SECURITIZATION: A BASIC TOOL OF FINANCING FOR THE FIRMS

Öz

-

Anahtar Kelimeler

• -

ŞİRKET FİNANSMANINDA TEMEL BİR ARAÇ: MENKUL KIYMETLEŞTİRME

Öz

Menkul kıymetleştirme şirketlerin önemli finansman kaynaklarından biridir. Bu yüzden, menkul kıymetleştirmenin önemi ve hacmi yıllar itibariyle artmıştır. Geçen on yıl içerisinde Amerika ve Avrupa’da menkul kıymet ihracının hacmi o kadar artmıştır ki Avrupa’da ihraç hacmi üç misline çıkmıştır. Menkul kıymetleştirme, aktifleri iflastan uzak bir özel amaçlı şirket havuzunda toplayıp daha sonra bunları ticari senetlere çeviren bir finansal tekniktir. Bu süreçte en önemli araç, özel bir amaç için oluşturulan özel amaçlı şirketlerdir. Türkiye’de menkul kıymetleştirme süreci Amerika’dan farklıdır. Bu farklılık düzenleme eksikliğinden kaynaklanmaktadır. Bu çalışmada, Türk menkul kıymet piyasasının gelişmesine katkıda bulunmak için Amerika ve Avrupa’daki menkul kıymetleştirme süreci incelenmiştir

Anahtar Kelimeler

• Menkul kıymetleştirme, özel amaçlı şirketler, tutuya dayalı menkul kıymetler, varlığa dayalı menkul kıymetler

Kaynakça

1. • Kothari, V.(2003) Securitization, Second Edition, Academy of Financial Services, India.
2. • Bloomingdale, B. and Hawken, K.(2005) The International Comparative Legal Guide To: Securitisation, Global Legal Group, UK.
3. • Davis, N.(2000)”Securitisation:A Public Policy Tool?”, Treasury Working Paper, 00/8, New Zealand.
4. • Stone, C.A. and Zissu, A.(2000)”Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities, Examples From The European Market”, Financial Markets, Institutions&Instruments, 9(3-4), 133-278.
5. • Security Industry Association (2002) Special Purpose Entities And The Securitization Markets, Research Report, http://www.siaonline.org/.
6. • Standard and Poor’s (2002) US Legal Criteria For Special Purpose Entities, http://www.standardandpoors.com/.
7. • Hahn, R.J.(2005) Securitization: An Introduction, Hunton&Williams.
8. • Xu, X.E. and Fung, H.G.(2005)”What Moves The Mortgage Backed Securities Market?”, Real Estate Economics, 33(2), 397-426.

9. • Longstaff, F.A.(2005)”Borrower Credit And The Valuation Of Mortgage Backed Securities”, Real Estate Economics, 33(4), 619-661.
10. • O’Rourke, E.(2001)”Asset Covered Securities: An Alternative Source Of Funding For Irish Mortgage Lenders”, Housing Finance, 51, 36-41.
11. • Ergungor, E.(2003)”Securitization”, Economic Commentary, 428, 1276-1279.
12. • Swiss Exchange (2000) Asset Backed Securities, http://www.swx.com/.
13. • Zweig, P.(2000)”Asset Backed Securities”, The Library Of Economics And Liberty, http://www.econlib.org/.
14. • Foley, M.D. and Rojek, J.M.(2005)”SEC Rules On Asset Backed Securities”, KPMG Defining Issues, 05/1, 1-6.
15. • Gorton, G. and Souleles, N.S.(2005)”Special Purpose Vehicles And Securitization”, NBER Working Paper, No.11190.
16. • Hartgraves, A.L. and Benston, G.(2002)”The Evolving Accounting Standards For Special Purpose Entities And Consolidations”, Accounting Horizons, September Issue, 245-258.
17. • Soroosh, J. and Ciesielski, J.T.(2004)”Accounting For Special Purpose Entities Revised:FASB Interpretation 46(R)”, The CPA Journal, 74(7), 30-48.
18. • Kavanagh, B.(2002)”Securitization And Structured Finance: Legitimate Business Management Tools”, FMA Online, http://www.fma.org/.
19. • Dharan, B.G.(2002)”Financial Engineering With Special Purpose Entities”, in J. Brazelton and J. Ammons(ed.), Enron And Beyond: Technical Analysis Of Accounting, Corporate Governance And Securities Issues, Commerce Clearing House, 103
20. • Eisenberg, S.(2002)”Mortgage Securities: Understanding The REMIC”, Real Estate Monitor, http://www.bdo.com/.
21. • Comptroller of Currency (1997) Asset Securitization, http://www.occ.treas.gov/.
22. • Furletti, M.(2002) An Overview Of Credit Card Asset Backed Securities, Discussion Paper, Federal Reserve Bank Of Philadelphia, http://www.phil.frb.org/.
23. • Cowan, C.(2003) History And Overview Of Securitization, Conference Paper, American Securitization Forum, http://www.americansecutitization.com/.
24. • European Securitisation Forum (1999) European Securitisation A resource Guide, http://www.europeansecuritisation.com/.
25. • Rinne, A.K.(2004)”An Analysis Of The Treatment Of Asset Securitization Under The Proposed Basel II Accord And The US Banking Agencies’ Advance Notice Of Proposed Rulemaking”, Master Thesis, The Fletcher School of Tufts University.
26. • Dorris, M.S. and Panayotou, A.E.(2004)”Multi Seller Commercial Paper Conduits And Securitization”, The Journal of Structured And Project Finance, 9(4), 8-15.
27. • Chiquier, L.; Hassler, O. and Lea, M.(2004)”Mortgage Securities In Emerging Markets”, World Bank Working Paper, No.3370.
28. • Turkish Capital Market Board (2004) Annual Report, http://www.spk.gov.tr/.
29. • http://www.europeansecuritisation.com
30. • http://www.bondmarkets.com
31. • http://www.federalreserve.gov