{"id":11288,"date":"2022-11-08T19:40:03","date_gmt":"2022-11-08T16:40:03","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11288"},"modified":"2022-11-08T19:40:03","modified_gmt":"2022-11-08T16:40:03","slug":"risk-ayarli-iskonto-orani-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/risk-ayarli-iskonto-orani-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Risk Ayarl\u0131 \u0130skonto Oran\u0131 \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

Risk Ayarl\u0131 \u0130skonto Oran\u0131<\/span><\/strong><\/h3>\n

\u015eimdi, y\u00f6netimin bor\u00e7lanma oran\u0131n\u0131 kullanarak bor\u00e7 ak\u0131\u015flar\u0131n\u0131 iskonto etmeye istekli oldu\u011funu, ancak di\u011fer nakit ak\u0131\u015flar\u0131 i\u00e7in \u201criske g\u00f6re d\u00fczeltilmi\u015f bir oran\u201d kullanmak istedi\u011fini varsayaca\u011f\u0131z. Bu “di\u011fer” nakit ak\u0131\u015flar\u0131, (1) amortisman vergisi tasarruflar\u0131n\u0131 (veya e\u015fde\u011ferini) ve (2) art\u0131k de\u011feri i\u00e7erir.<\/span><\/p>\n

Art\u0131k De\u011fer<\/span><\/strong><\/p>\n

0,06’n\u0131n do\u011fru faiz oran\u0131 oldu\u011funu ve firma sat\u0131n al\u0131rsa beklenen kal\u0131nt\u0131 de\u011ferin 1.070$ olmas\u0131 d\u0131\u015f\u0131nda, kira \u00f6demeleri y\u0131ll\u0131k 35.555$ oldu\u011funda daha \u00f6nce oldu\u011fu gibi ayn\u0131 ger\u00e7eklerin ge\u00e7erli oldu\u011funu varsayal\u0131m. Amortisman vergisi tasarruflar\u0131n\u0131n bug\u00fcnk\u00fc de\u011feri 32.076$ art\u0131 kal\u0131nt\u0131 de\u011ferin (898$) bug\u00fcnk\u00fc de\u011feri, 0.06 kullan\u0131larak sat\u0131n alma-\u00f6d\u00fcn\u00e7 alma i\u00e7in 32.974$’d\u0131r.<\/span><\/p>\n

Bu, kira \u00f6demelerinin faizsiz k\u0131sm\u0131n\u0131n vergi kalkan\u0131n\u0131n bug\u00fcnk\u00fc de\u011ferine (31.396 $) art\u0131 1.578 $’l\u0131k tasarrufun toplam\u0131na e\u015fittir \u00e7\u00fcnk\u00fc vergi \u00f6ncesi kira \u00f6demelerinin bug\u00fcnk\u00fc de\u011feri (88.422 $’l\u0131k) \u015firketin bor\u00e7 ak\u0131\u015flar\u0131n\u0131n bug\u00fcnk\u00fc de\u011ferinden daha azd\u0131r. sat\u0131n alma (90.000 $). Uygun iskonto oran\u0131 0,06’dan b\u00fcy\u00fckse, kiralaman\u0131n sat\u0131n alma-\u00f6d\u00fcn\u00e7 almaya g\u00f6re daha fazla tercih edildi\u011fini g\u00f6sterir.<\/span><\/p>\n

0,06’dan daha d\u00fc\u015f\u00fck bir faiz oran\u0131yla, sat\u0131n alma-\u00f6d\u00fcn\u00e7 alma, kiralamadan daha fazla tercih edilir; ve daha y\u00fcksek bir faiz oran\u0131 ile kiralama kazan\u0131r (daha d\u00fc\u015f\u00fck maliyetlidir). 0.06’da hi\u00e7bir fark yoktur.<\/span><\/p>\n

Sorunlar<\/span><\/strong><\/p>\n

Amortismandan (veya kiralaman\u0131n amortisman e\u015fde\u011ferinden) vergi tasarruflar\u0131n\u0131n bug\u00fcnk\u00fc de\u011ferini ve kal\u0131nt\u0131 de\u011ferin bug\u00fcnk\u00fc de\u011ferini hesaplamak i\u00e7in herhangi bir iskonto oran\u0131n\u0131n kullan\u0131m\u0131na izin veren bir prosed\u00fcr g\u00f6sterdik.<\/span><\/p>\n

