{"id":54616,"date":"2018-05-21T01:34:10","date_gmt":"2018-05-20T22:34:10","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=54616"},"modified":"2018-05-21T01:34:10","modified_gmt":"2018-05-20T22:34:10","slug":"cetin-unsalan-kobi-borclari-ve-borcu-kamulastirma","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/cetin-unsalan-kobi-borclari-ve-borcu-kamulastirma\/","title":{"rendered":"\u00c7etin \u00dcnsalan &#8211; KOB\u0130 bor\u00e7lar\u0131 ve borcu kamula\u015ft\u0131rma"},"content":{"rendered":"<p><em><strong>Ekonomiden Sorumlu Ba\u015fbakan Yard\u0131mc\u0131s\u0131 Mehmet \u015eim\u015fek, k\u00fc\u00e7\u00fck ve orta boy i\u015fletmelerin alacaklar\u0131n\u0131n sigortalanmas\u0131 ile ilgili yeni bir sistemin kap\u0131da oldu\u011funun haberini verdi. Bu bir tarafta alacaklar\u0131n sigortalanmas\u0131, di\u011fer tarafta da bor\u00e7lar\u0131n kamula\u015ft\u0131r\u0131lmas\u0131 ba\u015fl\u0131\u011f\u0131n\u0131 ta\u015f\u0131yor.<\/strong><\/em><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1780972528\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Tam bir ate\u015ften g\u00f6mlek asl\u0131na bakarsan\u0131z. Neden iki anlama birden geldi\u011fini a\u00e7\u0131klayaca\u011f\u0131m. Ama \u00f6ncelikle \u015funun alt\u0131n\u0131 \u00e7izmek gerekiyor ki, bu yakla\u015f\u0131m piyasalar\u0131n d\u00f6nemedi\u011finin, reel piyasalar\u0131n t\u0131kand\u0131\u011f\u0131n\u0131n ve alacak tahsilinde b\u00fcy\u00fck sorunlar ya\u015fand\u0131\u011f\u0131n\u0131n en \u00fcst perdeden kabul\u00fcd\u00fcr.<\/p>\n<p>Esasen ilk planda bakt\u0131\u011f\u0131n\u0131zda alacaklar\u0131n sigortalanmas\u0131 bak\u0131m\u0131ndan iyi niyetli bir at\u0131l\u0131m oldu\u011funu s\u00f6yleyebiliriz. Fakat ekonomide iyi niyet tek ba\u015f\u0131na ge\u00e7er ak\u00e7e de\u011fildir. \u015eayet bunu belli bir program dahilinde yapm\u0131yorsan\u0131z, ortaya \u00e7\u0131kan sonu\u00e7lar ummad\u0131\u011f\u0131n\u0131z sapmalarla birlikte daha b\u00fcy\u00fck zararlar\u0131n \u00f6n\u00fcn\u00fc a\u00e7abilir.<\/p>\n<p>O zaman piyasan\u0131n ger\u00e7eklerine ve d\u00fcnya \u00e7ap\u0131nda alacak sigortas\u0131 yapan \u015firketlerin yakla\u015f\u0131mlar\u0131na bakal\u0131m. D\u00fcnya \u00e7ap\u0131nda sigorta \u015firketleri piyasalarda 180 g\u00fcn vade s\u0131n\u0131r\u0131n\u0131 tavan noktas\u0131na koyuyorlar. Bunun d\u0131\u015f\u0131ndaki t\u00fcm alacaklar\u0131 da adeta \u015f\u00fcpheli olarak nitelendiriyorlar. Esasen bug\u00fcnk\u00fc parasal foto\u011fraf ve \u00f6deme g\u00fc\u00e7l\u00fc\u011f\u00fc ger\u00e7e\u011fi i\u00e7erisinde 3 ay vadenin bile \u00e7ok maliyetli oldu\u011fu ortada.<\/p>\n<p>Peki T\u00fcrk reel sekt\u00f6r\u00fcnde vadeler ne durumda? 18 ay ile 24 ay aras\u0131nda de\u011fi\u015fen, ortalama 20 ayl\u0131k vadelerle mal sat\u0131l\u0131yor. Geleneksel sekt\u00f6rlerin bir \u00e7o\u011funa d\u0131\u015far\u0131dan giri\u015fler s\u00f6z konusu olmu\u015f. Yani art\u0131k birbirini tan\u0131yan insanlar\u0131n ticaret yapt\u0131\u011f\u0131 bir ger\u00e7ekle kar\u015f\u0131 kar\u015f\u0131ya de\u011filiz.