Bankaların sermaye piyasalarındaki rolü
The Role of banks in capital markets
- Tez No: 111158
- Danışmanlar: DOÇ. DR. HAYRİ KOZANOĞLU
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, İşletme, Banking, Business Administration
- Anahtar Kelimeler: Bankacılık sektörü, Bankalar, Finansal piyasalar, Menkul kıymetler, Sermaye piyasası, Türkiye İş Bankası, Banking sector, Banks, Financial markets, Securities, Capital market, Türkiye İş Bank
- Yıl: 2002
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
Özet yok.
Özet (Çeviri)
120 ABSTRACT Financial sector can be described as a system that brings fund demanders together with fund suppliers by the help of its organized and non-organized markets. Fund demanders and fund suppliers both expect to gain the maximum profit by investing on the most lucrative financial instruments. Banks are the most important institutions in bringing fund suppliers and demanders together. Also, banks are one of the most important actors in capital markets and money markets forming the financial system. After the year 1980, our country has left the import substituting politics, concentrating on industrialization and production for the domestic market and supported the liberalized economic policies, which are adopted by most of the developing countries, depending on production for international markets. In the beginning of 1980's, our country has completed the first steps of building up capital markets and in the year 1986, Capital Markets Board of Turkey was established and Turkish capital markets were formed. Banking sector has played an important role in this liberalization period. Until today banks have controlled the development of financial instruments, institutions and markets. Turkey is drawing attention as a developing country in recent years and as a result capital markets are getting more effective. The role of banks in capital markets can be classified as transactions for themselves and for their customers. Like all the other commercial institutions, banks' main goal is to gain profit and naturally they act in the capital markets to increase their incomes. But in developing countries like Turkey, where economical stabilization has not yet been settled, all financial institutions struggle through capital markets in order to increase profitability.121 Banks need to concentrate on some managerial techniques for increasing profitability, like in defending themselves from various risks in financial markets (hedging), calculating costs effectively, in order to keep up with the other competitors or to provide customer satisfaction. Markets are simply described as the places that goods are changed to monetarial values. But in a wider description markets are the organizations that securities are exchanged. In financial markets, securities like stocks, private sector and government bonds, treasury bills, policies, cheques are transferred from the suppliers to the demanders. The functions of financial markets can be explained as: 1. Providing the flow of funds from the suppliers to the demanders, 2. Providing the effective use of funds, 3. Changing securities into cash, 4. Forming the prices of securities, 5. Appropriating the funds and economic resources. In Turkey, just like in all around the world, financial markets are classified as capital markets and money markets and both are also specified as organized markets and unorganized markets. Money markets in Turkey can be described as below: A. Organized money markets: 1. Central Bank of Turkey Open Market 2. Central Bank of Turkey Interbank Money Market 3. Central Bank of Turkey Interbank Currency Market B. Unorganized money markets:,f.*“.? ^ f, i*H 1. Interbank Money Market $?.£??. I #*- / t?% 2. Interbank Currency Market ''%., '-, ??<,.? &-# ; ? :fâ122 3. Open Currency Market Banks should be considered as the most important actor in Turkish money markets. Beside banks, the other actors in Turkish money markets are the private financial institutions; investment banks, intermediary institutions and the other authorized institutions. Money market meets the short-term fund demand and supply orders of investors, but in financial markets, there is another market called capital market, meeting the long-term fund supplies and demand orders of investors. Turkish capital markets can be described as below: A. Organized capital markets: 1. ISE Stocks Market 2. ISE Bill and Bond Market 3. ISE Futures Market 4. ISE International Market 5. IGE Gold Market 6. IGE Futures and Options Market B. Unorganized capital markets: 1. Interbank Repo Market 2. Interbank Bond Market 3. Open Gold Market Financial instruments transacted in capital markets are stocks, stocks without the right to vote, asset backed securities, bonds, bills, revenue sharing certificates, bonus certificate, profit/loss sharing certificates, mortgage backed certificates, and real-estate certificates. The most vital institutions in capital markets can be classified as stockbrokers, banks, mutual funds, investment trusts and other permitted institutions.123 Banks are one of the most important actors in Turkish financial system because they are permitted to operate in various