Makaleler
GAYRİMENKUL YATIRIM ORTAKLIKLARININ FİNANSAL PERFORMANSININ TOPSİS YÖNTEMİYLE ÖLÇÜMÜ
Nurgün Komşuoğlu YILMAZ
Yayınlanmış 20.03.2019
Anahtar Kelimeler
- Financial Performance,
- REIT,
- TOPSIS
- Finansal Performans,
- GYO,
- TOPSİS
Nasıl Atıf Yapılır
GAYRİMENKUL YATIRIM ORTAKLIKLARININ FİNANSAL PERFORMANSININ TOPSİS YÖNTEMİYLE ÖLÇÜMÜ. (2019). Business & Management Studies: An International Journal, 7(1), 423-443. https://doi.org/10.15295/bmij.v7i1.1080
Nasıl Atıf Yapılır
GAYRİMENKUL YATIRIM ORTAKLIKLARININ FİNANSAL PERFORMANSININ TOPSİS YÖNTEMİYLE ÖLÇÜMÜ. (2019). Business & Management Studies: An International Journal, 7(1), 423-443. https://doi.org/10.15295/bmij.v7i1.1080
Öz
Gayrimenkul yatırım ortaklıkları (Real Estate Investment Trusts-REITs) gayrimenkul ile ilgili büyük çapta projelerde yatırım yapacak teşebbüslere finansal sermaye sağlayan bir kuruluştur. Gayrimenkul Yatırım Ortaklıkları veya yaygın olarak kullanılan kısaltmasıyla GYO'lar bir yatırım aracı olarak yatırımcılara düşük risk ve uzun vadede yüksek kazanç vaad etmektedir. GYO’lar kendileri müteahhitlik yapmazlar. Büyük projelerin yapılmasında fon sağlayarak proje bitiminde alım satım ve kiralama aktivitelerinden gelir sağladıkları gibi halka açılarak hisse senedi satarlar ve yatırımcılara kâr payı öderler. Bu çalışmada 2018 yılında Borsa İstanbul’da işlem gören GYO’lardan verilerine ulaşılabilen ve verileri devamlılık sağlayan 28 GYO’ya ait büyük bölümü daha önceki çalışmalarda kullanılmamış 24 farklı veri (finansal oranlar ve diğer finansal veriler) TOPSIS yöntemi ile değerlendirilmiştir. Çalışma sonucunda her bir GYO ‘ya ait performans skorları tespit edilmiş ve 28 GYO için finansal performans sıralaması oluşturulmuştur.
Referanslar
AKKAYA, Göktuğ Cenk, (2004); “Finansal Rasyolar Yardımıyla Havayolları İşletmelerinin Performansının Değerlendirilmesi”, Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt:19 Sayı:1, ss:15-29
ALIAS, A., & Y, S. T. C. (2011). Performance Analysis Of Reits : Comparison Between M-Reits and UK-Reits. Journal of Surveying, Construction and Property Vol.2. http://doi.org/10.1016/S1730-1270(10)60030-6
ANDERSON, R. I., Fok, R., Springer, T., & Webb, J. (2002). Technical efficiency and economies of scale: A non-parametric analysis of REIT operating efficiency. European Journal of Operational Research, 139(3), 598–612. https://doi.org/10.1016/S0377-2217(01)00183-7
ANDERSON, R.I. & Springer, T.M. (2002).REIT Selection and Portfolio Construction: Using Operating Efficiency as an Indicator of Performance. Journal of Real Estate Portfolio Management
ANDERSON, R.I., Brockman C.M., Giannikos, C. & Mcleod, R.W.(2004). A Non- Parametric Examination of Real Estate Mutual Fund Efficiency. International Journal of Business and Economics
BLOCK R.L. (2015) Investing in REITs: Real Estate Investment Trusts, Fourth Edition, Wiley.
CASE, B. (2013). Real Estate Investment Trusts. In Alternative Investments: Instruments, Performance, Benchmarks, and Strategies. http://doi.org/10.1002/9781118656501.ch7
CHEN S.J., Hwang C. L. (1992). Fuzzy Multiple Attribute Decision Making: Methods and Applications. Martin J. Beckmann and W. Krelle (Eds.). Springer-Verlag, Berlin, Heidelberg.
