Author :
Abstract
Bu çalışmada Borsa İstanbul’da işlem gören turizm firmalarının 6 yıllık finansal verileri incelenerek özkaynak karlılıklarının değişimi incelenmiştir. Bu verilerin incelenmesi yoluyla süreç içerisinde sektörün öz kaynak karlılığını etkileyen olaylar incelenmiş ayrıca öz sermaye karlılığının gelecekteki trendi tahmin edilmiştir. 2013-2018 finansal dönemlerine ait finansal tabloları incelenmiş ve firmaların bu süreçteki öz kaynak değişimi izlenmiştir. Değerlendirme net kar marjı, aktif karlılığı, öz kaynak karlılığı yıllar itibariyle belirlenerek incelenmiştir. Firmalara ait ortalamaların incelenmesi sonucunda öz kaynaklarda çok dramatik değişimler olmadığı, konjonktürel durumların sektörü etkilediği ortaya çıkmıştır. Turizm sektörü konjonktürden yoğun şekilde etkilenmektedir. Ülkedeki siyasi ve güvenlikle ilgili olayların ekonomik yapıyı yoğun şekilde etkilediği görülmüştür. 2016 yılında yaşanan darbe girişiminin firmaların tüm göstergelerine yönelik olumsuz etkisi görülmüştür. Korelasyon analizinde özsermaye karlılığının aktif devir hızı, özsermaye çarpanı ve faaliyet gelirleriyle güçlü anlamlı bir ilişkisi olduğu tespit edilmiştir. Bırakılan kar, satış gelirleri, finansal kaldıraç ve faaliyet kaldıracı ile aralarında anlamlı pozitif bir ilişki olduğu ortaya çıkarılmıştır
Keywords
Abstract
In this study, the change of return of equitiy of public tourism companies that trading in İstanbul Stock Exchange (BIST) by using six year financial data had been examined. Through the examination of these data, the events affecting the return on equity of the sector were analyzed and the future trend of the equity profitability was estimated. The financial statements of the financial periods of 2013-2018 were examined and the shareholders' equity changes in this process were monitored. The evaluation of net profit margin, return on assets, and return on equity was determined by years. As a result of the analysis of the averages of the firms, it has been revealed that there are not very dramatic changes in the resources and some cyclical situations affect the industry. The tourism sector is heavily influenced by all situations. It has been observed that political and security-related situations in the country strongly affect the economic structure. Particularly, the impact of the coup attempt in 2016 had a deep negative impact on all indicators of the firms. In the correlation analysis, it was determined that the return on equity is a strong and significant relationship with the asset turnover rate, equity multiplier and operating income. There is a significant positive relationship between profit, sales revenues, financial leverage and activity leverage.
Keywords
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- In this study, the change of return of equitiy of public tourism companies that trading inİstanbul Stock Exchange (BIST) by using six year financial data had been examined.Through the examination of these data, the events affecting the return on equity of the sectorwere analyzed and the future trend of the equity profitability was estimated. The financialchanges in this process were monitored. The evaluation of net profit margin, return onassets, and return on equity was determined by years. As a result of the analysis of theaverages of the firms, it has been revealed that there are not very dramatic changes in theresources and some cyclical situations affect the industry. The tourism sector is heavilyinfluenced by all situations. It has been observed that political and security-related situationsin the country strongly affect the economic structure. Particularly, the impact of the coupattempt in 2016 had a deep negative impact on all indicators of the firms. In the correlationanalysis, it was determined that the return on equity is a strong and significant relationshipwith the asset turnover rate, equity multiplier and operating income. There is a significantpositive relationship between profit, sales revenues, financial leverage and activity leverage.The ROE(return on equity) tell us the performance of firm. In DuPont model we dividereturn of equity for better position or understanding. This break is generally referred toDuPont analysis. First, ROE ratio can subsist divided into two ratios that we have discussed_net profit margin and equity turnover. In this equation net sale multiplied and divided onboth side of equation. In this equation we used end year figure slightly than average ofbeginning and ending year. This equation tell ROE equivalent the equity and profit margin,if an organization want to increase its ROE, so equity is another source for this organization.Return on equity measures the level of income attributed to shareholders against theinvestment that shareholders put into the firm. In other words, it measures how efficiently acompany is able to generate profits using shareholder’s equity, which includes stock offerings and retained earnings.
- In the study, the data obtained from the websites of the companies that are traded in Borsaİstanbul and the websites of the audit firms between the years 2011-2018 were classified bythe ability of MS Office Excel program and the required ratios were calculated using thesame program. The relationship between these ratios was determined by using the IBM SPSS program.
