{"status":true,"post":{"id":45378,"user_id":9,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2023-11-13 08:20:00","created_at":"2023-11-13T05:20:00.000000Z","updated_at":"2023-11-13T05:23:14.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":45378,"is_featured":0,"title":"\u00d6zel sekt\u00f6r\u00fcn finansmanla imtihan\u0131-1","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":"PROF. DR. NURULLAH G\u00dcR","content":"

nurullah.gur@marmara.edu.tr<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

T\u00fcrkiye, hazirandan bu yana s\u0131k\u0131 para politikas\u0131 uyguluyor. Bu \u00e7er\u00e7evede politika faizi y\u00fckseltilirken, para arz\u0131 art\u0131\u015f\u0131nda hafif frene bas\u0131ld\u0131. S\u0131k\u0131 para politikas\u0131, enflasyonu tek hanelere indirmek i\u00e7in yeterli olmasa da kesin bir \u00f6n ko\u015ful. Para politikas\u0131 olmadan bu denli y\u00fcksek enflasyonun ate\u015fini d\u00fc\u015f\u00fcrmek m\u00fcmk\u00fcn de\u011fil. Dolay\u0131s\u0131yla faiz oranlar\u0131, bir s\u00fcre daha ge\u00e7mi\u015f 15-20 y\u0131la k\u0131yasla y\u00fcksek kalmaya devam edecek.<\/span><\/p>

\u00a0<\/span><\/p>

Ticari kredi faiz oranlar\u0131, y\u00fczde 15\u2019lerden y\u00fczde 48-49 seviyesine y\u00fckseldi. \u015eirketler, bu denli y\u00fcksek faiz oranlar\u0131yla kredi \u00e7ekip \u00fcretim\/ticaret yapt\u0131ktan sonra nas\u0131l k\u00e2r elde edeceklerini sorguluyor. Kendi cephelerinden bak\u0131ld\u0131\u011f\u0131nda hakl\u0131 bir endi\u015fe. Ancak, yukar\u0131da da belirti\u011fim \u00fczere, s\u0131k\u0131 para politikas\u0131 \u015fu a\u015famada T\u00fcrkiye ekonomisi i\u00e7in bir zaruret.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

Para politikas\u0131n\u0131 erken gev\u015fetirsek, enflasyonu d\u00fc\u015f\u00fcremeyece\u011fimiz gibi son aylarda krediye eri\u015fimle ilgili \u00e7ekilen s\u0131k\u0131nt\u0131lar\u0131 da bo\u015funa ya\u015fam\u0131\u015f olaca\u011f\u0131z. E\u011fer y\u00fcksek ekonomik b\u00fcy\u00fcmeyi uzun vadede s\u00fcrd\u00fcr\u00fclebilir k\u0131lmak ve faize dayal\u0131 finansmana ba\u011f\u0131ml\u0131l\u0131ktan kurtulmak istiyorsak, enflasyonu d\u00fc\u015f\u00fcrmekten ba\u015fka \u00e7aremiz yok.<\/span><\/p>

\u00a0<\/span><\/p>

Bu ger\u00e7e\u011fi dikkate ald\u0131\u011f\u0131m\u0131zda ortaya \u015f\u00f6yle bir tablo \u00e7\u0131k\u0131yor: Bir s\u00fcre kredi pastas\u0131, reel bazda \u00e7ok fazla b\u00fcy\u00fcmeyecek ve faiz oranlar\u0131 y\u00fcksek kalacak. Bu d\u00f6nemde a\u015f\u0131r\u0131 agresif bir i\u015f\/ticaret stratejisi uygulamak do\u011fru olmayacak. Y\u00fcksek faiz ortam\u0131nda hormonlu bi\u00e7imde b\u00fcy\u00fcmeye \u00e7al\u0131\u015f\u0131p \u015firketi bor\u00e7 y\u00fck\u00fcyle hantalla\u015ft\u0131rmaktansa, bir s\u00fcre \u015firketi rehabilite etmek daha uygun bir strateji olabilir.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

