Risk semayesi ve Türkiye'de uygulama olanakları
Başlık çevirisi mevcut değil.
- Tez No: 43798
- Danışmanlar: PROF.DR. NİYAZİ BERK
- Tez Türü: Doktora
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1994
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 339
Özet
ÖZET Risk sermayesinin amacı, yüksek gelişine potansiyeline sahip ve rekabet üstünlüğü olan veya olabilecek işletmelere uzun vadeli yatırımlarda bulunarak ve gerektiğinde aktif yönetsel destek ve diğer uzmanlık hizmetleri sağlayarak ekonomik değer artışı temin etmek yoluyla portföylerindeki menkul kıymetlerin değerlerini artırmak ve bu menkul kıymetleri elden çıkarmak suretiyle yüksek getiri temin etmektir. Risk sermayesinin belirgin özelliği her ne kadar yeni ve teknolojik gelişmeye yönelik yatırımların finansmanı ise de, sistem genişleme veya büyüme yatırımlarının finansmanında da başarı ile uygulanmaktadır. Günümüzde teknolojik gelişmenin önem arzetmesi nedeniyle dünya, uygulamalarından da görüleceği üzere, risk sermayesi daha çok bilgisayar ve elektronik sektöründeki yatırımları finanse etmek için kullanılmaktadır. Risk sermayedarı kendisine sunulan iş planlarını inceledikten sonra kabul veya reddeder. Girişimin finansmanının kabulü halinde; teknoloji, yönetim, finansman, üretim ve pazarlama açısından birçok riski üstlenmek zorunda kalmaktadır. Bu amaçla risk sermayedarı, yatırım aşamalarında çeşitlilik yaparak ve değişik sektörlere yatırımı öngörerek riskini azaltmaya çalışmaktadır. Risk sermayesi sektörünün gelişimi için sermaye piyasalarının gelişimi de zorunlu görülmektedir. Son zamanlarda ülkemiz gündeminde yer almakta olan risk sermayesi sisteminin, ilk uygulamalarına yetmişli yıllarda rastlanılmış ve seksenli yıllarda özellikle ABD'de büyük boyutlarda uygulama alanı bulmuştur. Sistem bugün, başarılı ve başarısız örnekleriyle birçok ülkede uygulanmaktadır. Risk sermayesinin ülkemizde de uygulamaya konulması bir zorunluluk arzetmektedir ve bunun için ülkemizdeki toplumsal ve ekonomik ortam da uygun görülmektedir. Bu sayede, toplumun yaratıcı girişimcilik gücü ortaya çıkabilmekte ve sanayileşme sürecinin hızlanmasına katkıda bulunulmaktadır. Ülkemizde risk sermayesi sisteminin yasal çerçevesini oluşturmak için ilk girişim Sermaye Piyasası Kurulu tarafından yapılmıştır. Çıkarılan“Risk Sermayesi Yatırım Ortaklıkları”na ilişkin tebliğ ile risk sermayesi kurumları özel bir şekilde düzenlenmiştir. Ayrıca risk sermayesi yatırım ortaklıklarına gelir ve kurumlar vergisi muafiyeti de sağlanmıştır. - X -
Özet (Çeviri)
SUMMARY ı VENTÜRE CAPITAL AND ITS APPLICATION POSSIBILITIES İN TÜRKEY Industrial finance markets have had to adapt to the financial needs of emerging small and medium enterprises and enterprises in technology intensive industries particularly. The basic characteristics of the venture capital are high risk, high gain and high technology. Venture capital refers to the small probability of a large gain combined with a large probability of a small loss. Sources of venture capital include wealth^ individual investors; subsidiaries of banks and other corporations organized as small business investment companies (SBICs), groups of investment banks and othez financing sources. in USA, The Small Business Administration (SBA) promotes venture capital programs through the licensing and financing of SBICs. The venture capital firm utilizes these funds with the entrepreneuı who has a good idea. The most important recent innovations in small business finance initiated by the State are the Loar Guarantee Scheme (LGS) and the Business Expansion Scheme s. (BEŞ). in 1%83^-a, E^ (EVCA) was îorıöed from^ 4^:fu1ıd^^b^etrt^rVes df the EVC2 are to develop investment in venture capital in the European Community, encourage the provision of eguitj; finance for innovation and for small-to-medium sized businesses. Public attitudes towards entrepreneurship, risl< taking and business failure are also important factors underlying the development of venture capital markets. The ability to raise eguity finance effectively depends fundamentally on the existence of secondary stock markets which give emerging enterprises an opportunity to seli eguity vithout having to meet the rigorous reguirements of the full stock market, and also allow the management to retain control of the majör eguity share. it is about ten years after the investment that the venture capital firm hopes to have big profits by going public. - xi -Venture capital f irms are assentially private sector profit-making