Baz\u0131 analistler, bu nakit ak\u0131\u015flar\u0131 neredeyse kesin oldu\u011fundan, risksiz bir oran kullanarak amortisman vergisi tasarruflar\u0131n\u0131 iskonto etmek isteyeceklerdir. Di\u011ferleri, belirli hata t\u00fcrlerinden ka\u00e7\u0131nd\u0131\u011f\u0131 ve yeni bor\u00e7 sermayesinin f\u0131rsat maliyeti ile tutarl\u0131 oldu\u011fu i\u00e7in vergi sonras\u0131 bor\u00e7lanma oran\u0131n\u0131 tercih edecektir. Son olarak, baz\u0131lar\u0131, amortisman vergisi tasarruflar\u0131n\u0131n ve art\u0131k de\u011ferin (veya bunlardan birinin) bug\u00fcnk\u00fc de\u011ferini hesaplamada risk i\u00e7in bir d\u00fczeltme eklemeyi tercih edecektir.<\/span><\/p>\n

Vergi sonras\u0131 bor\u00e7lanma oran\u0131ndan daha y\u00fcksek bir faiz oran\u0131 kullan\u0131l\u0131yorsa, sat\u0131n alma-bor\u00e7lanma analizinin kiralama analiziyle kar\u015f\u0131la\u015ft\u0131r\u0131labilir bir temelde yap\u0131lmas\u0131na \u00f6zen g\u00f6sterilmelidir. Kira analizi, bor\u00e7 ak\u0131\u015flar\u0131n\u0131 i\u00e7erme e\u011filimindedir; ve y\u00fcksek bir faiz oran\u0131 kullan\u0131l\u0131yorsa, bu durum leasing i\u00e7in bir yanl\u0131l\u0131k yarat\u0131r. \u00d6nerilen \u00e7\u00f6z\u00fcm, kiralaman\u0131n bor\u00e7 e\u015fde\u011ferini hesaplamak ve kiralama ile sat\u0131n alman\u0131n kar\u015f\u0131la\u015ft\u0131r\u0131labilir olmas\u0131 i\u00e7in kiralaman\u0131n yat\u0131r\u0131m \u00f6zelliklerini ayr\u0131 ayr\u0131 analiz etmektir.<\/span><\/p>\n

\u00dc\u00e7 Karar<\/span><\/strong><\/h3>\n

Bir varl\u0131\u011f\u0131n kiralanmas\u0131ndan \u00f6nce firmalar\u0131n vermesi gereken \u00fc\u00e7 karar vard\u0131r. \u0130lk olarak, firma projenin de\u011ferli olup olmad\u0131\u011f\u0131na karar vermelidir. \u0130kinci olarak, finansman\u0131n d\u00fcz bor\u00e7la m\u0131 yoksa kiralama yoluyla m\u0131 yap\u0131laca\u011f\u0131na karar verilmelidir.<\/span><\/p>\n

\u00dc\u00e7\u00fcnc\u00fcs\u00fc, firma kiralama veya bor\u00e7 yerine \u00f6z sermaye kullanmay\u0131 d\u00fc\u015f\u00fcnmelidir. \u00dc\u00e7 karar oldu\u011fu kabul edildi\u011fi s\u00fcrece, kararlar\u0131n verildi\u011fi s\u0131ra ile ilgilenmiyoruz. \u00d6rne\u011fin, proje kabul edilirse, sat\u0131n alman\u0131n kiralamaktan daha cazip olaca\u011f\u0131na, ancak yine de projenin sat\u0131n al\u0131nmas\u0131n\u0131n istenmeyece\u011fine karar verilebilir.<\/span><\/p>\n

Finansman, projenin istenip istenmedi\u011fini etkileyebilir. \u00d6rne\u011fin, bir sat\u0131n alma analizi ret analizine yol a\u00e7abilir, ancak kiralama ko\u015fullar\u0131 \u00e7ok uygun oldu\u011fu i\u00e7in kiralama, projenin kabul edilebilir olmas\u0131na neden olabilir. Kabul edilebilirlik, varl\u0131\u011f\u0131n bir t\u00fcr risk ve mevcut de\u011fer analizinden ge\u00e7ti\u011fi anlam\u0131na gelir.<\/span><\/p>\n

Leasing yerine d\u00fcz borcun arzu edilir oldu\u011funa karar verilirse, firman\u0131n adi hisse senedi veya ba\u015fka bir finansman t\u00fcr\u00fc kullanmaya karar vermesi hala m\u00fcmk\u00fcnd\u00fcr.<\/span><\/p>\n

Sat\u0131n alma ve kiralama karar\u0131, iki alternatifin yapabildi\u011fimiz kadar kar\u015f\u0131la\u015ft\u0131r\u0131labilir olmas\u0131 i\u00e7in, kira s\u00f6zle\u015fmesi ile do\u011frudan bor\u00e7 finansman\u0131 kar\u015f\u0131la\u015ft\u0131r\u0131larak verilmelidir. Ancak bu karar verildikten sonra, firman\u0131n ba\u015fka bir finansman t\u00fcr\u00fc lehine borcu reddetmesi hala do\u011fru olabilir.<\/span><\/p>\n

