{"id":11254,"date":"2022-11-02T12:26:11","date_gmt":"2022-11-02T09:26:11","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11254"},"modified":"2022-11-02T12:26:11","modified_gmt":"2022-11-02T09:26:11","slug":"hisse-degerleme-modeli-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/hisse-degerleme-modeli-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Hisse De\u011ferleme Modeli \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

Hisse De\u011ferleme Modeli<\/span><\/strong><\/h3>\n

\u00d6z sermaye maliyetinin \u00e7e\u015fitli tan\u0131mlar\u0131 vard\u0131r. Standart akademik tan\u0131m, \u00f6z sermaye maliyetinin, hisse ba\u015f\u0131na gelecekteki t\u00fcm beklenen temett\u00fclerin bug\u00fcnk\u00fc de\u011ferini adi hisse senedinin bug\u00fcnk\u00fc fiyat\u0131na e\u015fitleyen iskonto oran\u0131d\u0131r. Yat\u0131r\u0131mc\u0131lar taraf\u0131ndan adi hisse senedine yat\u0131r\u0131m yapmaya istekli olmalar\u0131 i\u00e7in gereken yat\u0131r\u0131m getirisidir.<\/span><\/p>\n

\u00d6nce \u00f6z sermaye maliyetini, ke’yi, yat\u0131r\u0131mc\u0131lar\u0131n adi hisse senedi sat\u0131n almak i\u00e7in ihtiya\u00e7 duydu\u011fu faiz veya getiri oran\u0131 olarak tan\u0131mlayal\u0131m. Matematiksel olarak, \u00f6zsermaye maliyeti, bir sonraki temett\u00fc D1’i ve hisse senedinin o zamanki beklenen fiyat\u0131n\u0131, P1, bir sonraki temett\u00fc bir d\u00f6nem \u00f6denirse, bug\u00fcnk\u00fc hisse fiyat\u0131na, P’ye e\u015fitleyen faiz oran\u0131d\u0131r.\u00a0<\/span><\/p>\n

Denklem, adi hisse senedi i\u00e7in temel bir temett\u00fc de\u011ferleme modelidir. Bir adi hisse senedinin mevcut piyasa de\u011ferinin, gelecekteki t\u00fcm temett\u00fclerin \u00f6z sermaye maliyetinde iskonto edilmi\u015f bug\u00fcnk\u00fc de\u011ferine e\u015fit oldu\u011funu belirtir.<\/span><\/p>\n

\u00d6z sermaye maliyeti, hisse senedi piyasas\u0131n\u0131n fon kullan\u0131m\u0131n\u0131 ve gelecekteki temett\u00fc ak\u0131\u015f\u0131yla ili\u015fkili riski telafi etmek i\u00e7in almay\u0131 bekledi\u011fi getiri oran\u0131d\u0131r. Denklem (9.4), adi hisse senedinin de\u011ferlemesi i\u00e7in en basit genel form\u00fclasyondur. Ke’nin t\u00fcm y\u0131llar i\u00e7in \u00f6z sermaye maliyeti olarak kullan\u0131labilece\u011fini varsayar.<\/span><\/p>\n

Denklem, herhangi bir Dt k\u00fcmesi i\u00e7in deneme yan\u0131lma yoluyla \u00e7\u00f6z\u00fclebilse de, temett\u00fc ak\u0131\u015f\u0131n\u0131n \u201cstandart\u201d b\u00fcy\u00fcme modelleri vard\u0131r. Bu metodolojiyi g\u00f6stermek i\u00e7in bir sonraki b\u00f6l\u00fcmde bir model sunuyoruz.<\/span>\u00a0Gelecekteki hisse senedi fiyatlar\u0131n\u0131n (sermaye kazan\u00e7lar\u0131) do\u011frudan denklemde olmad\u0131\u011f\u0131na, bunun yerine gelecekteki temett\u00fclerin bu hisse senedi fiyatlar\u0131n\u0131n yerini ald\u0131\u011f\u0131na dikkat edin.<\/span><\/p>\n

Kapal\u0131 Form Hisse Senedi Fiyat Modeli<\/span><\/strong><\/h3>\n

Beklenen temett\u00fc davran\u0131\u015f\u0131 hakk\u0131nda yap\u0131labilecek en basit varsay\u0131mlardan biri, temett\u00fclerin Dt = D1 (1 + g)t\u22121 olacak \u015fekilde zaman i\u00e7inde sabit bir oranda artmas\u0131n\u0131n beklendi\u011fidir. E\u011fer temett\u00fcler s\u00fcrekli olarak g ve g < ke oran\u0131nda b\u00fcy\u00fcrse, o zaman elde edebiliriz.<\/span><\/p>\n

