Cash Flow Rate Research Articles

Decomposing Uncertainty: How Foreign Policy Risks Shape Chinese Stock Market Dynamics

This study examines the transmission mechanism of foreign economic policy uncertainty (FEPU) on the Chinese stock market from 1997 to 2022, using a vector autoregressive adaptation of the dividend discount model. By decomposing excess returns into cash flow (CF), excess return (ER), and risk-free rate (RF) components, we disentangle the effects of FEPU shocks on these distinct factors.Our findings indicate that FEPU primarily leads to a significant but temporary overestimation of impacts on cash flows and excess returns, with the market typically correcting itself after an initial overreaction. This pattern suggests a complex interplay between investor sentiment and market dynamics. Notably, trade stability amplifies the impact on CF, while closer monetary policy coordination enhances the transmission to RF and ER expectations. Additionally, economic cycles play a moderating role: downturns exacerbate the negative impacts on CF and RF, while bullish conditions foster resilience. Investor sentiment emerges as a crucial factor, with negative sentiment intensifying FEPU’s adverse effects during economic contractions.This research contributes a detailed perspective on how international relations, policy harmonization, and market psychology collectively influence FEPU transmission and affect China’s financial stability amidst global uncertainties. Our decomposition method illuminates the dynamic forces that drive market reactions over time, offering critical insights for refining risk management strategies and crafting policy measures that buffer the financial system against external economic shocks.

How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties

This is the first comprehensive study on the age profile of new rents, average rents, operating expenses, net operating income, capital expenditure, and net cash flow for office properties in Tokyo. There are four main findings. First, the rate of rental depreciation in Japan is low and explains less than half of the rate of depreciation of property prices, although it is higher in earlier years. Second, average rents exhibit nominal rigidity. Third, approximately half of the observed depreciation in new rents is due to physical deterioration as opposed to functional obsolescence, which is driven by changes in tenant preferences and advances in building technology. Last, operating expenses are independent of age, whereas capital expenditure increases in the first 20 years. Our study contributes to the literature by estimating depreciation rates for commercial real estate rents, costs, and cash flows, with new insights into the detailed age profile and sources of economic depreciation.

Analyzing a holding company (group of companies) during the transformation period: Methodology and algorithms (the PAO PhosAgro case)

Subject. The article addresses the assessment of holding company's activities, considered as an ecosystem, the analysis of which includes not only the analysis of the business as a whole, but also of its member companies, taking into account internal relations and interactions. Objectives. The purpose is to develop and test a methodology for holding company analysis, using a Russian company case. Methods. The study employs general scientific principles and research methods, like abstraction, generalization of domestic authors’ approaches to the analysis of large business entities. Results. The developed methodology includes five stages: (1) accumulating information about all enterprises of the holding group as a whole, forming subgroups, calculating indicators of consolidated financial statements; (2) determining the structure of holding group’s key indicators distribution among subgroups, estimating cash flows within the group; (3) analyzing the operating, investing, and financing activities of subgroups; (4) calculating specific indicators that reflect the specifics of activities of the holding's subgroups and effectiveness of their functions; (5) forecasting, based on the analysis of the company's capitalization, identifying the key drivers of business capitalization, the growth rate of the group's free cash flow expected by the market, prospects for business development based on market expectations. Conclusions. Testing the methodology on PAO PhosAgro data showed that the group includes subgroups of companies, like holding, manufacturing, sales, servicing, non-manufacturing. Due to redomicilation, control over the group was moved to Russian jurisdictions, and key assets and financial results were concentrated in the holding and manufacturing companies. The analysis of business capitalization demonstrated that its key driver is product prices, the expected growth rate of the free cash flow of the business is insignificant. The group successfully adapts to environmental challenges and has prospects for further development.

The Research of Influencing Factors that Possibly lead to Company Bankruptcy

Previous research has established correlations between corporate bankruptcy and internal factors such as financial ratios, cash reserves, company liquidity, and capital structure, as well as external factors, such as macroeconomic conditions, industry competition, and regulatory policies. However, several unidentified factors still warrant investigation. This study employs the Binary Probit Model to analyze data from Taiwan Economic Journal, encompassing 6,819 companies over the period from 1999 to 2009. The findings indicate that corporate bankruptcy is not significantly associated with 8 variables such as Operating Gross Margin, Cash flow rate, Operating Profit Growth Rate, Total Asset Growth Rate, Current Ratio, etc. However, it exhibits particularly strong correlations with 8 variables such as Pre-tax net Interest Rate, Operating Expense Rate, ROA(C) before interest and depreciation before interest, Non-industry income and expenditure/revenue, Net Value Per Share (B), Total Asset Turnover, etc. This research provides valuable insights into factors that may lead to corporate bankruptcy, which is instrumental in identifying warning signals, mitigating risks, and formulating effective preventive measures. Moreover, it points to the direction for further research in this field.

Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm

This study aimed to develop a commercial concept for transforming farms into wellness tourist destinations. The proposed scenario involved the renovation of a hayrack into a highend tourist accommodation, comprising relaxation rooms with panoramic glass walls and the renovation of the barns, as well as an outdoor swimming pond. The research methods includeddescription, compilation, and synthesis to explore the legislation in Slovenia related to investment performance and trends in wellness tourism to support the realisation of the proposed investment. Furthermore, the study used the method of financial estimation of investment using cost-benefit analysis to facilitate the transition. Four datasets were used for the estimation: investment income, investment costs, end value of the investment, and annual interest rate. The estimated investment cost was €530,000 and the total estimated revenue was €192,720, with total costs amounting to 50% of the total income, as well as an annual cash flow of €96,360, which was used in the assessment of the investment return period. According to the findings, the investment return period is 15 years with the lowest annual cash flow and interest rate of 3.5%. However, caution is advised due to uncertainties in the long-term costs of raw materials and energy.

Sustainable production of nanocellulose: Technoeconomic assessment, energy savings and scalability

Nanocellulose is a promising biopolymer compound which is produced from pulp. However, the traditional approaches do not produce it in an energy efficient and sustainable way. The production of nanocellulose through moderate refining and froth flotation has the potential to reduce the traditional nanocellulose production cost. This technoeconomic analysis explores the financial profitability of using moderate refining followed by enhanced froth flotation technology at pilot scale (best case scenario) to produce nanocellulose in an affordable and sustainable way. With a 100% nanocellulose yield, the yearly the operational cost was $7312 AUD/ton nanocellulose for the best-case scenario. The 25-year NPV coming from discounted cumulative cash flow rate for best case scenario is approximately 9.5 million AUD (profit). From the sensitivity analysis it was revealed that the key driver behind profitability of nanocellulose production is Capital Cost and Labour cost. Lastly four different case scenarios are explored to examine the economic viability for commercial scale nanocellulose production. For a similar level of nanocellulose pulp quality development, there is an energy savings of approximately 5000 kWh/t (aspect ratio), 2000 kWh/t (fines) and 15,000 kWh/t (volumetric specific surface) in moderate refining combined with enhanced flotation at bench scale, when compared with extensive refining stand alone. There is minimal or no energy savings when flotation is used at a laboratory scale. Technoeconomic assessment for nanocellulose production at pilot scale was evaluated and compared with that of bench scale and it was revealed that moderate refining followed with flotation at pilot scale is most economical. The high ROI of 175.3% and NPV of $9.5 million for moderate refining along with flotation at pilot scale demonstrates flotation technology is worth investing for nanocellulose production at pilot scale.

Does environmental information disclosure affect corporate cash flow? An analysis by taking media attentions into consideration

Continued conflict flare-up and lingering supply bottlenecks in recent years highlight the importance of corporate risk management. Based on stakeholder theory and legitimacy theory, this study investigates whether Environmental, Social, and Governance (ESG) disclosure, as well as its three pillars, helps hedge against the cash flow risk. Using the data of A-share listed firms in China over the period 2011–2021, our results show that ESG disclosure serves to tame the fluctuations in cash flow, especially in the long run. A one-point increase in the ESG disclosure score lowers the volatility of 1-year and 5-year cash flow rate by 0.014 and 0.020, respectively. In addition, we find that media attention, as an essential intermediary and external supervisor, strongly reverses the positive effect of environmental information disclosure on cash flow risk, while such an effect disappears for social and governance pillars. Further analysis indicates the weak performance of ESG disclosure for SOEs and SMEs.

