Finansal Oranlar Ve Firma Değeri İlişkisi: BİST’de Bir Uygulama

Abstract

The aim of this study is to investigate the relationship between firm value and financial ratios. Acid-test ratio, debt ratio, active turnover, return on asset (ROA) and book value/market value ratio are used as independent variables, leverage ratio and net sales are used as control variables at the study. On the other hand, firm value is used as the dependent variable at the study. The relationship betwen the variables is examined using panel data analysis. In this study, the seven years data of the 56 industrial enterprises, operand in BIST, in the period of 2004-2011, are used. As a result of the analysis, the significiant effect of acid-test ratio, active turnover, book value/market value ratio and leverage ratio is determined on the firm value. However, significant relations could not be found between firm value and debt ratio and return on asset (ROA).