{"status":true,"post":{"id":41460,"user_id":9,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2023-07-10 08:40:00","created_at":"2023-07-10T05:40:00.000000Z","updated_at":"2023-07-10T05:40:00.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":41460,"is_featured":0,"title":"Zombi \u015firketler","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":"


<\/p>

ngur@medipol.com.tr<\/span><\/strong><\/p>

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

Herkesin malumu oldu\u011fu \u00fczere, finansman meselesi reel sekt\u00f6r i\u00e7in son derece hayatidir. Yeterli finansman imkanlar\u0131n\u0131 makul maliyetlerle ve \u00e7e\u015fitlendirilmi\u015f finansal enstr\u00fcmanlar \u00fczerinden reel sekt\u00f6re ula\u015ft\u0131rabilen \u00fclkeler, rakiplerine k\u0131yasla daha h\u0131zl\u0131 b\u00fcy\u00fcr. Bu, hem teorik olarak hem de verilerle ispatlanm\u0131\u015f bir olgudur. Ancak, hayat\u0131n her alan\u0131nda oldu\u011fu gibi finansal kaynaklar\u0131n da bol ve bilin\u00e7siz kullan\u0131m\u0131 zararl\u0131d\u0131r. Bu da bilimsel bir ger\u00e7ek. Bu durumu \u2018zombi \u015firketler\u2019 fenomeni \u00fczerinden anlatmaya \u00e7al\u0131\u015faca\u011f\u0131m.<\/span><\/p>

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

Zombi \u015firketler, g\u00fcnl\u00fck faaliyetlerini d\u00fc\u015f\u00fck faizli krediler ve\/veya kamu te\u015fvikleriyle s\u00fcrd\u00fcrebilen, ancak bor\u00e7lar\u0131n\u0131 \u00f6deyebilecek kadar ciro elde edemeyen reel sekt\u00f6r temsilcileridir. Bir ba\u015fka deyi\u015fle, zombiler, faiz oranlar\u0131n\u0131n suni bir \u015fekilde d\u00fc\u015f\u00fck tutulmad\u0131\u011f\u0131 ve likidite ak\u0131\u015f\u0131n\u0131n y\u00fcksek olmad\u0131\u011f\u0131 durumlarda bat\u0131k duruma d\u00fc\u015fmesi an meselesi olan \u015firketlerdir. Bu \u015firketler normal \u015fartlarda ayakta kalamazlar. Yani, suni destek olmazsa gemiyi y\u00fczd\u00fcremeyecek kadar zay\u0131f durumdad\u0131rlar.<\/span><\/p>

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

ZARARLARI \u00c7OK<\/span><\/strong><\/p>

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

Kredi piyasalar\u0131n\u0131n a\u015f\u0131r\u0131 gev\u015fek tutulmas\u0131 ve kredi garantileri gibi devlet destek mekanizmalar\u0131yla ayakta kalan bu t\u00fcr zombi \u015firketler, uzun vadede ekonomiye zarar verirler. Zombi \u015firketler, sekt\u00f6rdeki di\u011fer \u015firketlerin daha verimli bir \u015fekilde kullanabilece\u011fi finansman\u0131 kendilerine \u00e7ekerek kaynak israf\u0131na yol a\u00e7arlar. Sa\u011fl\u0131kl\u0131 firmalar\u0131n rekabet etmesini ve b\u00fcy\u00fcmesini zorla\u015ft\u0131r\u0131rlar. Ayr\u0131ca, bu t\u00fcr \u015firketler genellikle Ar-Ge ve yenilik gibi katma de\u011ferli faaliyetlere yeterli kaynak ay\u0131ramazlar. T\u00fcm bu olumsuz etkiler, sonu\u00e7 olarak \u00fcretkenli\u011fi ve ekonomik b\u00fcy\u00fcmeyi a\u015fa\u011f\u0131 \u00e7eker.<\/span><\/p>

