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Girişimciler Için Yeni Nesil Bir Finansman Modeli “Kitle Fonlamasi - Crowdfunding”: Dünya Ve Türkiye Uygulamalari Üzerine Bir Inceleme Ve Model Önerisi

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Girişimciler Için Yeni Nesil Bir Finansman Modeli “Kitle Fonlamasi - Crowdfunding”: Dünya Ve Türkiye Uygulamalari Üzerine Bir Inceleme Ve Model Önerisi T.C. BAŞKENT ÜNİVERSİTESİ SOSYAL BİLİMLER ENSTİTÜSÜ İŞLETME ANABİLİM DALI İŞLETME DOKTORA PROGRAMI GİRİŞİMCİLER İÇİN YENİ NESİL BİR FİNANSMAN MODELİ “KİTLE FONLAMASI - CROWDFUNDING”: DÜNYA VE TÜRKİYE UYGULAMALARI ÜZERİNE BİR İNCELEME VE MODEL ÖNERİSİ DOKTORA TEZİ HAZIRLAYAN ASLI VURAL TEZ DANIŞMANI DOÇ. DR. DENİZ UMUT DOĞAN ANKARA- 2019 TEŞEKKÜR Beni her konuda daima destekleyen, cesaretlendiren, güçlü olmayı öğreten, mücadeleden, öğrenmekten ve kendimi geliĢtirmekten vazgeçmemeyi ilke edindiren, sevgili babama ve rahmetli anneme, Sevgisini ve desteğini daima hissettiğim değerli eĢime, Tezimin her aĢamasında bana tecrübesi ve bilgi birikimiyle yol gösteren, ilgi ve desteğini esirgemeyen tez danıĢmanım Doç. Dr. Deniz Umut DOĞAN’a, Çok değerli görüĢleri ve yönlendirmeleri için Prof. Dr. Nalan AKDOĞAN’a, ÇalıĢma dönemimde destek ve yardımını benden hiç esirgemeyen Çiğdem GÖKÇE’ye ve sevgili dostlarıma, En içten duygularımla teĢekkür ederim. I ÖZET GiriĢimcilerin en önemli problemi finansal kaynaklara ulaĢmalarında yaĢadıkları zorluklardır. GiriĢimciler finansal sorunlarını çözmek için geleneksel finansman yöntemlerinden ve Risk Sermayesi, GiriĢim Sermayesi, Bireysel Katılım Sermayesi, Mikrofinansman gibi alternatif finansman modellerinden yararlanmaktadır. Günümüzde giriĢimcilerin gereksinim duydukları sermayeye ulaĢmak için kullandıkları yeni finansal yöntemlerden biri Kitle Fonlaması modelidir. ÇalıĢmada giriĢimcilik, giriĢim finansmanı ve Kitle Fonlaması modeli konusunda literatür taraması yapılarak ilgili kavramlara değinilmiĢtir. Dünya’da 2000’lerin baĢından itibaren yoğun olarak kullanılan Kitle Fonlaması modelinin Türkiye’de kullanımı 2010 yılında baĢlamıĢtır. Ancak yasal engeller nedeniyle, 5 Aralık 2017 tarihinde gerçekleĢen kanun değiĢikliğine kadar sadece Ödül ve BağıĢ Temelli Kitle Fonlaması modeli uygulanmıĢtır. Yapılan kanun değiĢikliği ile Türkiye’de Hisse Temelli Kitle Fonlaması da uygulanabilecektir. ÇalıĢmada öncelikle Kitle Fonlaması Finansman modeli’nin dünya genelinde gerçekleĢen uygulamaları irdelenerek, 2013-2016 yılları arasındaki fon hacimleri ile ülkelerde uygulanan yasal mevzuatlar incelenmiĢtir. Ayrıca çalıĢmada Türkiye’de Kitle Fonlaması modelinin geliĢimi anlatılmıĢ, faaliyet gösteren Kitle Fonlaması platformları ve iĢleyiĢlerine değinilmiĢ, platformlarında yayınlanan projeler içerik analizi ile kategorik ve model türlerine göre incelenerek Türkiye’nin Kitle Fonlaması hacmi ortaya konulmaya çalıĢılmıĢtır. Kanun değiĢikliği dünya genelinde en çok uygulanan ve en yüksek fon sağlayan model türü olan Borçlanma Temelli Kitle Fonlaması’nı içermemektedir. ÇalıĢmada son olarak Borçlanma Temelli Kitle Fonlaması modeli geliĢtirilerek, giriĢimci ve yatırımcı profillerinin tümünün ilgilenebileceği “BütünleĢtirici Borçlanma Temelli Kitle Fonlaması” adında yeni bir model önerilmektedir. Önerilen modelin Türkiye’deki Kitle Fonlaması uygulamalarında kullanılmasıyla gerçekleĢtirilecek