Yerli borsa yatırımcısının finansmanı ve aracı sektör regülasyonunda etkili bir model önerisi: Borsa finansman kurumu
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2021
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Bu araştırmada yerli borsa yatırımcısının finansmanı ve aracı sektör regülasyonunda önemli rolü olacağına inanılan borsa finansman kurumu (BFK) önerilmiş, piyasalardaki asimetrik bilgi ve finansal aracılara yönelik düzensizliklerin giderilmesi ve işletmelere daha yüksek likidite ve daha güvenilir bir finansman ortamının sağlanmasının olanaklarının araştırılması amaçlanmıştır. Araştırmada 440 borsa yatırımcısı üzerinde anket uygulaması yapılmış, araştırmacı ve uzman görüşü ile ilgili literatür çerçevesinde geliştirilen Asimetrik Bilgi Algısı Ölçeği ve Borsa Finansman Kurumu Gereklilik Ölçeği uygulanmıştır. Daha sonra saha verileri ve literatür bilgilerine dayalı olarak, Borsa Finansman Kurumu model önerisi getirilmiştir. Önerilen modelin uygulanabilirliği için PESTEL ve SWOT analizleri yapılmıştır. Elde edilen bulgulara göre BFK katkı puanı uzun vadeli yatırım seçenlerde, düşük riskli yatırımcılarda, deneyimi 1-3 yıl arası olan yatırımcılarda, genellikle kazananlarda, kredi ile yatırım yapanlarda, en fazla riskin yetersiz hukuki yapıdan kaynaklandığını düşünenlerde daha yüksek düzeydedir. BFK katkı puanı yatırım deneyimi ve finansman dağılım gruplarına göre anlamlı farklılık göstermektedir (p<0.05). BFK risk puanı orta vadeli yatırım seçenlerde, orta riskli yatırım yapanlarda, deneyimi 3-5 yıl arası olan yatırımcılarda, ne kazanan ne kaybedenlerde, kredi ile yatırım yapanlarda, en fazla riskin yetersiz hukuki yapıdan kaynaklandığını düşünenlerde daha yüksek düzeydedir. BFK risk puanı yatırım türü, risk türü, kazanç profili, finansman dağılımı ve risk algısı gruplarına göre anlamlı farklılık göstermektedir (p<0.05). Asimetrik bilgi algısı puanı yatırım türü, yatırım deneyimi, kazanç profili ve risk algısı gruplarına göre anlamlı farklılık göstermektedir (p<0.05). Korelasyon analizi sonuçlarına göre BFK katkı puanı ve BFK risk puanı ile asimetrik bilgi algısı arasında istatistiksel olarak anlamlı ve pozitif yönde ilişki vardır (p<0.01). BFK gereklilik analizi sonuçları önerilen modelin asimetrik bilgi algısını en aza düşürebileceğini ve piyasalara refinansman sağlamak yöntemiyle, kontrollü likidite artışı sağlayabileceğini, ekonomide önemli bir sıçramaya yardım edeceğini göstermiştir. PESTEL analizi sonuçları modelin uygulanabilir olduğunu göstermiştir. SWOT analizi sonuçları, modelin yarar ve fırsatlarının zayıf yönler ve tehditlerden daha fazla olduğunu ortaya koymuştur.
In this research, the stock market financing institution (SFI), which is believed to have an important role in the financing of domestic stock market investors and the regulation of the intermediary sector, is proposed, and it is aimed to investigate the possibilities of eliminating the asymmetric information and irregularities in the markets regarding financial intermediaries and providing higher liquidity and a more reliable financing environment to businesses. In the research, a questionnaire was applied to 440 stock market investors, the Asymmetric Information Perception Scale and the Stock Exchange Financing Institution Requirement Scale, which were developed within the framework of the literature on the opinion of the researcher and the expert, were applied. Then, based on the data and literature information, a model proposal of the SFI was introduced. PESTEL and SWOT analyzes were performed for the applicability of the proposed model. According to the findings, the SFI contribution score is higher in those who choose long-term investments, low-risk investors, investors with 1-3 years of experience, generally winners, those who invest with credit, and those who think that the highest risk is due to inadequate legal structure. SFI contribution score differs significantly according to investment experience and financing distribution groups (p<0.05). SFI risk score is higher in those who choose medium-term investment, medium-risk investors, investors with 3-5 years of experience, neither winners nor losers, those who invest with credit, and those who think that the highest risk is due to inadequate legal structure. SFI risk score differs significantly according to investment type, risk type, earnings profile, financing distribution and risk perception groups (p<0.05). Asymmetric information perception score differs significantly according to investment type, investment experience, earnings profile and risk perception groups (p<0.05). According to the results of the correlation analysis, there is a statistically significant and positive relationship between the SFI contribution score and the SFI risk score and the perception of asymmetric information (p<0.01). The results of the SFI requirement analysis showed that the proposed model can minimize the perception of asymmetric information and, by refinancing the markets, can provide controlled liquidity increase and help a significant leap in the economy. PESTEL analysis results showed that the model is applicable. The SWOT analysis results revealed that the benefits and opportunities of the model outweigh the weaknesses and threats.
In this research, the stock market financing institution (SFI), which is believed to have an important role in the financing of domestic stock market investors and the regulation of the intermediary sector, is proposed, and it is aimed to investigate the possibilities of eliminating the asymmetric information and irregularities in the markets regarding financial intermediaries and providing higher liquidity and a more reliable financing environment to businesses. In the research, a questionnaire was applied to 440 stock market investors, the Asymmetric Information Perception Scale and the Stock Exchange Financing Institution Requirement Scale, which were developed within the framework of the literature on the opinion of the researcher and the expert, were applied. Then, based on the data and literature information, a model proposal of the SFI was introduced. PESTEL and SWOT analyzes were performed for the applicability of the proposed model. According to the findings, the SFI contribution score is higher in those who choose long-term investments, low-risk investors, investors with 1-3 years of experience, generally winners, those who invest with credit, and those who think that the highest risk is due to inadequate legal structure. SFI contribution score differs significantly according to investment experience and financing distribution groups (p<0.05). SFI risk score is higher in those who choose medium-term investment, medium-risk investors, investors with 3-5 years of experience, neither winners nor losers, those who invest with credit, and those who think that the highest risk is due to inadequate legal structure. SFI risk score differs significantly according to investment type, risk type, earnings profile, financing distribution and risk perception groups (p<0.05). Asymmetric information perception score differs significantly according to investment type, investment experience, earnings profile and risk perception groups (p<0.05). According to the results of the correlation analysis, there is a statistically significant and positive relationship between the SFI contribution score and the SFI risk score and the perception of asymmetric information (p<0.01). The results of the SFI requirement analysis showed that the proposed model can minimize the perception of asymmetric information and, by refinancing the markets, can provide controlled liquidity increase and help a significant leap in the economy. PESTEL analysis results showed that the model is applicable. The SWOT analysis results revealed that the benefits and opportunities of the model outweigh the weaknesses and threats.
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Keywords
İşletme, Aracı kurumlar, Asimetrik enformasyon, Business Administration, Borsa, Intermediary institutions, Asymmetric information, Finansman, Stock exchange, Regülasyon, Financing, Regulation, Yatırımcılar, Investors