\n

Temerr\u00fct halinde kay\u0131p<\/span>
\nTemerr\u00fct<\/a> olas\u0131l\u0131\u011f\u0131 hesaplama<\/span>
\nKredi riski hesaplama<\/span>
\nTemerr\u00fct riski T\u00fcrkiye<\/span>
\nKar\u015f\u0131 taraf kredi riski<\/span>
\nKredi riski \u00f6l\u00e7\u00fcm y\u00f6ntemleri<\/span>
\nKredi riski modelleri<\/span>
\nKredi risk a\u011f\u0131rl\u0131\u011f\u0131 nedir<\/span><\/p>\n

\n

Leasing \u00f6nemli bir finansman y\u00f6ntemidir. Bor\u00e7 paraya eri\u015fimi olmayan firmalar i\u00e7in varl\u0131k edinmenin tek yolu bu olabilir. Ancak bir\u00e7ok potansiyel kirac\u0131 i\u00e7in sat\u0131n alma se\u00e7ene\u011fi mevcuttur ve bor\u00e7-sermaye piyasas\u0131na haz\u0131r eri\u015fimle, en uygun karar sat\u0131n alma-bor\u00e7lanma ve kiralamay\u0131 kar\u015f\u0131la\u015ft\u0131rmakt\u0131r, \u00e7\u00fcnk\u00fc kiralama taahh\u00fctleri asl\u0131nda bor\u00e7 t\u00fcr\u00fc y\u00fck\u00fcml\u00fcl\u00fckler olabilir. .<\/span><\/p>\n

Ayr\u0131ca, sat\u0131n alma-bor\u00e7lanma ve kiralaman\u0131n artan nakit ak\u0131\u015flar\u0131na odaklan\u0131rken, vergi sonras\u0131 bor\u00e7lanma oran\u0131n\u0131n kullan\u0131lmas\u0131, borcun \u015feklini se\u00e7memizi sa\u011flar. Toplam kiralama ak\u0131\u015flar\u0131n\u0131 (1 \u2212 tc)LB(n, j) form\u00fcl\u00fcyle iskonto etmek i\u00e7in geleneksel bir yat\u0131r\u0131m engel oran\u0131 (j) veya WACC kullan\u0131m\u0131 hatal\u0131d\u0131r.<\/span><\/p>\n

Bir\u00e7ok firma bu ilkelere uymayarak yanl\u0131\u015f finansman karar\u0131 vermi\u015ftir. Y\u00fcksek bir iskonto oran\u0131 ve (1 – tc)L nakit ak\u0131\u015flar\u0131 kullanan kiralama ak\u0131\u015flar\u0131yla (bor\u00e7 ak\u0131\u015flar\u0131 dahil olmadan) sat\u0131n almay\u0131 kar\u015f\u0131la\u015ft\u0131rmak, kiralama alternatifine y\u00f6nelik do\u011fal bir \u00f6nyarg\u0131 yarat\u0131r ve kiralamadaki ola\u011fan\u00fcst\u00fc b\u00fcy\u00fcme oran\u0131n\u0131n k\u0131smen, hatal\u0131 analiz sonucudur.<\/span><\/p>\n

Maddi olmayan varl\u0131klar g\u00f6z ard\u0131 edildi\u011finde bile hangi alternatifin tercih edilebilece\u011fine karar vermeye yard\u0131mc\u0131 olacak basit kurallar yoktur. \u0130ki alternatifin vergi sonras\u0131 nakit ak\u0131\u015flar\u0131n\u0131n hesaplanmas\u0131 ve kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131 ve bug\u00fcnk\u00fc de\u011ferlerin hesaplanmas\u0131, e\u011fer do\u011fru iskonto oran\u0131 ve do\u011fru nakit ak\u0131\u015flar\u0131 kullan\u0131l\u0131yorsa, bu fakt\u00f6rlere ili\u015fkin bir k\u0131lavuz sa\u011flayacakt\u0131r.<\/span><\/p>\n

Sorular ve Sorunlar<\/span><\/strong><\/h3>\n

1.Ekipman on y\u0131l boyunca 10.000$’dan (ilk \u00f6deme bir y\u0131l sonra) kiralanabilir veya 64.177$ maliyetle sat\u0131n al\u0131nabilir. \u015eirketin a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti y\u00fczde 15’tir. Bir banka, 64,177 dolarl\u0131k krediyi y\u00fczde 10 maliyetle vermeye istekli olaca\u011f\u0131n\u0131 belirtti.<\/span>\u00a0\u015eirket sat\u0131n almal\u0131 m\u0131 yoksa kiralamal\u0131 m\u0131? Belirsizlikler yok. Ekipman on y\u0131l boyunca kullan\u0131lacakt\u0131r. S\u0131f\u0131r kurtarma de\u011feri vard\u0131r.<\/span><\/p>\n

