{"id":59371,"date":"2026-11-04T10:23:56","date_gmt":"2026-11-04T07:23:56","guid":{"rendered":"https:\/\/www.merceknet.com\/tr\/?p=59371"},"modified":"2026-11-04T10:29:36","modified_gmt":"2026-11-04T07:29:36","slug":"merkez-bankasindan-fon-tasfiyelerine-iliskin-dikkat-ceken-analiz-4-bin-500-firmanin-1162-milyar-lirasi-tasfiye-kapsamindaki-fonlarda","status":"publish","type":"post","link":"https:\/\/www.merceknet.com\/tr\/2026\/11\/04\/merkez-bankasindan-fon-tasfiyelerine-iliskin-dikkat-ceken-analiz-4-bin-500-firmanin-1162-milyar-lirasi-tasfiye-kapsamindaki-fonlarda\/","title":{"rendered":"Merkez Bankas\u0131ndan fon tasfiyelerine ili\u015fkin dikkat \u00e7eken analiz: 4 bin 500 firman\u0131n 116,2 milyar liras\u0131 tasfiye kapsam\u0131ndaki fonlarda"},"content":{"rendered":"<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131n\u0131n resm\u00ee blogu Merkezin G\u00fcncesi&#8217;nde, 4 Kas\u0131m 2026 \u00c7ar\u015famba g\u00fcn\u00fc finans piyasalar\u0131nda ya\u015fanan fon tasfiyelerinin reel sekt\u00f6r \u00fczerindeki olas\u0131 etkilerini ele alan kapsaml\u0131 bir analiz yay\u0131mland\u0131.<\/p>\n<p>\u00dcnal Seven ve Kadir G\u00fcrci imzas\u0131n\u0131 ta\u015f\u0131yan \u201cFon Tasfiyeleri ve Reel Sekt\u00f6r: Firma Verileri Ne S\u00f6yl\u00fcyor?\u201d ba\u015fl\u0131kl\u0131 makalede, SPK&#8217;nin 17 Eyl\u00fcl 2026 tarihli karar\u0131yla ola\u011fan\u00fcst\u00fc tasfiye kapsam\u0131na al\u0131nan fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketler mercek alt\u0131na al\u0131nd\u0131.<\/p>\n<p>\u00c7al\u0131\u015fmada firmalar\u0131n fonlarda tuttu\u011fu kaynaklar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc, sekt\u00f6rel da\u011f\u0131l\u0131m\u0131, ekonomideki paylar\u0131, tedarik\u00e7i ili\u015fkileri ve tasfiye sonras\u0131ndaki kredi kullan\u0131mlar\u0131 incelendi.<\/p>\n<p>Yazarlar, fon piyasas\u0131nda ya\u015fanan geli\u015fmelerin yaln\u0131zca finansal yat\u0131r\u0131mc\u0131larla s\u0131n\u0131rl\u0131 kalmayabilece\u011fini, \u015firketlerin nakit ak\u0131\u015f\u0131, \u00fcretim ve yat\u0131r\u0131m kararlar\u0131 \u00fczerinde de etkili olabilece\u011fini belirtti.<\/p>\n<h2>Fonlarda 116,2 milyar lira yat\u0131r\u0131m\u0131 bulunan 4 bin 500 firma tespit edildi<\/h2>\n<p>Makalenin ilk b\u00f6l\u00fcm\u00fcnde, tasfiye kapsam\u0131ndaki fonlarda tutulan \u015firket kaynaklar\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ele al\u0131nd\u0131.<\/p>\n<p>Analize g\u00f6re 15 Eyl\u00fcl 2026 itibar\u0131yla tasfiye kapsam\u0131na al\u0131nan fonlarda en az 1 milyon lira yat\u0131r\u0131m\u0131 bulunan yakla\u015f\u0131k 3 bin reel sekt\u00f6r firmas\u0131 tespit edildi.<\/p>\n<p>Bu firmalar\u0131n s\u00f6z konusu fonlarda bulunan yat\u0131r\u0131mlar\u0131n\u0131n toplam\u0131 yakla\u015f\u0131k 116 milyar liraya ula\u015ft\u0131.<\/p>\n<p>Yazarlar, makalenin dipnotlar\u0131nda \u00f6nemli bir ayr\u0131nt\u0131ya da yer verdi. Bir milyon liran\u0131n alt\u0131nda yat\u0131r\u0131m bakiyesi bulunan firmalar\u0131n da hesaba kat\u0131lmas\u0131yla toplam \u015firket say\u0131s\u0131 4 bin 500&#8217;e, yat\u0131r\u0131m tutar\u0131 ise 116,2 milyar liraya y\u00fckseliyor.<\/p>\n<h3>Fon yat\u0131r\u0131mlar\u0131n\u0131n da\u011f\u0131l\u0131m\u0131<\/h3>\n<div>\n<div>\n<table>\n<tbody>\n<tr>\n<th>Fon t\u00fcr\u00fc<\/th>\n<th>Yat\u0131r\u0131m tutar\u0131<\/th>\n<th>Toplam i\u00e7indeki yakla\u015f\u0131k pay\u0131<\/th>\n<\/tr>\n<tr>\n<td>Para piyasas\u0131 fonlar\u0131<\/td>\n<td>57 milyar TL<\/td>\n<td>%49,1<\/td>\n<\/tr>\n<tr>\n<td>Hisse senedi fonlar\u0131<\/td>\n<td>31 milyar TL<\/td>\n<td>%26,7<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer serbest fonlar<\/td>\n<td>28 milyar TL<\/td>\n<td>%24,1<\/td>\n<\/tr>\n<tr>\n<td>Toplam<\/td>\n<td>116 milyar TL<\/td>\n<td>%100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>Paylar 116 milyar liral\u0131k yuvarlanm\u0131\u015f toplam \u00fczerinden hesaplanm\u0131\u015ft\u0131r.<\/p>\n<p>Bu da\u011f\u0131l\u0131ma g\u00f6re tasfiye kapsam\u0131ndaki fonlarda bulunan \u015firket yat\u0131r\u0131mlar\u0131n\u0131n yakla\u015f\u0131k yar\u0131s\u0131 para piyasas\u0131 fonlar\u0131nda yer al\u0131yor.