Türk Deniz ve Kıyı Sularında Yük Taşımacılığı Sektörünün Entropi-COPRAS Yöntemleriyle Finansal Performansının Analizi
İsmail Fatih Ceyhan, Ferhat DemirciDeniz yolu taşımacılığı, üç tarafı denizlerle çevrili coğrafi yapısı sebebiyle Türkiye için oldukça önemlidir. Diğer taşımacılık türleriyle karşılaştırıldığında, deniz yolu taşımacılığı sektörünün görece olarak düşük birim maliyete imkân vermesi ve taşımacılığa konu olan ürünlerin çeşitliliği, sektörün en cazip yönleri olarak kabul edilmektedir. Sektörün gelişimine ilişkin yasal otorite tarafından konulan makro hedeflere ek olarak, sektörde faaliyet gösteren firmaların sürdürülebilir bir mali yapıda olmaları da oldukça önemlidir. Araştırmanın amacı, Türk deniz kıyı sularında yük taşımacılığı sektörünün finansal performansını 2009-2020 dönemi için analiz etmektedir. Bahsedilen dönem, finansal analizde yaygın kullanıma sahip finansal oranlar üzerinden çok kriterli karar verme yöntemi ile sıralamaya tabi tutulmuştur. Çok kriterli karar verme yöntemi olarak COPRAS (Karmaşık Nispi Değerleme Yöntemi) tercih edilmiş, kriterlerin ağırlık değerleri entropi yöntemi ile hesaplanmıştır. Entropi yöntemi bulgularına göre karlılıkla ilgili finansal oranlar, diğer oranlara göre daha yüksek değerler almıştır. COPRAS yöntemi ile elde edilen bulgulara göre ise ilgili dönemde en başarılı yıl 2012 yılı, en başarısız yıl ise 2011 yılı olmuştur. Genel olarak değerlendirildiğinde, sektörün ilgili dönemde yıllar itibariyle değişken bir finansal performans seyri gösterdiği ve ayrıca finansal performans sıralamasında belirleyici olan faktörlerin kârlılıkla ilgili göstergeler olduğu sonuçlarına ulaşılmıştır.
Financial Performance Analysis of the Sea and Coastal Freight Water Transport Sector Using the Entropy-Based COPRAS Method
İsmail Fatih Ceyhan, Ferhat DemirciMaritime transportation is very important for Turkey due to its geographical structure being surrounded by seas. Turkey’s most attractive aspects compared to other countries is that it allows for relatively low unit costs in the sector and can transport a variety of products. In addition to the macro targets set by legal authorities regarding sector development, operating companies must crucially also possess a sustainable financial structure. The aim of the research is to analyze the financial performance of the Turkish sea and coastal freight water transport sector for the 2009-2020 period. This period has been sorted using the COPRAS method, a multi-criteria decision-making method, in terms of financial ratios widely used in financial analysis. The weight values of the criteria have been calculated using the entropy method. When considering the entropy method’s findings, financial ratios related to profitability took on higher values than the other ratios. According to the findings, the most successful year in this period was 2012, and the least successful year was 2011. The study results generally conclude the sector to have shown variable financial performance during the period and the factors determining the financial performance ranking for this sector to be the profitability ratios.
Due to the natural structure of the sector, the business volume in the freight transportation sector is dependent on the business volume realized in other sectors as well as both local and global economic conditions. The logistics sector is one of the sectors that will be directly affected by both the increasing and decreasing trends in both the local and global economies.
Sea freight transportation is very important for Turkey due to its notable geographical feature of being surrounded on three sides by the sea. Sea freight transportation allows lower unit costs compared to other types of transport and provides the opportunity to transport many products in terms of variety and volume. However, despite Turkey’s natural advantage in regard to maritime transport, it has not been able to be used sufficiently due to the low number of Turkish-owned ships as well as the resultant lack of carrying capacity. In addition to the concerns based on operational reasons such as the number and capacity of ships, the companies in the sector must show sustainable financial success in order for the sector to achieve its real potential.
The aim of the research is to analyze the financial performance of the sea and coastal water freight transport sector for the period of 2009-2020. A decision matrix was created by choosing the financial ratios commonly used in financial analysis, which were then sorted by year. The ratios used for the data set are current ratio, cash ratio, financial leverage ratio, ratio of short-term liabilities to total liabilities, asset turnover, receivables turnover, net profit margin, return on assets, and return on equity. Multi-criteria decisionmaking methods that allow an alternative set to be ranked according to certain criteria constitute the methodology of the research. The literature contains many multi-criteria decision-making methods. However, this study has preferred the complex proportional assessment (COPRAS) method as it provides a better comparison for ranking the values of the alternatives. Criterion weights are an important concept in multi-criteria decisionmaking methods and were calculated using the entropy method, which allows weight values to be assigned independent of personal judgments.
According to the findings from the COPRAS method, the most successful year in the research period was 2012, while the least successful year was 2011. According to the weight values obtained using the entropy method, profitability ratios took on higher weight values than the liquidity, financial structure, and activity ratios. This shows the financial ratios that determined best the sector’s financial performance during the research period to be the profitability ratios.
During the period examined in the research, the sector showed fluctuating trends regarding the financial terms. This trend occurred with sharp breaks between 2009-2014 and with relatively smaller breaks after 2015. To better understand the financial performance of the sector, the income statement items that affect profit should be analyzed in more detail. Another limitation regarding the research methodology is that only the COPRAS method was chosen as a multicriteria decision-making method. In addition, future studies can compare the results by using different weighting methods and multi-criteria decision-making methods.
