{"status":true,"post":{"id":45849,"user_id":9,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2023-11-27 08:03:00","created_at":"2023-11-27T05:03:00.000000Z","updated_at":"2023-11-27T05:03:00.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":45849,"is_featured":0,"title":"\u00d6zel sekt\u00f6r\u00fcn finansmanla imtihan\u0131-2","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":"PROF. DR. NURULLAH G\u00dcR","content":"

nurullah.gur@marmara.edu.tr<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

\u00d6nceki yaz\u0131mda, T\u00fcrkiye\u2019deki artan faiz ortam\u0131nda reel sekt\u00f6r\u00fcn finansal y\u00f6netimde ya\u015fad\u0131\u011f\u0131 t\u0131kan\u0131kl\u0131klar\u0131 k\u0131smi olarak a\u00e7abilecek olas\u0131 politika hamlelerini kaleme alm\u0131\u015ft\u0131m. \u0130lk olarak, kredi mekanizmas\u0131 i\u00e7inde yap\u0131labileceklere odaklanm\u0131\u015ft\u0131m. Bu yaz\u0131da ise kredi kanal\u0131 d\u0131\u015f\u0131ndaki alternatiflere de\u011finece\u011fim.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

Faiz oranlar\u0131n\u0131n bu denli sert y\u00fckseldi\u011fi d\u00f6nemlerde piyasalarda konsolidasyon ya\u015fanmas\u0131 beklenir. Bilan\u00e7oda k\u0131sa vadeli belli problemler ya\u015fasalar da orta ve uzun vadede potansiyel bar\u0131nd\u0131ran baz\u0131 \u015firketler, birle\u015fme yolunu tercih edebilir. Geli\u015fmi\u015f \u00fclkelerde bu tip \u015firket evlilikleri ola\u011fan bir durumdur. Her ne kadar ortakl\u0131k m\u00fcessesesi k\u00fclt\u00fcrel kodlar\u0131m\u0131zda olsa da uzunca bir s\u00fcredir \u2018k\u00fc\u00e7\u00fck olsun, benim olsun\u2019 anlay\u0131\u015f\u0131, i\u015f \u00e7evrelerimizde a\u011f\u0131r bas\u0131yor. Aile aras\u0131nda karde\u015flerin bile anla\u015famad\u0131\u011f\u0131 bir denklemde iki farkl\u0131 \u015firket grubu nas\u0131l bir araya gelir endi\u015fesi var.\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

\u015e\u0130RKET EVL\u0130L\u0130KLER\u0130<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Ortakl\u0131\u011fa dayal\u0131 bi\u00e7imde sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek, \u015firket \u00f6l\u00e7e\u011finin artmas\u0131n\u0131 beraberinde getirir. Artan \u00f6l\u00e7e\u011fin de birim maliyetleri a\u015fa\u011f\u0131ya, verimlili\u011fi ise yukar\u0131ya \u00e7ekmesi beklenir. Bu sayede b\u00fcy\u00fck ihracat pazarlar\u0131na giri\u015f de kolayla\u015fabilir.<\/span><\/p>


<\/p>

\u015eirket evlili\u011fi yoluyla finansmana eri\u015fim sorununu \u00e7\u00f6zme ve \u00f6l\u00e7e\u011fi art\u0131rma \u00f6nerisi, biraz naif bir yakla\u015f\u0131m olarak g\u00f6r\u00fclebilir. Bu ele\u015ftiriye belli a\u00e7\u0131lardan hak da verebilirim. Ama ortakl\u0131ktan uzak durmaya devam etti\u011fimizde, artan faiz ortam\u0131nda baz\u0131 \u015firketlerimizin y\u00fcksek potansiyellerine ra\u011fmen k\u00fc\u00e7\u00fclmek zorunda kalabileceklerini unutmayal\u0131m. Hatta 1997 Do\u011fu Asya Krizi\u2019nde G\u00fcney Kore\u2019nin ba\u015f\u0131na geldi\u011fi gibi potansiyelli \u015firketlerin yabanc\u0131lar taraf\u0131ndan sat\u0131n al\u0131nmas\u0131 gibi bir e\u011filim de ba\u015f g\u00f6sterebilir.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

