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Avrasya Ekonometri �statistik ve Ampirik Ekonomi DergisiYl:2015 Say: 1 Alan: letme

brahim BOZKURT
Finansal Rasyolar?n Yabanc? Yat?r?mc?lar?n Hisse Seimine Etkisi: Borsa ?stanbul?da Ampirik Bir Uygulama
 
Yabanc yatrmlarn lke ekonomileri, sermaye piyasalar ve firmalar asndan nem arz etmesi nedeniyle yaznda, yabanc yatrmclarn yatrm kararlarna etki eden faktrlerin belirlenmesini ama edinen oka alma yaplmtr. lgili almalarda, yabanc sermaye hareketlerinin nedenlerini aklamak iin birok faktr incelenmi; ancak firmalara ait finansal rasyolarn, yabanc sermaye hareketleri zerindeki etkisi ayrntl bir ekilde irdelenmemitir. Bu almann temel amac; Borsa stanbulda ilem gren firmalara ait finansal tablo rasyolarnn, yabanc portfy yatrmclarnn hisse senedi tercihleri zerindeki etkisini incelemektir. Belirlenen ama dorultusunda almada, hisseleri Borsa stanbulda ilem gren 193 firmann 2004/12-2014/09 dnemi aralndaki 3er aylk finansal tablo verileri ile her bir firma iin yabanc yatrmclarn aylk net hisse alm-satm miktarlar veri olarak kullanlmtr. Verilerin panel veri regresyon analiz yntemi ile analiz edildii alma sonucunda, yabanc yatrmclarn; net kar marjn, cari orann ve bor/zsermaye orann artran buna karn stok devir hzn ve FKV orann dren firma hisselerini tercih ettikleri ortaya konulmutur.

Anahtar Kelimeler: Finansal Rasyolar, Yabanc Yatrmclar, Hisse Tercihi, Borsa stanbul, Panel Veri Analizi.


The Effect of the Financial Ratios on Foreign Investors Choices of Stock: An Empirical Application on ISE
 
In the literature, many studies which aim to determine factors affecting investment decisions of foreign investors were done, because foreign investments have importance with regard to national economies, capital markets and firms. In the related studies, lots of factors were investigated for explaining the causes of the foreign capital mobility, but the effect of the financial ratios on the foreign capital mobility was not investigated comprehensively. The main purpose of this study is to investigate the effect of the financial ratios of firms traded in ISE on foreign investors choices of stock. For this purpose, in this study, data of three-month financial statements of 193 firms traded on ISE between 2004/12-2014/09 and net quantities of stocks bought and sold by foreign investors were used as data. At the end of this study which used panel data regression methodology, it was revealed that foreign investors prefer the stocks of firms which increase net profit margin, current ratio and debt to equity ratio of theirs and decrease inventory turnover and short term financial debt to short term debt ratio of theirs.

Keywords: Financial Ratios, Foreign Investors, Choice of Stock, ISE, Panel Data Analysis.


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