{"id":11057,"date":"2022-10-07T17:47:56","date_gmt":"2022-10-07T14:47:56","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11057"},"modified":"2022-10-07T17:47:56","modified_gmt":"2022-10-07T14:47:56","slug":"ic-karlilik-orani-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/ic-karlilik-orani-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"\u0130\u00e7 Karl\u0131l\u0131k Oran\u0131 \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

\u0130\u00e7 Karl\u0131l\u0131k Oran\u0131<\/span><\/strong><\/h3>\n

\u0130\u00e7 verim oran\u0131 (IRR), bir projenin nakit giri\u015flerinin bug\u00fcnk\u00fc de\u011ferini, proje maliyetinin bug\u00fcnk\u00fc de\u011ferine e\u015fitleyen faiz oran\u0131 olarak tan\u0131mlan\u0131r. Ba\u015fka bir deyi\u015fle, projenin NBD’sini s\u0131f\u0131ra ayarlayan faiz oran\u0131d\u0131r. Bir projenin IRR’sini belirlemek i\u00e7in a\u015fa\u011f\u0131daki denklem kullan\u0131labilir.<\/span><\/p>\n

Denklem 20.2’nin sa\u011f taraf\u0131 gelecekteki nakit ak\u0131\u015flar\u0131n\u0131n bug\u00fcnk\u00fc de\u011feridir ve sol taraf yat\u0131r\u0131md\u0131r. I, CFt ve t bilinmektedir. B\u00f6ylece, IRR (denklemdeki faiz oran\u0131, i) deneme yan\u0131lma yoluyla bulunabilir.<\/span><\/p>\n

Bir proje i\u00e7in IRR hesapland\u0131ktan sonra, firman\u0131n gerekli getiri oran\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131l\u0131r. IRR, gerekli orandan b\u00fcy\u00fckse, proje kabul edilebilir say\u0131l\u0131r; IRR, gerekli getiri oran\u0131na e\u015fitse, yat\u0131r\u0131m\u0131n kabul\u00fc veya reddi de e\u015fittir; ve IRR, gerekli getiri oran\u0131ndan d\u00fc\u015f\u00fckse proje reddedilir.<\/span><\/p>\n

\u0130\u00e7 verim oran\u0131, sermaye yat\u0131r\u0131m\u0131 tekniklerinden en yayg\u0131n kullan\u0131lan\u0131d\u0131r. Pop\u00fclerli\u011finin bir nedeni, y\u00f6neticilerin kullanmakta rahat oldu\u011fu bir kavram olan getiri oran\u0131 olmas\u0131 olabilir. Ba\u015fka bir olas\u0131l\u0131k da y\u00f6neticilerin (\u00e7o\u011fu durumda, yanl\u0131\u015f olarak) IRR’nin ilk yat\u0131r\u0131m taraf\u0131ndan kazan\u0131lan ger\u00e7ek veya fiili bile\u015fik getiri oran\u0131 oldu\u011funa inanmalar\u0131d\u0131r. Pop\u00fclerli\u011finin nedenleri ne olursa olsun, IRR hakk\u0131nda temel bir anlay\u0131\u015f gereklidir.<\/span><\/p>\n

Tekd\u00fczen Nakit Ak\u0131\u015flar\u0131 ile \u00d6rnek<\/span><\/strong><\/h3>\n

IRR’nin e\u015fit nakit ak\u0131\u015flar\u0131 ile hesaplanmas\u0131n\u0131 g\u00f6stermek i\u00e7in, bir m\u00fchendislik firmas\u0131n\u0131n, bir sonraki y\u0131l i\u00e7in her y\u0131l\u0131n sonunda 99.900 $’l\u0131k net nakit giri\u015fi \u00fcretecek yeni bir bilgisayar destekli tasar\u0131m sistemine 240.000 $ yat\u0131r\u0131m yapma f\u0131rsat\u0131na sahip oldu\u011funu varsayal\u0131m.\u00a0<\/span><\/p>\n