H\u0130SSE SENED\u0130 P\u0130YASASI\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Hisse senedi piyasas\u0131, sermayeye eri\u015fim noktas\u0131nda bir ba\u015fka alternatif. Son y\u0131llarda Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren \u015firketlerin say\u0131s\u0131nda hat\u0131r\u0131 say\u0131l\u0131r bir art\u0131\u015f var. Yerli yat\u0131r\u0131mc\u0131 say\u0131s\u0131 da y\u00fckseliyor. Bu geli\u015fmeler, hisse senedi piyasas\u0131n\u0131n derinle\u015fmesi i\u00e7in sevindirici. KOB\u0130 \u00f6l\u00e7e\u011findeki \u015firketlerin bile borsay\u0131 hedeflemesi, kredi ve faiz cenderesine s\u0131k\u0131\u015fm\u0131\u015f finans sistemimizin kabuk de\u011fi\u015ftirmesi i\u00e7in \u00f6nemli bir ad\u0131m. Bununla birlikte, hisse senedi piyasas\u0131n\u0131 geli\u015ftirirken gaza a\u015f\u0131r\u0131 y\u00fcklenmemeliyiz. Borsada kotasyonu titiz bi\u00e7imde y\u00f6netmek, \u015feffafl\u0131\u011f\u0131 muhafaza etmek ve k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131lar\u0131 korumak olduk\u00e7a kritik. Bir kez g\u00fcven sars\u0131ld\u0131 m\u0131, ka\u00e7an yat\u0131r\u0131mc\u0131y\u0131 geri kazanmak \u00e7ok zor olur. Bu bilin\u00e7le \u015firketlerimizin hisse senedi piyasas\u0131 arac\u0131l\u0131\u011f\u0131yla sermayeye eri\u015fimini sa\u011fl\u0131kl\u0131 ve istikrarl\u0131 bi\u00e7imde \u00e7e\u015fitlendirmeye \u00e7al\u0131\u015fmal\u0131y\u0131z. \u00a0\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

YEN\u0130 NES\u0130L G\u0130R\u0130\u015e\u0130MC\u0130LER<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Finansmana eri\u015fim hususunda yeni nesil giri\u015fimcileri de unutmamak laz\u0131m. Ekonomiye taze kan pompalayarak rekabeti ve inovasyonu besleyen startup\u2019lar\u0131n parlak fikirlerini hayata ge\u00e7irebilmeleri i\u00e7in giri\u015fim sermayesi ve kitle fonlamas\u0131 gibi finansman imkanlar\u0131n\u0131 diri tutmal\u0131y\u0131z.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

\u00d6zetle, reel sekt\u00f6r\u00fcn son birka\u00e7 y\u0131ld\u0131r al\u0131\u015ft\u0131\u011f\u0131 d\u00fc\u015f\u00fck faizli kredi imkanlar\u0131n\u0131 k\u0131sa vadede tamamen ikame edebilecek tek bir finansal kurum veya enstr\u00fcman yok. Ama farkl\u0131 alternatifler mevcut. Enflasyonla m\u00fccadele d\u00f6nemini krediye dayal\u0131 finans sistemine alternatif mekanizmalar geli\u015ftirmek i\u00e7in bir f\u0131rsat olarak de\u011ferlendirmeliyiz.\u00a0<\/span><\/p>","slug":"ozel-sektorun-finansmanla-imtihani-2","tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"news_cover_min":"\/front\/uploads\/blog\/thumbnail\/17010324000KqDqcbZAGuA7kY.webp","news_cover":null,"news_video_min":null,"news_video":null,"view_count":1668,"cropped_1200x675":null,"user":{"id":9,"name":"NURULLAH","surname":"G\u00dcR","email":"nurullah.gur@marmara.edu.tr","slug":"prof-dr-nurullah-gur","avatar":"\/front\/uploads\/avatar\/1733691600zm0eg4EVw1c01iN.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T09:51:22.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":45975,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":45849,"locale":"tr","category_id":73,"title":"\u00d6zel sekt\u00f6r\u00fcn finansmanla imtihan\u0131-2","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":"PROF. DR. NURULLAH G\u00dcR","content":"

nurullah.gur@marmara.edu.tr<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

