N. Savaş DEMİRCİ

3015

Finansal GeliĢmiĢliğin Özel Sektör Ar-Ge Harcamalarına Etkisi: Türkiye Ġçin EĢbütünleĢme, Nedensellik, Etki-Tepki Analizleri Ve Varyans AyrıĢtırması (1990-2014)

Küresel piyasalardaki yoğun rekabet özel sektör işletmelerini AR-GE yatırımlarına daha fazla kaynak ayırmaya zorlamaktadır. Fakat bu yatırımların kendine özgü taşıdığı yüksek riskler, ilgili harcamaların finanse edilme imkânlarını daraltmakta ve AR-GE harcamalarını finansal sistemin gelişmişliğine bağımlı hale getirmektedir. Çalışmada, hisse senedi piyasası ve kredi piyasası gelişmişliği olmak üzere iki alt bileşen ile temsil edilen finansal gelişmişlik ve özel sektör AR-GE harcamalarının GSYİH’ya % oranı arasındaki ilişkiler, Türkiye için 1990-2014 dönemi yıllık verileriyle eşbütünleşme, nedensellik, etki-tepki analizleri ve varyans ayrıştırması ile incelenmiştir. Ekonometrik analiz sonuçları; finansal gelişmişlik ve özel sektör AR-GE yoğunluğunun eşbütünleşik olduğunu ve aralarında pozitif bir ilişkinin bulunduğunu, uzun dönemde finansal gelişmişlikten kısa dönemde de hisse senedi piyasası gelişmişliğinden AR-GE yoğunluğuna doğru bir nedenselliğin varlığını, finansal gelişmişlikteki artışın kısa dönemde AR-GE yoğunluğunu da artırdığını ve finansal gelişmişliğin AR-GE yoğunluğundaki değişimleri büyük oranda açıkladığını göstermektedir. Çalışmanın sonuçları, işletmelerin özellikle hisse senedi piyasasında dış finansman olanaklarını artıracak politikaların AR-GE yatırımlarını da artırabileceğini ortaya koymaktadır.

The Impact Of Financial Development On Private R&D Expenditures: Cointegration, Causality, Impulse-Response Analyses And Variance Decomposition For Turkey (1990-2014)

Intense competition in global markets forces private sector enterprises to allocate more sources to R&D investments. But specific high risks those investments carry lessen financing possibilities of related expenditures and make R&D expenditures dependent on development of financial system. In this article relations between financial development represented by two sub-components as credit market and stock market development and private sector R&D expenditure (% of GDP) have been searched for Turkey with 1990-2014 annual data by using cointegration, causality, impulse-response analyses and variance decomposition. Econometric analysis results show that financial development and private sector R&D density are cointegrated, there is a positive relationship between these variables, causality in the long run from financial development and in the short run from stock market development to R&D density, a rise in financial development leads to a rise in R&D density in the short run and financial development is one of the sources of variation in R&D density. The results of article put forward that policies widening possibilities of external financial sources especially in stock market can increase volume of R&D investments.
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Muhasebe ve Finansman Dergisi-Cover
  • ISSN: 2146-3042
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2005
  • Yayıncı: Muhasebe ve Finansman Öğretim Üyeleri Derneği (MUFAD)
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Sayıdaki Diğer Makaleler

Finansal GeliĢmiĢliğin Özel Sektör Ar-Ge Harcamalarına Etkisi: Türkiye Ġçin EĢbütünleĢme, Nedensellik, Etki-Tepki Analizleri Ve Varyans AyrıĢtırması (1990-2014)

N. Savaş DEMİRCİ