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Birleşme ve Satın Alma Faaliyetlerinin Finansal Oranlar Üzerindeki Etkisi: Türkiye Örneği

Yıl 2017, Cilt: 9 Sayı: 2, 127 - 138, 31.05.2017

Kemal Eyüboğlu , Uğur Sevim

Öz

Günümüz rekabet ortamında şirketler birleşerek/şirket satın alarak belli başlı avantajlardan yararlanmayı hedefleseler

de birleşme ve satın almalar her zaman istenilen sonuca ulaşamamaktadır. Bu açıdan birleşme/satın

alma süreci dikkatlice ele alınması gereken bir süreçtir. Bu çalışmanı amacı 2008-2010 dönemi için Borsa İstanbul’da

işlem gören finans sektörü dışındaki şirketlerce gerçekleştirilen birleşme/satın alma işlemlerinin satın

alan şirketin finansal oranları (likidite, aktivite, karlılık, finansal yapı ve büyüme oranları) üzerindeki etkilerini

araştırmaktır. Bu amaçla birleşme/satın alma öncesindeki ve sonrasındaki 3 yılı dikkate alacak şekilde 19 oran

hesaplanmış ve bu oranlara bağımlı iki örnek t testi uygulanarak her bir şirketin birleşme/satın alma öncesindeki

ve sonrasındaki oranları arasında anlamlı bir fark olup olmadığı test edilmiştir. Sonuçlar birleşmenin şirketlerin

likidite, aktivite ve finansal yapı oranları üzerinde olumlu, karlılık ve büyüme oranlarında ise olumsuz

bir etkisi olduğunu göstermiştir. Ancak bu farklılıklar istatistiksel açıdan anlamsızdır.

Anahtar Kelimeler

Finansal Oranlar Birleşme Satın Alma Finansal Performans

Kaynakça

  • Kaynakça Abbas, Q., Hunjra A. I., Azam, R. IIjaz, M.S. &Zahid, M. (2014).Financial performance of banks in Pakistan after merger and acquisition. Journal of Global Entrepreneurship Research, 4(13), 1-15.
  • Ahmed, M. & Ahmed, Z. (2014). Mergers and acquisitions: effect on financial performance of manufacturing companies of Pakistan. Middle-East Journal of Scientific Research, 21(4), 706-716.
  • Akben, S. E. ve Altiok-Yilmaz.A. (2011). The impact of mergers and acquisitions on acquirer performance: evidence from Turkey. Business and Economics Journal, 1-8.
  • Cabanda, E. &Pajara-Pascual, M.. (2007). Merger in the Philippines: evidence in the corporate performance of William, Gothong, and Aboitiz(WG&A) shipping companies. Journal of Business Case Studies 3(4), 87-100.
  • Campa, J. M. & Hernando, I. (2005).M&A performance in the European financial industry. Working Paper.
  • Choi, J. & Harmatuck D. (2006). Post-operating performance of construction mergers and acquisitions of the United States of America, Canadian Journal of Civil Engineering, 33(3), 266-277, 10.1139/l05-115.
  • Çakır,H. M. ve Gülcan, Z.(2012).Şirket birleşme ve devralma kararlarının hissesenedi getirilerine etkisi. Mali Çözüm Dergisi, Eylül-Ekim, 79-108.
  • Çatıkkaş, Ö. Ve Çalış Y. E. (2013).Devralma yoluyla birleşmenin finansal oranlar üzerine etkileri ve Borsa İstanbul uygulaması.MÖDAV Dergisi, 15(3), 39-53.
  • Ernst & Young (2015).Birleşme ve satın alma işlemleri 2014 Raporu. http://-www.ey.com/-Publication/vwLUAssets/RA1/$FILE/RA1.pdf.
  • Feroz, E. H., Kim, S. &Raab, R. (2005). Performance measurement in corporate governance: do mergers improve managerial performance in the post-merger period?.Review of Accounting and Finance 4, 86-101.
