Türkiye'de Bankaların Net Faiz Marjlarının Belirleyicileri ve Ticari Bankaların Finansal Yapısına Etkisinin Teorik ve Amprik Olarak İncelenmesi

Adnan Güzel

doi:10.37880/cumuiibf.1295369

Araştırma Makalesi

Türkiye'de Bankaların Net Faiz Marjlarının Belirleyicileri ve Ticari Bankaların Finansal Yapısına Etkisinin Teorik ve Amprik Olarak İncelenmesi

Yıl 2023, , 606 - 624, 30.10.2023

Adnan Güzel

https://doi.org/10.37880/cumuiibf.1295369

Öz

Bankalar, fon birikiminin kaynak ihtiyacı olan kurum ve kişilere aktarılması yoluyla finansman sağlanması, ekonomik yapının, iç ve dış ticaretin ve finansal sistemin gelişmesi amacıyla faaliyet gösteren en önemli finansal kurumlardır. Bankaların finansal yönden sağlam, etkin ve verimli olması, ekonomik gelişme ve finansal istikrarın südürülmesi açısından önemlidir. Bu nedenle; bankaların “Net Faiz Marjı” (NFM), sektörde, finansal sağlamlığın, kârlılık performansının değerlendirilmesinde, kredi fiyatlamasında, banka faaliyetlerinin verimliliğinin ölçülmesinde, finansal aracılık maliyetinin anlaşılmasında önemli bir gösterge olarak kabul edildiğinden gerek banka yönetimleri ve gerekse bankacılık otoriteleri ile araştırmacıları tarafından bir analiz aracı olarak kullanılmaktadır.

Bu çalışmada; Türk bankacılık sisteminde faaliyet gösteren ve aktif büyüklüğü en yüksek 15 ticari bankanın üçer aylık dönemler halinde sağlanan ve 2003Q1-2022Q2 dönemini kapsayan verileri kullanılarak panel veri analizi yöntemiyle “NFM”nın belirleyicileri ve ticari bankaların finansal yapısına etkisi incelenmiştir. Oluşturulan modelde; kredi riski, likidite riski, sermaye yapısı, özkaynak yapısı, piyasa gücü, kârlılığı, faiz gelirleri, faiz giderleri oranı, toplam varlıklar vb bağımsız içsel değişkenler; faiz oranları, döviz kurları, enflasyon, ekonomik büyüme makro ekonomik değişkenler olarak alınmıştır.

Yapılan analiz sonucunda; NFM ile özkaynak kârlılığı, kredi oranı, sermaye yeterliliği, faiz gelirleri oranı, faiz dışı gelirler oranı, TL mevduat faizleri ve döviz kurları arasında anlamlılık düzeyinde ve pozitif yönlü bir ilişki belirlenmiştir. Diğer yandan, toplam varlıklar, kredi riski, finansal varlık oranı, TL kredi faizi, enflasyon ve ekonomik büyüme değişkenlerinin NFM’nı istatiksel olarak anlamlılık düzeyinde ve negatif yönlü etkilemekte olduğu tespit edilmiştir. Ayrıca, piyasa gücü, mevduat oranı, likidite riski ve özkaynak yapısı değişkenlerinin NFM üzerindeki etkisinin istatistiksel olarak anlamlılık seviyesinde olmadığı sonucuna ulaşılmıştır.

Anahtar Kelimeler

Bankacılık Sektörü, Ticari Bankalar, Net Faiz Marjı, Panel Veri Analizi

Destekleyen Kurum

Yoktur.

Proje Numarası

Yoktur.

Teşekkür

İlginiz ve yardımlarınızdan dolayı çok teşekkür eder, iyi çalışmalar dilerim.

