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Nakit yönetimi ve bankacılıkta 'kurumsal nakit yönetim' uygulanması

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  1. Tez No: 82390
  2. Yazar: ÖMÜR SÜER
  3. Danışmanlar: Y.DOÇ.DR. ERİŞAH ARICAN
  4. Tez Türü: Yüksek Lisans
  5. Konular: Bankacılık, Banking
  6. Anahtar Kelimeler: Belirtilmemiş.
  7. Yıl: 1997
  8. Dil: Türkçe
  9. Üniversite: Marmara Üniversitesi
  10. Enstitü: Bankacılık ve Sigortacılık Enstitüsü
  11. Ana Bilim Dalı: Bankacılık Ana Bilim Dalı
  12. Bilim Dalı: Belirtilmemiş.
  13. Sayfa Sayısı: 113

Özet

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Özet (Çeviri)

ABSTRACT One of the most obvious realities of our decade is that the world is in a continuous change and development. The very natural outcome of this reality is the competition among people and among organizations. The fact of competition compels societies to adapt themselves to changes and innovations as fast as possible. The actual situation of financial markets may be given as an important example of this reality. The need and the importance of effective management of“money”make“finance”as one of the most dynamic sectors of the world. There are many actors in the financial markets and the most important one is the“banking sector”. So, banks have to adapt themselves, as fast as possible, in order to survive in such a dynamic environment. In recent years, the profile of banking sector has changed very much. In the past, the functions of banks were very restricted. Today, people, as well as institutions, consider banks as consulting firms where they can find answers to all of their financial problems. This worldwide change occurring in banking sector is also the case in Turkey. In Turkey, the realities such as high inflation and increasing consciousness of people about cost of money are the causes of the decrease in the profit margins of the banks. Especially after the precautionary measures taken by Turkish government on 5 April 1994, a real financial crisis took place. As a result of this crisis, the amount of uncollectible loans increased and the profit margins decreased. So, banks are obliged to create and sell different products and services to survive. In this context, for the 103banks, the importance of deposit accounts increased since the non-interest bearing accounts are less costly than the other sources. As a result of this situation, banks began to give more importance to Cash Management concept which means“products / services specifically designed to facilitate collections, account management (liquidity management, concentration, and treasury), and payments for customers”. Because, by the help of cash management products and services, it is easier to increase the amount of deposit accounts. In banks, cash management process may be classified as follows: 1) Retail Banking (cash management process directed towards individuals) 2) Cash Management Business Model (cash management process directed towards firms) Although the aims of retail banking and cash management business model are the same, the products and services offered are different because their target markets are different. This thesis is based solely on“Cash Management Business Model”. To understand exactly what Cash Management Business Model means, it is necessary to consider the following questions at length:“How firms and banks manage their liquid assets?”and“What does liquid asset mean?”. Here, the first part of this thesis deals with the cash management process of the firms and in the second part, the treasury management and cash management process in banks are analyzed in details. 104Cash is an asset that is valuable because it can be turned into other assets on which profits can be earned. In itself, however, it does not earn. Why then should a business or people hold any cash at all? Essentially, there are three substantial reasons for holding cash. These are: 1) Transaction purposes, 2) Speculation, 3) Precaution. Firms which have to hold cash for one or some of these reasons have to determine, first of all, the rninimum level of cash that is needed, since“cash”is a costly asset. Although there are many ways of determining the minimum level of cash to hold, actually it is accepted that the most effective way is to prepare a“Cash Budget”. Before preparing a cash budget, it is necessary to prepare the following supplementary budgets: sales budget, production budget, direct materials budget, direct labor budget, factory overhead budget, ending inventory budget and selling and administrative expense budget. The minimum level of cash determined by the help of a cash budget is directly related to the optimum level of cash to hold during a predetermined period and many scientists developed some theories about the determination of the optimum level of cash concept. The first one of these theories belongs to William