COŞKUN, Y., Selcuk-Kestel, A. S., & Yilmaz, B. (2017). Diversification benefit and return performance of REITs using CAPM and Fama-French: Evidence from Turkey. Borsa Istanbul Review, 17(4), 199–215. https://doi.org/10.1016/j.bir.2017.08.003
DEMİRELİ, Erhan (2010); “Topsıs Çok Kriterli Karar Verme Sistemi: Türkiye’deki Kamu Bankaları Üzerine Bir Uygulama” Girişimcilik ve Kalkınma Dergisi (5:1) ss.101-112.
DEVANEY, M., & Weber, W. L. (2005). Efficiency, scale economies, and the risk/return performance of real estate investment trusts. Journal of Real Estate Finance and Economics. https://doi.org/10.1007/s11146-005-2791-5
DOUGLAS, Nanka Bruce. (2006). Ownership and Technical Efficiency Analysis in the Spanish Real Estate Sector.
EICHHOLTZ, P., Kok, N., & Yonder, E. (2012). Portfolio greenness and the financial performance of REITs. Journal of International Money and Finance, 31(7), 1911–1929. https://doi.org/10.1016/j.jimonfin.2012.05.014
ELEREN, Ali; KARAGÜL, Mehmet; (2008), “1986-2006 Türkiye Ekonomisi Performans Değerlendirmesi” Celal BAYAR Üniversitesi İktisadi ve İdari Bilimler Fakültesi Yönetim ve Ekonomi Dergisi, Cilt: 15, Sayı: 1
GOLEC, J. H. (1994). Compensation policies and financial characteristics of real estate investment trusts. Journal of Accounting and Economics, 17(1–2), 177–205. https://doi.org/10.1016/0165-4101(94)90009-4
History of Reits, https://www.reit.com/what-reit/history-reits (22.11.2018)
HWANG, Ching, Lai., YOON, Paul., (1981), “Multiple Attribute Decision Making In: Lecture Notes in Economics and Mathematical Systems” , Springer-Verlag-Berlin
İSLAMOĞLU M., Apan M., Öztel A. (2015) An Evaluation of the Financial Performance of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method, International Journal of Financial Research, Vol. 6, No. 2; 2015.
İş GYO (2018), Sıkça Sorulan Sorular https://www.isgyo.com.tr/is-gyo-gayrimenkul-yat%C4%B1r%C4%B1mci-iliskileri-is-GYO-guvencesiyle/sikca-sorulan-sorular/, (22.11.2018)
KVK, Kurumlar Vergisi Kanunu
LATIPAH S., Tahir H.M., Zaharudin Z.A. (2012). Measuring Efficiency of Real Estate Investment Trust Using Data Envelopment Analysis Approach, Conference: The Fifth Foundation of Islamic Finance Conference (FIFC)At: The Westin Langkawi Resort & Spa, Kedah, Malaysia
LEE, C. C., Chien, M. S., & Lin, T. C. (2012). Dynamic modelling of real estate investment trusts and stock markets. Economic Modelling, 29(2), 395–407.
LI, H., Adeli, H., Sun, J., & Han, J. G. (2011). Hybridizing principles of TOPSIS with case-based reasoning for business failure prediction. Computers and Operations Research, 38(2), 409–419.
LIU, P. (2010). Real estate investment trusts: Performance, recent findings, and future directions. Cornell Hospitality Quarterly, 51(3), 415–428.
MOHAMAD, N. E. A. B., & bin Zolkifli, I. A. (2012). The determinant factors of real estate investment trust (REIT)’s performance: Evidence from Asian REITs. Capital Market Review, VI(1), 53–59.
MULL, S. R., & Soenen, L. A. (1997). U.S. REITs as an asset class in international investment portfolios. Financial Analysts Journal, 53(2), 55–61. https://doi.org/10.2469/faj.v53.n2.2072
Mynet Finans (2018) http://finans.mynet.com/borsa/endeks/xgmyo-bist-gayrimenkul-yo (21.11.2018)
NAREIT (2018) Nareit: Real Estate Working for You, https://www.reit.com, (22.11.2018)
OPRIOVIC, Serafim; TZENG, Gwo-Hshiung; (2004), “Compromise solutions by MCDM Methods: A Comparative Analysis of VIKOR and TOPSIS”, European Journal of Operational Research, 156, ss 445–455
OY, Osman & Güngüler, Gülcan, (2010). Gayrimenkul Yatırım Ortaklıkları, Beta: İstanbul. ISBN:978-605-377-172-2 s.67.
