Yatırım projelerinin yapılabilirlik etüdü değerlendirilmesi ve uygulama
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Date
2006
Authors
Atmaca, Ahmet
Journal Title
Journal ISSN
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Publisher
Uludağ Üniversitesi
Abstract
Tüm dünyada kaynakların sınırlı ihtiyaçların ise sonsuz olması proje analizinin çıkış noktası olmuştur. İşletmeler yatırımlarını gelecekte gelir elde edecekleri konularda yapmak isterler. Günümüzde gelişen rekabet ortamında işletmelerin varlıklarını devam ettirebilmeleri için işletme fonksiyonlarını en verimli şekilde kullanmaları gereklidir. Bu fonksiyonların içinde öncelikle önemlilik arzeden finans'tır. Finans fonksiyonu gerek fon temini, gerekse temin edilen fonların doğru yatırımlarda, doğru şekilde kullanılmaları aşamasında önem arz etmektedir. Bunun için öncelikle yatırımla ilgili çok iyi bir planlama ve analiz yapılması gerekir. Kaynaklarını doğru olarak kullanamayan işletmelerin hayatta kalması mümkün değildir. Kaynakların kullanımı aşamasında en önemli harcamalar yatırımlara yapılmaktadır. Bu çalışma yatırımın planlanması, projenin oluşturulması ve projenin değerlendirilmesi olarak iki ana kısımdan oluşmaktadır. Üçüncü kısımda ise genişleme yatırım projesinin mali (finansal) yönden değerlendirilmesi yer almaktadır. Birinci kısım yatırım ve yatırım projesinin kavramı ve planlanması, proje oluşturma ve uygulamasının ana hatlarını içermektedir. Yatırımın ortaya çıkış sebebleri, çeşitleri ve planlanması ile ilgili teorik bilgiler verilmiştir. İkinci kısım da ise yatırım projelerinin değerlendirilmesinde kullanılan analiz yöntemleri; ticari, ekonomik, sosyal analiz, dinamik ve statik değerlendirme yöntemleri, incelenmiştir. Finansal analiz yöntemlerinden dikey analiz, yatay analiz ve oransal analiz anlatılarak ilgili rasyolar açıklanmıştır. Üçüncü kısımda üretim yapan bir işletme ele alınarak fiili verilere göre uygulama yapılmıştır. Uygulamada; mutfak aspratörü üreten bir işletme, artan talep karşısında üretim kapasitesini yükseltmek istemektedir. Bunun için tek bir proje bazında genişleme yatırımı sözkonusu olup, bu yatırım için işletme faaliyetlerinde istikrarın sağlanması ve aktif pasif dengesinin korunması için özkaynaklar harici uzun vadeli yabancı finansal kaynaklara gereksinim olacaktır.Dolayısıyla şirketin güncel durumunun analiz edilerek ne kadar bir yatırımın işletme için hem karlı, hemde olumlu bir yatırım olacağı finansal açıdan değerlendirilmiştir. İşletmeye ait son üç dönem mali tabloların (bilanço ve gelir tabloları) dikey, yatay ve oransal analizleri yapılarak rasyolar değerlendirilmiş ve proje finansal yönden test edilmiştir.
The fact that world's resources are scarce and the human needs are endless constitute the core point of the project analysis. Enterprises pursuit investment opportunities that have the potential of generating income for themselves in the future. In our world of advanced competitive nature, these enterprises should use their main functions in the most efficient way. Finance is the most important brunch of these functions and very crucial for both fund generation and effective allocation of it in the sense of investments in the right way. In order to achieve these, the very first thing to do is making a very good plan and analysis. It should be said that enterprises, which cannot use their resources in correct ways, are imprisoned to failure and in this stage of resource usage, most important expenditures are made for investments. This study is comprised of two main chapters, one of which is “investment planning and undertaking” and the other is “evaluating the project”. Moreover, in the third chapter, “fiscal(financial) evaluation of enlargement investment project” is going to be analyzed. The first chapter is articulated by the main features of “investment and the concept and planning of investment project”, “embodying and undertaking the project”. Moreover, “main reasons of the investment”, “its types and planning” are going to be studied theoretically. In the second chapter, “analyze methods used for evaluating investment projects” and “commercial, economic, social analysis, dynamic and static evaluation methods” are going to be focused. Ratios are also going to be explained in the light of vertical-horizontal and proportional analyses, which are considered as the methods of financial analysis. Finally, in the third chapter, by taking an operating enterprise as an example, application is going to be made in considering actual data. In this application scenario, an enterprise, which is producing kitchen aspirators, is willing to increase its production capacity as a result of increasing demand. In doing so, there is only one enlargement investment consideration on the project base, and for this investment, not only providing the stabilization of main functions but also long term foreign financial resources except main assets on order to provide actives and passives balance are going to be needed. As a result, in analyzing the current situation of the enterprise, the matter of ‘ how much investment is suitable for being profitable and positive for the enterprise' is going to be evaluated in a financial way. Moreover, the last three periods' fiscal tables of the enterprise(balance sheet and income statement) are going to be analyzed vertically' horizontally and proportionally, ratios are going to be evaluated in the light of these and the project is going to be tested financially.
The fact that world's resources are scarce and the human needs are endless constitute the core point of the project analysis. Enterprises pursuit investment opportunities that have the potential of generating income for themselves in the future. In our world of advanced competitive nature, these enterprises should use their main functions in the most efficient way. Finance is the most important brunch of these functions and very crucial for both fund generation and effective allocation of it in the sense of investments in the right way. In order to achieve these, the very first thing to do is making a very good plan and analysis. It should be said that enterprises, which cannot use their resources in correct ways, are imprisoned to failure and in this stage of resource usage, most important expenditures are made for investments. This study is comprised of two main chapters, one of which is “investment planning and undertaking” and the other is “evaluating the project”. Moreover, in the third chapter, “fiscal(financial) evaluation of enlargement investment project” is going to be analyzed. The first chapter is articulated by the main features of “investment and the concept and planning of investment project”, “embodying and undertaking the project”. Moreover, “main reasons of the investment”, “its types and planning” are going to be studied theoretically. In the second chapter, “analyze methods used for evaluating investment projects” and “commercial, economic, social analysis, dynamic and static evaluation methods” are going to be focused. Ratios are also going to be explained in the light of vertical-horizontal and proportional analyses, which are considered as the methods of financial analysis. Finally, in the third chapter, by taking an operating enterprise as an example, application is going to be made in considering actual data. In this application scenario, an enterprise, which is producing kitchen aspirators, is willing to increase its production capacity as a result of increasing demand. In doing so, there is only one enlargement investment consideration on the project base, and for this investment, not only providing the stabilization of main functions but also long term foreign financial resources except main assets on order to provide actives and passives balance are going to be needed. As a result, in analyzing the current situation of the enterprise, the matter of ‘ how much investment is suitable for being profitable and positive for the enterprise' is going to be evaluated in a financial way. Moreover, the last three periods' fiscal tables of the enterprise(balance sheet and income statement) are going to be analyzed vertically' horizontally and proportionally, ratios are going to be evaluated in the light of these and the project is going to be tested financially.
Description
Keywords
Yatırım, Investment, Proje, Yapılabilirlik, Analiz finansman, Etüd, Dinamik, Statik, Project, Feasibility, Analysis finance, Research, Dynamic stable
Citation
Atmaca, A. (2006). Yatırım projelerinin yapılabilirlik etüdü değerlendirilmesi ve uygulama. Yayınlanmamış yüksek lisans tezi. Uludağ Üniversitesi Sosyal Bilimler Enstitüsü.