Hisse senedi fiyat\u0131ndaki (P) bir de\u011fi\u015fikli\u011fin, D1, g veya ke’deki bir de\u011fi\u015fiklikten kaynaklanabilece\u011fini unutmay\u0131n. P’deki bir azalma, mutlaka ke’nin artt\u0131\u011f\u0131 anlam\u0131na gelmez. Mevcut y\u0131ll\u0131k temett\u00fc (1$) ve cari fiyat\u0131 (\u00f6rne\u011fin 25$) g\u00f6zlemleyerek ve g tahmini (\u00f6rne\u011fin y\u00fczde 10) kullanarak, denklemi kullanarak ke’yi tahmin edebiliriz.<\/span><\/p>\n

Yat\u0131r\u0131mc\u0131lar\u0131n gelecekteki temett\u00fcleri de\u011fil, fiyat art\u0131\u015f\u0131n\u0131 sat\u0131n ald\u0131klar\u0131 iddia edilebilir. Bir\u00e7ok hisse senedi i\u00e7in, yat\u0131r\u0131mc\u0131lar ilk n d\u00f6nemin \u00e7ok k\u00fc\u00e7\u00fck (veya s\u0131f\u0131r) temett\u00fcye sahip olmas\u0131n\u0131 bekleyebilir ve buna ra\u011fmen mevcut piyasa fiyat\u0131 \u00e7ok y\u00fcksek olabilir. Bununla birlikte, mevcut y\u00fcksek fiyat, yaln\u0131zca gelecekteki y\u00fcksek temett\u00fcler (veya firmadan yat\u0131r\u0131mc\u0131lara di\u011fer nakit ak\u0131\u015f\u0131 bi\u00e7imleri) beklentisiyle rasyonel bir piyasada hakl\u0131 \u00e7\u0131kar.<\/span><\/p>\n

Gelecekteki temett\u00fclerin bug\u00fcnk\u00fc de\u011ferinin toplam\u0131, k\u0131sa vadeli temett\u00fclerin b\u00fcy\u00fck olmas\u0131n\u0131 gerektirmez. Bununla birlikte, birka\u00e7 y\u0131ll\u0131k s\u0131f\u0131r temett\u00fc ve\/veya zaman i\u00e7inde de\u011fi\u015fen b\u00fcy\u00fcme oranlar\u0131 varsa, o zaman P’nin matematiksel form\u00fclasyonu P = D1\/(ke \u2212 g) kadar basit bir ifadeye indirgenmez.<\/span><\/p>\n

Yat\u0131r\u0131mc\u0131lar\u0131na asla nakit \u00f6dememe s\u00f6z\u00fc veren bir hisse senedinin de\u011feri ne olurdu (firman\u0131n sat\u0131\u015f\u0131ndan kaynaklanan tasfiye temett\u00fc \u00f6demesi dahil)? Bu hisselerin de\u011feri s\u0131f\u0131r olacakt\u0131r. Hisse senedinin pozitif bir de\u011fere sahip olmas\u0131 i\u00e7in temett\u00fc olas\u0131l\u0131\u011f\u0131 (firmadan yat\u0131r\u0131mc\u0131lar\u0131na yap\u0131lan herhangi bir nakit da\u011f\u0131t\u0131m\u0131 olarak tan\u0131mlan\u0131r) olmal\u0131d\u0131r.<\/span><\/p>\n

\n

Hisse senedi de\u011ferleme \u00f6rnekleri<\/span>
\nHisse de\u011ferleme y\u00f6ntemleri<\/span>
\nHisse senedi<\/a> ger\u00e7ek de\u011feri hesaplama form\u00fcl\u00fc<\/span>
\nHisse de\u011ferleme Excel<\/span>
\nHisse senedi de\u011feri hesaplama<\/span>
\nHisse senedi DE\u011eERLEME muhasebe kayd\u0131<\/span>
\nExcel ile hisse senedi de\u011ferlemesi PDF<\/span>
\nHissenin olmas\u0131 gereken fiyat\u0131 nas\u0131l hesaplan\u0131r<\/span><\/p>\n