Techno-Economic and life cycle assessment of standalone Single-Stream material recovery facilities in the United states

Material Recovery Facilities (MRFs) are crucial players in achieving a circular economy. MRFs receive complex waste streams and separate valuable recyclables from these mixtures. This study conducts techno-economic analysis (TEA) to estimate the net present value (NPV) and life cycle assessment (LCA) to estimate different environmental impacts of a commercial scale standalone, single-stream MRF to assess the economic feasibility and environmental impacts of recovering valuable recyclables from an MRF processing 120,000 tonnes per year (t/y). The TEA employs a discounted cash flow rate of return (DCFROR) analysis over a 20-year facility lifetime, along with a sensitivity analysis on the impact of different operating and economic parameters. Results show that the total fixed cost of building the MRF facility is $23 MM, and the operating cost is $45.48/tonne. The NPV of the MRF can vary from $3.57 MM to $60 MM, while 100-year global warming potential can range from 5.98 to 8.53 kg carbon dioxide equivalents (CO2-eq) per tonne of MSW. We have also found that MSW composition (arising from regional effects) significantly impacts costs, 100-year global warming potential, and other impact categories such as acidification potential, eutrophication potential, ecotoxicity, ozone depletion, photochemical oxidation, carcinogenic effects, and non-carcinogenic effects. Sensitivity and uncertainty analysis indicate that waste composition and market prices significantly impact the profitability of the MRF, and the waste composition mostly impacts global warming potential. Our analysis also indicates that facility capacity, fixed capital cost, and waste tipping fees are vital parameters that affect the economic viability of MRF operations.

Techno-economic analysis of torrefied fuel pellet production from agricultural residue via integrated torrefaction and pelletization process

Torrefied pellets have gained more commercial importance due to their excellent performance in combustion, co-firing and gasification. The present investigation provides a conceptual design for torrefied fuel pellets production via combined torrefaction and pelletization technologies with and without additives. The entire design contains torrefaction unit, grinding, preparation of pellet formulation, pelletizing, and finally cooling of pellets. Two scenarios, scenario 1 (pelletization of torrefied biomass with additives) and scenario 2 (pelletization of torrefied biomass without any external additives) were tested and compared. The economic analysis suggests that both scenarios are profitable. Both scenarios were simulated using Aspen plus™, and economic feasibility was estimated using a complete cash flow analysis for a base case plant with 40,080 tonne/y capacity. For both cases, a discounted cash flow is a useful tool for estimating the minimal selling price for torrefied pellets as well as the capital investment, production cost and operating costs. The cost of the reactor used for torrefaction was found to be the most important component of combined torrefaction and pelletization system. The lowest selling price of generated torrefied pellets was found to be $103.4 and $105.1 per tonne at the plant gate for scenarios 1 and 2, respectively. Sensitivity analysis shows that, among all variable costs, labor cost has the highest influence on both net present value (NPV) and minimum selling price (MSP) in making pellets for both the scenarios. Furthermore, the internal rate of return was found to be25% and 22% at 10% discounted cash flow rate for scenarios 1 and 2, respectively. The framework that was created was found to lessen over-dependence on wood or fossil fuels and facilitate the promotion of bioenergy in rural areas.

Comparative analysis of liquefied natural gas cold energy scenarios for hydrogen liquefaction: 3E (Energy, economic, and environmental) analysis

Economically feasible and optimized process development for the commercialization of liquid hydrogen (LH2) is vital because the cooling system of a H2 liquefaction setup requires considerable energy. Liquefied natural gas (LNG) cold energy can be used for H2 liquefaction to facilitate efficient production of LH2. In this study, we evaluated three scenarios of a novel H2 liquefaction process at a scale of 300 tons/day utilizing LNG cold energy. Subsequently, a comparative study of the energy analysis, economic evaluation, and environmental evaluation was conducted. Among the three scenarios, the scenario that used LNG cold energy directly had the lowest minimum selling price (MSP) and environmental impact. The discounted cash flow rate of return for this project was 12.98%. Our results demonstrated that the use of LNG cold energy can improve the economic and environmental feasibility of H2 liquefaction.