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

IMF ekonomistleri, ge\u00e7ti\u011fimiz hafta zombi \u015firketlere dair kapsaml\u0131 bir \u00e7al\u0131\u015fma yay\u0131nlad\u0131. Buna g\u00f6re, son 20 y\u0131lda mali yap\u0131lar\u0131 bozuk olmas\u0131na ra\u011fmen ka\u011f\u0131t \u00fczerinde ya\u015famaya devam eden \u015firketlerin oran\u0131nda d\u00fcnya genelinde kayda de\u011fer bir art\u0131\u015f ya\u015fanm\u0131\u015f. Zombilerin y\u00fckseli\u015finin arka plan\u0131nda 2008 k\u00fcresel krizi ve Covid-19 salg\u0131n\u0131 gibi b\u00fcy\u00fck \u015foklar\u0131n etkisi var. \u00a0\u00c7al\u0131\u015fman\u0131n bulgular\u0131, halka a\u00e7\u0131k olmayan \u015firketler i\u00e7erisinde zombile\u015fme oran\u0131n\u0131n daha d\u00fc\u015f\u00fck oldu\u011funu g\u00f6steriyor. 2000 y\u0131l\u0131nda borsada i\u015flem g\u00f6ren \u015firketlerin y\u00fczde 6\u2019s\u0131n\u0131 olu\u015fturan zombi \u015firketler, 2021 y\u0131l\u0131nda y\u00fczde 10\u2019dan fazlas\u0131n\u0131 olu\u015fturmu\u015f. Genel olarak \u00f6zel \u015firketlere bakt\u0131\u011f\u0131m\u0131zda ise 1997 y\u0131l\u0131nda zombi \u015firketlerin oran\u0131 y\u00fczde 1 iken, 2020 y\u0131l\u0131nda oran\u0131n y\u00fczde 5\u2019e y\u00fckseldi\u011fini g\u00f6r\u00fcyoruz.<\/span><\/p>

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

NORMALLE\u015eMEN\u0130N \u00d6NEM\u0130<\/span><\/strong><\/p>

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

Ara\u015ft\u0131rmaya konu olan verilere g\u00f6re, \u00f6zel sekt\u00f6rde zombi \u015firket oran\u0131 en y\u00fcksek \u00fclke T\u00fcrkiye\u2019dir. Zombi kategorisine giren \u015firketlerin oran\u0131 T\u00fcrkiye\u2019de y\u00fczde 13. T\u00fcrkiye\u2019yi s\u0131ras\u0131yla Endonezya, Romanya ve Rusya takip ediyor. Sadece halka a\u00e7\u0131k \u015firketler de\u011ferlendirildi\u011finde ise T\u00fcrkiye, zombi \u015firket oran\u0131 en y\u00fcksek olan 21. \u00fclke konumunda.<\/span><\/p>

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

Reel faizleri \u00e7ok d\u00fc\u015f\u00fck tutman\u0131n \u015firketleri hedeflenen \u00f6l\u00e7\u00fcde beslemedi\u011fine, hatta kredi da\u011f\u0131l\u0131m\u0131n\u0131 bozarak \u00e7e\u015fitli yan etkilere neden oldu\u011funa \u015fahit olduk. Bu y\u00fczden \u00fclkemizde zombi \u015firketlerin oran\u0131n\u0131 a\u015fa\u011f\u0131ya \u00e7ekmek i\u00e7in \u00f6ncelikle para politikas\u0131 ve finansal ko\u015fullar\u0131n kademeli olarak normalle\u015fmesi gerekiyor. Bu y\u00f6nde ilk ad\u0131mlar se\u00e7imlerin ard\u0131ndan at\u0131lmaya ba\u015fland\u0131. \u00d6n\u00fcm\u00fczdeki aylarda normalle\u015fme e\u011filiminin kendini daha da hissettirece\u011fini bekliyoruz. Normalle\u015fmeyle birlikte krediye eri\u015fim mekanizmas\u0131 daha sa\u011fl\u0131kl\u0131 ve verimli i\u015fleyecektir.\u00a0<\/span><\/p>","slug":"zombi-sirketler","tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"news_cover_min":"\/front\/uploads\/blog\/thumbnail\/16889364001wC742TVDgtYRC6.webp","news_cover":null,"news_video_min":null,"news_video":null,"view_count":4209,"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":41586,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":41460,"locale":"tr","category_id":73,"title":"Zombi \u015firketler","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":"


