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Küreselleşme ile birlikte son yıllarda finansal piyasalarda yaşanan gelişmeler beraberinde birtakım yenilikleri meydana getirmiştir. Finansal varlıkların menkul kıymetleştirilerek sermaye piyasalarındaki yatırımcılara satılması bu yeniliklerden en önemlisi olarak karşımıza çıkmaktadır. Modern finans sisteminin önemli bir yeniliği olarak karşımıza çıkan menkul kıymetleştirme ile likit olmayan aktif kalemleri, likit hale dönüştürülmekte ve böylece finans piyasalarına ilave fon sağlanmaktadır. Finansal açıdan önemli bir yere sahip olan menkul kıymetleştirme, 1970’li yıllarda uluslararası finans piyasalarında meydana gelen değişimler neticesinde geleneksel bankacılığın yerine tercih edilen önemli bir olgu olarak ortaya çıkmıştır. İlk menkul kıymetleştirme uygulamaları, Amerika Birleşik Devletleri (ABD)’nde mortgage kredilerinin menkul kıymetleştirilmesi ile başlamıştır. İlk ipotek dışı varlığa dayalı menkul kıymet uygulaması ise, 1985 yılında finansal kiralama sözleşmelerinden doğan alacakların menkul kıymetleştirilmesi ile olmuştur. Günümüzde otomobil kredileri, kredi kartı alacakları, finansal kiralamada ekipman (donanım) kiraları, öğrenci kredileri, ticari alacaklar, ihracat işlemelerinden doğan alacaklar menkul kıymetleştirilen diğer aktif varlık ürünleri arasında yer almaktadır. Bu çalışmanın amacı, yeni bir finansman tekniği olan menkul kıymetleştirme kavramının ve menkul kıymetleştirme işlemlerinden biri olan aktife dayalı menkul kıymetlerin Türkiye’deki ve dünyadaki uygulamalarının incelenmesidir. Bu kapsamda, menkul kıymetleştirmenin işlem gördüğü sermaye piyasalarının yapısı ve bu piyasalarda işlem gören menkul kıymetler hakkında genel olarak bilgi verilmiş, ardından menkul kıymetleştirmenin tanımı ve gelişimi ele alınmıştır. Çalışmanın son bölümünde ise, menkul kıymetleştirme türlerinden biri olan aktife dayalı menkul kıymetleştirme işlemlerinin tanımı yapılarak, aktif menkul kıymetleştirmesinin Türkiye ve dünya uygulamaları literatür açısından incelenmiş, konu ile ilgili önerilere yer verilmiştir.
In the past few years, the developments in the financial markets have resulted in a number of innovations. The sale of financial assets to investors in capital markets is an important factor in these innovations. As an important innovation of the modern financial system, the non-liquid active penses are converted into liquid and thus additional funds are provided to the financial markets. Monetary valuation, which has a significant financial position, has emerged as an important phenomenon preferred instead of traditional banking as a result of changes in the international financial markets in the 1970s. The first valuation practices began with the valuation of mortgage loans in the United States (US). The first non-hypotic asset-based value application was with the value of the recipients derived from financial rental contracts in 1985. Currently, car loans, credit cards, financial rental equipment (hardware) rentals, student loans, commercial receipts, export transactions are among other active asset products that are valued. The aim of this study is to explore the concept of valuation, which is a new financing technique, and the practices of asset-based valuations in Turkey and the world, which is one of the processes of valuation. In this context, information was given in general about the structure of the capital markets in which the valuation is traded and the valuations that are traded in these markets, and then the definition and development of the valuation was discussed. In the last part of the study, the definition of the activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity-based activity.
Along with globalization, developments that in financial markets have brought some recency in recent years. The most important of these recency is the securitization of financial assets and sale to investors in capital markets. Nonliquid asset items are converted into liquid with securitization so additional funding is provided to finance markets. Securitization, which has an important financial aspect, has emerged as a preferred phenomenon in place of traditional banking in the 1970s due to the changes taking place in the international financial markets. Initial securitization practices began with the securitization of mortgage loans in the United States. The first mortgage-backed securities application was the securitization of receivables arising from financial lease agreements in 1985. Today, automobile loans, credit card receivables, equipment leases in financial leasing, student loans, commercial receivables, other assets assets securitized receivables arising from export transactions are among the products. The aim of this study is analyzing securitization which a new funding technique and analyzing the applications of liquidity-based securitization which are one of the securitization transactions in Turkey and in the world. In this context; information are given about structuring of capital markets which securitization transactions, and in generally information are given about securitization traded in these market. Followed by definition and development of the securitization. In the last part of the study, the definition of asset-backed securities transactions which is one of the securitization types has been examined and the literature on Turkey and world applications of asset-backed securities has been examined and the related review and suggestion have been evaluated.
Alan : Eğitim Bilimleri; Filoloji; Güzel Sanatlar; Hukuk; Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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