proje sayıları ile toplanan fon miktarını artıracağı ve yatırımcılar için de tercih edilecek bir yatırım yöntemi olacağı düĢünülmektedir. Anahtar Kelimeler: GiriĢimcilik, GiriĢimci Finansmanı, Alternatif Finansman Yöntemleri, Kitle Fonlaması, BütünleĢtirici Borçlanma Temelli Kitle Fonlaması. II ABSTRACT The most important problem faced by of entrepreneurs is difficulty in accessing financial resources. Entrepreneurs benefit from traditional financing methods to solve their financial problems and alternative financing models such as Venture Capital, Private Equity, Angel Capital, Microfinance. Crowdfunding model is one of the new financial methods used by entrepreneurs to reach the capital they need. In this study, a literature review on entrepreneurship, enterprise finance and the Crowdfunding model is performed and related concepts are explained. The use of Crowdfunding model in Turkey began in 2010. However, due to legal barriers, only Reward and Donation Based Crowdfunding models were in use until the change of the law on December 5, 2017. With changes made to the legislation, Equity Based Crowdfunding can now also be applied in Turkey. In the study, first of all, the applications of Crowdfunding Financing model in the world are examined and the fund volumes between 2013-2016 and the legal regulations in the countries are investigated. Moreover, development of the Crowdfunding model, and Crowdfunding platforms in Turkey are described. In addition, published projects in platform are analyzed according to the categorical model and type via content analysis to expose Turkey's Crowdfunding volume. The new amendment to the law does not include the Debt Based Crowdfunding model, which is the model most applied around the world and which provides the highest funding. At the end of study, a Debt Based Crowdfunding model is developed and a new model for Turkey called "Integrated Debt Based Crowdfunding" is proposed which might attract all entrepreneur and investor profiles. It is considered that using the proposed model in Crowdfunding applications in Turkey will lead to an increase in projects realized and funds collected, making it the preferred method of investment for investors. Key Words: Entrepreneurship, Entrepreneur Finance, Alternative Financing Methods, Crowdfunding, Integrated Debt Based Crowdfunding. III İÇİNDEKİLER TEŞEKKÜR………………………………………………………………………………..I ÖZET………………………………………………………………………………………II ABSTRACT……………………………………..……………………………………….III İÇİNDEKİLER………………………………………………………………..…………IV TABLOLAR LİSTESİ……………………………………………………….………..VIII ŞEKİLLER LİSTESİ……………………………………………………………………..X KISALTMALAR…………..……………………………………………………………XII GİRİŞ……………………………………………………………………………………….1 BÖLÜM I. GİRİŞİMCİLİK………………………………………………………………4 1.1. GiriĢimcilik Tanımları ve Özellikleri…………………………………………..4 1.2. GiriĢimciliğin Önemi…………………………………………………………...8 1.3. GiriĢimcilik ve Ġnovasyon………….………………………………………....11 1.4. Dünya’da GiriĢimciliğin GeliĢimi…………………………………………….13 1.5. Türkiye’de GiriĢimciliğin GeliĢimi…………………………………………...15 BÖLÜM II. GİRİŞİM FİNANSMAN MODELLERİ………………………………….18 2.1. Geleneksel GiriĢim Finansman Modelleri………..…………………………...18 2.1.1. Özkaynak……………………………………………………………19 2.1.1.1. Otofinansman……………………………………………...20 2.1.1.2. Hisse Senedi……………………………………………….20 2.1.2. ArkadaĢ ve Aile Yardımları…………………………………………21 2.1.3. Borçlanma…………………………………………………………...21 2.1.3.1. Satıcı Kredileri…………………………………………….22 2.1.3.2. Ticari Banka Kredileri…………………………………….22 2.1.3.3. Finansman Bonoları……...