Purpose

This paper aims to determine the specific financial ratio's effects on market value and return of assets for Turkish real estate investment trusts (REITs) traded at Istanbul Stock Exchange (ISE). The paper intends to define liquidity ratios, financial structure ratios, return ratios and stock performance ratios related to market value and return of asset.

Design/methodology/approach

The study includes 17 REITs traded in ISE. The period of study is specified as the year from 2009 to 2018. Panel data analysis is applied in this study. Dependent variables are current market value and return of assets, independent variables are 12 financial ratios, which are considered to explain the model significantly. These ratios will be calculated from audited year-end balance sheets for specific periods throughout at least ten years as time series. Two different models and hypotheses have been established to identify the financial ratios that affect the market value and return of assets for REITs.

Findings

According to the results, long-term financial loans/total assets, return of equity and working capital ratio are negatively correlated with market value, while market value/book value and total assets are correlated positively. On the other hand, market value/book value ratio, price/earning ratio, long-term financial loans/total assets and earnings per share are correlated with return of assets. REITs have high levels of financial leverage, especially in foreign currency. The striking point is that REITs hardly ever do not use financial derivatives to hedge their position again currency and interest rate risk. This approach makes the financial structures of REITs vulnerable and fragile against market volatility.

Originality/value

In Turkey, as an example of an emerging market, financial borrowing does not increase the return rates and market value for REITs due to market's idiosyncratic properties. This finding provides substantial insight into how the debt and equity allocation of Turkish REITs should be structured. Also, it has been observed that forward-looking expectations are considered more than the current situation in the market.

中文翻译：

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土耳其房地产投资信托基金的特质：来自财务比率的证据

目的

本文旨在确定在伊斯坦布尔证券交易所 (ISE) 交易的土耳其房地产投资信托 (REIT) 的特定财务比率对市场价值和资产回报的影响。本文旨在定义与市场价值和资产回报率相关的流动性比率、财务结构比率、回报率和股票绩效比率。

设计/方法/方法

该研究包括在 ISE 交易的 17 只 REIT。研究期间指定为2009年至2018年。本研究采用面板数据分析。因变量是当前市场价值和资产收益率，自变量是12个财务比率，被认为对模型有显着解释。这些比率将根据至少十年的特定时期的经审计的年终资产负债表作为时间序列计算。已经建立了两种不同的模型和假设来确定影响房地产投资信托基金市场价值和资产回报的财务比率。

发现

结果表明，长期金融贷款/总资产、股本回报率和营运资金比率与市值呈负相关，而市值/账面价值与总资产呈正相关。另一方面，市场价值/账面价值比率、市盈率、长期金融贷款/总资产和每股收益与资产回报率相关。REITs 具有高水平的财务杠杆，尤其是外币。引人注目的一点是，房地产投资信托基金几乎从不使用金融衍生品来对冲其头寸的货币和利率风险。这种方法使 REITs 的金融结构在市场波动中变得脆弱和脆弱。

原创性/价值

在土耳其，作为新兴市场的一个例子，由于市场的特殊性，金融借贷不会增加 REITs 的回报率和市场价值。这一发现为土耳其房地产投资信托基金的债务和股权分配应如何构建提供了重要的见解。此外，据观察，前瞻性预期被认为比市场目前的情况更多。