Nakit Akış Oranı Analizi: Türkiye Örneği

Abstract

Cash flow-based information provides more insights about liquidity, profitability and financial structure of companies with the other primary financial statements. Hence, using cash flow ratios together with the conventional financial ratios will contribute to the financial statement analysis. Since cash flow ratios are not common as much as the traditional ratios and are still evolving, developing benchmarks and determining normative values are relatively harder for the assessment of firms. Thus, the main motivation of this study is to demonstrate the power of the statement of cash flows by using 8 fundamental cash flow ratios with 10 traditional ratios in the areas of liquidity, profitability and financial structure. We use 107 non-financial firms (966 firm-year observations) in Manufacturing Industry from 7 different sub-sectors in Borsa Istanbul (BIST) between the periods of 2008-2017. According to the results, firms are not good enough to generate sufficient cash to maintain activities and there is low quality of income due to the values in cash quality of sales ratio and quality of income. In addition to high external financing needs of firms, liquidity is also another big concern for the sample period. Furthermore, according to industry and yearly results, Non-Metallic Mineral Products sector and the year of 2009 have relatively the best values in terms of cash-flow based information.