organizations. They have been established specifically to supply venture capital. While they may vaîry in structure, ownership and source of funds, in general they tend to operate in a similar manner within the venture capital market. The activity of venture capital companies is to seek profits by investing in the early stages of a business venture. in general, the venture capital firm's investment will be in the form of eguity rather than loan funds. Its profits will usually be in the form of the capital gain realised through the eventual sales of that eguity, rather than through dividend ör interest payments. The investment horizon is usually long term in nature. The venture capitalist usually represents the firm's first eguity financing from an outside source other than friends ör relatives. Venture capital is available för a full range of investment situations from development- stage financings such as start ups and first-stage financing to later-stage expansions, acguisitions, and leveraged buyouts. This move to later-stage investments has become more popular because it tends to be much safer investment than development-stage financings. The buy-out is a relatively recent form of investment in the venture capital industry. A“buy-out”is an acguisition of an existing business by a group of investors (often including both venture capitalists and management) rather than by an existing enterprise. If the existing management of the business are investors then the acguisition is termed a management buy-out (MBO). If the management investors are from ou^fiide, tjhe -bıjslness to fefee âcgüired^ th^^âcgüisitıön * is^ a.>'^managift^ni -buy-MÎ - (MBI). in a typical LBO, (Leveraged buy-out) the management of an existing co'mpany (OldCo) gets together with an independent investor (who usually has connections with a lending institution) to raise enough money to form a new holding company (New Co). This new company then buys out OldCo's shareholders: Usually NewCo has no other interest besides its investment in OldCo. After the buyout, OldCo and NevCo merge. NewCo's shares are sold to OldCo's management, the independent investor and, often, OldCo shareholders. NewCo borrovs the rest of the funds it needs for the - xii -buyout from the lending institution. OldCo's assets usually secure the debt, which is serviced out of OldCo's cash flow. Generally, this debt will account for the majority of NevCo's capitalization. Venture firms find it exceedingly difficult to establish specifiç standards by which to accept ör reject proposals. Usually the venture firm will reject deals out of hand that appear impossibly risky ör unfeasible. The heart of the presentation to any venture capital firm is the actual written proposal. The ideal proposal includes a business plan and a market analysis, with a full explanation of how and why the plan will work. The venture capitalist's assessment of risk plays a very vital role in the entire evaluation, pricing, and negatiation process. Venture capitalists are usually active investors. They are capable of providing management and technical assistance in the areas of planning, personnel, marketing and financing (Hands-on style) Hands-on style of fund will have board representation. it will also have a close and regular dialogue with the company on matters affecting technology, marketing strategy and senior management assesment. The board representative of the fund, chosen with the entrepreneur's approval, will usually be someone able to make a positive contribution to the business in its technology, products and markets rather than being a financial watch-dog..jsiIands-TOsfif«if£\mâsrfi»î±1^ rrecerve -only^iseffli^-annua,! -«-tefle annual information f rom the company and will rarely contact with their investees. Reactive fund will enjoy a flow of information from its investee companies. it will also have certain rights to be consulted on (ör even to approve) key decisions, such as majör capital expenditure, acguisitions and board appointments. There may ör may not be the right to appoint a director to the company's board. But if this right is exercised, the primary role is likely to be that of a financial-dog rather than an active contributor to management decisions, which is the case with the hands-on style of fund. - xiii -in most countries specialist venture capital firms have not emerged to the same extent as in the United Stâtes and most firms have emerged only very recently. Although the need for venture