Imalat Sanayi Sektorlerinin Mali Yapisi: 2009-2021 Donemine Iliskin Gozlemler

Selcuk Gul and Abdullah Kazdal

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] Bu calismada, 2009-2021 donemi icin imalat sanayi sektorlerinin toplulastirilmis finansal tablolari kullanilarak imalat sanayinin mali yapisina iliskin secilmis performans gostergelerinin gelisimi zaman boyutunda ve sektorler arasinda betimleyici bir yaklasimla incelenmektedir. Bulgular, imalat sanayinde incelenen donemde ortalama olarak kisa vadeli yukumlulukleri karsilama sorunu bulunmadigina, kaldirac oraninin donem boyunca hem kisa hem uzun vadede artarak yuksek seyrettigine ve faaliyet kârliliginin artis egiliminde olduguna isaret etmektedir. Ayrica, sektorel ve olcek bazinda farklilasmalar gostermekle birlikte ortalamada bilanco ici yabanci para (YP) risklilik incelenen donemde sinirli artis kaydetmistir. ote yandan, son donemde artis egiliminde olan ihracat odakliligin dis soklara hassasiyeti belli olcude azalttigi degerlendirilmektedir. Hem YP yukumluluklerin mevcut seviyesi hem de borclulugun vadesindeki gelismeler Turk lirasi (TL) cinsinden uzun vadeli finansmanin onemine isaret etmektedir. Bu cercevede, liralasma odakli politikalarin firma bilancolarinda dolarizasyonu azaltarak YP borcluluk kaynakli riskleri sinirlamaya destek olacagi degerlendirilmektedir. ozellikle kaldirac oranlarindaki artis ile soz konusu borclulugun surdurulebildigi, finansman giderleri ve YP cinsinden riskliligin seyri goz onunde bulunduruldugunda, imalat sanayi firmalarinin oz kaynak finansmani ve TL cinsinden borclanmalarini tesvik eden politikalar on plana cikmaktadir. [EN] In this study, selected performance indicators regarding financial structure of the manufacturing industry is examined over time and across sectors with a descriptive approach by using the aggregated financial statements over the 2009-2021 period. Findings indicate that the manufacturing industry has the capability to meet its short-term liabilities, on average, over the period under consideration, the leverage ratio has increased and remained high both in the short and long term throughout the period, and the operating profitability has followed an upward trend. Besides, although it shows variations on a sectoral and size basis, on-balance sheet foreign currency risk, on average, has slightly increased over the period under review. Yet, it is considered that the export-orientation, which has been on an upward trend, has reduced the sensitivity to external shocks to some extent. Both the current level of FX liabilities and the developments in the maturity of indebtedness highlight the importance of long-term financing in Turkish lira. in this context, it is evaluated that liraization-oriented policies will help limit the risks arising from FX indebtedness by reducing dollarization in firm's balance sheets. Considering, especially, the increase in the leverage ratios, its sustainability, and the course of financing costs and foreign currency risks, policies that encourage equity financing and borrowing in the Turkish lira of the manufacturing companies stand out

Date: 2023
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