Publication: GİP’e kote olan şirketlerin finansal analiz yoluyla performansının incelenmesi
Abstract
Dünya ve Türkiye ekonomisinde önemli bir yer tutan küçük ve orta büyüklükteki işletmelerin istihdama ve gelir dağılımına olan etkileri küçümsenmeyecek boyuttadır. Küreselleşmeyle birlikte Çin gibi ülkelerin dünya ve iç pazarda yıkıcı etkileri sonucunda, küçük ve orta ölçekli işletmeler rekabet edebilirlik bakımından zayıf düşmekte ve çeşitli sorunlar yaşamaktadır. Bu sorunların başında finansman sorunu gelmektedir. Büyümek isteyen ama finansman bulmakta zorluk yaşayan KOBİ’ler için halka arz yoluyla geri ödemesiz finansman imkânı sağlanmaktadır.Bu çalışmanın amacı, GİP'te halka arz olmuş şirketlerin finansal yapılarındaki değişimi inceleyerek ileride GİP'te halka arz olacak şirketlere ışık tutmasıdır. Bu sayede halka açılmakta tereddüt eden veya isteksiz olan şirketlerin halka arz konusunda bilinçlenmesi hedeflenmektedir. Halka arzdan sonra yatırımcısına para kazandıran başarılı şirketlerin artması, halka açılmakta tereddüt eden veya isteksiz olan şirketlerin halka açılma konusundaki motivasyonlarının artmasını sağlayacaktır. Bu amaç doğrultusunda GİP’te halka arz olmuş 23 şirketin halka arz öncesi 2 yılı ve halka arz sonrası 5 yılı oranlar ve dikey analiz yöntemlerinden faydalanılarak analiz edilmiştir. Analiz sonucunda, şirketlerin finansal yapılarının güçlendiği, kredibilitesinin arttığı ama halka arz sonrası elde ettikleri kaynağı verimli bir şekilde kullanamadıkları ve ana faaliyet alanlarına etkili bir şekilde aktaramadıkları görülmüştür.
The impact of KOBİs (small and medium-sized enterprises), which hold an essential place in the World's and Turkey's economy, on income distribution and employment is of no small scale. As globalization continues, countries like China have devastating effects on the World and domestic market, resulting in KOBİs weakening in terms of competitiveness and having them face various problems — with funding holding the top place in the list. For KOBİs who want to grow but have difficulties with funding, non-refundable financing is provided through public offerings. This study aims to shed light on the companies that potentially will have a public offering in the GIP by examining the changes in the financial structures of companies that have had a public offering. Hence, raising awareness on going public for companies that are hesitant or unwilling to do so. The rise of successful companies, providing profit to their investors after the public offering, will motivate companies who are hesitant in their offering. For this purpose, 23 companies, which have had their offering to the public in the GİP (Developing Enterprises Market), preceding two and succeeding five years in regards to the public offering, have been analyzed using ratios and vertical analysis methods. As a result of the analysis, it was observed that the companies' financial structures were strengthened, with their credibility rising. However, they were unable to efficiently use the resources they obtained, failing at transferring them to the main areas of activity —being unable to achieve their primary objectives.
The impact of KOBİs (small and medium-sized enterprises), which hold an essential place in the World's and Turkey's economy, on income distribution and employment is of no small scale. As globalization continues, countries like China have devastating effects on the World and domestic market, resulting in KOBİs weakening in terms of competitiveness and having them face various problems — with funding holding the top place in the list. For KOBİs who want to grow but have difficulties with funding, non-refundable financing is provided through public offerings. This study aims to shed light on the companies that potentially will have a public offering in the GIP by examining the changes in the financial structures of companies that have had a public offering. Hence, raising awareness on going public for companies that are hesitant or unwilling to do so. The rise of successful companies, providing profit to their investors after the public offering, will motivate companies who are hesitant in their offering. For this purpose, 23 companies, which have had their offering to the public in the GİP (Developing Enterprises Market), preceding two and succeeding five years in regards to the public offering, have been analyzed using ratios and vertical analysis methods. As a result of the analysis, it was observed that the companies' financial structures were strengthened, with their credibility rising. However, they were unable to efficiently use the resources they obtained, failing at transferring them to the main areas of activity —being unable to achieve their primary objectives.