IRR, 99.900 dolarl\u0131k \u00fc\u00e7 e\u015fit makbuzun bug\u00fcnk\u00fc de\u011ferini 240.000 dolarl\u0131k yat\u0131r\u0131ma e\u015fitleyen faiz oran\u0131d\u0131r. Nakit ak\u0131\u015flar\u0131 serisi tekd\u00fcze oldu\u011fundan, y\u0131ll\u0131k gelirin bug\u00fcnk\u00fc de\u011ferini hesaplamak i\u00e7in tek bir iskonto fakt\u00f6r\u00fc kullan\u0131labilir. Bu iskonto fakt\u00f6r\u00fc df ve y\u0131ll\u0131k nakit ak\u0131\u015f\u0131 CF olsun, Denklem 20.2 a\u015fa\u011f\u0131daki formu al\u0131r.<\/span><\/p>\n

\u00d6rne\u011fin, firman\u0131n yat\u0131r\u0131m\u0131 i\u00e7in iskonto fakt\u00f6r\u00fc 2.402’dir (240.000$\/ 99.900$). Yat\u0131r\u0131m\u0131n \u00f6mr\u00fc \u00fc\u00e7 y\u0131l oldu\u011fu i\u00e7in, Ek 20B-2’de \u00fc\u00e7\u00fcnc\u00fc s\u0131ray\u0131 bulmal\u0131 ve 2.402 ile kar\u015f\u0131la\u015fana kadar bu s\u0131ra boyunca hareket etmeliyiz. 2.402’ye tekab\u00fcl eden faiz oran\u0131, IRR olan y\u00fczde 12’dir.<\/span><\/p>\n

Olas\u0131 her faiz oran\u0131 i\u00e7in indirim fakt\u00f6rleri sa\u011flamaz. \u00d6rnek vermek gerekirse, m\u00fchendislik firmas\u0131n\u0131n bekledi\u011fi y\u0131ll\u0131k nakit giri\u015flerinin 99.900$ yerine 102.000$ oldu\u011funu varsayal\u0131m. Yeni indirim fakt\u00f6r\u00fc 2.353’t\u00fcr (240.000$\/102.000$).<\/span><\/p>\n

Bir kez daha \u00fc\u00e7\u00fcnc\u00fc sat\u0131ra gitti\u011fimizde, indirim fakt\u00f6r\u00fcn\u00fcn ve dolay\u0131s\u0131yla IRR’nin y\u00fczde 12 ila 14 aras\u0131nda oldu\u011funu g\u00f6r\u00fcyoruz. IRR’yi enterpolasyon ile tahmin etmek m\u00fcmk\u00fcnd\u00fcr; ancak, bizim ama\u00e7lar\u0131m\u0131z i\u00e7in, tablo de\u011ferleriyle g\u00f6sterildi\u011fi gibi IRR aral\u0131\u011f\u0131n\u0131 basit\u00e7e tan\u0131mlayaca\u011f\u0131z.<\/span><\/p>\n

\n

\nNet bug\u00fcnk\u00fc de\u011fer<\/a> ve i\u00e7 verim oran\u0131 aras\u0131ndaki fark<\/span>
\n\u0130\u00e7 karl\u0131l\u0131k oran\u0131 y\u00f6nteminin DE\u011eERLEND\u0130R\u0130LMES\u0130<\/span>
\n\u0130\u00e7 verim oran\u0131 \u00d6rnek soru<\/span>
\nNet bug\u00fcnk\u00fc De\u011fer<\/span>
\n\u0130\u00e7 getiri oran\u0131 form\u00fcl\u00fc<\/span>
\nFinansal y\u00f6netim i\u00e7 verim oran\u0131<\/span>
\n\u0130\u00e7 getiri oran\u0131 sermaye maliyeti<\/span>
\nD\u00fczeltilmi\u015f i\u00e7 Karl\u0131l\u0131k oran\u0131 y\u00f6ntemi<\/span><\/p>\n