markets by the help of legislation and they are also known as trustworthy institutions. They are also important for capital markets because of their transactions for themselves and for their private or corporate customers. Banks continue their transactions on capital markets to maintain income from securities. Their goal is to gain profit from capital market transactions for themselves or for their customers. Transactions for themselves can be defined as: 1. Securities Investment Placements 2. Capital Market Operations Depending on Securities As told above, banks also operate on capital markets on behalf of their customers who wish to invest on the financial instruments for getting maximum income. Banks gain commissions from their customers for the services they offer in capital markets. Customers or consumers wish to benefit from the knowledge and experience of the banks in financial system while investing. Capital market transactions that banks provide to their private or corporate customers can be defined as: 1. Intermediation for Buying or Selling of Securities 2. Portfolio Management 3. Investment Counseling 4. Building up and Operating Mutual Funds 5. Repo - Reverse Repo 6. Intermediation on Public Offerings 7. Concealment and Protection of Securities 8. International Concealment. Banks have become the most important financial organizations in capital markets by the transactions on their own behalf and on the behalf of their customers. The main ' expectation of banks from these transactions is gaining profit. Banks are,' profit-based organizations and they have to consider lots of factors for maximizing the profit.124 The most important factor for profit maximization is asset and liability management. Banks have to bear some costs in order to have revenues. Banks' first goal is to maximize their profits by minimizing the difference between their revenues and costs in short term. In long term, they try to balance their general positions, provide necessary liquidity and balance volume. For their long-term and short-term goals, banks control their risks and plan the developments, changes, and levels of their assets, liabilities and off-balance accounts. The other important factor that banks have to consider for profit maximization during their transactions in both capital markets and money markets is risk management. Risk has always been an interest for banks and other financial institutions. Banks have to take risks into consideration because of their financial purpose and financial activities, otherwise they can not break the vicious circle of ”take uneconomic risks - incur large losses - clamp don on lending/trading - forego economic risks - lose market share - drive marketing aggressively". Risk management and profitability are related to each other closely. For profit maximization, banks have to take some risks. Bigger the risks are taken, higher the profit is. Risks that the banks have to take because of their activities in capital market and because of the capital market instruments can be listed as: 1. Liquidity Risk, 2. Credit Risk, 3. Interest Rate Risk, 4. Currency Risk. Apart from assets and liability management and risk management, economic conditions are the other factor that banks have to consider during their activities.125 ? High level of inflation and fluctuations in economic conjuncture are biggest economic problems of Turkey and Turkish banks. High level of inflation decreases profitability and prevents banks from making long-term investments and plans. ? Economic and social policies of the governments affect profitability of the banks and also increase their costs. ? Economic and politic instability limit the activities of banks in capital markets. ? Commissions taken for each transaction in capital markets cause a decrease in profitability of banks. ? In addition, in recent years, governments have been using public securities in order to close the public debt that has been growing rapidly. Banks preferred investing in these securities because of the high income rates. Turkish banking sector can be classified in 6 periods according to the developments in Turkish economy. However, the period of economic liberalization in 1 980 has been the time when Turkish banking sector and Turkish economy reached international standards. In this study, Türkiye İş Bankası A.Ş. is examined for its activities in Turkish capital market and also for its profitability. Türkiye İş Bankası A.Ş. have been one of the biggest banks of Turkey with its capital structure, branch organization and product variety since 1923. Türkiye İş Bankası A.Ş. is an excellent example with its activities and profitability in capital market. Bank had an important role in generalizing the use of capital markets for investing by its branches located all over Turkey. Türkiye İş Bankası A.Ş. is the first bank that formed Securities Department, iş Yatırım Menkul Değerler A.Ş. is one of Türkiye İş Bankası A. Ş.' s subsidairies and works in coordination with securities department for capital market transactions. Customers who want to invest in capital market need to have an investment account., in Türkiye İş Bankası A.