  • Heron, R. &Lie, E. (2002).Operating performance and the method of payment in take overs. Journal of Financial and Quantitative Analysis, March, 137-156.
  • İlkarslan, K., ve Aşıkoğlu, R. (2012).Birleşme ve satın almaların işletmelerin finansal performansı üzerindeki etkilerinin incelenmesi: panel veri analizi. Finans Politik & Ekonomik Yorumlar, 49, 59-78.
  • Ismail, T. H., Abdou, A. A. &Annis R. M. (2011). Exploring improvements of post-merger corporate performance- the case of Egypt.The IUP Journal of Business Strategy, 3(1), 7-24.
  • Kruse, T. A., Park H. Y., Park K., Kazunori, S. (2007). Long-term performance following mergers of Japanese companies: the effect of diversification and affiliation. Pacific-Basin Finance Journal, 15, 154-172.
  • Kumar, R. (2009). Post-merger corporate performance: an Indian perspective. Management Research News,32(2), 145-157.
  • Kumar, S. &Bansal, L. K. (2008). The impact of mergers and acquisitions on corporate performance in India. Management Decision, 46(10), 1531-1543.
  • Lau, B., Proimos, A. &Wright, S. (2008). Accounting measures of operating performance outcomes for Australian mergers. Journal of Applied Accounting,9 (3), 168-180.
  • Malhotra, S. &Zhu, P. (2006).Shareholder benefits and firm performance: an empirical analysis of international acquisitions by firms from a developing economy, Working Paper Series.
  • Martynova, M., Oosting, S. &Renneboog, L. (2006). The long-term operating performance of European mergers and acquisitions. Finance Working Paper No. 137/2006.
  • Oloyede, J. A. and Suleiman, L. A. (2012).Investigating the improvement in corporate performance after merger and acquisition in Nigeria: a sectorial analysis. The International Journal of Management, 1(4), 1-15.
  • Pazarskis M., Vogiatzogloy, M., Christodoulou, P. &Drogalas, G. (2006).Exploring the improvement of corporate performance after mergers-the case of Greece.International Research Journal of Finance and Economics, 1, 184-192.
  • Powell, R. G. &Stark, A. W. (2005). Does operating performance increase post takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance 11, 293-317.
  • Ramaswany, K. &Waegelein, J. (2003).Firm financial performance following mergers. Review of Quantitative Finance and Accounting,20, 115-126.
  • Reddy, A. & Mantravadi, P. (2008).Relative size in mergers and operating performance: Indian experience. Economic and Political Weekly, Working Paper Series.
  • Sharma, D. S. &Ho, J. (2002). The impact of acquisitions on operating performance: some Australian evidence. Journal of Business Finance & Accounting, 29, 155-200.
  • Sulaiman, L.A. (2012). Does restructuring improve performance? An industry analysis of Nigerian oil & gas sector.Research Journal of Finance and Accounting, 3(6), 55-62.
  • Yeh, T. &. Hoshino, Y. (2002). Productivity and operating performance of Japanese merging firms: keiretsu-related and independent mergers. Japan and the World Economy, 14, 347-366.