\n

IRR ve D\u00fczensiz Nakit Ak\u0131\u015flar\u0131<\/span><\/strong><\/h3>\n

Nakit ak\u0131\u015flar\u0131 tekd\u00fcze de\u011filse, Denklem 20.2 kullan\u0131lmal\u0131d\u0131r. \u00c7ok d\u00f6nemli bir ayar i\u00e7in Denklem 20.2, deneme yan\u0131lma yoluyla veya bir i\u015f hesaplay\u0131c\u0131s\u0131 veya Excel gibi bir yaz\u0131l\u0131m paketi kullan\u0131larak \u00e7\u00f6z\u00fclebilir. \u00c7\u00f6z\u00fcm\u00fc deneme yan\u0131lma yoluyla g\u00f6stermek i\u00e7in, bir envanter y\u00f6netim sistemine 50.000$’l\u0131k bir yat\u0131r\u0131m\u0131n, iki y\u0131l\u0131n her biri i\u00e7in 30.000$ ve 36.000$’l\u0131k emek tasarrufu sa\u011flad\u0131\u011f\u0131n\u0131 varsayal\u0131m. IRR, bu iki nakit giri\u015finin bug\u00fcnk\u00fc de\u011ferini 50.000$’a e\u015fitleyen faiz oran\u0131d\u0131r.<\/span><\/p>\n

Yukar\u0131daki denklemi deneme yan\u0131lma yoluyla \u00e7\u00f6zmek i\u00e7in i i\u00e7in olas\u0131 bir de\u011fer se\u00e7erek ba\u015flay\u0131n. Bu ilk tahmin verildi\u011finde, gelecekteki nakit ak\u0131\u015flar\u0131n\u0131n bug\u00fcnk\u00fc de\u011feri hesaplan\u0131r ve ard\u0131ndan ilk yat\u0131r\u0131mla kar\u015f\u0131la\u015ft\u0131r\u0131l\u0131r. Bug\u00fcnk\u00fc de\u011fer ilk yat\u0131r\u0131mdan b\u00fcy\u00fckse, faiz oran\u0131 \u00e7ok d\u00fc\u015f\u00fckt\u00fcr; e\u011fer bug\u00fcnk\u00fc de\u011fer ilk yat\u0131r\u0131mdan d\u00fc\u015f\u00fckse, faiz oran\u0131 \u00e7ok y\u00fcksektir. Bir sonraki tahmin buna g\u00f6re ayarlan\u0131r.<\/span><\/p>\n

\u0130lk tahminin y\u00fczde 18 oldu\u011funu varsayal\u0131m. 0,18’e e\u015fit i kullan\u0131ld\u0131\u011f\u0131nda, a\u015fa\u011f\u0131daki indirim fakt\u00f6rlerini verir: 0.847 ve 0.718. Bu iskonto fakt\u00f6rleri, iki nakit giri\u015fi i\u00e7in a\u015fa\u011f\u0131daki bug\u00fcnk\u00fc de\u011feri \u00fcretir.\u00a0<\/span>Bu de\u011fer 50.000$’a olduk\u00e7a yak\u0131n oldu\u011fu i\u00e7in IRR’nin y\u00fczde 20 oldu\u011funu s\u00f6yleyebiliriz.<\/span><\/p>\n

\u00a0Kar\u015f\u0131l\u0131kl\u0131 \u00d6zel Projeler<\/span><\/strong><\/h3>\n

Bu noktaya kadar ba\u011f\u0131ms\u0131z projelere a\u011f\u0131rl\u0131k verdik. Bir\u00e7ok sermaye yat\u0131r\u0131m karar\u0131, birbirini d\u0131\u015flayan projelerle ilgilidir. Rakip projeler aras\u0131ndan se\u00e7im yapmak i\u00e7in NPV analizinin ve IRR’nin nas\u0131l kullan\u0131ld\u0131\u011f\u0131 merak uyand\u0131ran bir sorudur.<\/span><\/p>\n

G\u00f6z \u00f6n\u00fcnde bulundurulmas\u0131 gereken daha da ilgin\u00e7 bir soru, NPV ve IRR’nin, y\u00f6neticilere rekabet eden alternatiflerin varl\u0131\u011f\u0131nda serveti maksimize eden kararlar vermelerine yard\u0131mc\u0131 olma yeteneklerinde farkl\u0131l\u0131k g\u00f6sterip g\u00f6stermedi\u011fidir.<\/span><\/p>\n

\u00d6rne\u011fin, iskontosuz modellerin paran\u0131n zaman de\u011ferini g\u00f6z ard\u0131 ettikleri i\u00e7in hatal\u0131 se\u00e7imler \u00fcretebilece\u011fini zaten biliyoruz. Bu eksiklik nedeniyle, iskontolu modeller daha \u00fcst\u00fcn olarak de\u011ferlendirilmektedir. Benzer \u015fekilde, birbirini d\u0131\u015flayan alternatifler aras\u0131ndan se\u00e7im yap\u0131l\u0131rken NPV modelinin genellikle IRR modeline tercih edildi\u011fi g\u00f6sterilebilir.<\/span><\/p>\n