<\/p>

ngur@medipol.com.tr<\/span><\/strong><\/p>

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

Herkesin malumu oldu\u011fu \u00fczere, finansman meselesi reel sekt\u00f6r i\u00e7in son derece hayatidir. Yeterli finansman imkanlar\u0131n\u0131 makul maliyetlerle ve \u00e7e\u015fitlendirilmi\u015f finansal enstr\u00fcmanlar \u00fczerinden reel sekt\u00f6re ula\u015ft\u0131rabilen \u00fclkeler, rakiplerine k\u0131yasla daha h\u0131zl\u0131 b\u00fcy\u00fcr. Bu, hem teorik olarak hem de verilerle ispatlanm\u0131\u015f bir olgudur. Ancak, hayat\u0131n her alan\u0131nda oldu\u011fu gibi finansal kaynaklar\u0131n da bol ve bilin\u00e7siz kullan\u0131m\u0131 zararl\u0131d\u0131r. Bu da bilimsel bir ger\u00e7ek. Bu durumu \u2018zombi \u015firketler\u2019 fenomeni \u00fczerinden anlatmaya \u00e7al\u0131\u015faca\u011f\u0131m.<\/span><\/p>

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

Zombi \u015firketler, g\u00fcnl\u00fck faaliyetlerini d\u00fc\u015f\u00fck faizli krediler ve\/veya kamu te\u015fvikleriyle s\u00fcrd\u00fcrebilen, ancak bor\u00e7lar\u0131n\u0131 \u00f6deyebilecek kadar ciro elde edemeyen reel sekt\u00f6r temsilcileridir. Bir ba\u015fka deyi\u015fle, zombiler, faiz oranlar\u0131n\u0131n suni bir \u015fekilde d\u00fc\u015f\u00fck tutulmad\u0131\u011f\u0131 ve likidite ak\u0131\u015f\u0131n\u0131n y\u00fcksek olmad\u0131\u011f\u0131 durumlarda bat\u0131k duruma d\u00fc\u015fmesi an meselesi olan \u015firketlerdir. Bu \u015firketler normal \u015fartlarda ayakta kalamazlar. Yani, suni destek olmazsa gemiyi y\u00fczd\u00fcremeyecek kadar zay\u0131f durumdad\u0131rlar.<\/span><\/p>

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

ZARARLARI \u00c7OK<\/span><\/strong><\/p>

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

Kredi piyasalar\u0131n\u0131n a\u015f\u0131r\u0131 gev\u015fek tutulmas\u0131 ve kredi garantileri gibi devlet destek mekanizmalar\u0131yla ayakta kalan bu t\u00fcr zombi \u015firketler, uzun vadede ekonomiye zarar verirler. Zombi \u015firketler, sekt\u00f6rdeki di\u011fer \u015firketlerin daha verimli bir \u015fekilde kullanabilece\u011fi finansman\u0131 kendilerine \u00e7ekerek kaynak israf\u0131na yol a\u00e7arlar. Sa\u011fl\u0131kl\u0131 firmalar\u0131n rekabet etmesini ve b\u00fcy\u00fcmesini zorla\u015ft\u0131r\u0131rlar. Ayr\u0131ca, bu t\u00fcr \u015firketler genellikle Ar-Ge ve yenilik gibi katma de\u011ferli faaliyetlere yeterli kaynak ay\u0131ramazlar. T\u00fcm bu olumsuz etkiler, sonu\u00e7 olarak \u00fcretkenli\u011fi ve ekonomik b\u00fcy\u00fcmeyi a\u015fa\u011f\u0131 \u00e7eker.<\/span><\/p>

