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2020-2021 Döneminde BIST’de İlk Halka Arz Edilen Şirketlerin Değer Tespitinde Piyasa Yaklaşımının Kullanılmasına Yönelik Bir Araştırma

Year 2022, Issue: 118, 179 - 198, 21.10.2022
https://doi.org/10.33203/mfy.1143610

Abstract

Literatürde yer alan tartışmalar genellikle İndirgenmiş Nakit Akımları değerlemesine odaklanmış olsa da gerçekte şirketler yoğunlukla piyasa yaklaşımına göre değerlenmektedir. Pazarlama yaklaşımında şirket değerlemesi mevcut piyasa fiyatlarına dayanır. Bu çalışmada 2020 ve 2021 yılları arasında BİST’te halka arz edilen 61 adet şirketin fiyat tespit raporları şirket değer tespitinde kullanılan yöntemler açısından içerik analizine tabi tutulmuştur. Yapılan içerik analizinde piyasa yaklaşımı ile yapılan değerlemede Şirket Değeri / FAVÖK çarpanın en çok sık kullanılan oran olduğu tespit edilmiştir.

References

  • Alford, A. W. (1992). The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research, 30(1), 94-108.
  • Bancel, F. & Mittoo, U. R. (2014). The gap between the theory and practice of corporate valuation: Survey of European experts. Journal of Applied Corporate Finance, 26(4), 106-117.
  • Benninga, S. Z. & Sarig, O. H. (1997). Corporate finance: a valuation approach. McGraw Hill/Irwin
  • Boatsman, J. R. & Baskin, E. F. (1981). Asset Valuation with Incomplete Markets. The Accounting Review, 56(1), 38-53
  • Brealey, R. A., & Myers, S. C. (2003). Capital investment and valuation. McGraw Hill Professional.
  • Bünyamin, E. R., Güneysu, Y. & Ergün, T. (2017) Halka arz olan firmaların hisse senedi fiyatlarının belirlenmesinde kullanılan yöntemlerin karşılaştırmalı analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (18), 157-166.
  • Chambers, N. (2005) Firma Değerlemesi, Avcıol Basımevi
  • Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset. John Wiley & Sons.
  • Damodaran, A. (2002) Investment Valuation: Tools and techniques for determining the value of any asset. John Wiley & Sons
  • Damodaran, A. (2010) The dark side of valuation: Valuing young, distressed, and complex business. FT Press
  • Ercan, M.K. & Öztürk, M.B. & Küçükkaplan, İ. & Başcı, E.S. & Demirgüneş, K. (2006) Firma Değerlemesi. Literatür
  • Erickson, J.R. & Fredman, A.J. & Stickels, P.J. (1988) The Price Sales Ratio: An alternative to the price earnings, Akron Business and Economic Review, 19(1) s.94
  • Esty, B.C. (2000) What determines comparability when valuing firms with multiples? Journal of Financial Education, 2, s.24
  • Farrugia, K., Bonello, K., & Baldacchino, P. J. (2019). Corporate valuation models applicable in a small stock market: a Maltese perspective.
  • Fazzini, M. (2018). Business valuation: Theory and practice. Springer
  • Firth, M., Li, Y., & Wang, S. S. (2008). Valuing IPOs using price-earnings multiples disclosed by IPO firms in an emerging capital market. Review of Pacific Basin Financial Markets and Policies, 11(03), 429-463.
  • Gürsoy, C.T. (2007) finansal yönetim ilkeleri. Doğuş Üniversitesi,
  • Hitchner, J.R. (2011) Financial valuation: application and models. John Wiley & Sons
  • Karslı, M. (1989) Sermaye piyasası, borsa, menkul kıymetler. Beta Yayınları
  • Kim, M. & Ritter, J. R. (1999). Valuing IPOs. Journal of Financial Economics, 53(3), 409-437.
  • Leigh, H. (2009) Valuing & Selling A Business. Shoulder of Giants,
  • Lie, E. & Lie, H. (2002). Multiples used to estimate corporate value. Financial Analysts Journal, 58(2), 44-54.
  • Meitner, M. (2006). The market approach to comparable company valuation. Springer Science & Business Media.
  • Monks, R.A.G. & Lajoux, A.R. (2011) Corporate valuation for portfolio ınvestment, Bloomberg Press
  • Moyer, R.C. & McGuigan, J.R. & Kretlow, W.J. (1992). Contemporary financial management. West Publishing Co.,
  • Öztürk, H. (2009). Şirket değerlemesinin esasları, teorik ve pratik yaklaşımlar. Türkmen
  • Pereiro, L.E. (2002). Valuation of companies in emerging markets. John Wiley & Sons
  • Pétursson, E. (2016). Relative valuation–accuracy of corporate valuation using multiples. Lund University Publications
  • Pinto, J.E. & Henry, H.R. & Thomas, R. (2010). Equity asset valuation. John & Wiley
  • Reyes, F.B. (1998). Ticker tape; price to sales ratio. BusinessWorld, 21 July
  • Schreiner, A. (2009). Equity valuation using multiples: an empirical investigation. Springer Science & Business Media
  • Sipahi, B. & Yanık, S. & Aytürk, Y. (2011). Şirket değerleme yaklaşımları. Nobel
  • Tabara, N., & Vasiliu, A. (2011). The ımportance of price earnings ratio in equity valuation on stock exchange market. acta universitatis danubius. OEconomica, (3 (3)), 104-120.
  • Tevfik, A.T. (2005). Hisse senedi değerlemesi. Literatür
  • Ubelhart, M.C. (2010) An economic view of the ımpact of human capital on firm performance and valuation the valuation handbook: valuation techniques from today’s top practitioners (ed. Thomas, R. & Gup, B.E.). John Wiley & Sons
Year 2022, Issue: 118, 179 - 198, 21.10.2022
https://doi.org/10.33203/mfy.1143610