\u015e\u0130RKET VE SEKT\u00d6R BAZINDA KRED\u0130<\/span><\/strong><\/p>

\u00a0<\/span><\/strong><\/p>

Rehabilitasyon veya k\u00fc\u00e7\u00fclme, her \u015firket i\u00e7in ge\u00e7erli bir strateji olamayabilir. \u00d6nlerinde ciddi yat\u0131r\u0131m ve ticaret f\u0131rsatlar\u0131 olan sekt\u00f6rler ve \u015firketler i\u00e7in farkl\u0131 bi\u00e7imde aksiyon almak gerekir. \u0130\u015fte bu noktada mevcut kredi pastas\u0131n\u0131n da\u011f\u0131l\u0131m\u0131n\u0131 dikkatli ayarlamak \u00f6nemli. Ticari kredilerin pay\u0131n\u0131 art\u0131rmak, bu yolda at\u0131labilecek ad\u0131mlardan biri. Zira, t\u00fcketici kredilerine k\u0131yasla, ticari krediler, \u00fcretimi te\u015fvik etme ve istihdam\u0131 art\u0131rman\u0131n yan\u0131 s\u0131ra, enflasyon ve cari a\u00e7\u0131\u011f\u0131 d\u00fc\u015f\u00fcrme a\u00e7\u0131s\u0131ndan daha etkili sonu\u00e7lar sa\u011flar. Ayr\u0131ca, finansman kaynaklar\u0131n\u0131 verimli bir \u015fekilde kullanma potansiyeli olmayan \u015firketlerin krediye eri\u015fimi k\u0131s\u0131tl\u0131 tutulmal\u0131.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

\u00dcretimi, istihdam\u0131 ve teknolojik geli\u015fimi besleyici nitelikte yeni yat\u0131r\u0131m taahh\u00fcd\u00fcnde bulunan \u015firketlere ise krediye eri\u015fimde \u00f6ncelik tan\u0131nmal\u0131. Hatta bu tip reel yat\u0131r\u0131mlar i\u00e7in finansman olanaklar\u0131n\u0131 \u00e7ok daha titiz ve etkin bi\u00e7imde yerine getirebilecek olan kat\u0131l\u0131m finans kurumlar\u0131na daha fazla alan a\u00e7\u0131lmal\u0131. \u00d6zetle, \u015firket ve sekt\u00f6r baz\u0131nda kredi da\u011f\u0131t\u0131m\u0131 se\u00e7ici bir \u015fekilde y\u00f6netilmeli.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

EX\u0130MBANK\u2019IN F\u0130NANSMAN \u0130MKANLARI\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

\u0130hracat\u00e7\u0131 \u015firketlerin Eximbank \u00fczerinden ald\u0131klar\u0131 kredilerde ya\u015fayabilecekleri limit ve vade gibi sorunlar\u0131n \u00f6n\u00fcne ge\u00e7ilmeli. Eximbank\u2019\u0131n finansman imkanlar\u0131 s\u0131k\u00e7a g\u00fcncellenmeli. \u00c7\u00fcnk\u00fc, ihracat\u00e7\u0131lar Eximbank \u00fczerinden yeterli finansmana eri\u015femedikleri noktada ticari bankalar\u0131n da\u011f\u0131tt\u0131\u011f\u0131 kredi pastas\u0131na y\u00f6neliyor. Bu pasta \u015fu s\u0131ralar \u00e7ok fazla b\u00fcy\u00fcmeyece\u011fi i\u00e7in ihracat\u00e7\u0131lar\u0131 m\u00fcmk\u00fcn mertebe Eximbank \u00fczerinden finans edip onlar\u0131n ilave kredi ihtiyac\u0131n\u0131 azaltmak, di\u011fer \u015firketlere krediye eri\u015fimde alan a\u00e7abilir.<\/span><\/p>


<\/p>

Y\u00fcksek faiz ortam\u0131nda reel sekt\u00f6r\u00fcn finansman sorunlar\u0131na tek ba\u015f\u0131na kredi mekanizmas\u0131 \u00fczerinden \u00e7\u00f6z\u00fcm \u00fcretmek m\u00fcmk\u00fcn de\u011fil. Konuyu \u00f6z sermaye, ortakl\u0131k ve alternatif finansman ara\u00e7lar\u0131\/kurumlar\u0131 gibi di\u011fer cephelerden de incelemek gerekiyor. Onu da nasip olursa bir sonraki yaz\u0131ya b\u0131rakal\u0131m.\u00a0<\/span><\/p>","slug":"ozel-sektorun-finansmanla-imtihani-1","tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"news_cover_min":"\/front\/uploads\/blog\/thumbnail\/1699822800gCesN5AYgieFeeE.webp","news_cover":null,"news_video_min":null,"news_video":null,"view_count":1752,"cropped_1200x675":null,"user":{"id":9,"name":"NURULLAH","surname":"G\u00dcR","email":"nurullah.gur@marmara.edu.tr","slug":"prof-dr-nurullah-gur","avatar":"\/front\/uploads\/avatar\/1733691600zm0eg4EVw1c01iN.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T09:51:22.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":45504,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":45378,"locale":"tr","category_id":73,"title":"\u00d6zel sekt\u00f6r\u00fcn finansmanla imtihan\u0131-1","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":"PROF. DR. NURULLAH G\u00dcR","content":"

nurullah.gur@marmara.edu.tr<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