ÖZDEMİR M. (2014) TOPSIS, Operasyonel, Yönetsel ve Stratejik Problemlerin Çözümünde Çok Kriterli Karar Verme Yöntemleri, sayfa: 133-153, Dora Basım-Yayın Dağıtım, Bursa, 2014
ROSZKOWSKA E. (2011) Multi-Criteria Decision-Making Models by Applying the TOPSIS Method to Crisp and Interval Data, [in:] Trzaskalik T., Wachowicz T. (eds.). Multiple Criteria Decision Making '10-11, Katowice.
SEMER, S.L. (2009) A Brief History of US REITs, Selected US Tax Developments Co-Editors: Sanford H. Goldberg and Peter A. Glicklich, canadian tax journal / revue fiscale canadienne vol. 57, no 4, 960 -71.
SPK (2014) Sermaye Piyasası Kurulu’nun III-48.1 sayılı “Ortaklıklarına İlişkin Esaslar Tebliği”, 23.01.2014.
SPK (2018) Gayrimenkul Yatırım Ortaklıkları Tanıtım Rehberi
SOBA, M, EREN, K. (2011). Topsıs Yöntemini Kullanarak Finansal Ve Finansal Olmayan Oranlara Göre Performans Değerlendirilmesi, Şehirlerarası Otobüs Sektöründe Bir Uygulama. Sosyal Ekonomik Araştırmalar Dergisi, 11 (21), 23-40. Retrieved from http://dergipark.gov.tr/susead/issue/28414/302372
SU, H. C., Erickson, J., & Wang, K. (2003). Real Estate Investment Trusts, Structure, Performance, and Investment Opportunities. Oxford University Press, USA. http://doi.org/10.1017/CBO9781107415324.004
TANG, C. H. (Hugo), & Jang, S. C. (Shawn). (2008). The profitability impact of REIT requirements: A comparative analysis of hotel REITS and hotel C-Corporations. International Journal of Hospitality Management, 27(4), 614–622.
TIK, B., Leong, & Aziz, A. R. A. (2015). GFC IMPACT ON REAL ESTATE INVESTMENT TRUSTS (REITs) IN MALAYSIA. Conference Proceeding, 1986(January 2005), 18–21.
TR.INVESTING.COM (22.11.2018)
TÜİK (2018) Türkiye İstatistik Kurumu, www.tuik.gov.tr (22.11.2018)
USTASÜLEYMAN, Talha; (2009), “Bankacılık Sektöründe Hizmet Kalitesinin Değerlendirilmesi: AHS-TOPSIS Yöntemi”, Bankacılar Dergisi, Sayı 69, ss 33-43
TCMB (2018) TCMB Web Sitesi, https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/ Istatistikler/Secilmis+Grafikler (22.11.2018)
WU, P. S., Huang, C. M., & Chiu, C. L. (2011). Effects of structural changes on the risk characteristics of REIT returns. International Review of Economics and Finance, 20(4), 645–653. https://doi.org/10.1016/j.iref.2010.12.002
YETGİN F. ve İçten O. (2018) TOPSIS Yöntemi ile Borsa İstanbul’da İşlem Gören Gayrimenkul Yatırım Ortaklıklarının 2007-2016 Yılları Arası Finansal Performans Analizi, İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 5, (1), Nisan 2018, ss. 19-44.
YILMAZ M.K. ve İçten O. (2018) Borsa İstanbul’da İşlem Gören Gayrimenkul Yatırım Ortaklıklarının Nakit Akımı Odaklı Finansal Performans Analizi (2007-2016), Finans Politik & Ekonomik Yorumlar 2018 Cilt: 55 Sayı: 635
YUNG, K., & Nafar, N. (2017). Investor attention and the expected returns of reits. International Review of Economics and Finance, 48, 423–439. https://doi.org/10.1016/j.iref.2016.12.009
ALIAS, A., & Y, S. T. C. (2011). Performance Analysis Of Reits : Comparison Between M-Reits and UK-Reits. Journal of Surveying, Construction and Property Vol.2. http://doi.org/10.1016/S1730-1270(10)60030-6
ANDERSON, R. I., Fok, R., Springer, T., & Webb, J. (2002). Technical efficiency and economies of scale: A non-parametric analysis of REIT operating efficiency. European Journal of Operational Research, 139(3), 598–612. https://doi.org/10.1016/S0377-2217(01)00183-7
ANDERSON, R.I. & Springer, T.M. (2002).REIT Selection and Portfolio Construction: Using Operating Efficiency as an Indicator of Performance. Journal of Real Estate Portfolio Management
ANDERSON, R.I., Brockman C.M., Giannikos, C. & Mcleod, R.W.(2004). A Non- Parametric Examination of Real Estate Mutual Fund Efficiency. International Journal of Business and Economics
BLOCK R.L. (2015) Investing in REITs: Real Estate Investment Trusts, Fourth Edition, Wiley.