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

IMF ekonomistleri, ge\u00e7ti\u011fimiz hafta zombi \u015firketlere dair kapsaml\u0131 bir \u00e7al\u0131\u015fma yay\u0131nlad\u0131. Buna g\u00f6re, son 20 y\u0131lda mali yap\u0131lar\u0131 bozuk olmas\u0131na ra\u011fmen ka\u011f\u0131t \u00fczerinde ya\u015famaya devam eden \u015firketlerin oran\u0131nda d\u00fcnya genelinde kayda de\u011fer bir art\u0131\u015f ya\u015fanm\u0131\u015f. Zombilerin y\u00fckseli\u015finin arka plan\u0131nda 2008 k\u00fcresel krizi ve Covid-19 salg\u0131n\u0131 gibi b\u00fcy\u00fck \u015foklar\u0131n etkisi var. \u00a0\u00c7al\u0131\u015fman\u0131n bulgular\u0131, halka a\u00e7\u0131k olmayan \u015firketler i\u00e7erisinde zombile\u015fme oran\u0131n\u0131n daha d\u00fc\u015f\u00fck oldu\u011funu g\u00f6steriyor. 2000 y\u0131l\u0131nda borsada i\u015flem g\u00f6ren \u015firketlerin y\u00fczde 6\u2019s\u0131n\u0131 olu\u015fturan zombi \u015firketler, 2021 y\u0131l\u0131nda y\u00fczde 10\u2019dan fazlas\u0131n\u0131 olu\u015fturmu\u015f. Genel olarak \u00f6zel \u015firketlere bakt\u0131\u011f\u0131m\u0131zda ise 1997 y\u0131l\u0131nda zombi \u015firketlerin oran\u0131 y\u00fczde 1 iken, 2020 y\u0131l\u0131nda oran\u0131n y\u00fczde 5\u2019e y\u00fckseldi\u011fini g\u00f6r\u00fcyoruz.<\/span><\/p>

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

NORMALLE\u015eMEN\u0130N \u00d6NEM\u0130<\/span><\/strong><\/p>

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

Ara\u015ft\u0131rmaya konu olan verilere g\u00f6re, \u00f6zel sekt\u00f6rde zombi \u015firket oran\u0131 en y\u00fcksek \u00fclke T\u00fcrkiye\u2019dir. Zombi kategorisine giren \u015firketlerin oran\u0131 T\u00fcrkiye\u2019de y\u00fczde 13. T\u00fcrkiye\u2019yi s\u0131ras\u0131yla Endonezya, Romanya ve Rusya takip ediyor. Sadece halka a\u00e7\u0131k \u015firketler de\u011ferlendirildi\u011finde ise T\u00fcrkiye, zombi \u015firket oran\u0131 en y\u00fcksek olan 21. \u00fclke konumunda.<\/span><\/p>

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

Reel faizleri \u00e7ok d\u00fc\u015f\u00fck tutman\u0131n \u015firketleri hedeflenen \u00f6l\u00e7\u00fcde beslemedi\u011fine, hatta kredi da\u011f\u0131l\u0131m\u0131n\u0131 bozarak \u00e7e\u015fitli yan etkilere neden oldu\u011funa \u015fahit olduk. Bu y\u00fczden \u00fclkemizde zombi \u015firketlerin oran\u0131n\u0131 a\u015fa\u011f\u0131ya \u00e7ekmek i\u00e7in \u00f6ncelikle para politikas\u0131 ve finansal ko\u015fullar\u0131n kademeli olarak normalle\u015fmesi gerekiyor. Bu y\u00f6nde ilk ad\u0131mlar se\u00e7imlerin ard\u0131ndan at\u0131lmaya ba\u015fland\u0131. \u00d6n\u00fcm\u00fczdeki aylarda normalle\u015fme e\u011filiminin kendini daha da hissettirece\u011fini bekliyoruz. Normalle\u015fmeyle birlikte krediye eri\u015fim mekanizmas\u0131 daha sa\u011fl\u0131kl\u0131 ve verimli i\u015fleyecektir.\u00a0<\/span><\/p>","slug":"zombi-sirketler","orjinalimage":"\/front\/uploads\/blog\/thumbnail\/16889364001wC742TVDgtYRC6.webp","news_cover_min":"\/front\/uploads\/blog\/thumbnail\/16889364001wC742TVDgtYRC6.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":4209,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}