T\u00fcrkiye, hazirandan bu yana s\u0131k\u0131 para politikas\u0131 uyguluyor. Bu \u00e7er\u00e7evede politika faizi y\u00fckseltilirken, para arz\u0131 art\u0131\u015f\u0131nda hafif frene bas\u0131ld\u0131. S\u0131k\u0131 para politikas\u0131, enflasyonu tek hanelere indirmek i\u00e7in yeterli olmasa da kesin bir \u00f6n ko\u015ful. Para politikas\u0131 olmadan bu denli y\u00fcksek enflasyonun ate\u015fini d\u00fc\u015f\u00fcrmek m\u00fcmk\u00fcn de\u011fil. Dolay\u0131s\u0131yla faiz oranlar\u0131, bir s\u00fcre daha ge\u00e7mi\u015f 15-20 y\u0131la k\u0131yasla y\u00fcksek kalmaya devam edecek.<\/span><\/p>

\u00a0<\/span><\/p>

Ticari kredi faiz oranlar\u0131, y\u00fczde 15\u2019lerden y\u00fczde 48-49 seviyesine y\u00fckseldi. \u015eirketler, bu denli y\u00fcksek faiz oranlar\u0131yla kredi \u00e7ekip \u00fcretim\/ticaret yapt\u0131ktan sonra nas\u0131l k\u00e2r elde edeceklerini sorguluyor. Kendi cephelerinden bak\u0131ld\u0131\u011f\u0131nda hakl\u0131 bir endi\u015fe. Ancak, yukar\u0131da da belirti\u011fim \u00fczere, s\u0131k\u0131 para politikas\u0131 \u015fu a\u015famada T\u00fcrkiye ekonomisi i\u00e7in bir zaruret.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

Para politikas\u0131n\u0131 erken gev\u015fetirsek, enflasyonu d\u00fc\u015f\u00fcremeyece\u011fimiz gibi son aylarda krediye eri\u015fimle ilgili \u00e7ekilen s\u0131k\u0131nt\u0131lar\u0131 da bo\u015funa ya\u015fam\u0131\u015f olaca\u011f\u0131z. E\u011fer y\u00fcksek ekonomik b\u00fcy\u00fcmeyi uzun vadede s\u00fcrd\u00fcr\u00fclebilir k\u0131lmak ve faize dayal\u0131 finansmana ba\u011f\u0131ml\u0131l\u0131ktan kurtulmak istiyorsak, enflasyonu d\u00fc\u015f\u00fcrmekten ba\u015fka \u00e7aremiz yok.<\/span><\/p>

\u00a0<\/span><\/p>

Bu ger\u00e7e\u011fi dikkate ald\u0131\u011f\u0131m\u0131zda ortaya \u015f\u00f6yle bir tablo \u00e7\u0131k\u0131yor: Bir s\u00fcre kredi pastas\u0131, reel bazda \u00e7ok fazla b\u00fcy\u00fcmeyecek ve faiz oranlar\u0131 y\u00fcksek kalacak. Bu d\u00f6nemde a\u015f\u0131r\u0131 agresif bir i\u015f\/ticaret stratejisi uygulamak do\u011fru olmayacak. Y\u00fcksek faiz ortam\u0131nda hormonlu bi\u00e7imde b\u00fcy\u00fcmeye \u00e7al\u0131\u015f\u0131p \u015firketi bor\u00e7 y\u00fck\u00fcyle hantalla\u015ft\u0131rmaktansa, bir s\u00fcre \u015firketi rehabilite etmek daha uygun bir strateji olabilir.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