\n

Sabit b\u00fcy\u00fcme oranl\u0131 temett\u00fc de\u011ferleme modeli, temett\u00fc (D1)’in sonsuza kadar sabit bir g oran\u0131nda b\u00fcy\u00fcmesinin beklendi\u011fini varsayar. Y\u00fcksek bir b\u00fcy\u00fcme oran\u0131na izin veren \u00f6zel yat\u0131r\u0131m f\u0131rsatlar\u0131n\u0131n s\u00fcrekli olarak de\u011fil, yaln\u0131zca belirli bir sonlu zaman aral\u0131\u011f\u0131nda (T) mevcut oldu\u011funu ve bir s\u00fcre sonra b\u00fcy\u00fcme oran\u0131n\u0131n daha k\u00fc\u00e7\u00fck olaca\u011f\u0131n\u0131 varsaymak daha ger\u00e7ek\u00e7i olabilir.<\/span><\/p>\n

Bu b\u00f6l\u00fcm, ek bilgi sa\u011flamak i\u00e7in bir firman\u0131n bilan\u00e7osunun \u00f6zkaynak b\u00f6l\u00fcm\u00fcn\u00fcn nas\u0131l s\u0131n\u0131fland\u0131r\u0131labilece\u011fine odaklanm\u0131\u015ft\u0131r.<\/span><\/p>\n

Bu s\u0131n\u0131fland\u0131rma taraf\u0131ndan sa\u011flanan bilgiler \u015funlar\u0131 i\u00e7erir: (1) \u00e7e\u015fitli hissedar s\u0131n\u0131flar\u0131n\u0131n hisse senetlerinin ayr\u0131lmas\u0131; (2) nominal de\u011ferin \u00fczerinde veya alt\u0131nda olan katk\u0131 tutarlar\u0131n\u0131n ayr\u0131 muhasebele\u015ftirilmesi; (3) hissedarlara ba\u015flang\u0131\u00e7ta katk\u0131da bulunan sermaye ile kazan\u00e7lar\u0131n elde tutulmas\u0131 yoluyla elde edilen sermaye aras\u0131ndaki ayr\u0131m; ve (4) temett\u00fc k\u0131s\u0131tlamalar\u0131 s\u00f6z konusu oldu\u011funda da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlar\u0131n b\u00f6l\u00fcnmesi.<\/span><\/p>\n

\u00c7e\u015fitli adi hisse senedi hesaplar\u0131n\u0131n ayr\u0131lmas\u0131, finansal tablo kullan\u0131c\u0131lar\u0131 i\u00e7in s\u0131n\u0131rl\u0131 de\u011ferde olabilir. Yasal gerekliliklerin yerine getirilmesi d\u0131\u015f\u0131nda, adi \u00f6z sermaye b\u00f6l\u00fcm\u00fcnde hesaplar\u0131n s\u0131n\u0131fland\u0131r\u0131lmas\u0131, uzun vadeli yat\u0131r\u0131mc\u0131lara \u00e7ok az fayda sa\u011flar.<\/span><\/p>\n

Gelecekteki temett\u00fclerin, ge\u00e7mi\u015f da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlara de\u011fil, gelecekteki faaliyetlerin sonu\u00e7lar\u0131na ve varl\u0131k-bor\u00e7 yap\u0131s\u0131na ba\u011fl\u0131 olmas\u0131 muhtemeldir. Ancak bu s\u0131n\u0131fland\u0131rmalar genellikle finansal tablolara yans\u0131t\u0131l\u0131r ve anlamlar\u0131n\u0131n anla\u015f\u0131lmas\u0131 finansal verilerin analizini kolayla\u015ft\u0131rmal\u0131d\u0131r.<\/span><\/p>\n

