Serkan Yılmaz KANDIR

3416

Yerli kurumsal yatırımcılar ve sermaye piyasalarının gelişimi: İMKB üzerinde bir uygulama

Kurumsal yatırımcılar, tasarrufları küçük yatırımcılar adına kolektif biçimde ve belirli hedefler doğrultusunda yöneten uzmanlaşmış finansal kurumlardır. Her çeşit Yatırım Fonları, Bireysel Emeklilik Fonları, Yatırım Ortaklıkları, Hayat Sigorta Şirketleri, Gayrimenkul Yatırım Ortaklıkları ve Girişim Sermayesi Yatırım Ortaklıkları kurumsal yatırımcı olarak nitelendirilmektedir. Bu çalışmanın amacı, Türkiye’de kurumsal yatırımcılar ile hisse senedi piyasasının gelişmişliği arasındaki ilişkinin araştırılmasıdır. Çalışma, 1998 yılının ilk çeyreğinden 2009 yılının ikinci çeyreğine kadar devam eden dönemi kapsamaktadır. Kurumsal yatırımcıların menkul kıymet yatırımlarının milli gelire oranı ile hisse senedi piyasasının gelişmişlik göstergeleri arasında uzun dönemli bir ilişki olup olmadığı ve söz konusu ilişkinin yönü eşbütünleşme ve hata düzeltme modeli yardımıyla araştırılmıştır. Analiz sonuçları, kurumsal yatırımcılar ile İMKB’nin gelişmişliği arasında uzun dönemli bir ilişkinin olduğunu ortaya koymuş ve ayrıca iki değişkenin birbirini karşılıklı olarak etkilediği belirlenmiştir.

Institutional investors and development of capital markets: Empirical evidence from ISE

Institutional investors may be defined as specialized financial institutions that manage savings collectively on behalf of small investors toward specific objectives. All types of mutual funds, pension funds, closed-end funds, life insurance companies, real estate investment trusts, venture capital investment trusts are referred to as institutional investors. Aim of this study is to investigate the relationship between institutional investors and stock market development in Turkey. Sample period spans from the first quarter of 1998 to second quarter of 2009. Existence and direction of a long-run relationship between the ratio of institutional investors’ security investments to national income and stock market’s development measures are investigated by cointegration and error correction models. Analysis results reveal a long-run relationship between institutional investors and development of ISE. Furthermore, the two variables seem to impact each other.
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Finans Politik ve Ekonomik Yorumlar Dergisi-Cover
  • ISSN: 1307-7112
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 1963
  • Yayıncı: İSTANBUL OKAN ÜNİVERSİTESİ
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