Publication: Risk yönetiminin Türkiye’de uygulama olanakları
Abstract
Bu yüksek lisans tezinde risk sermayesinin genel özellikleri, ne olduğu, genel kavramları, yatırım kaynaklarından bahsettikten sonra küçük ve orta ölçekli işletmeler hakkında bilgiler verdik ve Türkiye’deki KOBİ’lerin sorunları, çözüm önerilerini belirttik. Tüm ülke ve toplumlarda risk sermayesinin kurulmasına neden olan faktörler hemen hemen aynıdır: kazançlı girişimci fikirleri ve / veya kurulmuş yapıları tespit edip, finanse etme ihtiyacı. Bununla birlikte, ülkelerdeki farklı yasal, kültürel ve ekonomik koşullar sınırlama ve fırsatları beraberinde getirmektedir. Türk risk sermayesi sektörü oldukça yeni olup, Sermaye Piyasası Kurulu’nun 1993’deki ‘Risk Sermayesi Yatırım Ortaklığı’ kuruluşu için öngörülen prosedürlerini açıklayan tebliğinden sonra biçimlenmeye başlamıştır. Özel yatırım sektörüne yeterince danışılmadan söz konusu prosedürler tasarlanmıştır. Dolayısıyla etki/ tepki kuralına dayanan görüşme neticesinde sunulan çözümler gerçekleşmemiştir. Bu nedenle 1996’da SPK söz konusu tebliği düzelterek daha da çekici hale getirmeye çalışmıştır. Fakat yine de yasal, vergi ve yapısal engeller kurulabilen potansiyel fonları kaçırmaktadır. Risk sermayesi yatırım şirketlerinin Türkiye’de başarılı olabilmeleri için daha büyük potansiyellere sahip olmaları gerekmektedir. Kolaylaştırılmış vergi uygulamaları, Türkiye’nin stratejik konumu ve diğer birçok faktör işletmelere Türkiye’de büyük fırsatlar sunmaktadır. Bütün bu sayılanları göz önüne alırsak Türkiye risk sermayedarları için ideal bir pazar olarak tavsiye edilebilir.
In this master thesis we have explained the main characteristics of venture capital, its definitions, its investment fund sources, stages and then we talked about small and medium sized enterprises and Turkish SME’s, their problems and how we can solve these problems and how could we use venture capital for SME’s. The driving forces behind the establishment of the venture capital notion are similar in all countries and societies: the need to find and fund the most lucrative entrepreneurial ideas and/ or established structures. However, the evident legal, cultural and economic dissimilarities between different countries offer both restrictions and oppurtunities. The Turkish venture capital industry is relatively new and only began to take shape after 1993 when the Capital Market Board (SPK) prepared and announced their communique regarding procedures for the establishment of a ‘Venture Capital Investment Trust’. Since the proceduresfor the establishment of a venture capital fund were drafted without adequately consulting the investment industry the traditional negotiation scheme of action/ reaction offering a more conclusive solution were not realized. Hence, the SPK amended the communique in 1996 to make it more attractive. However legal, tax and structural obstacles still do exist, driving away any potential fund establishments. Venture capital investment companies have greater potential to become successful in Turkey. Simplified taxation, the strategic place of Turkey and numerous other factors give businesses in Turkey great opportunity. Considering all above mentioned advantages, Turkey is offering an ideal market for venture capitalists.
In this master thesis we have explained the main characteristics of venture capital, its definitions, its investment fund sources, stages and then we talked about small and medium sized enterprises and Turkish SME’s, their problems and how we can solve these problems and how could we use venture capital for SME’s. The driving forces behind the establishment of the venture capital notion are similar in all countries and societies: the need to find and fund the most lucrative entrepreneurial ideas and/ or established structures. However, the evident legal, cultural and economic dissimilarities between different countries offer both restrictions and oppurtunities. The Turkish venture capital industry is relatively new and only began to take shape after 1993 when the Capital Market Board (SPK) prepared and announced their communique regarding procedures for the establishment of a ‘Venture Capital Investment Trust’. Since the proceduresfor the establishment of a venture capital fund were drafted without adequately consulting the investment industry the traditional negotiation scheme of action/ reaction offering a more conclusive solution were not realized. Hence, the SPK amended the communique in 1996 to make it more attractive. However legal, tax and structural obstacles still do exist, driving away any potential fund establishments. Venture capital investment companies have greater potential to become successful in Turkey. Simplified taxation, the strategic place of Turkey and numerous other factors give businesses in Turkey great opportunity. Considering all above mentioned advantages, Turkey is offering an ideal market for venture capitalists.