Uluslararası kredi derecelendirme kuruluşları ve Türkiye üzerine bir analiz
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2015
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Abstract
1980'lerden itibaren küreselleşmenin etkileri ciddi bir şekilde ve kısa zaman içerisinde finansal piyasalarda özellikle de sermaye piyasaları üzerinde yoğun bir şekilde görülmeye başlanmıştır. Sadece para piyasası ve sermaye piyasası araçları küresel ortamda kolaylıkla hareket eder hale gelmemiş, farklı finansal enstrümanlar da ortaya çıkmış ve mali piyasalarda karşılaşılabilecek riskler de artmıştır. Küreselleşmeyle birlikte sermaye piyasası araçlarına yüklenen görevler de çoğalmıştır. Menkul kıymet ihraçlarının artması, ihraç edilen tahvil ve bonoların çoğalması ve bütün bu araçların değerlerinin kamuoyu tarafından tartışılması kredi derecelendirme kuruluşlarına duyulan ihtiyacı ve önemi artırmıştır. Uluslararası kredi derecelendirme analizleri, sermaye piyasalarında yer alan yatırımcı, finansal kuruluş ,fon sahipleri, ülke ekonomisi gibi birçok alanda oldukça önemlidir. Yapılan bu analizlerle fon sahiplerine anlaşılabilir özet mali bilgiler sunulmakta ve incelenen kıymetin taşıdığı risk hakkında bilgi sağlanmaktadır bu yüzden kredi derecelendirme kuruluşlarının önemi daha da artmıştır. Ancak son yıllarda bu kuruluşlara duyulan güven Amerika'da yaşanan büyük çapta ekonomik krizlerin, bu kuruluşlar tarafından fark edilememesi ve piyasalara bunlarla ilgili sinyallerin verilmemiş olması, Enron ve WorldCom gibi dev firmaların çöküşlerinin ardından ortaya çıkan usulsüzlükler, hileler ve hataların bütünü bu kuruluşlara olan güveni derinden sarsmıştır. Bu kapsamda bu iki olay incelenmiş ve her iki olaydaki benzerlik ve farklılıklar tespit edilmiştir. Türkiye de finans piyasalarında kredi derecelendirme kuruluşlarına duyulan güven merak edilmiş ve bunun üzerine banka çalışanlarına bir anket uygulanarak güven sorgulaması yapılmıştır. Anahtar Sözcükler: Küreselleşme, derecelendirme, kredi derecelendirme kuruluşları, Güven, analizlerin önemi
After 1980's the affects of the globalization have been seriously and intensively seen in the finance and especially in the capital markets.Not only money has started moving easily in the global environment but also there appeared different financial instruments and the risks that have increased in financial markets.With the globalization ,the duties of the instruments in capital markets have also increased.The increase in issurance of securities ,bonds and bills and the discussions within the public about the value of these instruments have increased the importance and the needs for credit rating agencies.International Credit Rating Analysis done by International Credit Rating Agencies are highly important for many investors in the capital market,financial institutions,fundholders and economies. With the help of these analysis ,fund owners are presented summarized financial information that is easy to understand and the information about the risks of the value which has been examined.This is the reason why the credit rating agencies are so important.The reliance on this institutions has been shaken in consideration to the economic crisis that the U.S.A has experienced in large scales recently.It is thought that firms have been highly evaluated.Furthermore, many tricks and irregularities haven't been noticed by these credit rating agencies.In this context,two important events in the U.S.A,Enron and WorldCom,have been searched and the similarities and the differences have been studied.In addition to this,a survey has been applied to 301 people in financial markets in Türkiye and the reliance on these institutions has been measured. Key Words: globalization,rating,credit rating agencies,reliability,importance of analysis
After 1980's the affects of the globalization have been seriously and intensively seen in the finance and especially in the capital markets.Not only money has started moving easily in the global environment but also there appeared different financial instruments and the risks that have increased in financial markets.With the globalization ,the duties of the instruments in capital markets have also increased.The increase in issurance of securities ,bonds and bills and the discussions within the public about the value of these instruments have increased the importance and the needs for credit rating agencies.International Credit Rating Analysis done by International Credit Rating Agencies are highly important for many investors in the capital market,financial institutions,fundholders and economies. With the help of these analysis ,fund owners are presented summarized financial information that is easy to understand and the information about the risks of the value which has been examined.This is the reason why the credit rating agencies are so important.The reliance on this institutions has been shaken in consideration to the economic crisis that the U.S.A has experienced in large scales recently.It is thought that firms have been highly evaluated.Furthermore, many tricks and irregularities haven't been noticed by these credit rating agencies.In this context,two important events in the U.S.A,Enron and WorldCom,have been searched and the similarities and the differences have been studied.In addition to this,a survey has been applied to 301 people in financial markets in Türkiye and the reliance on these institutions has been measured. Key Words: globalization,rating,credit rating agencies,reliability,importance of analysis
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İşletme, Derecelendirme, Derecelendirme kurumları, Kredi derecelendirme, Business Administration, Rating, Risk derecelendirmesi, Rating agencies, Credit rating, Türk ekonomisi, Risk rating, Türkiye, Turkish economy, Turkey, Uluslararası derecelendirme kuruluşları, International rating organizations
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147