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Saðlýk Kurumlarýnda Firma Deðerleme: Bir Özel Hastane Uygulamasý

Author

Listed:
  • Emrah ÖZTEPE

    (Türkiye Halk Saðlýðý Kurumu, Hastane Ýþletmeciliði Uzmaný, Ankara)

  • Umut BEYLÝK

    (Saðlýk Bakanlýðý, Saðlýk Kurumlarý Yönetimi Doktoru, Ankara.)

Abstract

Çalýþmanýn amacý, saðlýk sektöründe yeni bir uygulama alaný olan halka arz ve firma deðerleme çalýþmalarýnýn, yakýn zamanda sýklýkla tercih görebilecek bir yöntem olup olmadýðýnýn ortaya konulmasýdýr. Borsada iþlem gördüðü varsayýlan bir hastanenin finansal tablolarý üzerinden yapýlan çalýþmada, hastane iþletmelerinin deðerlemesinde en uygun yöntemlerin defter deðeri, piyasa deðeri/defter deðeri, fiyat/kazanç, temettü ve net nakit akýmý yaklaþýmlarý olduðu varsayýlarak deðerleme yapýlmýþtýr. 2003-2010 yýllarý arasý bilanço-gelir tablolarýnýn kullanýldýðý çalýþmada, 2011- 2015 yýlý ve sonrasý için, satýþ tahminlerine dayanýlarak regresyon analizi yapýlmýþtýr. Baðýmsýz deðiþken olarak satýþ kalemlerinden yararlanýlan bu analizde en küçük kareler tekniði kullanýlarak proforma bilanço ve gelir tablolarý, firma deðerlemesi yöntemlerinde kullanýlmak üzere hazýrlanmýþtýr. Sonuç olarak her deðerleme yöntemi farklý deðerler ortaya koymuþ olup, uygulama hastanesi hisse senedi defter deðerinin piyasa deðerinden düþük olduðunu, saðlýk sektörünün piyasa deðerinin yüksek olduðunu göstermiþtir. Uygulanan deðerleme yöntemlerinin saðlýk iþletmelerinin deðerlenmesinde kullanýlabilir ve artý deðer saðlayýcý olduðu belirlenmiþtir. Çalýþmanýn, yakýn gelecekte özerkleþtirilmesi planlanan kamu hastaneleri için faydalý olacaðý belirtilmiþtir.

Suggested Citation

  • Emrah ÖZTEPE & Umut BEYLÝK, 2014. "Saðlýk Kurumlarýnda Firma Deðerleme: Bir Özel Hastane Uygulamasý," Isletme ve Iktisat Calismalari Dergisi, Econjournals, vol. 2(4), pages 119-128.
    • Handle: RePEc:eco:journ4:2014-04-03
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    More about this item

    Keywords

    Hastane; Firma Deðerlemesi; Hisse Senedi;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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