ŞİRKET FİNANSMANINDA TEMEL BİR ARAÇ: MENKUL KIYMETLEŞTİRME

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

Anahtar Kelimeler:

Menkul kıymetleştirme, özel amaçlı şirketler, tutuya dayalı menkul kıymetler, varlığa dayalı menkul kıymetler

SECURITIZATION: A BASIC TOOL OF FINANCING FOR THE FIRMS

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