capital is identical in those countries, a venture capital industry is not as readily recognisable. in comparison to the United Stâtes the venture capital industry is in its infancy in Japan. Britain is considered to be the most advanced European country in the field of venture capital. Venture capital investment companies have greater potential to become succesful in Turkey. ' in Turkey, the principles regarding the establishment, operation, management guidelines and liguidation procedures for venture capital investment companies are regulated by Communigiue on Principles regarding Venture Capital investment Companies (Serial: VIII, Number:21) vithin the framevork of Article 22/0 and Article 36 of Lav number 2499 as amended by Law number 3794. According to this regulation, Venture Capital investment is defined as long-term fund transfer provided through investing in capital market instruments issued in primary markets by the entrepreneur companies already established ör to be established in Turkey having high development potential and securities with low liguidity. Investee companies should aim to provide eguipment, material and service which have marketing potential ör industrial application; new products, methods, systems ;and :produetio».techn!i:gtı^^opefating -in this direction; ör should have the potential of being steered in this direction by managerial, technical and capital support. Corporations whose capital are registered and which are occupied with venture capital investments by directing their initial ör issued capital toward venture capital investments with the aim of principally obtaining capital gains are called VCIC (Venture Capital investment Company). Although VCICs are corporate tax payers according to the Turkish Corporations Tax Law, corporate revenues of VCICs have been made exempt from corporate income tax pursuant to artiçle 8, subparagraph 12 of the same lav. - xiv -In addition, VCICs were supposed to pay the Alternative Minimum Tax; however, the Council of Ministers have reduced the Alternative Minimum Tax rete to zero for VClCs by Decree No: 92/3895 published in the Official Gazette on December 31, 1992. Individuals' receiving dividends from VCICs are exempt from taxes as in accordance with Article 94 of the Income Tax Law, there is no withholding on dividends in respect of shares. Companies receiving dividends from VCICs may deduct them from their revenues in accordance with Temporary Article 39 of the Income Tax Law but shall pay 10 % withholding tax on the deducted amount pursuant to Article 34-A 15-D-iii of The Income Tax Law (Pursuant to Decree No: 92/3802). According to the terms and conditions of establishment, it is compulsory that; the VCIC apply to the Capital Market Board for venture capital operations, must be established as a joint stock corporation with registered capital. Minimum amount of initial capital is TL 100.000.000.000. Principles regarding the profit distribution of VCICs shall be determined freely in their Articles of Incorporation. VCIC' s may participate in the active management of investee companies and also may provide necessary consultancy and management services to those companies but they may not invest in any other VCICs. And also they may not issue any preferred shares except for those granting the right to nominate members for the election iu of the Board of Directors. The duration of the siirtiK##şgg^ thaan'i-^ Şeârs^S&nd the shares must': be issued against cash. There are prohibited activities for the VCICs such as; they may not engage in lending money and collecting deposits as defined inthe Banking Law. Also they may not carry out any capital market activity other than venture capital investments. VCICs can make their venture capital investments through investment contract. In order to use in their related activities, VCICs may hire persons or institutions who are specialized in choosing investee companies and investment management as consultants provided that this is mentioned in their Articles of Incorporation and decided by the Board of Directors. - xv -Venture capital investment companies have greater potential to become successful in Turkey. The liberalized taxation and foreign exchange regime, the strategic place of' Turkey and numerous other factors give businesses in Turkey great opportunity. Considering all above mentioned advantages, Turkey is offering an ideal market for Venture Capitalists. - xvi -
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