J. Baumol. Baumol is followed by Merton H. Miller and Daniel Orr, ;v* 105William Beranek and B.H.Stone. But Stone's theory may be considered as the most improved. These theories may be summarized as follows: Theory ofBaumol: According to W. J. Baumol, a stock of cash is its holder's inventory of the medium of exchange and like an inventory of a commodity. The assumptions ofBaumol are as follows:. People and firms demand cash only for transaction purposes,. Cash flows (C) and cash disbursements (T) during a predetermined period occur in a steady stream,. Individuals or firms obtain cash either by borrowing it, or by withdrawing it from an investment, and in either case his interest opportunity cost is (i) unit per period,. Individuals or firms withdraw cash in lots of C dollars spaced evenly throughout the period, and that each time they make such a withdrawal, they must pay a fixed (b) unit. Depending on these assumptions, Baumol formulated optimum level of cash to hold as follows: C = (V(2bT/i)) 106Theory ofMiller-Orr: The assumptions of MiUer-Orr's theory are as follows:. For people and firms, there is a“two-asset”setting, one asset being the cash balance and the other a separately managed portfolio of liquid assets (such as Treasury bills, certificates of deposit, commercial paper or other money market instruments) whose marginal and average yield is v per unit,. Transfers between the two asset accounts may take place at any time at a given marginal cost of y per transfer, independent of the size of transfer, the direction of the transfer or of the time since the previous transfer,. Such transfers may be regarded as taking place instantaneously,. The cash balance will be allowed to wander freely until it reaches either the lower bound, zero, or an upper bound, h, at which times a portfolio transfer will be undertaken to restore the balance to a level of z. According to Miller-Orr, the aim of a firm has to be minimizing the long-run average cost of managing the cash balance. Given these assumptions, the expected cost per day of managing the firm's cash balance over any finite planning horizon of T days can be expressed formally as: E(c)= yE(N)/T + vE(M) where E(N) = the expected number of portfolio transfers (in either direction) during the planning period; y = the cost per transfer; E(M) = the average daily 107 V*.cash balance; and v = the daily rate of interest earned portfolio. The firm's objective has to be minimizing E(c) with respect to the control variables afforded by the chosen policy; the upper bound on cash holdings, h, and the intermediate return point, z. Theory ofBeranek: The assumptions of Beranek's theory are as follows:. Cash flow of a firm is under control of managers as opposed to cash disbursements,. Cash shortages occurring during the planning period become causes of short costs, because firms miss the opportunity to benefit from cash discounts,. People or firms demand cash not only for transaction purposes but also for precaution,. Short costs are the functions of initial cash balances. According to Beranek, when deteraiining the optimum level of cash, the most important point to consider is trying to minimize the probable costs of cash shortages. Theory of Stone: Among all of these theories about the determination of optimum level of cash, the most appropriate and rationale one belongs to Stone. Although theory of Stone seems to Miller-Orr's, the main difference is the determination of cash control limits. 108 1.> JIn the same way with the firms, banks also must always hold an optimum level of cash at least for transaction purposes. Banks' cash assets are managed in the treasury centers of the banks. Treasury functions of a bank may be categorized as follows:. Cash management (legal reserves, payment systems such as EFT and corresponding banking are analyzed in this section),. Funds management (management of cash surplus and cash shortages is analyzed in this section),. Foreign exchange management (Foreign exchange operations and derivative products are analyzed in this section). As a new approach in the banking sector,“Cash Management Business Model”is the subject of the third part of this thesis. In this part, new product and service lines developed in the context of“Cash Management Business Model”are explained in details. These products developed by taking into account five functional areas such as collections, payments, concentration, treasury and liquidity management offer many quantifiable benefits to customers. These are:. Financial benefits,. Operational benefits,. Control benefits,. Strategic benefits. 109 I rThus,“Cash Management Business Model”is a process originated as a result of common needs of firms and banks and the progress of these products and services will absolutely give way to higher profitability for banks and firms altogether. »° h

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