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Kuresel Firma Ticari Borclari ve Kredi Aktarim Mekanizmasi

Author

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  • Pinar Ozlu
  • Cihan Yalcin

Abstract

Turkiye’de imalat sanayiinde yer alan firmalarin mali yapisi firma duzeyinde genis bir veri seti kullanilarak 1996-2008 donemi icin incelenmistir. Turkiye’de ticari borclarin firma mali yapilarinin baslica unsurlarindan biri olmasi parasal aktarim mekanizmasi acisindan onemli sonuclar icermektedir. Bu baglamda, literaturde yer alan teorik ve ampirik calismalar cercevesinde finansal kosullardaki sikilasma ve gevseme donemleri dikkate alinarak politika faiz oraninin firma dis finansman (ozkaynak disindaki finansman) secenekleri uzerindeki etkisi farkli firma gruplari bazinda analiz edilmistir. Bulgular, incelenen donem itibariyla ticari borc ve banka kredileri arasinda bir ikame oldugunu ve ozellikle kucuk firmalarda soz konusu ikamenin daha da belirginlestigini gostermektedir. Ayrica, buyuk firmalardan farkli olarak, kucuk firmalarin ozellikle finansal kosullarin siki oldugu donemlerde bankacilik sisteminden yeteri derecede kaynak saglayamadiklarini ve daha fazla ticari borc kullanma egiliminde olduklarini yansitmaktadir. Bu durum, buyuk firmalarin finansal kosullarin siki oldugu donemlerde bankalarin ustlenmesi gereken aracilik gorevini kismen yuklenerek kucuk firmalara ticari borc saglamak yoluyla soz konusu firmalarin finansman ihtiyaclarinin karsilanmasina katkida bulunduklarini ve dolayisiyla finansal sikilasmanin reel sektor uzerindeki etkisini yumusatmasina imkan sagladigini ima etmektedir.

Suggested Citation

  • Pinar Ozlu & Cihan Yalcin, 2010. "Kuresel Firma Ticari Borclari ve Kredi Aktarim Mekanizmasi," CBT Research Notes in Economics 1004, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:econot:1004
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    References listed on IDEAS

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    Cited by:

    1. Murat Duran & Gulserim Ozcan & Pinar Ozlu & Deren Unalmis, 2010. "Measuring the Impact of Monetary Policy on Asset Prices in Turkey (Turkiye�de Para Politikasinin Finansal Varlik Fiyatlari Uzerine Etkisi)," Working Papers 1017, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.

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