2. (devam 1) Banka y\u00fczde 9 oran\u0131nda bor\u00e7 vermeye raz\u0131 olsayd\u0131, \u015firket sat\u0131n almal\u0131 m\u0131 yoksa kiralamal\u0131 m\u0131?<\/span><\/p>\n

3. (devam 2) E\u011fer \u015firket ekipman i\u00e7in 64.177$ \u00f6derse, on y\u0131l boyunca kira \u00f6demelerinden y\u0131lda 10.000$ tasarruf edecektir.<\/span>
\n\u201cYat\u0131r\u0131m\u201d\u0131ndan hangi i\u00e7 getiri oran\u0131n\u0131 elde edecek?<\/span><\/p>\n

4. (devam 1) \u015eimdi marjinal vergi oran\u0131n\u0131 0,4 olarak kabul edin. Fonlar\u0131n bir bankada 0.10 kar\u015f\u0131l\u0131\u011f\u0131nda elde edilebilece\u011fini varsayal\u0131m. \u015eirket, vergiler i\u00e7in y\u0131llar\u0131n toplam\u0131n\u0131 i\u00e7eren amortisman y\u00f6ntemini kullan\u0131r.<\/span><\/p>\n

Firma sat\u0131n almal\u0131 m\u0131 yoksa kiralamal\u0131 m\u0131? (Amortisman kesintilerinin bug\u00fcnk\u00fc de\u011ferinin, iskonto oran\u0131 olarak 0,06 kullan\u0131larak amortismana tabi varl\u0131klar\u0131n dolar\u0131 ba\u015f\u0131na 0,79997 oldu\u011funu varsayal\u0131m.)<\/span><\/p>\n

5. (devam 1) \u015eimdi, marjinal vergi oran\u0131n\u0131n 0,4 oldu\u011funu ve bankadan y\u00fczde 9 maliyetle bir kredi al\u0131nabilece\u011fini varsayal\u0131m.<\/span>
\nFirma sat\u0131n almal\u0131 m\u0131 yoksa kiralamal\u0131 m\u0131? 0.054 kullan\u0131ld\u0131\u011f\u0131nda, mevcut amortisman de\u011feri 0.811’dir. \u0130ndirim oran\u0131 olarak 0.054 kullan\u0131n.<\/span><\/p>\n

6 (devam5) 10.000$’l\u0131k kira \u00f6demesinin hemen ba\u015flad\u0131\u011f\u0131n\u0131 ve her y\u0131l\u0131n sonunda \u00f6dendi\u011fini varsay\u0131n. 10 \u00f6deme var.<\/span>
\nKiralaman\u0131n bug\u00fcnk\u00fc de\u011ferini hesaplay\u0131n; \u015eimdiki de\u011feri problem 5 i\u00e7in elde edilen de\u011ferle kar\u015f\u0131la\u015ft\u0131r\u0131n.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Risk Ayarl\u0131 \u0130skonto Oran\u0131 \u015eimdi, y\u00f6netimin bor\u00e7lanma oran\u0131n\u0131 kullanarak bor\u00e7 ak\u0131\u015flar\u0131n\u0131 iskonto etmeye istekli oldu\u011funu, ancak di\u011fer nakit ak\u0131\u015flar\u0131 i\u00e7in \u201criske g\u00f6re d\u00fczeltilmi\u015f bir oran\u201d kullanmak istedi\u011fini varsayaca\u011f\u0131z. Bu “di\u011fer” nakit ak\u0131\u015flar\u0131, (1) amortisman vergisi tasarruflar\u0131n\u0131 (veya e\u015fde\u011ferini) ve (2) art\u0131k de\u011feri i\u00e7erir. Art\u0131k De\u011fer 0,06’n\u0131n do\u011fru faiz oran\u0131 oldu\u011funu ve firma sat\u0131n al\u0131rsa beklenen…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":11095,"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":[28179,28178],"tags":[28184,28187,28182,28186,28185,28180,28181,28183],"class_list":["post-11288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-temerrut-halinde-kayip","category-temerrut-olasiligi-hesaplama","tag-karsi-taraf-kredi-riski","tag-kredi-risk-agirligi-nedir","tag-kredi-riski-hesaplama","tag-kredi-riski-modelleri","tag-kredi-riski-olcum-yontemleri","tag-temerrut-halinde-kayip","tag-temerrut-olasiligi-hesaplama","tag-temerrut-riski-turkiye"],"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