Türkiye’de Ticari Kredi Kanalı İşliyor mu? TCMB Sektör İstatistikleri ile Bir Analiz

Öz

Bu çalışma, Türkiye Cumhuriyet Merkez Bankası (TCMB) istatistiklerinin toplam hesaplarından elde edilen iki sektör düzeyinde veri setini kullanarak, 2008'den 2016'ya kadar olan süreçte Türkiye'de ticari kredi kanalını test etmeyi amaçlamaktadır. İlk örneklem 7 ana sektörden ve diğer örneklem 12 imalat alt sektöründen oluşmaktadır. Ticari kredilerin parasal ve parasal olmayan faktörlerinin hem brüt hem de net ticari kredi durumu üzerinde bir etkisi olup olmadığını test etmek için dinamik panel veri yöntemleri uygulanmıştır. Alınan ticaret kredisi (brüt) ile ilgili analiz sonuçlarına göre, para politikası kısıtlamaları küçük firma sınıflarının ticari kredi kullanımını artırmıştır. Net ticaret kredisi (net) için bulgular, ana sektör KOBİ ölçekli firma gruplarının net ticari kredi alıcısı olduğunu, büyük ölçekli firma grubunun net ticaret kredi sağlayıcısı olduğunu ve imalat alt sektörlerinde ise KOBİ'lerin net ticari kredi sağlayıcısı olduğunu göstermiştir. Bu bulgulardan elde edilen üç ana sonuç; i) Ticari kredi kanalı, en güçlü etkisi küçük firmalar üzerinde olmak üzere, faaliyet göstermiştir. ii) Ticari krediler, imalat sanayindeki KOBİ'lerden tüm sektörlerdeki KOBİ'lere akma eğilimindedir. iii) Tüm sektörler genelinde, büyük firmalar ticari krediler yoluyla KOBİ'lere fon aktarmaya meyillidir.  

Anahtar Kelimeler

• ticari kredi kanalı,ticari kredi

Does Trade Credit Channel Operate in Turkey? An Analysis with CBRT Sector Statistics

Öz

This paper aims to test trade credit channel in Turkey over the period from 2008 to 2016 using two sector level data sets obtained from the aggregated accounts of Central Bank of the Republic of Turkey (CBRT) statistics. First sample consists of 7 main sectors and other sample involves 12 manufacturing-sub sectors. Dynamic panel data methods were applied to test whether monetary and nonmonetary factors of trade credit have an impact on both gross and net trade credit status.  According to analysis results about trade credit received (gross), monetary policy restrictions has increased the trade credit usage of small firm classes. Findings for net trade credit (net) showed that main-sectors SME sized firm groups became net trade credit receiver while large sized firm group was net trade credit extender and in manufacturing sub-sectors, SMEs samples were net trade credit extender. Three main conclusions derived from these findings are; i) Trade credit channel has operated with the strongest effects on small firms. ii) Trade credits tend to flow from SMEs in manufacturing industry to the SMEs in all sectors. iii) Across all sectors, large firms tend to transfers funds to SMEs through trade credit.

Anahtar Kelimeler

• trade credit channel,trade credit,credit channel

Kaynakça

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