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Title: Holding İşletmelerinin Finansal Açıdan Değerlendirilmesi
Authors: Berk, Niyazi
Akyüz, Esra
Keywords: Büyüme politikaları
Finansal analiz
Finansal tablolar
Holding işletmeleri
Konsolide finansal tablolar
Growth policies
Financial analysis
Financial statements
Holding companies
Consolidated financal tables
Issue Date: 1994
Publisher: Sosyal Bilimler Enstitüsü
Institute of Social Sciences
Abstract: Ulusal ve uluslararası ekonomik yapıdaki hızlı değişimler, günümüzün yoğun rekabet ortamında, varlıklarını devam ettirmek isteyen işletmelerin büyümelerini zorunlu kılmıştır. Bu büyüme çeşitli şekillerde olmaktadır, şirketlerin büyümesini sağlayan yollardan ülkemizde en çok rastlanılanı ise holdingleşmedir. Bu çalışmada; yapısal nitelikleri ve mali yapıları gereci dişer işletmelerden farklılıklaeı sahip olan holding şirketler ve konsolide finansal tablolar yoluyla yapılacak değerlendirmenin gerekliliği, bu tabloların hazırlanması ve de analizi incelenecektir. öncelikle çeşitli yönleriyle holdingler konusu ele alınmış, dünyadaki ve Türkiye'deki tarihsel gelişimi incelenmiştir. ikinci bölümde bir grubun bütününün, finansal durumu ve faaliyet sonuçları hakkında fikir veren tek araç olan konsolide finansal tabloların oluşturulması üzerinde durulmuştur. üçüncü bölümde de çeşitli çıkar gruplarına yönelik olarak yapılan konsolide finansal tabloların analizi yer almaktadır. Son aşamada ise kuramsal açıklamaların daha iyi anlaşılabilmesi için bir uygulama yapılması uygun görülmüştür.
The rapid changes in national and international economic structure require a reconstruction ofcompanies. In the second half of our century, companies got into a certain development measure economy, companies can be organized in many ways. In the pex-iod of this economic- growth, the unification of companies rather than individualism and the big support in this thought resulted in the birth of holding companies which are the subject of business administration. In this study, first of all we stand on the holding consept and give further information. A holding company owns sufficient voting stock to have a controlling interest in one or more corporations. A holding company does not necessarily have to own 51 per cent of the stock of another company in order to have the control. For a widely held corporation, ownership of 20 per cent or as little as 10 per cent of the stock outstanding may constitute effective working control. When one corporation controls another corporation through the ownership of a majority of its capital stock, the controlling corporation is called a parent company, and the company whose stock is owned is called a subsidiary company. The corporations related in the holding company system are also called "affiliated" companies, although the the word affiliated is quite widely used to cover situations in which the control, or the substantial control of two or more corporations is held by the same interests, such as a family group. Companies which do not operate properties but exist simply to control and direct subsidiaries are called pure holding companies. Many of the former holding company giants found it economical to dissolve or merge with some major subsidiaries and become IX operating companies. So long as any subsidiaries survive, such companies are known as holding-operating or parent companies» Holding companies may also be classified according to the type of business. Thus, there are railway, utility, industrial and financial groups. The groupping can be broken up more readily under a holding company arrangement than when properties and operations have been mingled in a single corporation by merger. The general advantage of a holding company system over a complete merger of the affiliated companies is that combination is achieved by it and yet the individuality of the various constituents is preserved. More specifically, the advantages are: i- Providing large investment strength through pyramiding. ii- Widening of the capital base by corresponding investments. iii- Elimination of risks. iv- Establishing the holding system because of the difficulties of growth in a firm. v- Share certificates passing over from real persons to holdings. The Disadvantages Of The Holding Company Devices Are: i- Growth of unwieldy and uneconomical systems. ii- Stock watering and inflation of capitalization. iii- Creation of top-heavy capital structures. iv- upstream loans v- Manipulation and secrecy of accounts vi- Excessive servis and other charges vii- Profits on intercompany transactions viii- Manipulation of stock market prices In the second part, consolidated financial statements have been examined. Consolidated financial statements are designed to set aside the legal boundaries between affiliated companies and present a financial picture of the resources and operations of an economic entity. Persons looking to their legal rights will not find pertinent information in consolidated statements. Consolidated statements are not significant to the rninor-ity stock holders or creditors of the subsidiary company. A strong financial position shown in a consolidated balance sheet may conceal a very weak situation in the particular subsidiary company in which a creditor or minority stock holder has an interest. These groups