Ş.. The services that the bank offers to its customers through this account are:126 Buying and Selling stocks Buying and Selling stocks out of stock exchange Yield upon securities Taking demands in treasury auctions Buying and Selling Investment funds Buying and Selling Gold Repo-reverse repo Concealment of securities The services that İş Yatırım Menkul Değerler A.Ş. offers to its customers, can be listed as: ? Portfolio management ? Investment Consultancy ? Credited securities, securities lending ? Transactions in international capital markets Banks' profits from the transactions that they make for themselves as investments are directly related with the income of the securities. Banks' profits from the transactions that they make for their customers are the commissions of each transaction. Optimistic developments in Turkish economy during the years 1980 and 1989 also affected Turkish Banking sector positively. Banks showed great improvements in their capital structures and also in the services provided for their customers. Nevertheless, these positive developments were handicapped by two realities of Turkey. Economic growth rate and macroeconomic fluctuations prevented banks and financial markets from growing and developing. According to capital market transactions, Türkiye İş Bankası A.Ş. which has been examined in this thesis, is a profitable bank with high transaction volume. Bank continues it's capital market transactions in coordination with intermediary institution it has participated, İş Yatırım Menkul Değerler. According to datas of the year 2000, Türkiye İş Bankası A.Ş. has achieved 256 trillions TL profit from 7.795 quadrillion TL valued127 Marketable Securities in it's balance sheet and the bank's profitability ratio is high above the banking sector average. Depending on the data of the same year and by the time Türkiye İş Bankası A.Ş. has been examined in this thesis, it is decided that the bank is not carrying any kind of risk including interest rate, exchange rate, liquidity or credit risk because of reasonable hedging strategies and it's successful management. Like the banking sector, Türkiye İş Bankası A.Ş. is also deeply effected by the developments in Turkish economy and financial system. Prices in capital markets are unstable and wavering because of the macroeconomic fluctuations and high inflation rates caused as a result of this. Instability in prices, interest rates, currencies and the incomes of securities caused as a result of chronic high inflation keep banks and customers out of capital markets. As a result of currency risk, market risk and interest rate risk, financial system can only deal with short-term funds and short-term investments. As mentioned before, public debt is one of the biggest problems of banking sector. Governments use public bonds with high interest rates in order to cover the huge consolidated budget deficit. Turkish banks have been gathering low cost funds and have been investing these funds in public securities for years. In year 2000, by the Economic Stabilization Program and other new money policies, banks gave up these easy revenues, concentrating on improving banking products and services. Securities are the most important liquid assets of the banks with their interest incomes. Banks try to find the most profitable securities portfolio. However, when marketable securities of Turkish banks are examined closely, government bonds are dominant because of the high level of interest incomes. Banks have the power to help financial markets improve by the large volumes of investments. Financial markets cannot improve if banks go on investing in public bonds. Public bonds also prevent banks and private sector from issuing bonds and bills.128 The reasons preventing banks from issuing bills and bonds in order to gain the funds they need can be defined as the high costs, the length of issuing periods and the absence of secondary markets. In our country, the authorities have to prepare legislations for encouraging private sector firms in issuing bills and bonds and also preventing them from investing in public bonds. One of the most important capital market incomes of the banks is the commission they achieve for the capital market transactions that they have realized for their customers. But because the financial instruments sold in capital markets are not seen as good investment techniques and too risky business by our investors, the banks' major incomes, commissions stays in a certain level. The use of capital markets should be generalized in both for the development of the market and for the profitability of the banks. Unless Turkish economy and politics are stabilized, investors will naturally consider capital markets as risky. In addition to these, the commissions, taken from a bank for each capital market transaction have reached amounts that should be watched with attention for the banks' profitability. Commissions taken from banks according to their transaction volume named as market share, special transaction tax, registration fee, issuing securities fund, decreases their profits from capital market operations.
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