EVA, CFROI, MVA ve CVA Yöntemlerinin Hissedarların Değer Maksimizasyonu ve Finansal Performans Tahmini Üzerine Etkisi: Ampirik Bir Çalışma
Özet
Piyasaların küreselleşmesiyle beraber rekabet ve performans baskısı gittikçe hız kazanmıştır. Yatırımcılar başkalarının kullanımına sundukları sermayelerine karşılık haklı olarak makul bir getiri beklemektedirler. Şirketler çoğunlukla büyümelerini yeni hissedarlardan elde edilen sermaye sayesinde gerçekleştirdikleri için şirket karlılığı üzerindeki baskı önemli ölçüde artmaktadır. Sermaye piyasası şirketlerin iyi performansını ödüllendirdiği gibi kötü performansını da cezalandırmaktadır. Bu noktada değer maksimizasyonunu sağlayan Ekonomik Katma Değer (EVA), Nakit Akışı Yatırım Getirisi (CFROI), Nakit Katma Değer (CVA) ve Piyasa Katma Değeri (MVA) gittikçe çok önemli bir sorun haline gelmiştir. Bu sebepten dolayı da şirket karlılığı ve büyüme potansiyeli önem arz etmektedir. Bu çalışma kapsamında giriş kısmında EVA, CFROI, CVA ve MVA göstergelerinin önemi ve geleneksel yöntemlerle karşılaştırması işlenmektedir. Değer maksimizasyonunu somutlaştıran bu göstergeler ile ilgi yapılmış çalışmalar literatür taraması ile irdelenmektedir. Metodoloji bölümünde Borsa İstanbul’a kote olan 11 sağlık sektöründe aktif olan şirketlerin verileri 2015-2021 dönemi bazında regresyon ve korelasyon analizleri ile bu göstergelerin hisse senedi getirileri üzerinde etkileri incelenmektedir. Sonuç olarak MVA, CVA, CFROI ve EVA pozitif olduğunda ekonomik kâr sağlanmakta ve hissedar değerinin artması beklenmektedir.
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