Оценка ставки дисконтирования и определение справедливой стоимости компании в стратегическом инвестиционном анализе

In the conditions of global uncertainty, the conditions of the external and internal environment of the functioning of companies and sectors of the economy are significantly changing. The emergence of new challenges and threats requires the adjustment of existing development strategies, makes relevant methods and models for assessing the fair value of enterprises in the real sector of the economy. The purpose of this study is to investigate and systematize modern approaches to estimating the discount rate when using them in strategic investment analysis based on the concept of company value management. At the first stage of the study, the following models were used for evaluation: weighted average cost of capital, valuation of financial assets, Gordon’s dividend model, return on equity, the multiplier method and the expert method. The advantages and disadvantages of the methods and models used are revealed. The most preferred option is the discount rate equal to 8.55% and calculated according to the financial asset valuation model. At the second stage, the fair value of shares and capital of PJSC Severstal was assessed in the following sequence: calculating the value of shares based on the Gordon dividend model; using free cash flow indicators, weighted average cost of capital and the cash flow discounting method; analyzing the sensitivity of the company’s share price depending on the growth rate of free cash flow and weighted average cost of capital; comparison of the results of the evaluation of the fair value of the shares of the analyzed company obtained by various methods; preparation of conclusions on the fair value of shares and the investment attractiveness of the company. The main results of the study are the author’s methodology for assessing the discount rate and fair value of public companies, including the identification of advantages, disadvantages and further improvement of the tools used for strategic investment analysis. Unlike the works of other authors, the study established the causal conditionality of the discount rate and the results of the fair value assessment of a public joint-stock company, based on the subjective opinion of a specialist making decisions in the field of investment analysis. The practical significance of the work is represented by the methodological approaches developed by the author to assess the discount rate and fair value of companies in the real sector of the economy. Further research of the author is aimed at improving the methods of modern strategic analysis, developing recommendations for the identification, assessment and analysis of investment risks.

Trošak kapitala - efekti na vrednost i profitabilnost preduzeća - evidencija odabrane skupine preduzeća na Sarajevskoj i Banjalučkoj berzi

The weighted average cost of capital is the rate that companies must pay to shareholders and creditors. Therefore, it is a risk-adjusted discount rate for the company's cash flows. The paper will calculate the weighted average cost of capital for a selected group of companies listed on the Sarajevo and Banja Luka Stock Exchanges, as well as profitability indicators such as: ROA, ROE and net profit margin. Therefore, the main goal of this paper is to investigate whether there is interdependence in the movement of the weighted average cost of capital and profitability indicators of the selected group of companies in the stock market indices SASX-30 and BIRS. The research results show that the WACC ranges from a minimum of 5.11% to a maximum of 10.87%. Likewise, the research results show that there is a negative connection and correlation between WACC on the one hand and a selected group of profitability indicators on the other hand.

Reasons why Tourist Guides Leave Their Profession

Öz: Profesyonel Turist Rehberi olarak çalışmakta olan kişiler karşılaştıkları bazı zorluklar sebebiyle mesleklerine devam etmeme veya bir süreliğine ara verme kararı alabilmektedir. Bu çalışmada eylemsiz turist rehberlerinin mesleği bırakmalarına sebep olacak etmenlerin ortaya konması amaçlanmıştır. Bu amaçla öncelikle ikincil kaynaklara yer verilerek turist rehberliği mesleğinin alt yapısı aktarılmış ve buna ek olarak mesleğin olası zorluklarına dair bilgilere yer verilmiştir. Çalışmanın ana bulgularını ise maksimum çeşitlilik ilkesine bağlı kalınarak eylemsiz turist rehberleri ile nitel araştırma yöntemlerinden görüşme tekniği kullanılarak toplanan veriler oluşturmuştur. Fenomenolojik bir araştırma deseniyle yürütülen çalışmanın verileri bilgisayar üzerinde nitel veri analizi programıyla düzenlenmiş deşifre edilerek kod ve temalara ayrılmıştır. Çalışmada 35 eylemsiz turist rehberine aynı açık uçlu 8 soru yöneltilmiştir. Bunun sonucunda katılımcıların meslekten ayrılma hikayeleri irdelenmiş ve adaylar ekonomik, sosyal, ailevi ve mesleki birçok yönden kendilerine uygun bulmadıklarından meslekten ayrıldıkları görülmüştür. Çalışmada katılımcıların öne sürdükleri sebepler tekrarlanana kadar veri toplama süreci devam etmiş ve doyuma ulaşma noktasında son bulmuştur. Katılımcıların mesleklerini icra etmemelerinde; ailelerinin ve kendilerinin geçimini yılın her döneminde sağlayacak güvence bulamamaları, meslek örgütlerinin işini layıkıyla yapmaması, düzenli ve yerleşik bir hayat yaşama imkânı oluşturamamaları gibi etmenler etkileyici olmuştur. Bu hususta tüm alt kodlar incelenerek tartışılmış ve turist rehberliği mesleğinin sorunları üzerine çözüm önerileri getirilmiştir.

