Yeni Finans Savaşları Bağlamında Varlık Fonlarının Yatırım Stratejisi ve Türkiye Varlık Fonunun Potansiyelinin Değerlendirilmesi

Birçok ülkede özerk bir varlık yönetim kuruluşu olarak hayata geçirilen varlık fonları çoğunlukla devletin stratejik ve politik amaçları doğrultusunda yatırım politikalarını yönlendirmekte ve küresel finans savaşlarında önemli bir aktör olarak işlev görebilmektedir. Bu çalışmada yeni finans savaşları bağlamında, varlık fonlarının yatırım stratejisinin politik boyutları tartışılmaktadır. Diğer bir deyişle varlık fonlarının uluslararası piyasalarda politik bir güç kazanma amacı güden kamu politikalarına aracılık rolü tartışılmaktadır. Çalışmada ayrıca Türkiye Varlık Fonu A.Ş.’nin yeni finans savaşları kapsamında potansiyeli de değerlendirilmektedir. Türkiye Varlık Fonu A.Ş’nin sermaye malı ithal edilen ülkeler ile politik uzaklığın azaltılması amacıyla yatırım yapma potansiyeline sahip olduğu yorumu yapılabilir. Bu ülkelere yönelik varlık fonu dışında yapılacak olan yatırımlara garantör olma potansiyeline sahip olduğu söylenebilir

Anahtar Kelimeler:

Varlık fonları, Yatırım Stratejisi, Yeni Finans Savaşları, Türkiye

THE INVESTMENT STRATEGIES OF SOVEREIGN WEALTH FUNDS AND THE EVALUATION OF THE POTENTIAL OF THE TURKISH SOVEREIGN WEALTH FUND IN THE CONTEXT OF NEW FINANCIAL WARS

Established as autonomous asset management entities in many countries, sovereign wealth funds generally direct investment policies in line with the strategic and political goals of the state and can function as an important actor in global financial wars. In this article, political aspects of the investment strategies of wealth funds are discussed within the context of new financial wars. In other words, the intermediary role of sovereign wealth funds in government policies which aims at gaining political power in the international markets are addressed. Besides, the potential of the Turkish Sovereign Wealth Fund Corporation is evaluated in terms of new financial wars. It can be suggested that the Turkish Sovereign Wealth Fund Corporation has the potential to invest in the countries from which capital goods are imported to reduce political distance. It can also be stated that it has the potential to be a guarantor for investments to be made in these countries other than the scope of the wealth fund

Keywords:

