Guclu Bilanco Dusuk Faiz: Firma Borclanma Maliyetlerini Etkileyen Faktorler

Fatih Altunok and Salih Fendoglu

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

Abstract: [TR] Bu calismada reel sektor firmalarinin borclanma maliyetlerini etkileyen faktorler calisilmistir. Ilk olarak, kredi faizi, firma bilancosu ve finansal tablo degiskenleri firma seviyesinde eslestirilmistir. Sonrasinda, reel buyume, portfoy akimlari ve para politikasi durusu gibi temel makroekonomik degiskenler kontrol edilerek, dinamik panel yontemi ile firma karakteristiklerinin borclanma faizine etkisi incelenmistir. Sonuclar, firmalarin finansal kisitlarla karsilastiklarini ve borclanma maliyetlerinin bilancolarinin gucune bagli oldugunu gostermektedir. Borclulugu (kaldirac orani) dusuk, sabit varliklari yuksek, buyuk ve buyume potansiyeli olan firmalarin daha dusuk faizle borclanabildikleri gorulmektedir. Ayrica, portfoy akimlarindaki azalma kredi faizlerini artirici yonde etki yapmaktadir. Son olarak, sonuclar, para politikasinda sikilasmanin borclanma maliyetlerini artirdigina ve bu baglamda para politikasi kredi kanalinin etkinligine isaret etmektedir. [EN] This paper studies the determinants of borrowing costs for real-sector firms. First, the borrowing rate, firm balance sheet, and income statements are matched at the firm-level. Then, controlling for key macroeconomic variables such as real GDP growth, portfolio inflows, and monetary policy stance, the effect of firm characteristics on the borrowing rate is studied. The results show that firms face financial frictions in that their balance sheet conditions matter for the borrowing costs. Less indebted firms, firms with higher fixed assets, larger firms, and firms with better growth prospects receive loans at more favorable terms. Moreover, a rise in the net portfolio inflows is estimated to reduce the loan rates at the firm-level. Finally, the results show micro-level evidence that a tightening in the policy rate leads to a rise in the loan rates, underlining the effectiveness of credit channel of monetary policy.

Date: 2015
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