The Effects of Mergers and Acquisitions on Financial Ratios: Case of Turkey

Yıl 2017, Cilt: 9 Sayı: 2, 127 - 138, 31.05.2017

Kemal Eyüboğlu , Uğur Sevim

Öz

In today’s competitive environment, companies wanted to use the advantages of the mergers and acquisitions

(M/A), M/A events cannot always get the desired results. In this respect M/A process is a process that to be

handled carefully. The purpose of the study is to examine the effects of M/A events on the acquiring firms financial

ratios (liquidity, efficiency, profitability, financial leverage and growth ratios) that are trading in Borsa

Istanbul for the period of 2008-2010.For this purpose 19 financial ratios are calculated to take account of3 years

before and after the M/A event and paired samples t-test statistics is applied on financial ratios. The results indicated

that liquidity, efficiency and financial leverage are insignificantly improved while the profitability and

growth ratios are deteriorated after M/A event.

Anahtar Kelimeler

Financial Ratios Mergers Acquisitions Financial Performance

Kaynakça

  • Kaynakça Abbas, Q., Hunjra A. I., Azam, R. IIjaz, M.S. &Zahid, M. (2014).Financial performance of banks in Pakistan after merger and acquisition. Journal of Global Entrepreneurship Research, 4(13), 1-15.
  • Ahmed, M. & Ahmed, Z. (2014). Mergers and acquisitions: effect on financial performance of manufacturing companies of Pakistan. Middle-East Journal of Scientific Research, 21(4), 706-716.
  • Akben, S. E. ve Altiok-Yilmaz.A. (2011). The impact of mergers and acquisitions on acquirer performance: evidence from Turkey. Business and Economics Journal, 1-8.
  • Cabanda, E. &Pajara-Pascual, M.. (2007). Merger in the Philippines: evidence in the corporate performance of William, Gothong, and Aboitiz(WG&A) shipping companies. Journal of Business Case Studies 3(4), 87-100.
  • Campa, J. M. & Hernando, I. (2005).M&A performance in the European financial industry. Working Paper.
  • Choi, J. & Harmatuck D. (2006). Post-operating performance of construction mergers and acquisitions of the United States of America, Canadian Journal of Civil Engineering, 33(3), 266-277, 10.1139/l05-115.
  • Çakır,H. M. ve Gülcan, Z.(2012).Şirket birleşme ve devralma kararlarının hissesenedi getirilerine etkisi. Mali Çözüm Dergisi, Eylül-Ekim, 79-108.
  • Çatıkkaş, Ö. Ve Çalış Y. E. (2013).Devralma yoluyla birleşmenin finansal oranlar üzerine etkileri ve Borsa İstanbul uygulaması.MÖDAV Dergisi, 15(3), 39-53.
  • Ernst & Young (2015).Birleşme ve satın alma işlemleri 2014 Raporu. http://-www.ey.com/-Publication/vwLUAssets/RA1/$FILE/RA1.pdf.
  • Feroz, E. H., Kim, S. &Raab, R. (2005). Performance measurement in corporate governance: do mergers improve managerial performance in the post-merger period?.Review of Accounting and Finance 4, 86-101.
  • Heron, R. &Lie, E. (2002).Operating performance and the method of payment in take overs. Journal of Financial and Quantitative Analysis, March, 137-156.
  • İlkarslan, K., ve Aşıkoğlu, R. (2012).Birleşme ve satın almaların işletmelerin finansal performansı üzerindeki etkilerinin incelenmesi: panel veri analizi. Finans Politik & Ekonomik Yorumlar, 49, 59-78.
  • Ismail, T. H., Abdou, A. A. &Annis R. M. (2011). Exploring improvements of post-merger corporate performance- the case of Egypt.The IUP Journal of Business Strategy, 3(1), 7-24.
  • Kruse, T. A., Park H. Y., Park K., Kazunori, S. (2007). Long-term performance following mergers of Japanese companies: the effect of diversification and affiliation. Pacific-Basin Finance Journal, 15, 154-172.
  • Kumar, R. (2009). Post-merger corporate performance: an Indian perspective. Management Research News,32(2), 145-157.
  • Kumar, S. &Bansal, L. K. (2008). The impact of mergers and acquisitions on corporate performance in India. Management Decision, 46(10), 1531-1543.
  • Lau, B., Proimos, A. &Wright, S. (2008). Accounting measures of operating performance outcomes for Australian mergers. Journal of Applied Accounting,9 (3), 168-180.
  • Malhotra, S. &Zhu, P. (2006).Shareholder benefits and firm performance: an empirical analysis of international acquisitions by firms from a developing economy, Working Paper Series.
  • Martynova, M., Oosting, S. &Renneboog, L. (2006). The long-term operating performance of European mergers and acquisitions. Finance Working Paper No. 137/2006.
  • Oloyede, J. A. and Suleiman, L. A. (2012).Investigating the improvement in corporate performance after merger and acquisition in Nigeria: a sectorial analysis. The International Journal of Management, 1(4), 1-15.
  • Pazarskis M., Vogiatzogloy, M., Christodoulou, P. &Drogalas, G. (2006).Exploring the improvement of corporate performance after mergers-the case of Greece.International Research Journal of Finance and Economics, 1, 184-192.
  • Powell, R. G. &Stark, A. W. (2005). Does operating performance increase post takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance 11, 293-317.
  • Ramaswany, K. &Waegelein, J. (2003).Firm financial performance following mergers. Review of Quantitative Finance and Accounting,20, 115-126.
  • Reddy, A. & Mantravadi, P. (2008).Relative size in mergers and operating performance: Indian experience. Economic and Political Weekly, Working Paper Series.
  • Sharma, D. S. &Ho, J. (2002). The impact of acquisitions on operating performance: some Australian evidence. Journal of Business Finance & Accounting, 29, 155-200.
  • Sulaiman, L.A. (2012). Does restructuring improve performance? An industry analysis of Nigerian oil & gas sector.Research Journal of Finance and Accounting, 3(6), 55-62.
  • Yeh, T. &. Hoshino, Y. (2002). Productivity and operating performance of Japanese merging firms: keiretsu-related and independent mergers. Japan and the World Economy, 14, 347-366.
Toplam 27 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Derleme Makale
Yazarlar

Kemal Eyüboğlu

Uğur Sevim

Yayımlanma Tarihi 31 Mayıs 2017
Yayımlandığı Sayı Yıl 2017Cilt: 9 Sayı: 2

Kaynak Göster

APA Eyüboğlu, K., & Sevim, U. (2017). Birleşme ve Satın Alma Faaliyetlerinin Finansal Oranlar Üzerindeki Etkisi: Türkiye Örneği. Aksaray Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 9(2), 127-138.
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