Sovereign Wealth Funds, Investment Strategies, New Financial Wars,

PDF

___

Aslund, A. (2007), The Truth about Sovereign Wealth Funds, Foreign Policy, https:// foreignpolicy.com/2007/12/03/the-truth-about-sovereign-wealth-funds/ (Erişim Tarihi: 28.06.2020).
Avendano, R. ve Santiso, J. (2011), Are Sovereign Wealth Funds Politically Biased? A Comparison With Other Institutional Investors, B. Narjess and C. Jean-Claude (der.), Institutional Investors in Global Capital Markets içinde, Bradford, UK: Emerald, 313– 353.
Avendano, R. (2010), Sovereign Wealth Fund Investments: From Firm-level Preferences to Natural Endowments, Paris School of Economics, Working Paper no. 7.
Baker, C. (2010), Sovereign Wealth Funds, J. R. Boatright (der.), Finance Ethics: Critical Issues in Theory and Practice içinde, Wiley: UK, 253–271.
Balding, C. (2012), Sovereign Wealth Funds: The New Intersection of Money and Politics. New York: Oxford University Press.
Bernstein, S., Lerner, J. ve Schoar, A. (2013), The Investment Strategies of Sovereign Wealth Funds, Journal of Economic Perspectives, 27, 219–238.
Bertoni, F. ve Lugo, S. (2013), Testing the Strategic Asset Allocation of Stabilization Sovereign Wealth Funds, International Finance, 16, 95–119.
Betbèze, J. P. (2009), Sovereign Wealth Funds: A Solution to The Crisis?, Revue D’économie Financière (English ed.), 9(1), 157–162.
Borisova, G., Fotak, V., Holland, K. ve Megginson, W. (2015), Government Ownership And The Cost of Debt: Evidence From Government Investments in Publicly Traded Firms, Journal of Financial Economics, 118 (1), 168-191
Bortolotti, B., Fotak, V. ve Megginson, W. (2015), The Sovereign Wealth Fund Discount: Evidence From Public Equity Investments, The Review of Financial Studies, 28 (11), 2993–3035.
Bortolotti, B. ve Scortecci, A. (2019), The Rise of Collaborative Investing Sovereign Wealth Funds’ New Strategies in Private Markets, A Joint SIL-BCG Report, University of Bocconi, Milano, İtalya.
Bortolotti, B.; Loss, G. ve Trajkov, N. (2017), SWF Investment in 2016, B. Bortolotti (der.), Hunting Unicorns, Sovereign Wealth Fund Annual Report 2016, University of Bocconi: Bocconi, 16-36.
Bortolotti, B.; Fotak, V. ve Loss, G. (2016). “SWF investment in 2015”, B. Bortolotti (der.), Sky did not Fall, Sovereign Wealth Fund Annual Report 2015, University of Bocconi: Bocconi, 15-40.
Boubakri, N., Cosset, J.C. ve Grira, J. (2016), Sovereign Wealth Funds Targets Selection: A Comparison with Pension Funds, Journal of International Financial Markets, Institutions and Money, 42, 60–76
Chhaochharia, V. ve Laven, L. (2008), Sovereign Wealth Funds: Their Investment Strategies and Performance, C.E.P.R. Tartışma Metni no. 6959, Londra, Birleşik Krallık.
CIC (China Investment Corporation) (2017), Annual Report 2016.
Cieślik, E. (2014), Investment Strategy of Sovereign Wealth Funds from Emerging Markets: The Case of China, Bulletin of Geography, Socio-Economic Series, 24, 27–40.
De Bellis, M. (2011), Global Standards for Sovereign Wealth Funds: The Quest for Transparency, Asian Journal of International Law, 1, 349–382.
Doruk, Ö. T. (2018), Türkiye Ekonomisi İçin Varlık Fonunun Ekonomik Büyüme Açısından Analizi: Ampirik Bir Deneme, İstanbul: İktisadî Araştırmalar Vakfı İktisadi İşletmesi Yayınları.
Dyck, A. I. J. ve Morse, A. (2011), Sovereign Wealth Fund Portfolios, Working Paper no. 11-15, Chicago Booth School of Business, Chicago, ABD.
Epstein, R. A. ve Rose, A. M. (2009), The Regulation of Sovereign Wealth Funds: The Virtues of Going Slow, University of Chicago Law Review, 76, 111-134.
Fernandes, N. (2014), The Impact of Sovereign Wealth Funds on Corporate Value and Performance, Journal of Applied Corporate Finance, 26, 76-84.
Gomes, T. (2008), The Impact of Sovereign Wealth Funds on International Financial Stability, Bank of Canada, Tartışma Metni No. 2008-14.
IMF (International Monetary Fund) (2008), Sovereign Wealth Funds - A Work Agenda. Washington DC, IMF.
Johan, S.A., Knill, A. ve Mauck, N. (2013), Determinants of Sovereign Wealth Fund Investments in Private Equity vs Public Equity, Journal of International Business Studies, 44, 155–172.
Kaminski, T. (2017), Sovereign Wealth Fund Investments in Europe as an Instrument of Chinese Energy Policy, Energy Policy, 101, 733–739.
King, G. ve Lowe, W. (2017), 10 Million International Dyadic Events, https://doi.org/10.7910/ DVN/BTMQA0
Knill, A.; Lee, B.-S., ve Mauck, N. (2012), Bilateral Political Relations and Sovereign Wealth Fund Investment, Journal of Corporate Finance, 18, 108-123.
Kotter, J. ve Lel, U. (2011), Friends or Foes? Target Selection Decisions of Sovereign Wealth Funds and Their Consequences, Journal of Financial Economics, 101, 360-381.
Megginson, W.L.; You, M. ve Han, L. (2013), Determinants of Sovereign Wealth Fund Cross- border Investments, The Financial Review, 48, 539–572.
Megginson, W.L. ve Fotak, V. (2015), Rise of the Fiduciary State: A Survey of Sovereign Wealth Fund Research, Journal of Economic Surveys, 29(4), 733-778.
OECD (2020), OECD Structural Analysis Database (STAN), http://www.oecd.org/industry/ ind/stanstructuralanalysisdatabase.htm, (Erişim Tarihi: 23.08.2020)
Park, J. ve Van der Hoom, H. (2012), Financial Crisis, SWF Investing, and Implications for Financial Stability, Global Policy, 3(2), 211-221.
Rose, P. (2008), Sovereign Wealth Funds: Active or Passive Investors?, The Yale Law Journal Pocket Part, 118, 104- 108.
The Telegraph (2015), China ‘to move £500bn sovereign wealth fund to New York. https:// www.telegraph.co.uk/finance/china-business/12050244/China-to-move-500bn- sovereign-wealth-fund-to-New-York.html
Türkiye Varlık Fonu A.Ş. (2020), Türkiye Varlık Fonu: Geleceğe Yatırımın Yolu, https://www.tvf. com.tr/ (Erişim Tarihi: 27.07.2020)
Venkatachalam, S. (2012), Sovereign Wealth Funds And Emerging Economies: Reap The Good; Leave The Bad, Macroeconomics and Finance in Emerging Market Economies, 5(2), 281-296.