<\/p>\n<p>Hisse senedi fonlar\u0131nda 31 milyar lira, di\u011fer serbest fonlarda ise 28 milyar lira bulunuyor.<\/p>\n<p>Bu veriler, fon tasfiyelerinin yaln\u0131zca hisse senedi yat\u0131r\u0131mlar\u0131n\u0131 de\u011fil, \u015firketlerin k\u0131sa vadeli kaynak y\u00f6netiminde kullanabildi\u011fi para piyasas\u0131 fonlar\u0131n\u0131 da kapsad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h2>Fon yat\u0131r\u0131mlar\u0131nda en y\u00fcksek pay hizmet ve sanayi sekt\u00f6rlerinde<\/h2>\n<p>Merkez Bankas\u0131 uzmanlar\u0131 makalede, tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketlerin hangi sekt\u00f6rlerde faaliyet g\u00f6sterdi\u011fini de inceledi.<\/p>\n<p>Yap\u0131lan analiz, fon yat\u0131r\u0131mlar\u0131n\u0131n tek bir sekt\u00f6rde yo\u011funla\u015fmad\u0131\u011f\u0131n\u0131 ortaya koydu.<\/p>\n<h3>Sekt\u00f6rlere g\u00f6re fon yat\u0131r\u0131mlar\u0131n\u0131n da\u011f\u0131l\u0131m\u0131<\/h3>\n<div>\n<div>\n<table>\n<tbody>\n<tr>\n<th>Sekt\u00f6r<\/th>\n<th>Pay<\/th>\n<\/tr>\n<tr>\n<td>Hizmet<\/td>\n<td>%31<\/td>\n<\/tr>\n<tr>\n<td>Sanayi<\/td>\n<td>%29<\/td>\n<\/tr>\n<tr>\n<td>Ticaret<\/td>\n<td>%27<\/td>\n<\/tr>\n<tr>\n<td>\u0130n\u015faat<\/td>\n<td>%13<\/td>\n<\/tr>\n<tr>\n<td>Toplam<\/td>\n<td>%100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>En y\u00fcksek pay y\u00fczde 31 ile hizmet sekt\u00f6r\u00fcne ait. Sanayi sekt\u00f6r\u00fc y\u00fczde 29 ile ikinci, ticaret sekt\u00f6r\u00fc y\u00fczde 27 ile \u00fc\u00e7\u00fcnc\u00fc s\u0131rada bulunuyor. \u0130n\u015faat sekt\u00f6r\u00fcn\u00fcn pay\u0131 ise y\u00fczde 13.<\/p>\n<p>Yazarlar, bu da\u011f\u0131l\u0131m\u0131n belirgin bir sekt\u00f6rel yo\u011funla\u015fmaya i\u015faret etmedi\u011fini belirtti.<\/p>\n<p>Dolay\u0131s\u0131yla tasfiye kapsam\u0131ndaki fonlara yat\u0131r\u0131m yapan firmalar, ekonominin farkl\u0131 \u00fcretim ve hizmet alanlar\u0131nda faaliyet g\u00f6steriyor.<\/p>\n<h2>Bu \u015firketlerin T\u00fcrkiye ekonomisindeki a\u011f\u0131rl\u0131\u011f\u0131 ne kadar?<\/h2>\n<p>Makalede, tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan firmalar\u0131n ekonomideki toplam b\u00fcy\u00fckl\u00fc\u011f\u00fc de ara\u015ft\u0131r\u0131ld\u0131.<\/p>\n<p>\u00c7al\u0131\u015fmada s\u00f6z konusu firmalar\u0131n toplam aktifler, istihdam, ciro, ihracat ve ticari krediler i\u00e7indeki paylar\u0131 hesapland\u0131.<\/p>\n<h3>Reel sekt\u00f6r i\u00e7indeki paylar\u0131<\/h3>\n<div>\n<div>\n<table>\n<tbody>\n<tr>\n<th>Ekonomik g\u00f6sterge<\/th>\n<th>\u0130lgili firmalar\u0131n pay\u0131<\/th>\n<\/tr>\n<tr>\n<td>Toplam aktifler<\/td>\n<td>%1,2<\/td>\n<\/tr>\n<tr>\n<td>\u0130stihdam<\/td>\n<td>%0,6<\/td>\n<\/tr>\n<tr>\n<td>Ciro<\/td>\n<td>%0,9<\/td>\n<\/tr>\n<tr>\n<td>\u0130hracat<\/td>\n<td>%1,1<\/td>\n<\/tr>\n<tr>\n<td>Ticari kredi bakiyesi<\/td>\n<td>%0,9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>Yazarlar\u0131n analizine g\u00f6re tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketler, reel sekt\u00f6r\u00fcn toplam aktiflerinin yakla\u015f\u0131k y\u00fczde 1,2&#8217;sini olu\u015fturuyor.<\/p>\n<p>Bu \u015firketlerin istihdamdaki pay\u0131 y\u00fczde 0,6, toplam cirodaki pay\u0131 y\u00fczde 0,9 ve ihracattaki pay\u0131 y\u00fczde 1,1 olarak hesapland\u0131.<\/p>\n<p>Ticari kredi bakiyesindeki paylar\u0131 ise y\u00fczde 0,9 seviyesinde bulunuyor.<\/p>\n<p>Bununla birlikte \u00e7al\u0131\u015fmada, firmalar\u0131n tasfiye kapsam\u0131ndaki fonlarda bulunan yat\u0131r\u0131mlar\u0131n\u0131n reel sekt\u00f6r\u00fcn toplam aktiflerine oran\u0131n\u0131n yakla\u015f\u0131k on binde 9 oldu\u011fu da belirtildi.<\/p>\n<p>Bu iki \u00f6l\u00e7\u00fcm aras\u0131ndaki fark \u00f6nem ta\u015f\u0131yor: Y\u00fczde 1,2, ilgili firmalar\u0131n toplam aktiflerinin reel sekt\u00f6r i\u00e7indeki pay\u0131n\u0131; on binde 9 ise bu firmalar\u0131n tasfiye kapsam\u0131ndaki fon yat\u0131r\u0131mlar\u0131n\u0131n reel sekt\u00f6r toplam aktiflerine oran\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h2>En y\u00fcksek risk grubundaki firmalar\u0131n ekonomik pay\u0131 olduk\u00e7a d\u00fc\u015f\u00fck<\/h2>\n<p>Makalenin dikkat \u00e7ekici b\u00f6l\u00fcmlerinden biri, fon yat\u0131r\u0131mlar\u0131na maruziyet d\u00fczeylerinin incelendi\u011fi ara\u015ft\u0131rma oldu.