Finansal yönetim

Abstract

Bu çalışmada finansal sistemin analizi, enflasyonun sisteme etkileri incelenmiş ve finansal optimizasyon için bir çok ölçütlü model kullanılmıştır. İkinci bölümde, yönetimin finansal verilerden yararlanarak nasıl durum değerlendirmesi yapması gerektiği ve enflasyonun finansal veriler üzerindeki etkilerinin nasıl olduğu incelenmiştir. üçüncü bölümde, bir tekstil işletmesinin endüstri bütünü ve tekstil sektörü isinde enflasyona göre değerlendirmesi yapılmıştır. Dördüncü bölümde ise, finansal değerler arasındaki ilişkiyi eş anlı denklem sistemi ile tanımlayarak, etkin kaynak dağılımını sağlamak üzere bir finansal optimizasyon modeli kullanılmıştır. Böylelikle yönetime etkin bir stratejik plan uygulamada yardımcı olmak amaçlanmıştır.

Great changes take place in the environment of the business system. Success in the business,. depends significantly on the ways in which the management adapt to their changing environments. s Today, managers must be aware of the great changes taking place in the environments of their business. The central question for managers is how to appraise properly the environment within which their business operates. The process is called situation audit. The major objective of the situation audit is to identify and analyze the key trends, forces having a potential impact on the formulation and implementation of strategies. There are changes in the environment of a business that will have a great impact on the affairs of the enterprise. Best results will be achieved if these forces are identified before their impact can be felt. The situation audit emphasizes the importance of systematic assessment of environmentel impacts. Systematic attempts to appraise the environment can help to minimize risk and uncertainty. Situation audit will ' differ depending upon the organization and the industry. But if we thhink of the business system in four process which are f inance, mar keting management and production the prformance of the business should be measured by the mix of their indicators. Finance is only part üf the business system because much of the activity that affects financial performance is nonfinancial in nature. But it is the most important part of the system. because it includes information on revenuse, costs, profits and funds flows which are the most important information for the top managers. vii in the second chapter, the iıtıportant part of the management function. financial management is studied. The aim of the finance management is defined as to keep the value of the f irin at its maximum level. To do this, the managers use the balance sheets which describes the financial condition of a business at a point in time and the financial ratios which are the results of their acti vities. The most commonly used measures of strategic and management prformance are financial statements and analyses of them. Included are considerations of profit, return on investment, return on equity, ratio analysis, trende in the financial statements items, and several additional factors. in order to sum up the financial statement of a firm, its ratios must be compared with the ratios of other firms in the same industry. To compare ratios of firms with each other, we must be selective in our choice of financial ratios which reflect the financial characteristi es of firms because many of them teli us similar things. Many studies have been done till that time to see how well finarjcial ratios could be used to distinguish which firms would go bankruptcy ör which firms would have financial failure. Many technigues are used to give early warning of financial failure ör bankruptcy'. But as we said before. finance is only part of the business system and is affected by them. So, if different ratios ör indicators are used from different parts of the system in an enlarged model, the prediction will be more healthy. Then,the study goes on inflation and its effects on the oprations of firms. As we know, in times of general inflation money loses value in terms of its purchasing _poher. Some impact of inflation on firms are causing increased uncertainty. squeezing liquidty, raising the cost of finance and causing difficulties in planning. \. inflation also has a strong influence on the financial statements and on the financial ratios. Under inflationary environment the fixed assets are understated, whereas the proftts are overstated. The financial statement lose their homogenity, therefore the totals of balance sheet are meaningless and deceptive. There is a close relationship v ı 11 between inflation rate and the degree of distortion of financial statements. Traditional cost accounting is based solely on the money unit of measurements. So. it fails to reflect the iropact of inflation on the net assets and earnings of a company. in the long run shareholders cannot expect flows of increased purchasing power if the company does not increase the purchasing power equivalent of its net assets, trends of sales profits and net assets expressed in money units may give a totally distorted impression of how a company is faring. in chapter three, the financial structure of an textile firm is "compared with the manufactured goods industry includes fifty-two enterprises after adjustments are made on balance sheets. Current Purchasing Power Accounting method is used. Because of inflation, great changes in allocation of resources take place in balance sheets. The greatness of changes depends on when the firm is established and how the resources are used. Especially, the percent of current values are expected to be lower than they are. The percent of shareholders' eguities also are expected to be higher than they are. While the capital market in Turkey is not developed well. political and economical unsteadiness, inflation and other uncertain conditions affect the industry deeply. If the cost of credits and liabilities increase because of inflation, the level of investment will decrease. Making new investment at greatly inflated costs is difficult to justify at today's price levels. So that, long term liabilities would be reduced while the risk increase by the time, and funds would be used on unproductive objectives instead of productive objectives. After looking över the general economic conditions while managers have to deal with capital markets as well as their firms' operations, managers have to look for their positions in the industry by SWOT analysis. They must identify their oppotunities, threats, strengths and weaknesses to develope strategies and policies. / ix By the way, how should management allocate resourcBB in accordance with the (financial) objectives and how should management estimate needed expenditure adjustments in the firms' strategic plan ? in chapter four, a simultaneous equation regression system in which investment, dividend and effective debt financing decisions can be determined is developed. Then an optiıtıi zati on model is estimated to deterınine necessary expenditure adjustments in the firm's strategic plan. The objectives of this study are to understand a firm's financial decision-making, to explain finance mix and other attributes of financial behaviour and to test hypothesis about investment and financial behaviour. The imperfect-markets hypothesis of financial decision holds that financial decisions are interdependent and simultaneous equations ıtıust be used to estimate the equations econometri çal l y. If we think of the firm as a pool of resources, this pool is composed of net income. depreciation and new debt issues and is reduced by dividend payments and investment in capital projects. The main objectives of finance managers are to manage the firm's cash if the money is used efficiently ör not and to obtain funds efficiently by minimizing the cost of funds. The strategic decision-makers of the firm seek to allocate resources in accordance with the objectives. Management also attempt to maximize dividends for the investors and capital expenditures while minimizing external funding to generate future profits. After developing the simultaneous equation regression system a multi-cri teria model is developed from the imperfect markets hypothesis optimally to minimize the underachievement of desired dividends, investment and överachievement of effective financing. x The regression coefficients serve as inputs to a multi-goal linear programming model which optimally minimizes the firm's underachievement of investment activities, dividend payments as assuance of debt. So that, the study developes and estimates an optimization model to allow management insights into the trade-offs inherent in implementing an effective strategic pi an. As we said before, finance is only part of the business system and is affected by the other parts of the system. Much of the activity that affects financial performance is nonfinancial in nature. So, if different indicators are used from different parts of the system in an enlarged model, the decision-making process will be more healthy and effective for the management. Meanwhile the decision-making system will be more completive and perhaps inflexible to response the changes of the environment in a very short time.