Publication: Şirket birleşme ve satın almalarında normal üstü getiri ve bir Türkiye uygulaması
Abstract
Küreselleşme ile birlikte artan rekabet koşulları, beraberinde şirket birleşme ve satın alma faaliyelerini de getirmiştir. Şirketlere rekabet edebilme ve büyüme gücü sağlayan bu faaliyetlerin öneminin kavranması ile birlikte, bu faaliyetlerin sonuçları ve etkileri bir çok araştırmacı tarafından ele alınmıştır. Bu çalışmada; borsada işlem gören şirketlerin fiyatlarında birleşme ve satın alma ile oluşan değişimlerin incelenmiş ve Türkiye’deki birleşme ve satın almalar üzerinde bir uygulama gerçekleştirilmiştir. Uygulama öncesinde, birleşme ve satın almalar konusunda literatürde yer alan çalışmalara yer verilerek, Amerikan ve Avrupa borsalarındaki fiyat değişiklikleri ve genel oluşumlar incelenmiştir. Uygulamada, örneklem olarak, İstanbul Menkul Kıymetler Borsası’ nda işlem gören şirketlerin 1990-2005 yılları arasında yapmış olduğu birleşme ve satın alma faaliyetleri seçilmiş ve bu faaliyelerin getirmiş oluğu fiyat değişimleri, belirlenmiş olan bir periyodda tespit edilmeye çalışılmıştır. Uygulama sonucu örneklemde yer alan bir kısım hedef ve satın alan şirket hisse senedi fiyatında normal üstü getiri tespit edilerken bir kısımında, bu faaliyet nedeni ile oluşmuş bir normal üstü getiriye rastlanamamış ve literatürden bazı noktalarda ayrılan sonuçlar elde edildiği gözlemlenmiştir. sal büyüme, birleşme, satın alma, hedef firma, satın alan firma, normal üstü getiri
Increase in market competition by globalization, motivates the firms to focus on mergers activities. As becoming aware of the importance of the merging, which provides the companies with increased growth and competitive power, lots of researches have been held on this process. In this thesis, the changes in the stock price of the companies in stock market, which occurs before mergers and acquisitions, are studied. A literature research is attached to the examination of changes in stock price of companies with mergers and acquisitions activities in Europe and United States stock exchange. Additionally, an application on mergers and acquisitions is built considering the companies which have been operated in Istanbul Stock Market between 1990-2005. The change in the stock price of those companies are tried to be determined in the selected period. Application results show that the stock price of the target and acquiring companies have abnormally high return while the others have not. As a results, at some points, different conclusions from the literature are arrived and examined. Key words: External growth, merger, acquisitions, target and acquiring companies, abnormal return
Increase in market competition by globalization, motivates the firms to focus on mergers activities. As becoming aware of the importance of the merging, which provides the companies with increased growth and competitive power, lots of researches have been held on this process. In this thesis, the changes in the stock price of the companies in stock market, which occurs before mergers and acquisitions, are studied. A literature research is attached to the examination of changes in stock price of companies with mergers and acquisitions activities in Europe and United States stock exchange. Additionally, an application on mergers and acquisitions is built considering the companies which have been operated in Istanbul Stock Market between 1990-2005. The change in the stock price of those companies are tried to be determined in the selected period. Application results show that the stock price of the target and acquiring companies have abnormally high return while the others have not. As a results, at some points, different conclusions from the literature are arrived and examined. Key words: External growth, merger, acquisitions, target and acquiring companies, abnormal return