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Bu çalışmada finansal başarısızlık kavramı detaylı olarak incelenerek, finansal başarısızlığın nedenleri, maliyeti ve tahmin yöntemleri teorik bir çerçevede ele alınmıştır. Finansal başarısızlık tahmin yöntemleri tek değişkenli ve çok değişkenli yöntemler olmak üzere 2 grupta karşılaştırmalı olarak verilmiştir. Çalışmanın yoğunlaştığı nokta ise finansal başarısızlık tahmin yöntemlerinden olan Altman Z skor yöntemi olmuştur. Altman Z modeli, çalışma mekanizması, parametreleri ve katsayıları açısından detaylı olarak ele alınmıştır. Çalışmanın uygulama aşamasında ise BİST 100 endeksinde yer alan imalat işletmelerinin Kamuyu Aydınlatma Platformu’na paylaşmış olduğu bilanço ve gelir tablosu verilerinden hareketle 2019, 2020 ve 2021 yılları için Altman Z skorları her bir işletme için hesaplanarak işletme ve alt sektörler bazında verilmiştir. Çalışmanın bir diğer odak noktası ise COVID 19 pandemisinin işletmelerin finansal başarısızlıkları üzerindeki etkilerini ölçmek olmuştur. Örneklem seçilen işletmeler için hesaplanan Altman Z skorlarına göre pandeminin etkisi taş ve toprağa dayalı sanayi, tekstil giyim eşyası deri ve metal eşya elektrikli cihaz ve ulaşım alt sektörlerinde hissedilir boyuttayken kimya-ilaç-petrol ve gıda-içecek-tütün alt sektörlerinde büyük bir etkiye ulaşılamamıştır. In this dissertation, the financial failure concept is analyzed in detail and the reasons, cost and prediction methods are discussed. Financial failure prediction methods are approached with univariate and multivariate analysis comparatively. The focus of this study is the Altman Z score model which is one of the financial failure prediction models. Mechanism, parameters and coefficients of the model are explained in depth. In the implementation chapter of the dissertation, Altman Z scores of production businesses which are located in the BIST 100 index are calculated using balance sheet and profit & loss table data for years 2019, 2020 and 2021. The results of the calculations are listed by sub-sector and business in the dissertation. The other focus of the study is to measure the financial failure impact of the COVID 19 pandemic on the businesses. According to results obtained from the sample, there is a perceptible impact on stone and soil based industry, textile-skin, metalware-transport industry whereas the food-drink-tobacco industry and chemistry-medicament-oil industry are not affected substantially.

Bu çalışma, Borsa İstanbul’a kayıtlı olan işletmelerde finansal başarısızlığın ölçülmesinde Altman Modelinin uygulayarak başarısız, başarılı ve risk altında olan işletmeleri test etmek amacıyla yapılmıştır. Bu amaçla, BIST’e kayıtlı olan büyük şirketler alanında faaliyet gösteren 9 işletmenin 2011-2015 yılları arasındaki finansal başarısızlık düzeylerinin Altman Z modeli yardımıyla ölçülmeye çalışılmıştır. Buna ek olarak çalışmada Altman Z modelinin oluşturulmasını sağlayan değişkenlerin yıllar itibariyle karşılaştırılması yapılmaya çalışılmıştır. Uygulamanın sonuç kısmında ise, Altman Z modelinin büyük şirketler alanında faaliyet gösteren şirketlerinin yıllar itibariyle yorumlanması yapılmıştır. Böylece çalışmanın kapsam alanına giren Büyük şirketlerin gelecekteki muhtemel finansal kriz ortamlarından etkilenme düzeyleri ortaya konulmaya çalışılmıştır., EXTENDED ABSTRACTToday, competition is fierce and the business in a tough state takes the production and marketing sector is to become a large-scale power is the case, there quirements of modern financial techniques and managerial approach, although it is difficult to maintain the existing volume in a loss less manner brings with it.By analyzing the wrong decision and the right decision can be evaluated large-scale businesses financial performance in Turkey. An objective that emerged in the results arrive realize they made mistakes, what matters in the past and laid on the table, to identify strategies in future periods may enter into a solid plan for the future. Especially in markets where large-scale operation involving inevitably do so. Taking part in the competition is already fierce and tough, great if mentioned capital with huge profits and losses of the business through Professional techniques is worth in terms of keeping firmly in place in the market to keep a float. In a market where the big record business is more important in this case. Even being a step ahead of competitors in the market volume will lead to huge returns and change.The management processes at the point of whether the analysis of data obtained from financial performance analysis, decided to at least riskand error of the senior management group in point decision thanks to interpretation in determining long-term strategy or now in the vision and mission in terms of financial performance analysis at the point of making it sown internal accounting separate important.In this study, financial performance between large enterprises 2011-2015, showing KAP (Kamu Aydınlatma Platformu-Public Disclosure Platform) and ISE (Istanbul Stock Exchange) activity has been analyzed by Altman method in risk businesses as cases of high-status were classified as uncertain and risky. In conclusion ambiguous status and risk status of suggestions were made for businesses with high.Failure in general; the mistakes made targeted way and described as wrong and sectarian troubles in the move which is intended to success.It has the ability to take measures against a crisis situation that may arise in the sectors that experienced a crisis or businesses may be quite important. Businesses could face failure at this point types can be grouped under several headings.Even though much of the total amount of debt of total assets in the business when it comes to maturity may be considered financially viable businesses fail not meeting their current obligations. The other main type of failure are managerial, economic, technical and technological.Dr. Altman is the first man studied in 1968, 66 companies in the form of basic financial indicators Z Score model was used for the first time. In 1977, "Zeta Analysis. New Model to Identify Risk of Bankruptcy Corporation" in the period from 1962 until 1975 in his 111 studies have examined the financial statements of the company.According to the score obtained from the financial statements, Z 2.99 while scoring the business loan payments are considered low risk and the probability of bankruptcy.Work on the stock exchange a total of 10 companies operating in the 2011-2015 class of large companies traded on the Istanbul international financial data were evaluated with the Altman Z method. These companies' financial data from the Public Disclosure Platform and the Istanbul Stock Exchange from the balance sheet and income statement data were obtained from. Data of the companies were evaluated using a total of 5 separate financial data.Working at first in the main balance sheet analysis period 2011-2015 benefiting from the financial statements and annual reports of large company and analyzed the changes in the income statement ratio analysis method.In conclusion 2011- 2015 years between Exchange Large companies in the risk group are analyzed according to Altman method which operates in Istanbul, the lowest loan payments at risk and bankruptcy opportunity lowest enterprises BIMAS and identified as business TKNS domestic and foreign trade, except for 2015 otherwise.