<\/p>\n<p>Hemen akla gelebilecek soru \u015fu: \u0130nsanlar birbirine g\u00fcvenmeden bu denli vadeyi nas\u0131l a\u00e7abiliyorlar? Tamamen \u00e7aresizlikten&#8230; \u00c7\u00fcnk\u00fc piyasaya yerle\u015fen bu vadelerle mal satmayan\u0131n, pek de hacim yakalamas\u0131 m\u00fcmk\u00fcn de\u011fil.<\/p>\n<p>Artan girdi maliyetleri, bilhassa zorunlu \u00f6demeler, sermaye k\u0131tl\u0131\u011f\u0131 evrakla d\u00f6nen bir piyasa ger\u00e7e\u011fini \u00f6n\u00fcm\u00fcze koyarken, batma noktas\u0131na gelen i\u015fletmelerin yaratt\u0131\u011f\u0131 haks\u0131z rekabetle nitelikli i\u015fletmeler hasar g\u00f6r\u00fcyor ve bunlar\u0131 da geli\u015fi g\u00fczel te\u015fviklerle batmaktan kurtar\u0131yoruz.<\/p>\n<p>\u00d6yleyse reel piyasalarda b\u00fcy\u00fck bir bozulma oldu\u011funu g\u00f6rmemiz laz\u0131m. \u015eayet ger\u00e7ek nitelikli i\u015fletmeleri tespit edemeden insanlar\u0131n bor\u00e7 alacak ili\u015fkisine dahil olursan\u0131z, zaten k\u0131r\u0131lm\u0131\u015f vaziyetteki \u00f6demeler dengesini daha da b\u00fcy\u00fct\u00fcrs\u00fcn\u00fcz.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2974435325\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Devlet garantisi kapsam\u0131nda herkesin daha rahat mal verme e\u011filimini artt\u0131rd\u0131\u011f\u0131n\u0131z anda, birincisi k\u00f6t\u00fc niyetli ki\u015filer bu oyuna daha \u00e7ok dahil olur; ikincisi Hazine\u2019ye devrolan g\u00f6rev zararlar\u0131 b\u00fcy\u00fcr; \u00fc\u00e7\u00fcnc\u00fcs\u00fc de i\u015fini do\u011fru yapanlara istemeden bir darbe daha vurursunuz.<\/p>\n<p>\u00c7\u00fcnk\u00fc bu foto\u011fraf i\u00e7erisinde alaca\u011f\u0131 garanti alt\u0131na giren, piyasadaki i\u015f hacmi darald\u0131k\u00e7a fiyat rekabetine d\u00fc\u015f\u00fcnmeden at\u0131l\u0131r. Ayr\u0131ca yar\u0131ya yak\u0131n\u0131 kay\u0131t d\u0131\u015f\u0131 olan, cari hesaplar\u0131n resmi olmayan defterler \u00fczerinden y\u00fcr\u00fcd\u00fc\u011f\u00fc, vadesinde \u00f6denmeyen \u00e7ek ve senetlerin, yenileriyle ve daha uzun vadelerle de\u011fi\u015ftirildi\u011fi bir sistemde kamunun dengesizli\u011fini patlat\u0131rs\u0131n\u0131z.<\/p>\n<p>T\u00fcm bunlar\u0131 alt alta koydu\u011funuzda, b\u00f6ylesi bir sisteme ge\u00e7erken verilmesi gereken yan\u0131tlar var. Bunlardan birincisi uluslararas\u0131 ortalama 180 g\u00fcn iken 20 ay vadeli alacaklar sigortalanacak m\u0131? Bu sigortalama yap\u0131l\u0131rken hangi kriterler esas al\u0131nacak? Geni\u015fletilen KOB\u0130 tan\u0131m\u0131 penceresinden d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fczde, kamunun ald\u0131\u011f\u0131 risk k\u00fc\u00e7\u00fcklerin mi, holding g\u00f6r\u00fcn\u00fcml\u00fc KOB\u0130\u2019lerinki mi olacak?<\/p>\n<p>Bug\u00fcnk\u00fc foto\u011fraf i\u00e7erisinde reel sekt\u00f6r\u00fcn bu sigortaya ihtiyac\u0131 var. Fakat bunun e\u011fitimi ve kurallar\u0131n\u0131 ortaya koymadan, geli\u015fi g\u00fczel ve piyasan\u0131n ger\u00e7eklerini tan\u0131maks\u0131z\u0131n bu yola giriyorsan\u0131z, bunun finansman\u0131n\u0131 da a\u00e7\u0131klaman\u0131z gerekir.