Kaynakça

1. Altıntaş, H. ve Mercan, M. (2015). AR-GE Harcamaları ve Ekonomik Büyüme İlişkisi: OECD Ülkeleri Üzerine Yatay Kesit Bağımlılığı Altında Panel Eşbütünleşme Analizi. Ankara Üniversitesi SBF Dergisi, 70(2), 345–376.
2. Angbazo, L. (1997). Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking, Journal of Banking & Finance, XXI, 1, 55-87.
3. Amidua, M ve Wolfe, S. (2013). The impact of market power and funding strategy on bank-interest margins, The European Journal of Finance, 2013 Vol. 19, No. 9, 888–908.
4. Begenau, J. ve Stafford, E. (2022). Unstable Inference from Banks' Stable Net Interest Margins, https://ssrn.com/abstract=4136866 or http://dx.doi.org/10.2139/ssrn.4136866.
5. BDDK, (2023), Aylık Bülten, https://www.bddk.org.tr/BultenAylik/tr/Home/Gelismis
6. Breusch, T. S. ve Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239–253.
7. Brummelhuis, R. ve Luo, Z., (2019). "Bank Net Interest Margin Forecasting and Capital Adequacy Stress Testing by Machine Learning Techniques," MPRA Paper 94779, University Library of Munich, Germany.
8. Busch, R. ve Memmel, C., (2015). "Banks' net interest margin and the level of interest rates," Discussion Papers 16/2015, Deutsche Bundesbank.
9. Chaudron, R., Haan, L. ve Hoeberichts, M. (2020). "Banks net interest margins and interest rate risk: communicating vessels?," Working Papers 675, DNB.
10. Choi,I.N. (1993). Asymptotic normality of the least-squares estimates for higher order auto-regressive integrated processes with some applications. Econometric Theory, 9(2), 263–282.
11. Claeys, S., Vennet, R.V. (2007), Determinants of Bank Interest Margins in Central and Eastern Europe: A Comparison with the West, Research Dep.Sveriges Riksbank, SE-103.37.
12. Demirgüç-Kunt A. ve Huizinga, H. (1999). Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence. The World Bank Economic Review, 13(2), 379-408. doi:10.1093/wber/13.2.379.
13. Demirgüç-Kunt A. ve Huizinga, H. (2000). “Financial Structure and Bank Profitability”. World Bank Çalışma Tebliği, No: 2430. doi:10.7551/mitpress/3001.003.0010
14. Demirgüç-Kunt, A., Laeven, L. ve Levine, R. (2004). Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation. Journal of Money, Credit, and Banking, XXXVI, 3, 593-622.
15. Driscoll, J. C. ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–559.
16. Doliente, J.S. (2005) Determinants of bank net interest margins in southeast asia, Applied Financial Economics Letters, 1:1, 53-57, DOI: 10.1080/1744654042000303629
17. Entrop, O., Memmel, C., Ruprecht, B. ve Wilkens, M. (2015) Determinants of Bank Interest Margins:Impact of Maturity Transformation, Journal of Banking and Finance,Vol.54,p.-19.
18. Erol, H. (2007). Bankalarda Net Faiz Marjının Belirleyicileri, Risk Duyarlılığı ve Politika Önerileri, TCMB Bankacılık ve Finansal Kuruluşlar Gen.Müd., Uzmanlık Yeterlilik Tezi,
19. Freixas, X. ve Rochet J. C.(1998). Microeconomics of Banking.Cambridge Mass:MIT Press.
20. Gunter, U., Krenn, G. ve Sigmund, M. (2013). "Macroeconomic, Market and Bank-Specific Determinants of the Net Interest Margin in Austria," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 25, pages 87-101.
21. Hadri, K. (2000). Testing For Stationarity in Heterogeneous Panel Data. The Econometrics Journal, 3(2), 148–161.
22. Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in The Presence of Serial Correlation and A Common Factor. Economics Letters, 115(1), 31–34.
23. Hanweck, G. ve Ryu, L. (2005) The Sensitivity of Bank Net Interest Margins and Profitability to Credit, Interest-Rate, and Term-tructure Shocks Across Bank Product Specializations. FDIC Working Paper 2005-02.
