YURTDIŞINDA SERMAYE BÜTÇELEMESİ UYGULAMALARI: TÜRK İNŞAAT FİRMALARI ÖRNEĞİ

Year 2013, Volume: 27 Issue: 2, 93 - 108, 14.04.2013

Kemal Eyüboğlu , Hüseyin Dağlı , Kemal Eyüboğlu , Uğur Sevim

Abstract

Bu çalışmanın amacı; yurtdışında faaliyette bulunan Türk inşaat
firmalarının sermaye bütçelemesi sürecindeki tutumlarını araştırmaktır.
Literatürdeki çalışmalar incelenerek önce bir anket formu hazırlanmıştır. Bu
anket formu yurtdışında faaliyette bulunduğu tespit edilen Türkiye Müteahhitler
Birliği’ne kayıtlı 120 firmadan 39’u ile gerçekleştirilmiştir. Çalışmadan elde
edilen verilere göre; söz konusu firmalar arasında yurtdışındaki projelerin
değerlendirmesinde en çok kullanılan yöntem; iç karlılık oranı yöntemidir.
Matematiksel modellerden ise en çok planlı programlama kullanılmaktadır.
Değerlendirmede sermaye maliyeti açısından en çok borç maliyeti dikkate
alınmaktadır. Firmaların yurtdışı projelerde iskonto oranı açısından çoğunlukla
herhangi bir düzeltme yapmadıkları belirlenmiştir. Risk açısından en çok
dikkate alınan yöntem nakit akışlarının düzeltilmesidir. Yurtdışı kazancının
hesaplamasında en çok döviz kuruna bakılmaksızın yurtdışındaki vergi sonrası
net karın; nakit akışı açısından ise döviz kuruna bakılmaksızın bütün vergiler
düşüldükten sonra Türkiye’ye aktarılan kısmın dikkate alındığı belirlenmiştir.

Keywords

İnşaat Firmaları, Sermaye Bütçelemesi, Risk

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