NPV ve IRR, ba\u011f\u0131ms\u0131z projeler i\u00e7in ayn\u0131 karar\u0131 verir. \u00d6rne\u011fin, NPV s\u0131f\u0131rdan b\u00fcy\u00fckse, IRR de gerekli getiri oran\u0131ndan daha b\u00fcy\u00fckt\u00fcr; her iki model de do\u011fru karar\u0131 i\u015faret ediyor. Ancak, rakip projeler i\u00e7in iki y\u00f6ntem farkl\u0131 sonu\u00e7lar \u00fcretebilir.<\/span><\/p>\n

Sezgisel olarak, birbirini d\u0131\u015flayan projeler i\u00e7in en y\u00fcksek NPV’ye veya en y\u00fcksek IRR’ye sahip projenin se\u00e7ilmesi gerekti\u011fine inan\u0131yoruz. \u0130ki y\u00f6ntemin birbirini d\u0131\u015flayan projelerin farkl\u0131 s\u0131ralamalarda \u00fcretilmesi m\u00fcmk\u00fcn oldu\u011fundan, s\u00fcrekli olarak zenginlik maksimizasyonu projesini ortaya koyan y\u00f6ntem tercih edilmelidir. G\u00f6sterilece\u011fi gibi, NPV y\u00f6ntemi bu modeldir.<\/span><\/p>\n

NPV, IRR’den iki ana \u015fekilde farkl\u0131d\u0131r. \u0130lk olarak, NPV, al\u0131nan her nakit giri\u015finin gerekli getiri oran\u0131nda yeniden yat\u0131r\u0131ld\u0131\u011f\u0131n\u0131 varsayar, oysa IRR y\u00f6ntemi, her nakit giri\u015finin hesaplanan IRR’de yeniden yat\u0131r\u0131ld\u0131\u011f\u0131n\u0131 varsayar. \u0130kincisi, NPV y\u00f6ntemi karl\u0131l\u0131\u011f\u0131 mutlak terimlerle \u00f6l\u00e7erken, IRR y\u00f6ntemi bunu g\u00f6receli terimlerle \u00f6l\u00e7er.<\/span><\/p>\n

NPV mutlak terimlerle \u00f6l\u00e7\u00fcld\u00fc\u011f\u00fc i\u00e7in yat\u0131r\u0131m\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcnden etkilenirken IRR boyuttan ba\u011f\u0131ms\u0131zd\u0131r. \u00d6rne\u011fin, bir y\u0131l sonra 121.000$ nakit ak\u0131\u015f\u0131 \u00fcreten 100.000$’l\u0131k bir yat\u0131r\u0131m, 10.000$’l\u0131k bir yat\u0131r\u0131mla ayn\u0131 IRR’ye (y\u00fczde 21) sahiptir ve bir y\u0131l sonra 12.100$’l\u0131k bir nakit ak\u0131\u015f\u0131 \u00fcretir.<\/span><\/p>\n

Ancak, NPV’nin ilk yat\u0131r\u0131m i\u00e7in 10.000 ABD Dolar\u0131 ve ikincisi i\u00e7in 1.000 ABD Dolar\u0131 oldu\u011funu unutmay\u0131n. Mutlak \u00f6l\u00e7\u00fcler genellikle g\u00f6receli \u00f6l\u00e7\u00fclerden farkl\u0131 s\u0131ralamalar \u00fcretti\u011finden, NPV ve IRR’nin zaman zaman projelerin \u00e7ekicili\u011fi konusunda farkl\u0131 sinyaller \u00fcretebilmesi \u00e7ok \u015fa\u015f\u0131rt\u0131c\u0131 olmamal\u0131d\u0131r. \u0130ki y\u00f6ntem aras\u0131nda bir \u00e7ak\u0131\u015fma meydana geldi\u011finde, basit bir \u00f6rnekle g\u00f6sterilebilece\u011fi gibi, NPV do\u011fru sinyali \u00fcretir.<\/span><\/p>\n

