzere Arellano-Bond dinamik panel veri tahminleme yontemi yardimi ile analiz gerceklestirilmistir. Olusturulan modelin test edilmesi sonucunda borc/oz kaynak gecmis donem degerlerinin ve Tobin q degiskenlerinin olasi finansman kararlarinda etkili olmadigi, ote yandan Turk lirasi faiz orani, uretici fiyat endeksi, Avro kaynakli borclanma riski degiskenlerinin isletmelerin finansman kararlarinda etkili olduklari tespit edilmistir.

Suggested Citation

  • Umut HALAC & Mustafa Gurol DURAK, 2013. "IMKB’de Islem Goren Isletmeler icin Para Politikasi ve Sermaye Yapisi Iliskisi," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 13(4), pages 497-504.
    • Handle: RePEc:ege:journl:v:13:y:2013:i:4:p:497-504
    as

    Download full text from publisher

    File URL: http://www.onlinedergi.com/MakaleDosyalari/51/PDF2013_4_8.pdf
    Download Restriction: no
    File URL: http://www.onlinedergi.com/eab/arsiv/arsivDetay.aspx?yil=2013&peryot=4
    File Function: Website of the journal issue
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Tobin q; para politikasi; sermaye yapisi;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ege:journl:v:13:y:2013:i:4:p:497-504. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Baris Gök (email available below). General contact details of provider: https://edirc.repec.org/data/iiegetr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.