Publication: Ar-ge yatırımları ve entelektüel sermaye : BİST'te bir uygulama
Abstract
ÖZETFirmaların temel amacı değerlerini maksimize ederek sürekliliklerini sağlamaktır. İşletmelere değer katan önemli unsurlardan biri ise işletmeye rekabet üstünlüğü sağlayan bilgidir. İşletmeler, rekabet üstünlüğü sağlayacak eşsiz bilgileri Ar-Ge yatırımlarıyla elde edebilmektedir. Risk alarak ve yüksek maliyetlere katlanarak yapılan bu yatırımların ekonomik bir değer yaratması beklenir. Söz konusu değerin bir yönü ise entelektüel sermayedir. Bu tez kapsamında Borsa İstanbul’da işlem gören Ar-Ge yatırımları ile entelektüel sermaye arasındaki ilişki incelenmiştir. Bu çalışmada ilk olarak Ar-Ge kavramı, Ar-Ge yatırımlarının önemi ve amacı anlatılmış, dünyada ve Türkiye’de Ar-Ge yatırımları ve göstergeleri hakkında bilgi verilmiştir. Daha sonra Entelektüel sermaye kavramı ve ölçme yöntemleri anlatılmıştır. Ar-Ge yatırımlarının entelektüel sermaye ile ilişkisi açıklanarak, Ar-Ge yatırımlarının Entelektüel Sermaye Katma Değer Katsayısı (VAIC ) yöntemi ve bu yöntemin bileşenleri olan Kullanılan Sermaye Etkinliği (CEE), İnsan Sermayesi Etkinliği (HCE), Yapısal Sermaye Etkinliği (SCE) üzerinde etkisi panel veri analizi ile araştırılmıştır. Borsa İstanbul’da işlem gören otomotiv, beyaz eşya ve dayanıklı tüketim, petrol ve kimya, bilişim ve teknoloji sektörlerinde faaliyet gösteren 20 firmanın 2010-2018 yıllarına ait verileri analiz edilmiştir. Analizler hem toplu olarak hem de sektörel bazda yapılmıştır.Bütün sektörlerin bir arada olduğu analizde Ar-Ge yatırımlarının CEE ile ilişkisi dışında HCE, SCE ve VAIC ile pozitif yönde anlamlı sonuçlar elde edilmiştir. Otomotiv, beyaz eşya ve dayanıklı tüketim sektörlerinde ise VAIC ve bileşenleri arasında pozitif yönde anlamlı ilişki elde edilirken kimya sektöründe CEE, bilişim ve teknoloji sektöründe HCE, SCE ve VAIC ile anlamlı sonuçlar elde edilmiştir.
ABSTRACTThe main objective of a firm is to attain sustainability while maximizing its value. One of the main factors enhancing the value of a firm is the knowledge that provides them a competitive advantage. Companies can obtaion competitiveness by attaining unique knowlege through R&D investments. As those investments are realized by bearing risks and incurring costs, they expected to generate value. One side of such value is intellectual capital. This thesis examines the relationship between R&D investments and intellectual capital for firms traded in Borsa Istanbul. Firstly, the concept of the R&D, its importance, aims and purpose have been explained then, the information regarding R& D investments as well as indicators in the World and Turkey have been provided. Secondly, the concept of intellectual capital and measuring methods of it have been explained. Providing the relation between R&D and intellectual capital ; the relationship between R&D investment and Value Added Intellectual Coefficient (VAIC), including the components of VAIC, Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE) and Structural Capital Efficiency (SCE) has been analyzed by the use of panel analysis.For the period of 2010-2018 total of 20 companies which are traded in BIST, from the white goods and consumer durables; petrol and chemical; automotive; informaion and technology sectors companies have been examined. Analyses are carried out with whole data and also on the sector basis. In the analysis where all sectors were taken into consideration together, except the CEE, significant positive results were obtained for the relationship between R&D investments with HCE, SCE and VAIC. In the automotive, white goods and durable consumption sectors, a positive and significant relationship was obtained between VAIC, and its components while significant results were found with CEE in the chemical sector, HCE,SCE and VAIC in the information and technology sectors.
ABSTRACTThe main objective of a firm is to attain sustainability while maximizing its value. One of the main factors enhancing the value of a firm is the knowledge that provides them a competitive advantage. Companies can obtaion competitiveness by attaining unique knowlege through R&D investments. As those investments are realized by bearing risks and incurring costs, they expected to generate value. One side of such value is intellectual capital. This thesis examines the relationship between R&D investments and intellectual capital for firms traded in Borsa Istanbul. Firstly, the concept of the R&D, its importance, aims and purpose have been explained then, the information regarding R& D investments as well as indicators in the World and Turkey have been provided. Secondly, the concept of intellectual capital and measuring methods of it have been explained. Providing the relation between R&D and intellectual capital ; the relationship between R&D investment and Value Added Intellectual Coefficient (VAIC), including the components of VAIC, Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE) and Structural Capital Efficiency (SCE) has been analyzed by the use of panel analysis.For the period of 2010-2018 total of 20 companies which are traded in BIST, from the white goods and consumer durables; petrol and chemical; automotive; informaion and technology sectors companies have been examined. Analyses are carried out with whole data and also on the sector basis. In the analysis where all sectors were taken into consideration together, except the CEE, significant positive results were obtained for the relationship between R&D investments with HCE, SCE and VAIC. In the automotive, white goods and durable consumption sectors, a positive and significant relationship was obtained between VAIC, and its components while significant results were found with CEE in the chemical sector, HCE,SCE and VAIC in the information and technology sectors.