\u00d6nceki yaz\u0131mda, T\u00fcrkiye\u2019deki artan faiz ortam\u0131nda reel sekt\u00f6r\u00fcn finansal y\u00f6netimde ya\u015fad\u0131\u011f\u0131 t\u0131kan\u0131kl\u0131klar\u0131 k\u0131smi olarak a\u00e7abilecek olas\u0131 politika hamlelerini kaleme alm\u0131\u015ft\u0131m. \u0130lk olarak, kredi mekanizmas\u0131 i\u00e7inde yap\u0131labileceklere odaklanm\u0131\u015ft\u0131m. Bu yaz\u0131da ise kredi kanal\u0131 d\u0131\u015f\u0131ndaki alternatiflere de\u011finece\u011fim.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

Faiz oranlar\u0131n\u0131n bu denli sert y\u00fckseldi\u011fi d\u00f6nemlerde piyasalarda konsolidasyon ya\u015fanmas\u0131 beklenir. Bilan\u00e7oda k\u0131sa vadeli belli problemler ya\u015fasalar da orta ve uzun vadede potansiyel bar\u0131nd\u0131ran baz\u0131 \u015firketler, birle\u015fme yolunu tercih edebilir. Geli\u015fmi\u015f \u00fclkelerde bu tip \u015firket evlilikleri ola\u011fan bir durumdur. Her ne kadar ortakl\u0131k m\u00fcessesesi k\u00fclt\u00fcrel kodlar\u0131m\u0131zda olsa da uzunca bir s\u00fcredir \u2018k\u00fc\u00e7\u00fck olsun, benim olsun\u2019 anlay\u0131\u015f\u0131, i\u015f \u00e7evrelerimizde a\u011f\u0131r bas\u0131yor. Aile aras\u0131nda karde\u015flerin bile anla\u015famad\u0131\u011f\u0131 bir denklemde iki farkl\u0131 \u015firket grubu nas\u0131l bir araya gelir endi\u015fesi var.\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

\u015e\u0130RKET EVL\u0130L\u0130KLER\u0130<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Ortakl\u0131\u011fa dayal\u0131 bi\u00e7imde sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek, \u015firket \u00f6l\u00e7e\u011finin artmas\u0131n\u0131 beraberinde getirir. Artan \u00f6l\u00e7e\u011fin de birim maliyetleri a\u015fa\u011f\u0131ya, verimlili\u011fi ise yukar\u0131ya \u00e7ekmesi beklenir. Bu sayede b\u00fcy\u00fck ihracat pazarlar\u0131na giri\u015f de kolayla\u015fabilir.<\/span><\/p>


<\/p>

\u015eirket evlili\u011fi yoluyla finansmana eri\u015fim sorununu \u00e7\u00f6zme ve \u00f6l\u00e7e\u011fi art\u0131rma \u00f6nerisi, biraz naif bir yakla\u015f\u0131m olarak g\u00f6r\u00fclebilir. Bu ele\u015ftiriye belli a\u00e7\u0131lardan hak da verebilirim. Ama ortakl\u0131ktan uzak durmaya devam etti\u011fimizde, artan faiz ortam\u0131nda baz\u0131 \u015firketlerimizin y\u00fcksek potansiyellerine ra\u011fmen k\u00fc\u00e7\u00fclmek zorunda kalabileceklerini unutmayal\u0131m. Hatta 1997 Do\u011fu Asya Krizi\u2019nde G\u00fcney Kore\u2019nin ba\u015f\u0131na geldi\u011fi gibi potansiyelli \u015firketlerin yabanc\u0131lar taraf\u0131ndan sat\u0131n al\u0131nmas\u0131 gibi bir e\u011filim de ba\u015f g\u00f6sterebilir.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