Abstract

References

  • Alford, A. W. (1992). The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research, 30(1), 94-108.
  • Bancel, F. & Mittoo, U. R. (2014). The gap between the theory and practice of corporate valuation: Survey of European experts. Journal of Applied Corporate Finance, 26(4), 106-117.
  • Benninga, S. Z. & Sarig, O. H. (1997). Corporate finance: a valuation approach. McGraw Hill/Irwin
  • Boatsman, J. R. & Baskin, E. F. (1981). Asset Valuation with Incomplete Markets. The Accounting Review, 56(1), 38-53
  • Brealey, R. A., & Myers, S. C. (2003). Capital investment and valuation. McGraw Hill Professional.
  • Bünyamin, E. R., Güneysu, Y. & Ergün, T. (2017) Halka arz olan firmaların hisse senedi fiyatlarının belirlenmesinde kullanılan yöntemlerin karşılaştırmalı analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (18), 157-166.
  • Chambers, N. (2005) Firma Değerlemesi, Avcıol Basımevi
  • Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset. John Wiley & Sons.
  • Damodaran, A. (2002) Investment Valuation: Tools and techniques for determining the value of any asset. John Wiley & Sons
  • Damodaran, A. (2010) The dark side of valuation: Valuing young, distressed, and complex business. FT Press
  • Ercan, M.K. & Öztürk, M.B. & Küçükkaplan, İ. & Başcı, E.S. & Demirgüneş, K. (2006) Firma Değerlemesi. Literatür
  • Erickson, J.R. & Fredman, A.J. & Stickels, P.J. (1988) The Price Sales Ratio: An alternative to the price earnings, Akron Business and Economic Review, 19(1) s.94
  • Esty, B.C. (2000) What determines comparability when valuing firms with multiples? Journal of Financial Education, 2, s.24
  • Farrugia, K., Bonello, K., & Baldacchino, P. J. (2019). Corporate valuation models applicable in a small stock market: a Maltese perspective.
  • Fazzini, M. (2018). Business valuation: Theory and practice. Springer
  • Firth, M., Li, Y., & Wang, S. S. (2008). Valuing IPOs using price-earnings multiples disclosed by IPO firms in an emerging capital market. Review of Pacific Basin Financial Markets and Policies, 11(03), 429-463.
  • Gürsoy, C.T. (2007) finansal yönetim ilkeleri. Doğuş Üniversitesi,
  • Hitchner, J.R. (2011) Financial valuation: application and models. John Wiley & Sons
  • Karslı, M. (1989) Sermaye piyasası, borsa, menkul kıymetler. Beta Yayınları
  • Kim, M. & Ritter, J. R. (1999). Valuing IPOs. Journal of Financial Economics, 53(3), 409-437.
  • Leigh, H. (2009) Valuing & Selling A Business. Shoulder of Giants,
  • Lie, E. & Lie, H. (2002). Multiples used to estimate corporate value. Financial Analysts Journal, 58(2), 44-54.
  • Meitner, M. (2006). The market approach to comparable company valuation. Springer Science & Business Media.
  • Monks, R.A.G. & Lajoux, A.R. (2011) Corporate valuation for portfolio ınvestment, Bloomberg Press
  • Moyer, R.C. & McGuigan, J.R. & Kretlow, W.J. (1992). Contemporary financial management. West Publishing Co.,
  • Öztürk, H. (2009). Şirket değerlemesinin esasları, teorik ve pratik yaklaşımlar. Türkmen
  • Pereiro, L.E. (2002). Valuation of companies in emerging markets. John Wiley & Sons
  • Pétursson, E. (2016). Relative valuation–accuracy of corporate valuation using multiples. Lund University Publications
  • Pinto, J.E. & Henry, H.R. & Thomas, R. (2010). Equity asset valuation. John & Wiley
  • Reyes, F.B. (1998). Ticker tape; price to sales ratio. BusinessWorld, 21 July
  • Schreiner, A. (2009). Equity valuation using multiples: an empirical investigation. Springer Science & Business Media
  • Sipahi, B. & Yanık, S. & Aytürk, Y. (2011). Şirket değerleme yaklaşımları. Nobel
  • Tabara, N., & Vasiliu, A. (2011). The ımportance of price earnings ratio in equity valuation on stock exchange market. acta universitatis danubius. OEconomica, (3 (3)), 104-120.
  • Tevfik, A.T. (2005). Hisse senedi değerlemesi. Literatür
  • Ubelhart, M.C. (2010) An economic view of the ımpact of human capital on firm performance and valuation the valuation handbook: valuation techniques from today’s top practitioners (ed. Thomas, R. & Gup, B.E.). John Wiley & Sons
There are 35 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Articles
Authors

Hasan Yalçın 0000-0002-9108-6246

Early Pub Date October 22, 2022
Publication Date October 21, 2022
Submission Date July 13, 2022
Published in Issue Year 2022 Issue: 118

Cite

APA Yalçın, H. (2022). 2020-2021 Döneminde BIST’de İlk Halka Arz Edilen Şirketlerin Değer Tespitinde Piyasa Yaklaşımının Kullanılmasına Yönelik Bir Araştırma. Maliye Ve Finans Yazıları(118), 179-198. https://doi.org/10.33203/mfy.1143610
  • The journal specializes in especially in all the fields of finance and banking.