Publication: Yatırım bankacılığında şirket değerleme yöntemlerine genel bakış ve şirketlerin piyasa değerlerini arttırmalarına yönelik İMKB hisse senetleri piyasası için ampirik bir uygulama
Abstract
YATIRIM BANKACILIGINDA ŞİRKET DEGERLEME YÖNTEMLERNE GENEL BAKIS VE ŞİRKETLEİN PİYASA DEGERLERİNİ ARTTIRMALARINA YÖNELİK İMKB HİSSE SENETLERİ PİYASASI İÇİN AMPİRİK BİR UYGULAMA Son yıllarda dünyada ve Türkiye’de özellikle küresellesme sürecinin hızlanmasıyla birlikte sirket birlesmeleri, satın almaları ve özellestirmelerde ciddi bir artıs yasanmaktadır. Gelisen sermaye piyasaları ile halka arzlarda da artıs olmustur. Bundan dolayı, sirket degerlemesi; sirket birlesmeleri, satın almaları, özellestirme ve halka arzlarla gerek kurumlar, gerekse de bireysel yatırımcılar için daha da önemli hale gelmistir. Bu çalısmada, teorik sirket degerleme yöntemleri genel olarak incelenmistir. Bununla beraber, hem finans piyasasında hem de akademik hayatta kullanılan teorik degerleme modellerinden Defter Degeri (BV), Özsermayeye Özgü Nakit Akımları (FCFE) ve Artık Kar (RI) MKB’de agırlıklı olarak imalat sektöründe islem gören bazı sirketler için uygulanıp ampirik bir çalısma yapılmıstır. Panel data regresyon analizi kullanılarak yapılan ampirik çalısmada, bahsedilen teorik degerleme modellerinin sirketlerin piyasa degerlerini nasıl açıkladıgı ve bu modellerden hangilerinin piyasa degerlerini en fazla etkiledigi incelenmistir. Sonuçta; genel olarak sirketlerin piyasa degerleri, teorik degerleme modellerinden BV, FCFE ve RI ile sıkı bir iliski içindedir. Sirketlerin piyasa degerleri bu üç model tarafından hemen hemen aynı derecede açıklanmaktadır. Fakat sirketlerin yarattıkları artık karlar; piyasa degerlerini, defter degerleri ve özsermayeye serbest nakit akımlarına göre daha fazla etkilemektedir. Gelismekte bir piyasa olan MKB’de sirketler artık kar, defter degerleri ve özsermaye serbest nakit akımlarını arttırarak piyasa degerlerini arttırabilirler. Ancak sirketler artık karlarına odaklanarak piyasa degerleri daha fazla arttırıp, hissedarlarına deger yaratabilirler. rket Degerleme, Artık Kar, Defter Degeri, Özsermayeye Serbest Nakit Akımları II
AN OVERVIEW OF FIRM VALUATION MODELS IN INVESTMENT BANKING AND AN EMPIRICAL ANALYSIS OF THE ISE (ISTANBUL STOCK EXCHANGE) REGARDING THE FIRMS’ MARKET VALUE INCREASES There has been a substantial rise in the number of merger&acquisitions and privatizations as a result of the gaining momentum of the globalization process in the world and Turkey, particularly. Also, the number of the initial public offerings (IPOs) has increased with the development of the capital markets. Thus; firm valuations, have gained increasing importance both for the institutions and the individual investors due to merger&acquisitions, privatizations and IPOs. In this dissertation, the theoretical background of firm valuation methods is investigated generally. Furthermore, an empirical study is conducted for a group of manufacturing companies listed on the Istanbul Stock Exchange (ISE) applying theoretical valuation methods such as Book Value (BV), Free Cash Flow to Equity (FCFE) and Residual Income (RI) which are used both by the finance sector and academic world. The empirical model uses the panel data regression and analyzes the question of how the theoretical models explain the market value of the firms and determines which model affects the market value of the firms the most. According to results, the theoretical valuation models named as BV, FCFE and RI are all in a significant and strong relationship with the firm value. The market values of the firms are explained by the three valuation models almost in the same degree. However, the residual income that the firms create, affects the market values more than BV and FCFE. The companies listed on the ISE, which is an emerging market, can increase their market values by increasing their RI, BV and FCFE. Whereas, it has to be noted that firms can increase their market value more and consequently create greater value for their shareholders by focusing on RI. Key Words:Firm Valuation, Residual Income, Book Value, Free Cash Flow to Equity
AN OVERVIEW OF FIRM VALUATION MODELS IN INVESTMENT BANKING AND AN EMPIRICAL ANALYSIS OF THE ISE (ISTANBUL STOCK EXCHANGE) REGARDING THE FIRMS’ MARKET VALUE INCREASES There has been a substantial rise in the number of merger&acquisitions and privatizations as a result of the gaining momentum of the globalization process in the world and Turkey, particularly. Also, the number of the initial public offerings (IPOs) has increased with the development of the capital markets. Thus; firm valuations, have gained increasing importance both for the institutions and the individual investors due to merger&acquisitions, privatizations and IPOs. In this dissertation, the theoretical background of firm valuation methods is investigated generally. Furthermore, an empirical study is conducted for a group of manufacturing companies listed on the Istanbul Stock Exchange (ISE) applying theoretical valuation methods such as Book Value (BV), Free Cash Flow to Equity (FCFE) and Residual Income (RI) which are used both by the finance sector and academic world. The empirical model uses the panel data regression and analyzes the question of how the theoretical models explain the market value of the firms and determines which model affects the market value of the firms the most. According to results, the theoretical valuation models named as BV, FCFE and RI are all in a significant and strong relationship with the firm value. The market values of the firms are explained by the three valuation models almost in the same degree. However, the residual income that the firms create, affects the market values more than BV and FCFE. The companies listed on the ISE, which is an emerging market, can increase their market values by increasing their RI, BV and FCFE. Whereas, it has to be noted that firms can increase their market value more and consequently create greater value for their shareholders by focusing on RI. Key Words:Firm Valuation, Residual Income, Book Value, Free Cash Flow to Equity