24. Hausman, J.A.(1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271.
25. Hellmann,T., Murdock,K.C., Stiglitz,J.E. (2000), Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?, American Economic Review, 90(1), 147–165.
26. Ho, T. S. Y. ve Saunders, A. (1981). The Determinants of Bank Interest Margins: Theory and Empirical Evidence. Journal of Financial and Quantitative Analysis, XVI, 4, 581-600.
27. Klein, M.,(2020). Implications of Negative Interest Rates For the Net Interest Margin and Lending of Euro Area Banks. Deutsche Bundesbank Discussion Paper No. 10.
28. Klein, Michael A. (1971), A Theory of Banking Firm, Journal of Money, Credit and Banking, 3(2), 205–218.
29. Kusi, B.A., Agbloyor, E.K., Gyeke-Dako, A. ve Asongu, S.A. (2020). Financial sector transparency and net interest margins: should the private or public sector lead financial sector transparency? Res. Int. Bus. Finance, 54 (2020), Article 101260
30. López-Espinosa, Moreno ve Pérez de Gracia (2011). "Banks' Net Interest Margin in the 2000s: A Macro-Accounting international perspective," Journal of International Money and Finance, Elsevier, vol. 30(6), pages 1214-1233.
31. Maudos, J. ve Guevara, J.F.D. (2004). "Avrupa Birliği'nin bankacılık sektörlerindeki faiz marjını açıklayan faktörler" Journal of Banking & Finance, Elsevier cilt. 28(9), s.2259-2281,
32. Monti, M. (1972), Deposit, Credit and Interest Rate Determination under Alternative Bank Objectives, In Mathematical Methods in Investment and Finance, edited by Szego, G.P. and Shell K., North Holland Amsterdam.
33. Pesaran, M. H. (2004). General Diagnostic Tests for Cross-section Dependence in Panels. Faculty of Economics. doi:10.17863/CAM.5113
34. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. doi:10.1002/jae.951
35. Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105–127. doi:10.1111/j.1368-423X.2007.00227.x
36. Raharjo, P.G., Hakim, D.B., Manurung, A.H. ve Maulana T.N.A (2014), International Journal of Economics and Financial Issues, Vol.4, No.2, pp.295-308, ISSN: 2146-4138.
37. Saksonova, S. (2014). The Role of Net Interest Margin in Improving Banks’ Asset Structure and Assessing the Stability and Efficiency of their Operations, Procedia - Social and Behavioral Sciences, Volume 150, 2014, Pages 132-141, ISSN 1877-0428,
38. Selçuk, H. ve Tunay K.B.,(2014).Ticari Banka Yönetiminin Temelleri. Nobel Yay. p.124
39. Sul, D., Phillips, P. C. B. ve Choi, C. Y. (2005). Prewhitening bias in HAC estimation. Oxford Bulletin of Economics and Statistics, 67(4), 517–546.
40. Şak, N. (2018). Panel Birim Kök Testleri. S. Güriş (Ed.), Uygulamalı Panel Veri Ekonometrisi içinde (ss. 1–451). İstanbul: DER Kitabevi ve Dağıtım.
41. Tatoğlu, Y. F. (2017). Panel Zaman Serileri Analizi. İst.Beta Basım Yayın Dağıtım A.Ş.
42. TBB (2023), Türkiye Bankalar Birliği, https://www.tbb.org.tr/tr E.T: Mart 2023.
43. Toda, H. Y. ve Yamamoto, T. (1995). Statistical Inference in Vector Autoregressions with Possibly Integrated Processes. Journal of Econometrics, 66(1–2), 225–250.
44. Ün, T. (2015). Stata ile Panel Veri Modelleri. S. Güriş (Ed.), Stata ile Panel Veri Modelleri içinde (ss. 39–80). İstanbul: DER Yayınları.
45. Valverde, S.C., ve Fernández, F.R. (2007), The determinants of bank margins in european banking, Journal of Banking & Finance, vol.31(7), s.2043–2063.
46. Wong, K. P. (1997). On the determinants of bank interest margins under credit and interest rate risks. Journal of Banking & Finance, XXI, 2, 251-271.
47. Yüksel, S. ve Zengin, S., (2017). Influencing Factors of Net Interest Margin in Turkish Banking Sector, International Journal of Economics and Financial Issues, 7(1),178-191.