<\/p>\n<p>Yazarlar, bir \u015firketin tasfiye kapsam\u0131ndaki fonlarda bulunan yat\u0131r\u0131m tutar\u0131n\u0131, son y\u0131l bilan\u00e7osundaki d\u00f6nen varl\u0131klar\u0131na b\u00f6lerek maruziyet oran\u0131 hesaplad\u0131.<\/p>\n<p>Buna g\u00f6re firmalar \u00fc\u00e7 gruba ayr\u0131ld\u0131:<\/p>\n<ul>\n<li>\n<div>\n<div>\n<p>D\u00fc\u015f\u00fck maruziyet: Fon yat\u0131r\u0131m\u0131n\u0131n d\u00f6nen varl\u0131klara oran\u0131 y\u00fczde 10 ve alt\u0131nda.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<p>Orta maruziyet: Oran y\u00fczde 10&#8217;un \u00fczerinde, y\u00fczde 50&#8217;ye kadar.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<p>Y\u00fcksek maruziyet: Oran y\u00fczde 50&#8217;nin \u00fczerinde.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<p>Burada maruziyet, \u015firketin fon yat\u0131r\u0131mlar\u0131n\u0131n k\u0131sa vadeli mali kaynaklar\u0131 i\u00e7indeki b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc ifade ediyor.<\/p>\n<p>Dolay\u0131s\u0131yla ayn\u0131 tutarda fon yat\u0131r\u0131m\u0131 bulunan iki \u015firketin kar\u015f\u0131la\u015fabilece\u011fi likidite riski, d\u00f6nen varl\u0131klar\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcne g\u00f6re farkl\u0131l\u0131k g\u00f6sterebiliyor.<\/p>\n<h3>Maruziyet gruplar\u0131na g\u00f6re ekonomideki paylar<\/h3>\n<div>\n<div>\n<table>\n<tbody>\n<tr>\n<th>Ekonomik g\u00f6sterge<\/th>\n<th>D\u00fc\u015f\u00fck<\/th>\n<th>Orta<\/th>\n<th>Y\u00fcksek<\/th>\n<\/tr>\n<tr>\n<td>Toplam aktifler<\/td>\n<td>%0,84<\/td>\n<td>%0,30<\/td>\n<td>%0,04<\/td>\n<\/tr>\n<tr>\n<td>\u0130stihdam<\/td>\n<td>%0,37<\/td>\n<td>%0,23<\/td>\n<td>%0,03<\/td>\n<\/tr>\n<tr>\n<td>Ciro<\/td>\n<td>%0,54<\/td>\n<td>%0,36<\/td>\n<td>%0,03<\/td>\n<\/tr>\n<tr>\n<td>\u0130hracat<\/td>\n<td>%0,77<\/td>\n<td>%0,29<\/td>\n<td>%0,01<\/td>\n<\/tr>\n<tr>\n<td>Ticari kredi<\/td>\n<td>%0,54<\/td>\n<td>%0,32<\/td>\n<td>%0,02<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>TCMB uzmanlar\u0131n\u0131n analizinde, y\u00fcksek maruziyet grubundaki firmalar\u0131n istihdam\u0131n ve toplam cironun yaln\u0131zca on binde 3&#8217;\u00fcn\u00fc olu\u015fturdu\u011fu belirtildi.<\/p>\n<p>Bu \u015firketlerin toplam ticari kredi bakiyesi i\u00e7indeki pay\u0131 da on binde 2 seviyesinde hesapland\u0131.<\/p>\n<p>Yazarlar, y\u00fcksek maruziyet grubundaki firmalar\u0131n ekonomideki toplam a\u011f\u0131rl\u0131\u011f\u0131n\u0131n g\u00f6rece d\u00fc\u015f\u00fck oldu\u011funa dikkat \u00e7ekti.<\/p>\n<p>Ancak bu sonu\u00e7, s\u00f6z konusu firmalar\u0131n kendi mali yap\u0131lar\u0131nda ciddi likidite sorunlar\u0131 ya\u015famayaca\u011f\u0131 anlam\u0131na gelmiyor. Ara\u015ft\u0131rma, makroekonomik paylar\u0131 \u00f6l\u00e7\u00fcyor; her firman\u0131n kar\u015f\u0131 kar\u015f\u0131ya kald\u0131\u011f\u0131 nakit ihtiyac\u0131n\u0131 ayr\u0131 ayr\u0131 ortaya koymuyor.<\/p>\n<h2>Fon tasfiyeleri tedarik\u00e7i firmalar\u0131 da etkileyebilir<\/h2>\n<p>\u00dcnal Seven ve Kadir G\u00fcrci, makalelerinde yaln\u0131zca fonlara do\u011frudan yat\u0131r\u0131m yapan \u015firketlerin de\u011fil, bu \u015firketlerle ticaret yapan i\u015fletmelerin de etkilenebilece\u011fine dikkat \u00e7ekti.<\/p>\n<p>Fonlardaki kaynaklar\u0131na eri\u015fmekte g\u00fc\u00e7l\u00fck ya\u015fayan bir firman\u0131n tedarik\u00e7ilerine yapaca\u011f\u0131 \u00f6demelerin gecikmesi veya al\u0131mlar\u0131n\u0131 azaltmas\u0131, ticari ili\u015fkiler \u00fczerinden ba\u015fka \u015firketlerin nakit ak\u0131\u015f\u0131n\u0131 etkileyebilir.<\/p>\n<p>Bu nedenle ara\u015ft\u0131rmada firmalar aras\u0131 ticaret verileri kullan\u0131larak fon yat\u0131r\u0131mc\u0131s\u0131 \u015firketlere sat\u0131\u015f yapan tedarik\u00e7iler de analiz edildi.<\/p>\n<h3>Tedarik zincirindeki risk nas\u0131l \u00f6l\u00e7\u00fcld\u00fc?