Techno-economic analysis of a cooling, heating, and electricity trigeneration system based on downdraft fixed bed wood and tire gasification: Case study of a campus office building

A cooling, heating, and electricity trigeneration system for an office building based on real energy consumption requirements has been designed in this study. Six options have been compared using three various wood-tire mixture ratios (100% wood; 50% wood and 50% tire; and 100% tire) and two gasifier numbers (flexible gasifier numbers of 3–10; fixed gasifier numbers of 3–4) in different seasons. Aspen Plus and MATLAB models are used to simulate the process, and a discounted cash flow rate of return analysis method is used to evaluate the levelized cost of electricity (LCOE) when the heating and cooling are analyzed as byproducts. Results show that a 100% wood gasification model with four gasifiers used in all seasons has the highest average energy efficiency of 37% to 66%, while the 100% tire gasification model has the lowest LCOE of $0.15/kWh. Sensitive analysis shows the impacts of heating and cooling prices on LCOE.

An Economical Boil-Off Gas Management System for LNG Refueling Stations: Evaluation Using Scenario Analysis

The use of liquefied natural gas (LNG) in the transportation sector is increasing, and boil-off gas (BOG) management systems are considered viable options to increase economic efficiency and reduce greenhouse gas emissions at LNG refueling stations. The present study proposed an economically optimized method by investigating four refueling station scenarios, including different BOG management systems. Among the four scenarios, the scenario in which compressed natural gas was produced from BOG had the lowest minimum selling price (MSP) and was the most economical. Sensitivity and uncertainty analyses were conducted for the economically optimal scenario, which identified the factors with the most influential impact and their uncertainties on the MSP. Finally, to determine the feasibility of the business through profitability analysis, the net present value, discounted payback period, and present value ratio due to changes in the discount rate were presented, and the discounted cash flow rate of return was found to be 13.22%. As a result of this study, a BOG management system can contribute to improving the economic feasibility for LNG refueling stations by reliquefying BOG and re-selling it (the most efficient way is scenario 4) and will provide an economical guide for countries with much demand for LNG in the transport sector.

Absorption Chiller/Kalina Cycle Coupled System for Low-Grade Waste Heat Recovery in Hydrate-Based CO2 Capture Process: An Economic and Exergetic Study

This study investigates a coupled system combined by a LiBr/H2O absorption refrigeration cycle and a Kalina cycle, to recover waste heat from a hydrate-based CO2 capture process. The optimal system operation has been obtained. Payback time, Return on investment, Net present value and Discounted cash flow rate of return are selected as the evaluation indicators for a comprehensive economic analysis. Cash flow patterns are obtained for different discounted interest rates and electricity prices. Exergy analysis is conducted and the exergy loss of each component is calculated. Results show that in comparison with the individual Kalina cycle, the net electricity generation is increased by around 45%. The highest thermal efficiency of this coupled system is 16.78%. Payment balance can be achieved with a payback time of 6 years. The purchase price of heat exchanger occupies the largest capital investment. Exergy efficiency of this system is obtained as 36.89%. Major system irreversibility occurs in heat transfer processes of heat exchangers and the largest exergy loss is found in generators of both subcycles. Reducing the heat transfer irreversibility and the size of heat exchangers are greatly encouraged in future efforts.

Coupling Chemical Heat Pump with Nuclear Reactor for Temperature Amplification by Delivering Process Heat and Electricity: A Techno-Economic Analysis

The energy economy is continually evolving in response to socio-political factors in the nature of primary energy sources, their conversions to useful forms, such as electricity and heat, and their utilization in different sectors. Nuclear energy has a crucial role to play in the evolution of energy economy due to its clean and non-carbon-emitting characteristics. A techno-economic analysis was undertaken to establish the viability of selling heat along with electricity for an advanced 100 MWth small modular reactor (SMR) and four nuclear hybrid energy system (NHES) configurations featuring the SMR paired with chemical heat pump (ChHP) systems providing a thermal output ranging from 1 to 50 MWth. Net present value, payback period, discounted cash flow rate of return, and levelized cost of energy were evaluated for these systems for different regions of U.S. reflecting a range of electricity and thermal energy costs. The analysis indicated that selling heat to high temperature industrial processes showed profitable outcomes compared to the sale of only electricity. Higher carbon taxes improved the economic parameters of the NHES alternatives significantly. Providing heat to high temperature industries could be very beneficial, helping to cut down the greenhouse gases emission by reducing the fossil fuel consumption.