\u015e\u0130RKET VE SEKT\u00d6R BAZINDA KRED\u0130<\/span><\/strong><\/p>

\u00a0<\/span><\/strong><\/p>

Rehabilitasyon veya k\u00fc\u00e7\u00fclme, her \u015firket i\u00e7in ge\u00e7erli bir strateji olamayabilir. \u00d6nlerinde ciddi yat\u0131r\u0131m ve ticaret f\u0131rsatlar\u0131 olan sekt\u00f6rler ve \u015firketler i\u00e7in farkl\u0131 bi\u00e7imde aksiyon almak gerekir. \u0130\u015fte bu noktada mevcut kredi pastas\u0131n\u0131n da\u011f\u0131l\u0131m\u0131n\u0131 dikkatli ayarlamak \u00f6nemli. Ticari kredilerin pay\u0131n\u0131 art\u0131rmak, bu yolda at\u0131labilecek ad\u0131mlardan biri. Zira, t\u00fcketici kredilerine k\u0131yasla, ticari krediler, \u00fcretimi te\u015fvik etme ve istihdam\u0131 art\u0131rman\u0131n yan\u0131 s\u0131ra, enflasyon ve cari a\u00e7\u0131\u011f\u0131 d\u00fc\u015f\u00fcrme a\u00e7\u0131s\u0131ndan daha etkili sonu\u00e7lar sa\u011flar. Ayr\u0131ca, finansman kaynaklar\u0131n\u0131 verimli bir \u015fekilde kullanma potansiyeli olmayan \u015firketlerin krediye eri\u015fimi k\u0131s\u0131tl\u0131 tutulmal\u0131.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

\u00dcretimi, istihdam\u0131 ve teknolojik geli\u015fimi besleyici nitelikte yeni yat\u0131r\u0131m taahh\u00fcd\u00fcnde bulunan \u015firketlere ise krediye eri\u015fimde \u00f6ncelik tan\u0131nmal\u0131. Hatta bu tip reel yat\u0131r\u0131mlar i\u00e7in finansman olanaklar\u0131n\u0131 \u00e7ok daha titiz ve etkin bi\u00e7imde yerine getirebilecek olan kat\u0131l\u0131m finans kurumlar\u0131na daha fazla alan a\u00e7\u0131lmal\u0131. \u00d6zetle, \u015firket ve sekt\u00f6r baz\u0131nda kredi da\u011f\u0131t\u0131m\u0131 se\u00e7ici bir \u015fekilde y\u00f6netilmeli.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

EX\u0130MBANK\u2019IN F\u0130NANSMAN \u0130MKANLARI\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

\u0130hracat\u00e7\u0131 \u015firketlerin Eximbank \u00fczerinden ald\u0131klar\u0131 kredilerde ya\u015fayabilecekleri limit ve vade gibi sorunlar\u0131n \u00f6n\u00fcne ge\u00e7ilmeli. Eximbank\u2019\u0131n finansman imkanlar\u0131 s\u0131k\u00e7a g\u00fcncellenmeli. \u00c7\u00fcnk\u00fc, ihracat\u00e7\u0131lar Eximbank \u00fczerinden yeterli finansmana eri\u015femedikleri noktada ticari bankalar\u0131n da\u011f\u0131tt\u0131\u011f\u0131 kredi pastas\u0131na y\u00f6neliyor. Bu pasta \u015fu s\u0131ralar \u00e7ok fazla b\u00fcy\u00fcmeyece\u011fi i\u00e7in ihracat\u00e7\u0131lar\u0131 m\u00fcmk\u00fcn mertebe Eximbank \u00fczerinden finans edip onlar\u0131n ilave kredi ihtiyac\u0131n\u0131 azaltmak, di\u011fer \u015firketlere krediye eri\u015fimde alan a\u00e7abilir.<\/span><\/p>


<\/p>

Y\u00fcksek faiz ortam\u0131nda reel sekt\u00f6r\u00fcn finansman sorunlar\u0131na tek ba\u015f\u0131na kredi mekanizmas\u0131 \u00fczerinden \u00e7\u00f6z\u00fcm \u00fcretmek m\u00fcmk\u00fcn de\u011fil. Konuyu \u00f6z sermaye, ortakl\u0131k ve alternatif finansman ara\u00e7lar\u0131\/kurumlar\u0131 gibi di\u011fer cephelerden de incelemek gerekiyor. Onu da nasip olursa bir sonraki yaz\u0131ya b\u0131rakal\u0131m.\u00a0<\/span><\/p>","slug":"ozel-sektorun-finansmanla-imtihani-1","orjinalimage":"\/front\/uploads\/blog\/thumbnail\/1699822800gCesN5AYgieFeeE.webp","news_cover_min":"\/front\/uploads\/blog\/thumbnail\/1699822800gCesN5AYgieFeeE.webp","news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"view_count":1752,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}