<\/h3>\n<p>Ara\u015ft\u0131rmada, bir tedarik\u00e7inin toplam sat\u0131\u015flar\u0131n\u0131n ne kadar\u0131n\u0131 tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketlere ger\u00e7ekle\u015ftirdi\u011fi incelendi.<\/p>\n<p>\u00d6rne\u011fin toplam sat\u0131\u015flar\u0131n\u0131n y\u00fczde 25&#8217;inden fazlas\u0131n\u0131 bu \u015firketlere yapan bir tedarik\u00e7i, s\u00f6z konusu m\u00fc\u015fterilerinin \u00f6deme veya al\u0131m davran\u0131\u015f\u0131ndaki de\u011fi\u015fimlere daha fazla maruz kalabilir.<\/p>\n<p>Yazarlar\u0131n hesaplamas\u0131na g\u00f6re toplam sat\u0131\u015flar\u0131 i\u00e7inde ilgili firmalar\u0131n pay\u0131 y\u00fczde 5&#8217;i a\u015fan tedarik\u00e7iler, T\u00fcrkiye ekonomisindeki toplam istihdam\u0131n y\u00fczde 1,2&#8217;sini, cironun ise y\u00fczde 1,5&#8217;ini olu\u015fturuyor.<\/p>\n<h3>Tedarik\u00e7ilerin ekonomideki pay\u0131<\/h3>\n<div>\n<div>\n<table>\n<tbody>\n<tr>\n<th>\u0130lgili firmalara yap\u0131lan sat\u0131\u015flar\u0131n toplam sat\u0131\u015flardaki pay\u0131<\/th>\n<th>Ekonomideki ciro pay\u0131<\/th>\n<th>\u0130stihdam pay\u0131<\/th>\n<\/tr>\n<tr>\n<td>%5&#8217;in \u00fczerinde<\/td>\n<td>%1,5<\/td>\n<td>%1,2<\/td>\n<\/tr>\n<tr>\n<td>%10&#8217;un \u00fczerinde<\/td>\n<td>%0,55<\/td>\n<td>%0,61<\/td>\n<\/tr>\n<tr>\n<td>%25&#8217;in \u00fczerinde<\/td>\n<td>%0,17<\/td>\n<td>%0,24<\/td>\n<\/tr>\n<tr>\n<td>%50&#8217;nin \u00fczerinde<\/td>\n<td>%0,07<\/td>\n<td>%0,11<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>Tablo, ba\u011f\u0131ml\u0131l\u0131k oran\u0131 artt\u0131k\u00e7a bu \u00f6l\u00e7\u00fctleri sa\u011flayan tedarik\u00e7ilerin ekonomideki toplam a\u011f\u0131rl\u0131\u011f\u0131n\u0131n azald\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>\u00d6te yandan \u00e7al\u0131\u015fmada d\u00fc\u015f\u00fck fon maruziyetine sahip \u015firketler de\u011ferlendirme d\u0131\u015f\u0131nda b\u0131rak\u0131ld\u0131\u011f\u0131nda tedarik\u00e7ilerin ekonomideki paylar\u0131n\u0131n da belirgin bi\u00e7imde geriledi\u011fi ifade edildi.<\/p>\n<p>Bu bulgular, fon tasfiyelerinin ticari ili\u015fkiler yoluyla ba\u015fka i\u015fletmelere yans\u0131yabilece\u011fini, ancak incelenen y\u00fcksek ba\u011f\u0131ml\u0131l\u0131k gruplar\u0131n\u0131n ekonomideki do\u011frudan a\u011f\u0131rl\u0131\u011f\u0131n\u0131n s\u0131n\u0131rl\u0131 oldu\u011funu g\u00f6steriyor.<\/p>\n<h2>Fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketler banka kredisi kullanmaya devam ediyor<\/h2>\n<p>Makalede incelenen bir ba\u015fka \u00f6nemli ba\u015fl\u0131k, tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan i\u015fletmelerin banka kredilerine eri\u015fimi oldu.<\/p>\n<p>Fonlardaki kaynaklar\u0131na eri\u015fmekte g\u00fc\u00e7l\u00fck ya\u015fayan \u015firketlerin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamak i\u00e7in ek i\u015fletme sermayesine ihtiya\u00e7 duyabilece\u011fi belirtildi.<\/p>\n<p>Bu nedenle yazarlar, s\u00f6z konusu firmalara kulland\u0131r\u0131lan k\u0131sa vadeli T\u00fcrk liras\u0131 kredilerin toplam k\u0131sa vadeli TL kredi kullan\u0131mlar\u0131 i\u00e7indeki pay\u0131n\u0131 inceledi.<\/p>\n<p>Ara\u015ft\u0131rmada bu pay\u0131n tasfiye karar\u0131n\u0131n ard\u0131ndan y\u00fckseldi\u011fi g\u00f6r\u00fcld\u00fc.<\/p>\n<h3>K\u0131sa vadeli kredi kullan\u0131m\u0131n\u0131n pay\u0131 artt\u0131<\/h3>\n<p>Makalenin alt\u0131nc\u0131 grafi\u011finde, ilgili firmalar\u0131n haftal\u0131k k\u0131sa vadeli TL kredi kullan\u0131mlar\u0131ndaki pay\u0131n\u0131n a\u011fustos ay\u0131nda yakla\u015f\u0131k y\u00fczde 1\u20132 aral\u0131\u011f\u0131nda hareket etti\u011fi, eyl\u00fcl sonras\u0131nda ise zaman zaman y\u00fczde 2,5&#8217;in \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>30 Ekim haftas\u0131nda da pay\u0131n yakla\u015f\u0131k y\u00fczde 2,5 seviyesinde oldu\u011fu grafikte yer al\u0131yor.<\/p>\n<p>Bununla birlikte bu de\u011ferler grafikten yakla\u015f\u0131k okunuyor; makalede her hafta i\u00e7in kesin say\u0131sal tablo yay\u0131mlanmad\u0131.<\/p>\n<p>Yazarlar bu geli\u015fmeyi, fonlarda yat\u0131r\u0131m\u0131 bulunan firmalar\u0131n krediye eri\u015fiminin devam etti\u011fine i\u015faret eden bir bulgu olarak de\u011ferlendirdi.