Türev Ürünler
Kesin sermaye kisitlamasi
İngilizce: hard capital rationing
Türkçe Tanım
Sermaye piyasalarina sinirli erisim veya duzenleyici kisitlamalar gibi dis faktorlerin, bir firmanin tum pozitif net bugunku deger projelerini finanse etmek icin yeterli fon toplamasini engelledigi durumdur. Ic yonetim politikalari tarafindan dayatilan yumusak kisitlamanin aksine, kesin kisitlama gercek piyasa sinirliligini yansitir. Titiz proje secim kriterleri ve kit sermaye kaynaklarinin optimal dagitimini gerektirir.
English Definition
A situation in which external constraints, such as limited access to capital markets or regulatory restrictions, prevent a firm from raising sufficient funds to pursue all positive net-present-value projects. Unlike soft rationing imposed by internal management policies, hard rationing reflects genuine market limitations. It requires rigorous project selection criteria and optimal allocation of scarce capital resources.