Determinants of Banks' Net Interest Margins in Türkiye and Theoretical and Empirical Investigation of Its Effects on the Financial Structure of Commercial Banks.

Yıl 2023, , 606 - 624, 30.10.2023

Adnan Güzel

https://doi.org/10.37880/cumuiibf.1295369

Öz

Banks are the most important financial institutions operating in order to provide financing by transferring the fund accumulation to the institutions and individuals in need of resources, and to develop the economic structure, domestic and foreign trade and the financial system. It is important for banks to be financially sound and efficient in order to maintain economic development and financial stability. For this reason, the "Net Interest Margin" (NIM) of banks is used as an analysis tool by both bank managements and banking researchers since it is considered as an important indicator in the sector in evaluating financial soundness, profitability performance, loan pricing and measuring the efficiency of bank activities.

In this study, the determinants of "NIM" and its impact on the financial structure of commercial banks are analyzed by panel data analysis method using quarterly data of 15 commercial banks operating in the Turkish banking system with the highest asset size and covering the period 2003Q1-2022Q2. In the model; credit risk, liquidity risk, capital structure, equity structure, market power, profitability, interest income, interest expense ratio, total assets, etc. are taken as independent endogenous variables; interest rates, exchange rates, inflation, economic growth are taken as macroeconomic variables.

As a result of the analysis, a significant and positive relationship was found between NIM and return on equity, loan ratio, capital adequacy, interest income ratio, non-interest income ratio, TL deposit rates and exchange rates. On the other hand, total assets, credit risk, financial asset ratio, TL loan rate, inflation and economic growth variables have a statistically significant and negative effect on NIM. In addition, market power, deposit ratio, liquidity risk and equity structure variables have no statistically significant effect on NIM.

Anahtar Kelimeler

Banking Sector, Commercial Banks, Net Interest Margin, Panel Data Analysis

Proje Numarası

Yoktur.

