Menkul kıymetler yatırım ortakları ve yatırım fonlarının sermaye piyasasının gelişimine katkıları

Abstract

140 SUMMARY In our country, both public and private enterprises face with great difficulties in financing their investments. Because of scarce capital factor, investments cannot be realized as planned and/or not accomplished in time. For financing public sector investments, money supply is expanded and this, in turn, causes higher rate of inflation. On the other hand high cost of credit leads to distortions in financial structures of private enterprises. In these circumstances, the only cheapest and easiest alternative in financing is to apply to capital market by issuing securities. This also coincides with the objectives of financial investors who seek out productive and reliable investment opportunities in order to increase their welfare. Capital market, much discussed but not realized in Turkey for a long time was established and institutionalized by the Capital Market Law, numbered 2499 and dated 1981. In this study, our purpose is to investigate the operational, functional and practical aspects of investment companies and mutual funds both are subsidiaries of capital market. This institutions have recently entered into our legal and financial systems by this Law. In the process of economic development the savings by itself and the degree of their direction towards productive investment areas are of great importance. Investment companies and mutual funds which have the functions of shortening the distance between those who have savings and investors and of remedying the communication difficulties, create capital source for investments, on the one hand and make use of savings by reducing risk through portfolio-forming on the other. The capital Market Law has been prepared in such a way that it aims to protect the rights of financial investors. This mainly because of inproper experiences seen in financial intermediation and bankers system in Turkey. Some taxation and restrictive measures imposed upon investment companies and mutual funds have delayed the establishment of institutions. Only banks have been authorized to establish investment companies and mutual funds. In practice, the former has not been much demanded, while the latter has more interest after some restrictive measures have been lessened or abolished.141 There are now 73 mutual funds established by 27 banks in Turkey. The total value of these funds are about 1500 billion Turkish Liras. When the portfolios composition are examined in order to see how such a big source is used, it is observed that a great amount of it is formed by public securities. Public securities such as treasury bills and government bonds are risklqss and liquid. In addition their revenues are approximately near to each other. This conflicts with the mutual funds obectives such as portfolio management and diversification. Participation certificates of mutual funds in our country tend to be in the nature of current account with those features and function to finance public sector. When evaluating the potfolios of mutual funds in Turkey with Sharpe index it is seen that all of them have negative values. The most important reason for this is that the riskless interest rate calculated by using average interest rates of public securities is higher than average portfolio return. In conclusion, we believe that mutual funds will be operating more efficiently in respect to their objectives if the rate of shares, in the portfolios is increased.