The case of rating agency model proposal to the Turkish financial system
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2015
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Abstract
Yatırımcıların yatırım kararlarını etkileyerek sermayenin yönünü belirleyen ve küreselleşen dünyada önemli bir piyasa oyuncusu haline gelen kredi derecelendirme kuruluşları verdikleri kredi notlarıyla, şirketlerin ve özellikle gelişmekte olan ülkelerin sermaye kapasitesine ve maliyetine etki etmektedir. Kredi derecelendirme kuruluşlarının değerleme eksiklikleri ile ilgili eleştiriler arttıkça metodolojileri mercek altına alınmaya başlanmıştır. Sistemin doğru bir şekilde işleyebilmesi için derecelendirme notları standartlarının ve denetim eksikliklerin nedenleri üzerindeki eleştiriler yoğunlaşmıştır. Özellikle gelişmekte olan ülkelere verilen notların ülke özelini yansıtmakta yetersiz kaldığı, bilginin aktarımında eksiklik yaşandığı görülmektedir. Bu nedenle yerel derecelendirme kuruluşlarının kurulmasının bu ihtiyacı karşılamada faydalı olacağı düşünülmektedir. Türkiye'nin jeopolitik konumu dikkate alındığında yerel bir derecelendirme kuruluşuna öncülük etmesi ülkemizi ekonomik alanda başarıya taşıyabilecek adımlardan birisi olarak öngörülmektedir. Bu kapsamda ülke özelini, yapısını, ekonomik ve siyasi konjonktürünü iyi bilen organizasyonu ile doğru raporlar ve yapıcı analizler sunan, kendi içinde derecelendirme ve skorlama hizmetleri sağlayan ve hiçbir hissedarın çoğunluk hissesine sahip olmadığı, geniş tabanlı ortaklık modelini destekleyen bir derecelendirme şirketinin kurulmasının, doğru ve zamanında bilgi transferi ve finansal piyasaların derinleşmesine katkı sağlayacağına inanılmaktadır. İdeal Derecelendirme ve Skorlama Hizmetleri (Ideal Rating and Scoring Services-IRSS) olarak adlandırdığımız model kuruluşumuzun, bu özellikleri sağlayacak şekilde kurulması halinde büyüyen Türkiye ekonomisi için büyük katkılar sağlayacağı düşünülmekte ve öneri niteliğinde sunulmaktadır. Anahtar Kelimeler: Kredi Derecelendirme Kuruluşları
By affecting the investment decisions of investors, which determine the direction of the capital and by being major market players in the global world, credit rating agencies affect considerably cost and capacity of the capital of companies and developing countries in particular. Having been increasingly exposed to criticisms about their methodologies, credit rating agencies have been in the spotlight lately. In this respect, criticisms on standards and controls of the ratings are concentrated to make the system function properly. Especially the rating notes and inefficient evaluations of developing countries are seen as a failure to transfer information between parties in rating process and reflect the special characteristics of the countries. Therefore, it is thought that establishment of local rating agencies are useful to address this failure and meet the needs of the capital markets in the developing countries. Given that Turkey has a highly important geopolitical position, our country's leadership to establish a local rating agency can be considered as one of the major factors to become successful more in the economic field. In this context, it is claimed that establishing of a local rating agency, which provides its own rating and scoring services, carries out accurate and constructive analyses, containing special characteristics, structure, economic and political situation of countries, and whose organization structure is based on broad-based shareholder model in which no-one holds majority stake, will contribute significantly to deepening process of financial markets and ensure transformation of the information in an accurate and timely manner. Given the fact that Ideal Rating and Scoring Services (IRSS), which is the name of the local rating agency proposed in the thesis, is established in the way I recommended, Turkey's growing economy will benefit from this company substantially. Key Words: Credit Rating Agencies
By affecting the investment decisions of investors, which determine the direction of the capital and by being major market players in the global world, credit rating agencies affect considerably cost and capacity of the capital of companies and developing countries in particular. Having been increasingly exposed to criticisms about their methodologies, credit rating agencies have been in the spotlight lately. In this respect, criticisms on standards and controls of the ratings are concentrated to make the system function properly. Especially the rating notes and inefficient evaluations of developing countries are seen as a failure to transfer information between parties in rating process and reflect the special characteristics of the countries. Therefore, it is thought that establishment of local rating agencies are useful to address this failure and meet the needs of the capital markets in the developing countries. Given that Turkey has a highly important geopolitical position, our country's leadership to establish a local rating agency can be considered as one of the major factors to become successful more in the economic field. In this context, it is claimed that establishing of a local rating agency, which provides its own rating and scoring services, carries out accurate and constructive analyses, containing special characteristics, structure, economic and political situation of countries, and whose organization structure is based on broad-based shareholder model in which no-one holds majority stake, will contribute significantly to deepening process of financial markets and ensure transformation of the information in an accurate and timely manner. Given the fact that Ideal Rating and Scoring Services (IRSS), which is the name of the local rating agency proposed in the thesis, is established in the way I recommended, Turkey's growing economy will benefit from this company substantially. Key Words: Credit Rating Agencies
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Bankacılık, İşletme, Bankalar, Derecelendirme, Banking, Business Administration, Derecelendirme kurumları, Banks, Rating, Finans kurumları, Rating agencies, Finansal sistem, Financial institutions, Financial system, Kredi derecelendirme, Credit rating