Finansal Kiralama Sektorunun Yatirimlarin Finansmani Acisindan Önemi

Kubra Bolukbas and Tuba Pelin Sumer

CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey

Abstract: [TR] Finansal kiralama islemleri, yatirimlarin finansmaninda bankacilik sektoru kredilerine alternatif olarak one cikmaktadir. Yatirim kredileri ile finansal kiralama alacaklarinin vade ve faiz acisindan benzer oldugu, ancak finansal kiralama alacagi olan firmalarin yatirim kredisi kullananlara kiyasla ortalamada daha kucuk aktif buyuklugune ve ihracat oranina sahip oldugu gorulmektedir. Finansal kiralama islemleri, firmalara vergi avantaji, operasyonel kolaylik ve teknolojik yeniliklere hizli uyum saglama gibi avantajlar sunarken, sektorde faaliyet gosteren sirket sayisinin ve sektorun bankacilik sektorune kiyasla aktif buyuklugunun yillar icerisinde azaldigi izlenmektedir. Ayrica, Turkiye’deki finansal kiralama sektoru buyuklugu gelismis ve gelismekte olan ulkelerin gerisindedir. Finansal kiralama sektorunun agirlikli olarak bankalarin istiraki olarak faaliyet gostermesi, fonlama kompozisyonunu cesitlendirememesi, finansal kiralama islemlerine yonelik vergi degisikliklerinden ve firmalarin yatirim talebindeki degisimlerden hizli etkilenmesinin bu durumda etkili oldugu degerlendirilmektedir. [EN] Financial leasing stands out as an alternative to banking sector loans for financing investments. it is seen that investment loans and financial leasing receivables are similar in terms of maturity and interest rate, but companies with financial leasing receivables have on average a smaller asset size and export ratio compared to those using investment loans. While financial leasing transactions provide companies tax advantage, operational convenience and rapid adaptation to technological innovations, it is observed that the number of companies operating in the sector and the asset size of the sector compared to the banking sector have decreased over the years. Moreover, the size of the financial leasing sector in Turkey lags behind developed and developing countries. The fact that the financial leasing companies generally operates as a subsidiary of banks, cannot diversify its funding composition, and is rapidly affected by tax changes regarding financial leasing transactions and changes in firms' investment demand is considered to be effective in this situation.

Date: 2023
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