should rely on the individual financial statements of the affiliate in which they have a legal claim. Long term creditors of the parent company may find consolidated statements of some interest in assessing the general strength or weakness of the economic entity. In the long run, earning power is the primary source of creditor safety. The operating performance of the affiliated group may be a significant safety index for creditors of the controlling company. The stockholders, managers, and members of the board of directors of the parent company have the primary invest in consalidated statements. The managers and directors are responsible for the entire resources under their control and for managing these resources profitably. Similarly, the stockholders of the parent company will prosper as the consolidated entity prospers. Their ownership interest is controlling, and they, thus, stand to benefit from strength anywhere in the entity and to suffer from weakness. XI Both the parent and subsidiary companies are legal entities. Separate financial statements may be prepared for each company. However, it may also be useful to prepare financial statements for the affiliated companies as if they were a single unified business. Such statements are called consalidated financial statements. Anyone who uses corparate financial information will find it useful to know something about the basic principles of consolidation, as an aid in interpreting the data contained in consolidated statements. The Consolidated Balance Sheet: Consolidated statements in the proper sense, show the condition (balance sheet) and operations (income account) of the parent and constituent companies as though they were parts of single enter-prise. Confusing intercompany relations are eliminated so that the investor in the securities of the holding company can see how his interest stands with relation to the other parts of the system when the various corporitions are considered as a group. When combined, the assest of the affiliated companies fall under the following headings: i - Assets that are not affected by the intercompany relation ship. ii - Amounts owed by one affiliated company to another. iii - Securities of one affiliated company held by another iv - Assets purchased by one affiliated company from another. Little need be said of the first class, which is made up of cash and most of the fixed assets. The simple sum of all such assets as are held by the related companies would appear without adjustment in a consolitated balance sheet. XI i Consolidation At Date Of Acquisition: A consolidated balance sheet is prepared by combining the elements that appear in the individual statements of the parent and subsidiary companies. In the combining process, certain adjustments are made to eliminate duplication and to reflect the assets, liabilities, and stockholders' equity from the viewpoint of a single economic entity. Less Than t 100 Control: if a parent company owns a controlling interest in a subsidiary but less than 100 % of the outstanding shares, a new kind of ownership equity known as the minority interest will appear in the consolidated balance sheet» The consolidated balance sheet we include all the assets and liabilities of the affiliated companies ( other than the parent's investment in subsidiary, which is eliminated ). Consolidated income Statement: A consolidated income statement is prepared by combining revenue and expenses of the parent and subsidiary. Revenues and expenses arising from intercompany transactions ( for example, intercompany rent or interest revenues and expenses ) are eliminated because they simply reflect transfers of assets from one affiliated company to another and do not change the net assets from a consolidated viewpoint. Acquisition Of Subsidiary Stock At More Than Book Value: When a parent corporation purchases a controlling interest in a subsidiary, it will probably pay a price for the shares that differs from their underlying book value. In consolidating the financial statements of two affiliated corporations, we can not ignore a discrepancy between the cost of the parent company's investment in subsidiary shares and the book value of these shares on the statements of the subsidiary company. In consolidation, the parent's investment is offset against the appropriate stockholders' equity accounts of the subsidiary, and if the two amounts are not equal, we must consider what the difference between them represents. XI 11 Acquisition Of Subsidiary Stock At Less Than Book Value: If the parent company pays less than book value for its interest in a subsidiary, a similiar problem of interpretation exists. As explained in detail in sections of the third part, the analize results of consolide financial statements have teen appraised and some information about the financial structure of group and action results can be obtained. And in the fourth and the last part depending on trie theoretical knowledge on this subject an application study is done on a holding.
Description: Tez (Yüksek Lisans) -- İstanbul Teknik Üniversitesi, Sosyal Bilimler Enstitüsü, 1994
Thesis (M.A.) -- İstanbul Technical University, Institute of Social Sciences, 1994
Appears in Collections:İşletme Lisansüstü Programı - Yüksek Lİsans

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