CASE, B. (2013). Real Estate Investment Trusts. In Alternative Investments: Instruments, Performance, Benchmarks, and Strategies. http://doi.org/10.1002/9781118656501.ch7
CHEN S.J., Hwang C. L. (1992). Fuzzy Multiple Attribute Decision Making: Methods and Applications. Martin J. Beckmann and W. Krelle (Eds.). Springer-Verlag, Berlin, Heidelberg.
COŞKUN, Y., Selcuk-Kestel, A. S., & Yilmaz, B. (2017). Diversification benefit and return performance of REITs using CAPM and Fama-French: Evidence from Turkey. Borsa Istanbul Review, 17(4), 199–215. https://doi.org/10.1016/j.bir.2017.08.003
DEMİRELİ, Erhan (2010); “Topsıs Çok Kriterli Karar Verme Sistemi: Türkiye’deki Kamu Bankaları Üzerine Bir Uygulama” Girişimcilik ve Kalkınma Dergisi (5:1) ss.101-112.
DEVANEY, M., & Weber, W. L. (2005). Efficiency, scale economies, and the risk/return performance of real estate investment trusts. Journal of Real Estate Finance and Economics. https://doi.org/10.1007/s11146-005-2791-5
DOUGLAS, Nanka Bruce. (2006). Ownership and Technical Efficiency Analysis in the Spanish Real Estate Sector.
EICHHOLTZ, P., Kok, N., & Yonder, E. (2012). Portfolio greenness and the financial performance of REITs. Journal of International Money and Finance, 31(7), 1911–1929. https://doi.org/10.1016/j.jimonfin.2012.05.014
ELEREN, Ali; KARAGÜL, Mehmet; (2008), “1986-2006 Türkiye Ekonomisi Performans Değerlendirmesi” Celal BAYAR Üniversitesi İktisadi ve İdari Bilimler Fakültesi Yönetim ve Ekonomi Dergisi, Cilt: 15, Sayı: 1
GOLEC, J. H. (1994). Compensation policies and financial characteristics of real estate investment trusts. Journal of Accounting and Economics, 17(1–2), 177–205. https://doi.org/10.1016/0165-4101(94)90009-4
History of Reits, https://www.reit.com/what-reit/history-reits (22.11.2018)
HWANG, Ching, Lai., YOON, Paul., (1981), “Multiple Attribute Decision Making In: Lecture Notes in Economics and Mathematical Systems” , Springer-Verlag-Berlin
İSLAMOĞLU M., Apan M., Öztel A. (2015) An Evaluation of the Financial Performance of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method, International Journal of Financial Research, Vol. 6, No. 2; 2015.
İş GYO (2018), Sıkça Sorulan Sorular https://www.isgyo.com.tr/is-gyo-gayrimenkul-yat%C4%B1r%C4%B1mci-iliskileri-is-GYO-guvencesiyle/sikca-sorulan-sorular/, (22.11.2018)
KVK, Kurumlar Vergisi Kanunu
LATIPAH S., Tahir H.M., Zaharudin Z.A. (2012). Measuring Efficiency of Real Estate Investment Trust Using Data Envelopment Analysis Approach, Conference: The Fifth Foundation of Islamic Finance Conference (FIFC)At: The Westin Langkawi Resort & Spa, Kedah, Malaysia
LEE, C. C., Chien, M. S., & Lin, T. C. (2012). Dynamic modelling of real estate investment trusts and stock markets. Economic Modelling, 29(2), 395–407.
LI, H., Adeli, H., Sun, J., & Han, J. G. (2011). Hybridizing principles of TOPSIS with case-based reasoning for business failure prediction. Computers and Operations Research, 38(2), 409–419.
LIU, P. (2010). Real estate investment trusts: Performance, recent findings, and future directions. Cornell Hospitality Quarterly, 51(3), 415–428.
MOHAMAD, N. E. A. B., & bin Zolkifli, I. A. (2012). The determinant factors of real estate investment trust (REIT)’s performance: Evidence from Asian REITs. Capital Market Review, VI(1), 53–59.