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1752827532\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u00c7\u00fcnk\u00fc bir s\u00fcre sonra reel sekt\u00f6r\u00fc \u00f6dememe ger\u00e7e\u011fiyle kar\u015f\u0131 kar\u015f\u0131ya b\u0131rak\u0131r, yani yar\u0131 yolda terk ederseniz, hasar bug\u00fcnk\u00fcnden daha b\u00fcy\u00fck olur. Tekrar alt\u0131n\u0131 \u00e7iziyorum. \u015eu an itibariyle sorun tespiti do\u011fru. Belki yap\u0131lmas\u0131 gereken de bu. Fakat bunu \u2018yapt\u0131m oldu\u2019 diye bir yakla\u015f\u0131mla, pop\u00fclizm \u00e7er\u00e7evesinde se\u00e7im odakl\u0131 yapamazs\u0131n\u0131z.<\/p>\n<p>Ger\u00e7ekten derdiniz reel piyasalara nefes ald\u0131rmaksa, iyi ile k\u00f6t\u00fc ay\u0131ran, bir t\u00fcr s\u00fcbvansiyon olan bu hareketin do\u011fru kanallara gitmesini sa\u011flayan bir sistem i\u00e7erisinde ger\u00e7ekle\u015ftirmelisiniz. Ve gerek\u00e7enizi do\u011fru a\u00e7\u0131klamal\u0131s\u0131n\u0131z. Zira bu geli\u015fig\u00fczel bir uygulamadan \u00f6teye ge\u00e7mezse, tek bir anlam\u0131 vard\u0131r: reel piyasalar\u0131n bor\u00e7lar\u0131n\u0131 kamula\u015ft\u0131r\u0131yoruz.<\/p>\n<p>Bu da bir tercih, ama rastgele yap\u0131labilecek bir hareket de\u011fil. Finans\u00e7\u0131 bilgisayar\u0131ndan bu hareketi yaparak sonu\u00e7 almak \u015f\u00f6yle dursun, ka\u015f yapay\u0131m derken g\u00f6z \u00e7\u0131kar\u0131r ve piyasalar\u0131 tamamen patlat\u0131rs\u0131n\u0131z. Benim \u00f6nerim, iyi niyetli ortaya at\u0131lan bu hareketin geri \u00e7ekilip, ger\u00e7ekten do\u011fru \u00e7al\u0131\u015f\u0131lm\u0131\u015f bir dersle ve ger\u00e7eklerle tekrar g\u00fcndeme getirilmesidir.<\/p>\n<p>Bunun en kestirme yolu da belli. Bu i\u015fi yapan alacak sigortas\u0131 \u015firketlerini kar\u015f\u0131n\u0131za al\u0131n, r\u00f6ntgeni onlara \u00e7ektirin ve bilimsel bak\u0131mdan \u2018olur\u2019 ald\u0131klar\u0131n\u0131z\u0131n ekstra vadelerine teminat\u00e7\u0131 olun. Elbette bunu da sonsuza kadar s\u00fcrd\u00fcremezsiniz. Uygulamay\u0131 yaparken, piyasalardaki vadeleri anlaml\u0131 seviyelere \u00e7ekmek i\u00e7in eylem plan\u0131n\u0131z\u0131n da haz\u0131r olmas\u0131 gerekir.<\/p>\n<p>S\u00f6z\u00fcn \u00f6z\u00fc \u015fu: \u0130htiya\u00e7 a\u00e7\u0131k; sorun b\u00fcy\u00fck ama mesele se\u00e7im pop\u00fclizmine kurban edilmeyecek kadar kritik ve bilinmezlerle dolu. \u015eayet iyi ders \u00e7al\u0131\u015farak m\u00fcdahil olursan\u0131z, b\u00fcy\u00fck bir belay\u0131 T\u00fcrkiye\u2019nin \u00f6n\u00fcnden kald\u0131r\u0131rs\u0131n\u0131z. Aksi takdirde yepyeni bir belay\u0131 \u00fclke ekonomisine hediye edersiniz.<\/p>\n<p><u><a href=\"mailto:cetinunsalan@yahoo.com\">cetinunsalan@yahoo.com<\/a><\/u><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ekonomiden Sorumlu Ba\u015fbakan Yard\u0131mc\u0131s\u0131 Mehmet \u015eim\u015fek, k\u00fc\u00e7\u00fck ve orta boy i\u015fletmelerin alacaklar\u0131n\u0131n sigortalanmas\u0131 ile ilgili yeni bir sistemin kap\u0131da oldu\u011funun haberini verdi. Bu bir tarafta&hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[904,808,801],"class_list":["post-54616","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-cetin-unsalan-yazilari","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=54616"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/54616\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=54616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=54616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=54616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}