<\/p>\n<h2>TCMB&#8217;nin 1 Ekim&#8217;deki d\u00fczenlemelerine dikkat \u00e7ekildi<\/h2>\n<p>Analizde, T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131n\u0131n 1 Ekim 2026 tarihinde bankalar\u0131n likidite y\u00f6netimini ve makrofinansal istikrar\u0131 desteklemek amac\u0131yla ger\u00e7ekle\u015ftirdi\u011fi d\u00fczenlemelerin de kredi kullan\u0131m\u0131ndaki g\u00f6r\u00fcn\u00fcmde etkili oldu\u011funun de\u011ferlendirildi\u011fi belirtildi.<\/p>\n<p>TCMB uzmanlar\u0131, ilgili \u015firketlerin k\u0131sa vadeli TL kredi kullan\u0131m\u0131 i\u00e7indeki pay\u0131n\u0131n artmas\u0131n\u0131, firmalar\u0131n bankac\u0131l\u0131k sistemi \u00fczerinden finansmana ula\u015fmaya devam etti\u011fini g\u00f6steren bir geli\u015fme olarak yorumlad\u0131.<\/p>\n<p>Ancak kredi kullan\u0131m pay\u0131n\u0131n artmas\u0131, b\u00fct\u00fcn firmalar\u0131n ihtiya\u00e7 duyduklar\u0131 finansmana ayn\u0131 ko\u015fullarda veya sorunsuz eri\u015fti\u011fini kan\u0131tlam\u0131yor.<\/p>\n<h3>Kredi maliyetlerinde anlaml\u0131 farkl\u0131l\u0131k bulunmad\u0131<\/h3>\n<p>Makalede kredi maliyetlerine ili\u015fkin bir de\u011ferlendirme de yer ald\u0131.<\/p>\n<p>Yazarlar\u0131n hesaplamalar\u0131na g\u00f6re tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan firmalar\u0131n ortalama kredi maliyetleri di\u011fer \u015firketlerden bir miktar y\u00fcksek.<\/p>\n<p>Bununla birlikte bu fark\u0131n istatistiksel olarak anlaml\u0131 olmad\u0131\u011f\u0131 ifade edildi.<\/p>\n<p>Bu bulgu, ara\u015ft\u0131rman\u0131n kapsad\u0131\u011f\u0131 d\u00f6nem ve \u015firket gruplar\u0131 bak\u0131m\u0131ndan de\u011ferlendirilmelidir.<\/p>\n<div><\/div>\n<h2>Merkez Bankas\u0131 uzmanlar\u0131 hangi risklere dikkat \u00e7ekti?<\/h2>\n<p>Makalenin sonu\u00e7 b\u00f6l\u00fcm\u00fcnde fon piyasas\u0131ndaki geli\u015fmelerin reel sekt\u00f6r \u00fczerindeki etkilerinin yaln\u0131zca do\u011frudan fon yat\u0131r\u0131mlar\u0131 \u00fczerinden de\u011ferlendirilmemesi gerekti\u011fi vurguland\u0131.<\/p>\n<p>Yazarlar\u0131n \u00fczerinde durdu\u011fu temel aktar\u0131m kanallar\u0131 aras\u0131nda \u015firketlerin likidite durumu, ticari ili\u015fkiler, finansal varl\u0131k fiyatlar\u0131, finansman ko\u015fullar\u0131 ve ekonomik g\u00fcven bulunuyor.<\/p>\n<p>\u00d6zellikle tasfiye s\u00fcrecinin uzamas\u0131 veya varl\u0131k fiyatlar\u0131nda yeni d\u00fc\u015f\u00fc\u015fler ya\u015fanmas\u0131 durumunda i\u015fletmelerin harcama, \u00fcretim ve yat\u0131r\u0131m kararlar\u0131 \u00fczerinde ek etkiler olu\u015fabilece\u011fi de\u011ferlendirildi.<\/p>\n<p>Bununla birlikte ara\u015ft\u0131rma, bu etkilerin b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc hesaplayan kapsaml\u0131 bir etki analizi de\u011fil. \u00c7al\u0131\u015fma, belirli fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketlerin ekonomik a\u011f\u0131rl\u0131\u011f\u0131n\u0131 ve kredi kullan\u0131m\u0131ndaki geli\u015fmeleri inceliyor.<\/p>\n<p>Bu ayr\u0131m, makalenin sonu\u00e7lar\u0131n\u0131n do\u011fru anla\u015f\u0131lmas\u0131 a\u00e7\u0131s\u0131ndan \u00f6nem ta\u015f\u0131yor.<\/p>\n<h2>Merkez Bankas\u0131n\u0131n destekleyici ad\u0131mlar\u0131 riskleri s\u0131n\u0131rlayabilir<\/h2>\n<p>\u00dcnal Seven ve Kadir G\u00fcrci, finansman ko\u015fullar\u0131ndaki olas\u0131 risklerin azalt\u0131lmas\u0131nda TCMB&#8217;nin uygulad\u0131\u011f\u0131 d\u00fczenlemelerin \u00f6nemine de i\u015faret etti.<\/p>\n<p>\u00c7al\u0131\u015fmada bankalar\u0131n likidite y\u00f6netimini destekleyen ad\u0131mlar ile KOB\u0130&#8217;lerin ve \u00f6zel sekt\u00f6r tahvili ihra\u00e7\u00e7\u0131lar\u0131n\u0131n finansmana eri\u015fimini destekleyen d\u00fczenlemelerin olas\u0131 risklerin s\u0131n\u0131rlanmas\u0131na yard\u0131mc\u0131 olabilece\u011fi belirtildi.<\/p>\n<p>Yazarlar, tasfiye s\u00fcrecinde ilerleme sa\u011flanmas\u0131n\u0131n da \u015firketlerin kar\u015f\u0131 kar\u015f\u0131ya bulundu\u011fu mali g\u00fc\u00e7l\u00fckleri hafifletebilece\u011fini de\u011ferlendirdi.