Kaynakça

1. Altıntaş, H. ve Mercan, M. (2015). AR-GE Harcamaları ve Ekonomik Büyüme İlişkisi: OECD Ülkeleri Üzerine Yatay Kesit Bağımlılığı Altında Panel Eşbütünleşme Analizi. Ankara Üniversitesi SBF Dergisi, 70(2), 345–376.
2. Angbazo, L. (1997). Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking, Journal of Banking & Finance, XXI, 1, 55-87.
3. Amidua, M ve Wolfe, S. (2013). The impact of market power and funding strategy on bank-interest margins, The European Journal of Finance, 2013 Vol. 19, No. 9, 888–908.
4. Begenau, J. ve Stafford, E. (2022). Unstable Inference from Banks' Stable Net Interest Margins, https://ssrn.com/abstract=4136866 or http://dx.doi.org/10.2139/ssrn.4136866.
5. BDDK, (2023), Aylık Bülten, https://www.bddk.org.tr/BultenAylik/tr/Home/Gelismis
6. Breusch, T. S. ve Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239–253.
7. Brummelhuis, R. ve Luo, Z., (2019). "Bank Net Interest Margin Forecasting and Capital Adequacy Stress Testing by Machine Learning Techniques," MPRA Paper 94779, University Library of Munich, Germany.
8. Busch, R. ve Memmel, C., (2015). "Banks' net interest margin and the level of interest rates," Discussion Papers 16/2015, Deutsche Bundesbank.
9. Chaudron, R., Haan, L. ve Hoeberichts, M. (2020). "Banks net interest margins and interest rate risk: communicating vessels?," Working Papers 675, DNB.
10. Choi,I.N. (1993). Asymptotic normality of the least-squares estimates for higher order auto-regressive integrated processes with some applications. Econometric Theory, 9(2), 263–282.
11. Claeys, S., Vennet, R.V. (2007), Determinants of Bank Interest Margins in Central and Eastern Europe: A Comparison with the West, Research Dep.Sveriges Riksbank, SE-103.37.
12. Demirgüç-Kunt A. ve Huizinga, H. (1999). Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence. The World Bank Economic Review, 13(2), 379-408. doi:10.1093/wber/13.2.379.
13. Demirgüç-Kunt A. ve Huizinga, H. (2000). “Financial Structure and Bank Profitability”. World Bank Çalışma Tebliği, No: 2430. doi:10.7551/mitpress/3001.003.0010
14. Demirgüç-Kunt, A., Laeven, L. ve Levine, R. (2004). Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation. Journal of Money, Credit, and Banking, XXXVI, 3, 593-622.
15. Driscoll, J. C. ve Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–559.
16. Doliente, J.S. (2005) Determinants of bank net interest margins in southeast asia, Applied Financial Economics Letters, 1:1, 53-57, DOI: 10.1080/1744654042000303629
17. Entrop, O., Memmel, C., Ruprecht, B. ve Wilkens, M. (2015) Determinants of Bank Interest Margins:Impact of Maturity Transformation, Journal of Banking and Finance,Vol.54,p.-19.
18. Erol, H. (2007). Bankalarda Net Faiz Marjının Belirleyicileri, Risk Duyarlılığı ve Politika Önerileri, TCMB Bankacılık ve Finansal Kuruluşlar Gen.Müd., Uzmanlık Yeterlilik Tezi,
19. Freixas, X. ve Rochet J. C.(1998). Microeconomics of Banking.Cambridge Mass:MIT Press.
20. Gunter, U., Krenn, G. ve Sigmund, M. (2013). "Macroeconomic, Market and Bank-Specific Determinants of the Net Interest Margin in Austria," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 25, pages 87-101.
21. Hadri, K. (2000). Testing For Stationarity in Heterogeneous Panel Data. The Econometrics Journal, 3(2), 148–161.
22. Hadri, K. ve Kurozumi, E. (2012). A Simple Panel Stationarity Test in The Presence of Serial Correlation and A Common Factor. Economics Letters, 115(1), 31–34.
23. Hanweck, G. ve Ryu, L. (2005) The Sensitivity of Bank Net Interest Margins and Profitability to Credit, Interest-Rate, and Term-tructure Shocks Across Bank Product Specializations. FDIC Working Paper 2005-02.
24. Hausman, J.A.(1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271.
25. Hellmann,T., Murdock,K.C., Stiglitz,J.E. (2000), Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?, American Economic Review, 90(1), 147–165.
26. Ho, T. S. Y. ve Saunders, A. (1981). The Determinants of Bank Interest Margins: Theory and Empirical Evidence. Journal of Financial and Quantitative Analysis, XVI, 4, 581-600.