Bir y\u00f6neticinin, nakit ak\u0131\u015flar\u0131, zamanlamas\u0131, NBD ve IRR’si verilen, birbirini d\u0131\u015flayan iki yat\u0131r\u0131m aras\u0131nda se\u00e7im yapma olas\u0131l\u0131\u011f\u0131 ile kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu varsayal\u0131m. (NPV hesaplamas\u0131 i\u00e7in gerekli y\u00fczde 8’lik bir getiri oran\u0131 varsay\u0131l\u0131r.)<\/span><\/p>\n

Her iki proje de ayn\u0131 \u00f6mre sahiptir, ayn\u0131 ba\u015flang\u0131\u00e7 \u200b\u200bharcamas\u0131n\u0131 gerektirir, pozitif NPV’lere sahiptir ve gerekli getiri oran\u0131ndan daha y\u00fcksek IRR’lere sahiptir. Bununla birlikte, Proje A’n\u0131n daha y\u00fcksek bir NPV’si varken, Proje B’nin daha y\u00fcksek bir IRR’si vard\u0131r. NPV ve IRR, hangi projenin se\u00e7ilmesi gerekti\u011fine ili\u015fkin \u00e7eli\u015fkili sinyaller verir.<\/span><\/p>\n

Tercih edilen proje, bir projenin nakit ak\u0131\u015flar\u0131n\u0131 de\u011fi\u015ftirerek belirlenebilir, b\u00f6ylece her ikisinin nakit ak\u0131\u015flar\u0131 y\u0131ldan y\u0131la kar\u015f\u0131la\u015ft\u0131r\u0131labilir. Ek 20-4’te g\u00f6r\u00fclen de\u011fi\u015fiklik, Proje B’nin 1. Y\u0131l nakit ak\u0131\u015f\u0131n\u0131n 2. Y\u0131la ta\u015f\u0131nmas\u0131yla sa\u011fland\u0131.<\/span><\/p>\n

Bu, gerekli getiri oran\u0131n\u0131 elde etmek i\u00e7in 686.342 $’l\u0131k 1. Y\u0131l nakit ak\u0131\u015f\u0131n\u0131n yat\u0131r\u0131ld\u0131\u011f\u0131 varsay\u0131larak yap\u0131labilir. Bu varsay\u0131m alt\u0131nda, 686,342 $’l\u0131k gelecekteki de\u011fer 741.249 $’a (1,08 – 686,342 $) e\u015fittir. 2. Y\u0131l sonunda al\u0131nan 686.342 $’a 741.249 $ eklendi\u011finde, B Projesi i\u00e7in beklenen nakit ak\u0131\u015f\u0131 1.427.591 $’d\u0131r.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u0130\u00e7 Karl\u0131l\u0131k Oran\u0131 \u0130\u00e7 verim oran\u0131 (IRR), bir projenin nakit giri\u015flerinin bug\u00fcnk\u00fc de\u011ferini, proje maliyetinin bug\u00fcnk\u00fc de\u011ferine e\u015fitleyen faiz oran\u0131 olarak tan\u0131mlan\u0131r. Ba\u015fka bir deyi\u015fle, projenin NBD’sini s\u0131f\u0131ra ayarlayan faiz oran\u0131d\u0131r. Bir projenin IRR’sini belirlemek i\u00e7in a\u015fa\u011f\u0131daki denklem kullan\u0131labilir. Denklem 20.2’nin sa\u011f taraf\u0131 gelecekteki nakit ak\u0131\u015flar\u0131n\u0131n bug\u00fcnk\u00fc de\u011feridir ve sol taraf yat\u0131r\u0131md\u0131r. I, CFt ve…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":9970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[27289,27288,27287],"tags":[27297,27295,27294,27296,27291,27292,27293,27290],"class_list":["post-11057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ic-getiri-orani-sermaye-maliyeti","category-ic-karlilik-orani-yonteminin-degerlendirilmesi","category-net-bugunku-deger-ve-ic-verim-orani-arasindaki-fark","tag-duzeltilmis-ic-karlilik-orani-yontemi","tag-finansal-yonetim-ic-verim-orani","tag-ic-getiri-orani-formulu","tag-ic-getiri-orani-sermaye-maliyeti","tag-ic-karlilik-orani-yonteminin-degerlendirilmesi","tag-ic-verim-orani-ornek-soru","tag-net-bugunku-deger","tag-net-bugunku-deger-ve-ic-verim-orani-arasindaki-fark"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t