Risk sermayesi (venture capital) finansman modeli ve Türkiye`de bir uygulama modeli önerisi

Abstract

investment on a promising idea and so monetary assurances like buildings or factories are not asked for. Turkey, having followed a policy of globalisation in economy as in every field after 1980 has made some regulations in both trade and finance subjects, and has issued capital market law dated 30th July 1981 and numbered 2499. With this law's coming into force in 1982, Turkish Capital Market has begun to keep up with modern institutions of free market mechanisms, and some new concepts have come into Turkish finance life. One of these new concepts is the venture capital finance model which will take part in the bringing out and supporting of the potential entrepreneur class present in our country. In the first section of this work which is composed of three main sections, general comprehension of the venture capital finance model is tried to be brought up and its institutional structure and procedure are investigated after defining the model and also a comparison between the model and other finance models is made. Looking at the past of the venture capital finance model which is defined as `long term fund transfer form which is realised by investing on capital market tools exported at primary markets by entrepreneur firms that are founded or will be founded in Turkey, have high potential for development, and whose liquidity of securities, stocks and bonds is low` in the communication of Capital Market Board, it is seen that there have been many examples of applications through the history, similar to the model although the model is fresh. The model which is named `Naruqqum` in Ancient Assyria, `Chreokoinonio` in Byzantium, `Roman Sea Loan` in Rome, `Isqa` in Jew World, `Musharaka` in Islam World, `Commenda` in Medieval Europe, `Kalati` among Geneva Sailors, `Compagnia` in Floransa and finally `Venture Capital` in 20th century America, has arouse in USA after World War II with its meaning today and has achieved a rapid development trend especially in 1980's. 154The common point of all these models that have been applied in different periods of history and are similar to each other by nature is the demand of few people who have big funds to risk some part of their funds to provide high rate of return. The most apparent properties of venture capital finance model can be enumerated as follows: a. Venture capital is provided as equity from a fund formed for this purpose, b. Fund possessions are transferred to young and new enterprises that drive attention with new product or new ideas of product, new method or new ideas of method, new marketing strategy or new ideas of marketing strategy and that give expectation of development, c. Fund possessions are managed by fund managers who are experienced, professional who are not influenced by financier's decisions and are paid good salaries, d. At an appropriate time after 5-10 years, total profit is realised by sale of share. This way capital is not drawn off from the enterprise that is financed. e. Fund manager provides strategic management support to the enterprise financed in financial and commercial areas and prevents the use of expensive and often inefficient technology by executing control as a manager. This model which has progressed rapidly first in USA, than in other developed countries with these properties is investigated about its progress in the countries in which its application is done in the second section of this study, and the experiences these countries have had and the lessons have to be taken in our country are tried to be brought up. For this; besides USA; applications in England, France, Germany, Sweden, Canada and Japan are investigated and special conditions of the countries are tried to be brought up. In third main section, economic structure of Turkey is investigated and it is tried to be understood how much ready is the finance section in country for the application 155of the model. In this connection, history of capital market and stock-exchange market in Turkey are checked for appropriateness. Than history of venture capital finance model in Turkey is investigated and applications being mainly Enterprise Supporting Agencies and Technoparks that have importance in forming the basic structure of the model are brought up. Here also the aims and studies of Turkey Technology Foundation which was thought of to be established for the aim of financing new investments containing future technology and set up in 1991 as a part of the project are brought up in the frame of Technology Development Project prepared with World Bank in 1990. Again in this section, small industries incentive system in Turkey is investigated and investigation is also made and information about the studies of KOSGEB is given. At the end of these section about applications in Turkey, principals about Venture Capital Investment Partnerships Communication which forms the juridical base of venture capital finance model in Turkey and is published by Capital Market Board in 1993 is taken and new regulations arranged by this communication are talked of; and applicability of the model in Turkey's conditions are investigated while mentioning the advantages provided to the venture capital system in Turkish Tax Conventions. Here, besides all, properties of regulation in our country about venture capital are taken and basic benefits expected from the system are tried to be brought up. 156KAYNAKÇA