27. Klein, M.,(2020). Implications of Negative Interest Rates For the Net Interest Margin and Lending of Euro Area Banks. Deutsche Bundesbank Discussion Paper No. 10.
28. Klein, Michael A. (1971), A Theory of Banking Firm, Journal of Money, Credit and Banking, 3(2), 205–218.
29. Kusi, B.A., Agbloyor, E.K., Gyeke-Dako, A. ve Asongu, S.A. (2020). Financial sector transparency and net interest margins: should the private or public sector lead financial sector transparency? Res. Int. Bus. Finance, 54 (2020), Article 101260
30. López-Espinosa, Moreno ve Pérez de Gracia (2011). "Banks' Net Interest Margin in the 2000s: A Macro-Accounting international perspective," Journal of International Money and Finance, Elsevier, vol. 30(6), pages 1214-1233.
31. Maudos, J. ve Guevara, J.F.D. (2004). "Avrupa Birliği'nin bankacılık sektörlerindeki faiz marjını açıklayan faktörler" Journal of Banking & Finance, Elsevier cilt. 28(9), s.2259-2281,
32. Monti, M. (1972), Deposit, Credit and Interest Rate Determination under Alternative Bank Objectives, In Mathematical Methods in Investment and Finance, edited by Szego, G.P. and Shell K., North Holland Amsterdam.
33. Pesaran, M. H. (2004). General Diagnostic Tests for Cross-section Dependence in Panels. Faculty of Economics. doi:10.17863/CAM.5113
34. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. doi:10.1002/jae.951
35. Pesaran, M. H., Ullah, A. ve Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. Econometrics Journal, 11(1), 105–127. doi:10.1111/j.1368-423X.2007.00227.x
36. Raharjo, P.G., Hakim, D.B., Manurung, A.H. ve Maulana T.N.A (2014), International Journal of Economics and Financial Issues, Vol.4, No.2, pp.295-308, ISSN: 2146-4138.
37. Saksonova, S. (2014). The Role of Net Interest Margin in Improving Banks’ Asset Structure and Assessing the Stability and Efficiency of their Operations, Procedia - Social and Behavioral Sciences, Volume 150, 2014, Pages 132-141, ISSN 1877-0428,
38. Selçuk, H. ve Tunay K.B.,(2014).Ticari Banka Yönetiminin Temelleri. Nobel Yay. p.124
39. Sul, D., Phillips, P. C. B. ve Choi, C. Y. (2005). Prewhitening bias in HAC estimation. Oxford Bulletin of Economics and Statistics, 67(4), 517–546.
40. Şak, N. (2018). Panel Birim Kök Testleri. S. Güriş (Ed.), Uygulamalı Panel Veri Ekonometrisi içinde (ss. 1–451). İstanbul: DER Kitabevi ve Dağıtım.
41. Tatoğlu, Y. F. (2017). Panel Zaman Serileri Analizi. İst.Beta Basım Yayın Dağıtım A.Ş.
42. TBB (2023), Türkiye Bankalar Birliği, https://www.tbb.org.tr/tr E.T: Mart 2023.
43. Toda, H. Y. ve Yamamoto, T. (1995). Statistical Inference in Vector Autoregressions with Possibly Integrated Processes. Journal of Econometrics, 66(1–2), 225–250.
44. Ün, T. (2015). Stata ile Panel Veri Modelleri. S. Güriş (Ed.), Stata ile Panel Veri Modelleri içinde (ss. 39–80). İstanbul: DER Yayınları.
45. Valverde, S.C., ve Fernández, F.R. (2007), The determinants of bank margins in european banking, Journal of Banking & Finance, vol.31(7), s.2043–2063.
46. Wong, K. P. (1997). On the determinants of bank interest margins under credit and interest rate risks. Journal of Banking & Finance, XXI, 2, 251-271.
47. Yüksel, S. ve Zengin, S., (2017). Influencing Factors of Net Interest Margin in Turkish Banking Sector, International Journal of Economics and Financial Issues, 7(1),178-191.

Toplam 47 adet kaynakça vardır.

Ayrıntılar

Birincil Dil	Türkçe
Konular	Finans
Bölüm	Makaleler
Yazarlar	Adnan Güzel 0000-0002-0055-712X
Proje Numarası	Yoktur.
Erken Görünüm Tarihi	25 Ekim 2023
Yayımlanma Tarihi	30 Ekim 2023
Gönderilme Tarihi	10 Mayıs 2023
Yayımlandığı Sayı	Yıl 2023

Kaynak Göster

APA	Güzel, A. (2023). Türkiye’de Bankaların Net Faiz Marjlarının Belirleyicileri ve Ticari Bankaların Finansal Yapısına Etkisinin Teorik ve Amprik Olarak İncelenmesi. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 24(4), 606-624. https://doi.org/10.37880/cumuiibf.1295369

Makale Dosyaları

Tam Metin

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