Securitization: A Basic Tool of Financing for the Firms

Menkul kıymetleştirme şirketlerin önemli finansman kaynaklarından biridir. Bu yüzden, menkul kıymetleştirmenin önemi ve hacmi yıllar itibariyle artmıştır. Geçen on yıl içerisinde Amerika ve Avrupa’da menkul kıymet ihracının hacmi o kadar artmıştır ki Avrupa’da ihraç hacmi üç misline çıkmıştır. Menkul kıymetleştirme, aktifleri iflastan uzak bir özel amaçlı şirket havuzunda toplayıp daha sonra bunları ticari senetlere çeviren bir finansal tekniktir. Bu süreçte en önemli araç, özel bir amaç için oluşturulan özel amaçlı şirketlerdir. Türkiye’de menkul kıymetleştirme süreci Amerika’dan farklıdır. Bu farklılık düzenleme eksikliğinden kaynaklanmaktadır. Bu çalışmada, Türk menkul kıymet piyasasının gelişmesine katkıda bulunmak için Amerika ve Avrupa’daki menkul kıymetleştirme süreci incelenmiştir.

Şirket Finansmanında Temel Bir Araç: Menkul Kıymetleştirme

Securitization is one of the most important financing resources of the firms. Therefore, its volume and importance has increased over the years. In the last ten years, the issuance amount of the securitization in the US and Europe has increased so much that it has tripled in Europe. Securitization is a financial technique that pools assets together and turns them into a tradeable securities held by a bankruptcy remote special purpose entity. In this process, the most important tool is the special purpose entities that are created for a special purpose. In Turkey, the securitization process is different from the process in the US. This difference results from the lack of regulation. In this study, the securitization process in the US and Europe is examined in order to contribute to the development on the Turkish securitization market.

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