<\/p>\n<h3>Makalenin temel bulgular\u0131<\/h3>\n<div>\n<div>\n<table>\n<tbody>\n<tr>\n<th>\u0130ncelenen alan<\/th>\n<th>Ara\u015ft\u0131rman\u0131n ortaya koydu\u011fu sonu\u00e7<\/th>\n<\/tr>\n<tr>\n<td>Fon yat\u0131r\u0131mc\u0131lar\u0131<\/td>\n<td>4.500 firma<\/td>\n<\/tr>\n<tr>\n<td>Toplam yat\u0131r\u0131m<\/td>\n<td>116,2 milyar TL<\/td>\n<\/tr>\n<tr>\n<td>En b\u00fcy\u00fck fon t\u00fcr\u00fc<\/td>\n<td>57 milyar TL ile para piyasas\u0131 fonlar\u0131<\/td>\n<\/tr>\n<tr>\n<td>En y\u00fcksek sekt\u00f6rel pay<\/td>\n<td>%31 ile hizmetler<\/td>\n<\/tr>\n<tr>\n<td>\u0130stihdam pay\u0131<\/td>\n<td>%0,6<\/td>\n<\/tr>\n<tr>\n<td>Ciro pay\u0131<\/td>\n<td>%0,9<\/td>\n<\/tr>\n<tr>\n<td>\u0130hracat pay\u0131<\/td>\n<td>%1,1<\/td>\n<\/tr>\n<tr>\n<td>Y\u00fcksek maruziyet grubunun istihdam pay\u0131<\/td>\n<td>%0,03<\/td>\n<\/tr>\n<tr>\n<td>Y\u00fcksek maruziyet grubunun kredi pay\u0131<\/td>\n<td>%0,02<\/td>\n<\/tr>\n<tr>\n<td>\u0130lgili tedarik\u00e7ilerin istihdam pay\u0131<\/td>\n<td>%1,2<\/td>\n<\/tr>\n<tr>\n<td>Krediye eri\u015fim<\/td>\n<td>K\u0131sa vadeli TL kredi kullan\u0131m pay\u0131 artt\u0131<\/td>\n<\/tr>\n<tr>\n<td>Kredi maliyetleri<\/td>\n<td>Fark istatistiksel olarak anlaml\u0131 bulunmad\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<h2>Analizdeki \u00f6nemli uyar\u0131: Fon piyasas\u0131n\u0131n toplam ekonomik etkisi hesaplanmad\u0131<\/h2>\n<p>Makalenin sonu\u00e7 b\u00f6l\u00fcm\u00fcnde, hesaplanan ekonomik paylar\u0131n y\u00fcksek risk ta\u015f\u0131yan firmalar\u0131n sorunlar\u0131n\u0131n \u00f6nemini azaltmad\u0131\u011f\u0131 \u00f6zellikle belirtildi.<\/p>\n<p>Yazarlar, fon tasfiyelerinin reel sekt\u00f6r \u00fczerindeki toplam etkisine ili\u015fkin kesin bir sonuca ula\u015f\u0131lmad\u0131\u011f\u0131n\u0131 ifade etti.<\/p>\n<p>Nitekim fonlardaki yat\u0131r\u0131mlar\u0131na do\u011frudan eri\u015femeyen \u015firketlerin yan\u0131 s\u0131ra finansal varl\u0131k fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015flerden etkilenen i\u015fletmeler, finansman ko\u015fullar\u0131ndaki s\u0131k\u0131la\u015fmayla kar\u015f\u0131la\u015fan firmalar ve g\u00fcven kayb\u0131 nedeniyle yat\u0131r\u0131mlar\u0131n\u0131 erteleyen \u015firketler de bulunabilir.<\/p>\n<p>Bu nedenle \u00e7al\u0131\u015fmada \u00f6l\u00e7\u00fclen do\u011frudan fon yat\u0131r\u0131mlar\u0131 ve tedarik\u00e7i ba\u011flant\u0131lar\u0131, olas\u0131 ekonomik etkilerin yaln\u0131zca bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturuyor.<\/p>\n<p>Merkez Bankas\u0131 uzmanlar\u0131n\u0131n temel de\u011ferlendirmesi, fon tasfiyelerine do\u011frudan maruz kalan firmalar\u0131n ekonomideki pay\u0131 g\u00f6rece s\u0131n\u0131rl\u0131 olsa da likidite sorunlar\u0131n\u0131n, finansal ko\u015fullar\u0131n ve g\u00fcvenin birlikte izlenmesi gerekti\u011fi y\u00f6n\u00fcnde.<\/p>\n<div><\/div>\n<h2>Konya sanayisi ve i\u015fletmeleri a\u00e7\u0131s\u0131ndan de\u011ferlendirme<\/h2>\n<p>TCMB&#8217;nin yay\u0131mlad\u0131\u011f\u0131 analiz, sanayi, ticaret ve hizmet sekt\u00f6rlerinde yo\u011fun \u00fcretim faaliyetleri bulunan Konya a\u00e7\u0131s\u0131ndan da \u00f6nem ta\u015f\u0131yan konular\u0131 g\u00fcndeme getiriyor.<\/p>\n<p>Konya&#8217;da faaliyet g\u00f6steren i\u015fletmeler bak\u0131m\u0131ndan k\u0131sa vadeli finansmana eri\u015fim, tedarik\u00e7i \u00f6demeleri, i\u015fletme sermayesi ve nakit ak\u0131\u015f\u0131 y\u00f6netimi, \u00fcretim faaliyetlerinin devaml\u0131l\u0131\u011f\u0131 a\u00e7\u0131s\u0131ndan \u00f6nemli unsurlar aras\u0131nda bulunuyor.<\/p>\n<p>Makaledeki bulgular, fon tasfiyelerinin \u015firketler aras\u0131 ticari ili\u015fkiler \u00fczerinden farkl\u0131 i\u015fletmelere yans\u0131yabilece\u011fini g\u00f6steriyor.<\/p>\n<p>\u00d6rne\u011fin bir \u00fcretici firman\u0131n fon yat\u0131r\u0131mlar\u0131ndaki kaynaklar\u0131na ula\u015famamas\u0131 nedeniyle hammadde al\u0131mlar\u0131n\u0131 azaltmas\u0131 veya tedarik\u00e7isine \u00f6deme yapmakta zorlanmas\u0131, kendisiyle ticari ili\u015fkisi bulunan ba\u015fka i\u015fletmelerin de nakit planlamas\u0131n\u0131 etkileyebilir.<\/p>\n<p>Bu t\u00fcr riskler, Konya&#8217;daki makine, otomotiv yan sanayi, g\u0131da, tar\u0131m makineleri, d\u00f6k\u00fcm ve ticaret sekt\u00f6rlerinde faaliyet g\u00f6steren i\u015fletmeler i\u00e7in de genel anlamda ge\u00e7erli olabilecek finansal mekanizmalar aras\u0131nda yer al\u0131yor.