The effects of changes in deferred revenues on future financial performance: Evidence from Borsa Istanbul

Raporlanan gelirler, bir firmanın geçmiş performansının değerlendirilmesine ve gelecekteki performansının tahmin edilmesine olanak sağlayarak yatırımcıların doğru kararlar almasına yardımcı olmaktadır. Bu sebeple gelirin ne zaman muhasebeleştirilmesi gerektiği konusu muhasebe teorisinin temel sorularından biridir ve finansal performansın ölçülmesinde önemli bir yere sahiptir.
 Bu çalışmanın amacı, ertelenmiş gelirlerdeki değişimlerin Borsa İstanbul'da faaliyetlerini sürdüren firmaların gelecekteki finansal performansının bir göstergesi olup olmadığını tespit etmektir. Bu doğrultuda, Borsa İstanbul’da işlem gören 195 finansal olmayan firmanın 2012-2020 yıllarına ait verilerden yararlanılmış ve ertelenmiş gelirdeki değişimlerin gelecekteki finansal performans üzerindeki etkisi panel regresyon analizi ile tahmin edilmiştir. Gelecekteki finansal performans; gelecekteki satış büyümeleri, gelecekteki kâr marjı ve gelecekteki varlık getirisi ile ölçülerek ertelenmiş gelirdeki değişimler ile ilişkilendirilmiştir. Analiz sonuçlarına göre, ertelenmiş gelirdeki değişimlerin gelecekteki satış büyümeleri ve gelecekteki varlık getirisini artırdığı tespit edilirken; net kâr marjı üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı sonucuna varılmıştır. Ayrıca çalışmada kontrol değişkeni olarak kullanılan kaldıraç oranı ve nakit akış oranı değişkenlerinin gelecekteki finansal performans üzerinde anlamlı etkilerinin olduğu belirlenmiştir.

Analisis Sistem Akuntansi Pengeluaran Kas Pada KSP Duta Sejahtera

<p>The development of information systems, especially in the accounting field, requires companies to create effective and efficient information to provide financial information transparently to those who need it. To meet the needs of financial information for companies, it is necessary to develop an accounting system. With the implementation of the accounting system in the company, it is expected that all company activities can run well, especially those closely related to the rate of cash flow. One of the problems faced by the company is the internal control of the cash disbursement system. KSP Duta Sejahtera is a cooperative engaged in savings and loan services. At KSP Duta Sejahtera, cash disbursements are made using checks, except for small expenditures that can be made through petty cash. The results obtained indicate that the internal control of the cash disbursement accounting system at KSP Duta Sejahtera has weaknesses, namely that there are still dual functions, namely the accounting function which doubles as a cash function and the function of the internal examiner and does not have a written accounting system guideline. This can lead to embezzlement of cash.</p>

BIST TEKNOLOJİ İŞLETMELERİNİN NAKİT AKIŞ ORANLARINA DAYALI CRITIC AĞIRLIKLANDIRMALI COCOSO YÖNTEMİ İLE FİNANSAL PERFORMANS ANALİZİ

The aim of the study is to evaluate the financial performance of the companies registered in the BIST Technology index (XUTEK) for the years 2019 and 2020, based on the cash flow rates. In the study, financial performance evaluation of 19 enterprises, whose financial statements for the analysis period registered in XUTEK can be accessed, were carried out. In the performance evaluation, 16 financial ratios based on cash flow ratios calculated from the financial statements published on the Public Disclosure Platform (KAP) were used. The Critic method was used to calculate the criterion weights, and the CoCoSo method, which was developed in recent years from multi-criteria decision making techniques (MCDM), was used in the realization of financial performance rankings. In addition, in order to compare the accuracy of the findings of the CoCoSo method, the ranking results of the two methods were compared by performing the financial performance ranking with the TOPSIS method, which is frequently used in the literature and whose results have been proven to be accurate and reliable. Spearman's Rank Relationship Test was used to measure the consistency between the analysis results. According to the results of the analysis, the financial performance rankings of technology enterprises for the period 2018-2021 have varied over the years. According to the Z value obtained in Spearman's Rank Relationship Test results, it was seen that there was consistency between the methods