Sorular\u00a0<\/span><\/strong><\/p>\n

1. Adi hisse senedinin \u201cnominal de\u011ferinin\u201d \u00f6nemi nedir? “100$ nominal de\u011ferli” hisse senedini sadece 80$’a sat\u0131n almak bir pazarl\u0131k m\u0131?<\/span>
\n2. \u201cHisse senedi temett\u00fcleri\u201d ve \u201chisse senedi temett\u00fcleri\u201d aras\u0131nda ayr\u0131m yap\u0131n. \u201cHisse senedi temett\u00fcleri\u201d ile \u201chisse b\u00f6l\u00fcnmesi\u201d aras\u0131nda ayr\u0131m yap\u0131n.<\/span>
\n3. Bir \u015firketin neden ek sermaye art\u0131rmadan fabrika tesislerini bir milyon dolar geni\u015fletememesine ra\u011fmen birka\u00e7 milyon dolar kazan\u00e7 elde etmesinin m\u00fcmk\u00fcn oldu\u011funu a\u00e7\u0131klay\u0131n.<\/span>
\n4.Bilan\u00e7osu, 3.500.000$’l\u0131k Al\u0131konan Kazan\u00e7lar bakiyesini g\u00f6sterir. Hesab\u0131n bir analizi a\u015fa\u011f\u0131dakileri ortaya \u00e7\u0131kard\u0131.<\/span>
\n5. Bilan\u00e7onun \u00f6zkaynak taraf\u0131nda bir \u201cEmeklilik Kar\u015f\u0131l\u0131\u011f\u0131 Kar\u015f\u0131l\u0131\u011f\u0131\u201d (\u00e7al\u0131\u015fanlar i\u00e7in) bulsayd\u0131n\u0131z, hesab\u0131n niteli\u011finin ne oldu\u011funu d\u00fc\u015f\u00fcn\u00fcrd\u00fcn\u00fcz?<\/span>
\n6.\u00a0<\/span>Petrol ve gaz arama ve \u00fcretiminin yan\u0131 s\u0131ra karada ve denizde s\u00f6zle\u015fmeli sondaj faaliyetlerinde bulunan, h\u0131zla b\u00fcy\u00fcyen bir yerli enerji \u015firketidir. Moran’\u0131n \u00f6zkaynak b\u00f6l\u00fcm\u00fc 31 Aral\u0131k 20×0’da a\u015fa\u011f\u0131daki gibi g\u00f6r\u00fcnd\u00fc.<\/span><\/p>\n

A\u015fa\u011f\u0131daki olaylar\u0131 kaydetmek i\u00e7in g\u00fcnl\u00fck giri\u015flerini verin. Olaylar\u0131n sunulan s\u0131rayla ger\u00e7ekle\u015fti\u011fini varsayal\u0131m. L\u00fctfen t\u00fcm hesaplamalar\u0131 g\u00f6sterin.<\/span><\/p>\n

a. \u015eirket, y\u00fczde 10’luk bir adi hisse senedi temett\u00fc ilan etti ve yay\u0131nlad\u0131. Piyasa fiyat\u0131 adi hisse senedi ba\u015f\u0131na 34.30 dolard\u0131.<\/span>
\nb.\u015eirket, adi hisse senedi opsiyonlar\u0131n\u0131n kullan\u0131lmas\u0131 i\u00e7in hisse ba\u015f\u0131na 8.06$’dan 17.000 adet hisse senedi ihra\u00e7 etmi\u015ftir.<\/span>
\nc. 19.443.000 $’l\u0131k anapara d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil tutar\u0131 955.000 adi hisse senedine d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015ft\u00fcr.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Hisse De\u011ferleme Modeli \u00d6z sermaye maliyetinin \u00e7e\u015fitli tan\u0131mlar\u0131 vard\u0131r. Standart akademik tan\u0131m, \u00f6z sermaye maliyetinin, hisse ba\u015f\u0131na gelecekteki t\u00fcm beklenen temett\u00fclerin bug\u00fcnk\u00fc de\u011ferini adi hisse senedinin bug\u00fcnk\u00fc fiyat\u0131na e\u015fitleyen iskonto oran\u0131d\u0131r. Yat\u0131r\u0131mc\u0131lar taraf\u0131ndan adi hisse senedine yat\u0131r\u0131m yapmaya istekli olmalar\u0131 i\u00e7in gereken yat\u0131r\u0131m getirisidir. \u00d6nce \u00f6z sermaye maliyetini, ke’yi, yat\u0131r\u0131mc\u0131lar\u0131n adi hisse senedi sat\u0131n almak…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":10042,"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":[28049,28047,28048],"tags":[28055,28052,27942,28053,28054,28050,28051,28056],"class_list":["post-11254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hisse-senedi-degeri-hesaplama","category-hisse-senedi-degerleme-ornekleri","category-hisse-senedi-gercek-degeri-hesaplama-formulu","tag-excel-ile-hisse-senedi-degerlemesi-pdf","tag-hisse-degerleme-excel","tag-hisse-degerleme-yontemleri","tag-hisse-senedi-degeri-hesaplama","tag-hisse-senedi-degerleme-muhasebe-kaydi","tag-hisse-senedi-degerleme-ornekleri","tag-hisse-senedi-gercek-degeri-hesaplama-formulu","tag-hissenin-olmasi-gereken-fiyati-nasil-hesaplanir"],"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