<\/p>\n<p>Ancak TCMB&#8217;nin yay\u0131mlad\u0131\u011f\u0131 makalede Konya&#8217;ya \u00f6zel firma say\u0131s\u0131, yat\u0131r\u0131m tutar\u0131, sekt\u00f6rel maruziyet veya kredi kullan\u0131m\u0131 verisi bulunmuyor.<\/p>\n<p>Dolay\u0131s\u0131yla kentte hangi \u015firketlerin veya sekt\u00f6rlerin s\u00f6z konusu fon tasfiyelerinden ne \u00f6l\u00e7\u00fcde etkilendi\u011fine ili\u015fkin somut bir sonu\u00e7 \u00e7\u0131kar\u0131lam\u0131yor.<\/p>\n<h2>4 Kas\u0131m&#8217;da yay\u0131mlanan makaleden \u00e7\u0131kan sonu\u00e7<\/h2>\n<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131n\u0131n Merkezin G\u00fcncesi platformunda yay\u0131mlanan ara\u015ft\u0131rma, 17 Eyl\u00fcl&#8217;de ba\u015flayan ola\u011fan\u00fcst\u00fc fon tasfiyesi s\u00fcrecinin reel sekt\u00f6rle ba\u011flant\u0131lar\u0131n\u0131 firma verileri \u00fczerinden ortaya koydu.<\/p>\n<p>\u00dcnal Seven ve Kadir G\u00fcrci&#8217;nin analizine g\u00f6re tasfiye kapsam\u0131ndaki fonlarda 4 bin 500 firman\u0131n toplam 116,2 milyar liral\u0131k yat\u0131r\u0131m\u0131 bulunuyor.<\/p>\n<p>\u0130lgili firmalar, reel sekt\u00f6r\u00fcn toplam istihdam\u0131n\u0131n y\u00fczde 0,6&#8217;s\u0131n\u0131, cirosunun y\u00fczde 0,9&#8217;unu ve ihracat\u0131n\u0131n y\u00fczde 1,1&#8217;ini olu\u015fturuyor. Fon yat\u0131r\u0131mlar\u0131na y\u00fcksek d\u00fczeyde maruz kalan firmalar\u0131n ekonomideki paylar\u0131 ise \u00e7ok daha d\u00fc\u015f\u00fck seviyede bulunuyor.<\/p>\n<p>\u00d6te yandan tedarik\u00e7i ba\u011flant\u0131lar\u0131, \u015firketlerin nakit ak\u0131\u015f\u0131 ve finansman ko\u015fullar\u0131 nedeniyle dolayl\u0131 etkilerin ortaya \u00e7\u0131kabilece\u011fi belirtiliyor.<\/p>\n<p>\u00c7al\u0131\u015fmada, tasfiye kapsam\u0131ndaki fonlarda yat\u0131r\u0131m\u0131 bulunan \u015firketlerin k\u0131sa vadeli TL kredilerden ald\u0131klar\u0131 pay\u0131n artmas\u0131 da krediye eri\u015fimin s\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6steren bir bulgu olarak de\u011ferlendirildi.<\/p>\n<p>Ara\u015ft\u0131rman\u0131n en \u00f6nemli sonucu, fon tasfiyelerinin do\u011frudan etkiledi\u011fi \u015firketlerin ekonomideki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n s\u0131n\u0131rl\u0131 olmas\u0131na ra\u011fmen finansal istikrar ve reel sekt\u00f6r a\u00e7\u0131s\u0131ndan risklerin izlenmeye devam edilmesi gerekti\u011fi oldu.<\/p>\n<p>Makalenin k\u00fcnyesi<\/p>\n<ul>\n<li>\n<div>\n<div>\n<p>Ba\u015fl\u0131k: Fon Tasfiyeleri ve Reel Sekt\u00f6r: Firma Verileri Ne S\u00f6yl\u00fcyor?<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<p>Yazarlar: \u00dcnal Seven ve Kadir G\u00fcrci<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<p>Yay\u0131n tarihi: 4 Kas\u0131m 2026<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<p>Yay\u0131n yeri: T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 \u2013 Merkezin G\u00fcncesi<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<p>Analizin temel tarihi: 15 Eyl\u00fcl 2026 itibar\u0131yla fon yat\u0131r\u0131mlar\u0131; tasfiye ve kredi kullan\u0131m s\u00fcrecine ili\u015fkin sonraki veriler<\/p>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<p>Makalenin tamam\u0131: <a href=\"https:\/\/tcmbblog.org\/wps\/wcm\/connect\/blog\/tr\/main+menu\/analizler\/Fon_Tasfiyeleri_ve_Reel_Sektor_Firma_Verileri_Ne_Soyluyor?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">TCMB Merkezin G\u00fcncesi \u2013 Fon Tasfiyeleri ve Reel Sekt\u00f6r: Firma Verileri Ne S\u00f6yl\u00fcyor?