Firma Verileri uzerinden Kar Payi Hesabi ve Dongusel Analizi

[TR] Firmalarin karlarini belirleme sekli ekonomiye gelen soklarin uretime, fiyatlara ve dolayisiyla enflasyona ne yonde yansiyacagini etkileyen bir faktordur. Bu noktadan hareketle kar marjlarinin dinamiklerini anlamak enflasyon dinamiklerini anlamak acisindan onem tasimaktadir. Bu calismada, Borsa Istanbul (BIST)’da islem goren firmalarin donemsel finansal tablolari kullanilarak 1993-2018 donemi icin ceyreklik siklikta takip edilebilecek kar payi serisi turetilmis ve bu serinin konjonkture duyarliligi incelenmistir. Bulgular, kar payinin konjoktur yanlisi bir hareket sergiledigine isaret etmektedir. Ayrica kar payinin, disa acikligin arttigi ve enflasyonun geriledigi 2003 yilina kadar olan donemde azaldigi, daha sonra gorece yatay bir seyir izledigi gozlenmektedir.[EN] The way in which firms set prices as a mark-up over costs is a factor affecting how shocks in the economy translate into output, prices and thus inflation. In this framework, understanding the dynamics of the mark-up is crucial to understanding the dynamics of inflation. In this paper, we derive a profit margin series using income tables of companies that are quoted in the Istanbul Stock Exchange Market for the period 1993-2018 on a quarterly basis. We also examine the cyclical nature of the derived profit margins. Our results suggest that profit margins move procyclically. Moreover we observe that profit margins had declined until 2003, a transition period characterized with declining inflation and expansion in foreign trade. Thereafter profit margins followed a relatively flat trend.