MULL, S. R., & Soenen, L. A. (1997). U.S. REITs as an asset class in international investment portfolios. Financial Analysts Journal, 53(2), 55–61. https://doi.org/10.2469/faj.v53.n2.2072
Mynet Finans (2018) http://finans.mynet.com/borsa/endeks/xgmyo-bist-gayrimenkul-yo (21.11.2018)
NAREIT (2018) Nareit: Real Estate Working for You, https://www.reit.com, (22.11.2018)
OPRIOVIC, Serafim; TZENG, Gwo-Hshiung; (2004), “Compromise solutions by MCDM Methods: A Comparative Analysis of VIKOR and TOPSIS”, European Journal of Operational Research, 156, ss 445–455
OY, Osman & Güngüler, Gülcan, (2010). Gayrimenkul Yatırım Ortaklıkları, Beta: İstanbul. ISBN:978-605-377-172-2 s.67.
ÖZDEMİR M. (2014) TOPSIS, Operasyonel, Yönetsel ve Stratejik Problemlerin Çözümünde Çok Kriterli Karar Verme Yöntemleri, sayfa: 133-153, Dora Basım-Yayın Dağıtım, Bursa, 2014
ROSZKOWSKA E. (2011) Multi-Criteria Decision-Making Models by Applying the TOPSIS Method to Crisp and Interval Data, [in:] Trzaskalik T., Wachowicz T. (eds.). Multiple Criteria Decision Making '10-11, Katowice.
SEMER, S.L. (2009) A Brief History of US REITs, Selected US Tax Developments Co-Editors: Sanford H. Goldberg and Peter A. Glicklich, canadian tax journal / revue fiscale canadienne vol. 57, no 4, 960 -71.
SPK (2014) Sermaye Piyasası Kurulu’nun III-48.1 sayılı “Ortaklıklarına İlişkin Esaslar Tebliği”, 23.01.2014.
SPK (2018) Gayrimenkul Yatırım Ortaklıkları Tanıtım Rehberi
SOBA, M, EREN, K. (2011). Topsıs Yöntemini Kullanarak Finansal Ve Finansal Olmayan Oranlara Göre Performans Değerlendirilmesi, Şehirlerarası Otobüs Sektöründe Bir Uygulama. Sosyal Ekonomik Araştırmalar Dergisi, 11 (21), 23-40. Retrieved from http://dergipark.gov.tr/susead/issue/28414/302372
SU, H. C., Erickson, J., & Wang, K. (2003). Real Estate Investment Trusts, Structure, Performance, and Investment Opportunities. Oxford University Press, USA. http://doi.org/10.1017/CBO9781107415324.004
TANG, C. H. (Hugo), & Jang, S. C. (Shawn). (2008). The profitability impact of REIT requirements: A comparative analysis of hotel REITS and hotel C-Corporations. International Journal of Hospitality Management, 27(4), 614–622.
TIK, B., Leong, & Aziz, A. R. A. (2015). GFC IMPACT ON REAL ESTATE INVESTMENT TRUSTS (REITs) IN MALAYSIA. Conference Proceeding, 1986(January 2005), 18–21.
TR.INVESTING.COM (22.11.2018)
TÜİK (2018) Türkiye İstatistik Kurumu, www.tuik.gov.tr (22.11.2018)
USTASÜLEYMAN, Talha; (2009), “Bankacılık Sektöründe Hizmet Kalitesinin Değerlendirilmesi: AHS-TOPSIS Yöntemi”, Bankacılar Dergisi, Sayı 69, ss 33-43
TCMB (2018) TCMB Web Sitesi, https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/ Istatistikler/Secilmis+Grafikler (22.11.2018)
WU, P. S., Huang, C. M., & Chiu, C. L. (2011). Effects of structural changes on the risk characteristics of REIT returns. International Review of Economics and Finance, 20(4), 645–653. https://doi.org/10.1016/j.iref.2010.12.002
YETGİN F. ve İçten O. (2018) TOPSIS Yöntemi ile Borsa İstanbul’da İşlem Gören Gayrimenkul Yatırım Ortaklıklarının 2007-2016 Yılları Arası Finansal Performans Analizi, İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 5, (1), Nisan 2018, ss. 19-44.
YILMAZ M.K. ve İçten O. (2018) Borsa İstanbul’da İşlem Gören Gayrimenkul Yatırım Ortaklıklarının Nakit Akımı Odaklı Finansal Performans Analizi (2007-2016), Finans Politik & Ekonomik Yorumlar 2018 Cilt: 55 Sayı: 635
YUNG, K., & Nafar, N. (2017). Investor attention and the expected returns of reits. International Review of Economics and Finance, 48, 423–439. https://doi.org/10.1016/j.iref.2016.12.009