………………………………..23 2.1.3.4. Tahviller…………………………………………………...24 2.1.4. Diğer Finansman Yöntemleri……………………………………….24 2.1.4.1. Leasing……………….……………………………………24 2.1.4.2. Faktoring…………………………………………………..26 2.1.4.3. Forfaiting…………………………………………………..28 2.1.4.4. Barter………………………………………………………29 2.2. Risk Sermayesi Finansman Modeli…………………………………………...31 2.2.1. Risk Sermayesi Finansman Modelinin GeliĢimi……………………33 IV 2.2.2. Risk Sermayesi Finansman Modelinin Süreci………………………34 2.2.3. Risk Sermayesi Modelinde Finansman Türleri……………………..36 2.3. GiriĢim Sermayesi Finansman Modeli………………………………………..36 2.3.1. GiriĢim Sermayesi Finansman Modelinin GeliĢimi………………...38 2.3.2. GiriĢim Sermayesi Finansman Modelinin Süreci…………………...38 2.3.3. GiriĢim Sermayesi Modelinde Finansman Türleri……………….....40 2.4. Bireysel Katılım Sermayesi Finansman Modeli………………………………42 2.4.1. Bireysel Katılım Sermayesi Finansman Modelinin GeliĢimi……….44 2.4.2. Bireysel Katılım Sermayesi Finansman Modelinin Süreci………….46 2.4.3. Bireysel Katılım Sermayesi Modelinde Finansman Türleri………...48 2.5. Mikrofinansman Modeli………………………………………………………49 2.5.1. Mikrofinansman Modelinin GeliĢimi……………………………….50 2.5.2. Mikrofinansman Modelinin Süreci………………………………….51 2.5.3. Mikrofinansman Modelinin Mikro Kredi Türleri…………………...53 BÖLÜM III. GİRİŞİMCİLER İÇİN YENİ NESİL BİR FİNANSMAN MODELİ “KİTLE FONLAMASI - CROWDFUNDING”………………………………………..54 3.1. Kitle Fonlaması Finansman Modelinin GeçmiĢi ve Tanımı…………………..55 3.2. Kitle Fonlaması Finansman Modelinin Tarafları……………………………..59 3.3. Kitle Fonlaması Finansman Modeli Türleri…………………………………..60 3.3.1. BağıĢ Temelli Kitle Fonlaması Finansman Modeli…………………61 3.3.2. Ödül Temelli Kitle Fonlaması Finansman Modeli.............................62 3.3.3. Borçlanma Temelli Kitle Fonlaması Finansman Modeli....................63 3.3.4. Hisse Temelli Kitle Fonlaması Finansman Modeli………........……63 3.3.5. Kitle Fonlaması Finansman Modellerinin KarĢılaĢtırılması………...64 3.4. Kitle Fonlaması Finansman Modelinin ĠĢleyiĢi……………………………….66 3.5. Kitle Fonlaması Finansman Modelinin Avantajları ve Dezavantajları……….69 3.5.1. Kitle Fonlaması Finansman Modelinin Avantajları...........................70 3.5.2. Kitle Fonlaması Finansman Modelinin Dezavantajları..................…73 BÖLÜM IV. DÜNYA’DA KİTLE FONLAMASI FİNANSMAN MODELİ UYGULAMALARI………………………………………………………………………75 4.1. Amerika Kıtası Ülkelerinde Kitle Fonlaması Finansman Modeli Uygulamaları…………………………………………….……………………77 4.1.1. Amerika BirleĢik Devletleri…………………………………………78 V 4.1.2. Kanada………………………………………………………………82 4.1.3. Brezilya…………………...…………………………………………86 4.1.4. ġili…………………………………………………………………...89 4.1.5. Meksika……………………………………………………………...91 4.2. Avrupa Kıtası Ülkelerinde Kitle Fonlaması Finansman Modeli Uygulamaları94 4.2.1. Ġngiltere...............................................................................................95 4.2.2. Fransa………………………………………………………………..98 4.2.3. Almanya…………………………………………………………....102 4.2.4. Ġtalya.................................................................................................104 4.2.5. Rusya Federasyonu………………………………………………...107 4.3. Asya Kıtası
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