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131n\u0131n (TCMB) internet sitesinde yay\u0131mlanan \u201cMerkezin G\u00fcncesi\u201d blogunda \u00dcnal Seven ve Kadir G\u00fcrci taraf\u0131ndan kaleme al\u0131nan makalede, Sermaye Piyasas\u0131 Kurulunun (SPK) 17 Eyl\u00fcl 2026 tarihinde tasfiye kapsam\u0131na ald\u0131\u011f\u0131 yat\u0131r\u0131m fonlar\u0131n\u0131n reel sekt\u00f6re etkileri incelendi. Ara\u015ft\u0131rmaya g\u00f6re, bu fonlarda yat\u0131r\u0131m\u0131 bulunan firma say\u0131s\u0131 4 bin 500&#8217;e, toplam yat\u0131r\u0131m tutar\u0131 ise 116,2 milyar liraya ula\u015f\u0131yor. Makalede, fon yat\u0131r\u0131m\u0131 bulunan \u015firketlerin ekonomideki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n s\u0131n\u0131rl\u0131 oldu\u011fu, ancak likidite s\u0131k\u0131nt\u0131lar\u0131n\u0131n tedarik zincirleri ve finansman ko\u015fullar\u0131 \u00fczerinden ba\u015fka \u015firketleri de etkileyebilece\u011fi vurguland\u0131. Analizde ayr\u0131ca s\u00f6z konusu firmalar\u0131n banka kredilerine eri\u015fiminin devam etti\u011fi belirtildi.<\/p>\n","protected":false},"author":2,"featured_media":59372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,5,3483],"tags":[17362,434],"class_list":["post-59371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analiz","category-ekonomi","category-4-bolge","tag-fontasfiyeleri","tag-merkezbankasi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Merkez Bankas\u0131ndan fon tasfiyelerine ili\u015fkin dikkat \u00e7eken analiz: 4 bin 500 firman\u0131n 116,2 milyar liras\u0131 tasfiye kapsam\u0131ndaki fonlarda - Merceknet Haber<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.merceknet.com\/tr\/2026\/11\/04\/merkez-bankasindan-fon-tasfiyelerine-iliskin-dikkat-ceken-analiz-4-bin-500-firmanin-1162-milyar-lirasi-tasfiye-kapsamindaki-fonlarda\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merkez Bankas\u0131ndan fon tasfiyelerine ili\u015fkin dikkat \u00e7eken analiz: 4 bin 500 firman\u0131n 116,2 milyar liras\u0131 tasfiye kapsam\u0131ndaki fonlarda - Merceknet Haber\" \/>\n<meta property=\"og:description\" content=\"T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131n\u0131n (TCMB) internet sitesinde yay\u0131mlanan \u201cMerkezin G\u00fcncesi\u201d blogunda \u00dcnal Seven ve Kadir G\u00fcrci taraf\u0131ndan kaleme al\u0131nan makalede, Sermaye Piyasas\u0131 Kurulunun (SPK) 17 Eyl\u00fcl 2026 tarihinde tasfiye kapsam\u0131na ald\u0131\u011f\u0131 yat\u0131r\u0131m fonlar\u0131n\u0131n reel sekt\u00f6re etkileri incelendi. Ara\u015ft\u0131rmaya g\u00f6re, bu fonlarda yat\u0131r\u0131m\u0131 bulunan firma say\u0131s\u0131 4 bin 500&#039;e, toplam yat\u0131r\u0131m tutar\u0131 ise 116,2 milyar liraya ula\u015f\u0131yor. Makalede, fon yat\u0131r\u0131m\u0131 bulunan \u015firketlerin ekonomideki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n s\u0131n\u0131rl\u0131 oldu\u011fu, ancak likidite s\u0131k\u0131nt\u0131lar\u0131n\u0131n tedarik zincirleri ve finansman ko\u015fullar\u0131 \u00fczerinden ba\u015fka \u015firketleri de etkileyebilece\u011fi vurguland\u0131. Analizde ayr\u0131ca s\u00f6z konusu firmalar\u0131n banka kredilerine eri\u015fiminin devam etti\u011fi belirtildi.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.merceknet.com\/tr\/2026\/11\/04\/merkez-bankasindan-fon-tasfiyelerine-iliskin-dikkat-ceken-analiz-4-bin-500-firmanin-1162-milyar-lirasi-tasfiye-kapsamindaki-fonlarda\/\" \/>\n<meta property=\"og:site_name\" content=\"Merceknet Haber\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/merceknet\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/merceknet\" \/>\n<meta property=\"article:published_time\" content=\"2026-11-04T07:23:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-11-04T07:29:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.merceknet.com\/tr\/wp-content\/uploads\/2026\/11\/ekonomik-tahlil-finans.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" 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Ara\u015ft\u0131rmaya g\u00f6re, bu fonlarda yat\u0131r\u0131m\u0131 bulunan firma say\u0131s\u0131 4 bin 500'e, toplam yat\u0131r\u0131m tutar\u0131 ise 116,2 milyar liraya ula\u015f\u0131yor. Makalede, fon yat\u0131r\u0131m\u0131 bulunan \u015firketlerin ekonomideki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n s\u0131n\u0131rl\u0131 oldu\u011fu, ancak likidite s\u0131k\u0131nt\u0131lar\u0131n\u0131n tedarik zincirleri ve finansman ko\u015fullar\u0131 \u00fczerinden ba\u015fka \u015firketleri de etkileyebilece\u011fi vurguland\u0131. 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