H\u0130SSE SENED\u0130 P\u0130YASASI\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Hisse senedi piyasas\u0131, sermayeye eri\u015fim noktas\u0131nda bir ba\u015fka alternatif. Son y\u0131llarda Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren \u015firketlerin say\u0131s\u0131nda hat\u0131r\u0131 say\u0131l\u0131r bir art\u0131\u015f var. Yerli yat\u0131r\u0131mc\u0131 say\u0131s\u0131 da y\u00fckseliyor. Bu geli\u015fmeler, hisse senedi piyasas\u0131n\u0131n derinle\u015fmesi i\u00e7in sevindirici. KOB\u0130 \u00f6l\u00e7e\u011findeki \u015firketlerin bile borsay\u0131 hedeflemesi, kredi ve faiz cenderesine s\u0131k\u0131\u015fm\u0131\u015f finans sistemimizin kabuk de\u011fi\u015ftirmesi i\u00e7in \u00f6nemli bir ad\u0131m. Bununla birlikte, hisse senedi piyasas\u0131n\u0131 geli\u015ftirirken gaza a\u015f\u0131r\u0131 y\u00fcklenmemeliyiz. Borsada kotasyonu titiz bi\u00e7imde y\u00f6netmek, \u015feffafl\u0131\u011f\u0131 muhafaza etmek ve k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131lar\u0131 korumak olduk\u00e7a kritik. Bir kez g\u00fcven sars\u0131ld\u0131 m\u0131, ka\u00e7an yat\u0131r\u0131mc\u0131y\u0131 geri kazanmak \u00e7ok zor olur. Bu bilin\u00e7le \u015firketlerimizin hisse senedi piyasas\u0131 arac\u0131l\u0131\u011f\u0131yla sermayeye eri\u015fimini sa\u011fl\u0131kl\u0131 ve istikrarl\u0131 bi\u00e7imde \u00e7e\u015fitlendirmeye \u00e7al\u0131\u015fmal\u0131y\u0131z. \u00a0\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

YEN\u0130 NES\u0130L G\u0130R\u0130\u015e\u0130MC\u0130LER<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Finansmana eri\u015fim hususunda yeni nesil giri\u015fimcileri de unutmamak laz\u0131m. Ekonomiye taze kan pompalayarak rekabeti ve inovasyonu besleyen startup\u2019lar\u0131n parlak fikirlerini hayata ge\u00e7irebilmeleri i\u00e7in giri\u015fim sermayesi ve kitle fonlamas\u0131 gibi finansman imkanlar\u0131n\u0131 diri tutmal\u0131y\u0131z.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

\u00d6zetle, reel sekt\u00f6r\u00fcn son birka\u00e7 y\u0131ld\u0131r al\u0131\u015ft\u0131\u011f\u0131 d\u00fc\u015f\u00fck faizli kredi imkanlar\u0131n\u0131 k\u0131sa vadede tamamen ikame edebilecek tek bir finansal kurum veya enstr\u00fcman yok. Ama farkl\u0131 alternatifler mevcut. Enflasyonla m\u00fccadele d\u00f6nemini krediye dayal\u0131 finans sistemine alternatif mekanizmalar geli\u015ftirmek i\u00e7in bir f\u0131rsat olarak de\u011ferlendirmeliyiz.\u00a0<\/span><\/p>","slug":"ozel-sektorun-finansmanla-imtihani-2","orjinalimage":"\/front\/uploads\/blog\/thumbnail\/17010324000KqDqcbZAGuA7kY.webp","news_cover_min":"\/front\/uploads\/blog\/thumbnail\/17010324000KqDqcbZAGuA7kY.webp","news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"view_count":1668,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}