{"id":11320,"date":"2022-11-14T11:24:46","date_gmt":"2022-11-14T08:24:46","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11320"},"modified":"2022-11-14T11:24:46","modified_gmt":"2022-11-14T08:24:46","slug":"karlilik-olcusu-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/karlilik-olcusu-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Karl\u0131l\u0131k \u00d6l\u00e7\u00fcs\u00fc \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

Karl\u0131l\u0131k \u00d6l\u00e7\u00fcs\u00fc<\/span><\/strong><\/h3>\n

Muhasebeciler taraf\u0131ndan normalde sunulmayan, ancak finans \u00e7al\u0131\u015fanlar\u0131 ve y\u00f6neticiler taraf\u0131ndan yayg\u0131n olarak kullan\u0131lan iki karl\u0131l\u0131k \u00f6l\u00e7\u00fcs\u00fc, FAV\u00d6K (faiz ve vergi \u00f6ncesi kazan\u00e7) ve FAV\u00d6K (faiz, vergi, amortisman ve amortisman \u00f6ncesi kazan\u00e7). \u00d6zel sermaye \u015firketleri, \u00f6zellikle, olas\u0131 bir sat\u0131n alman\u0131n de\u011ferini belirlerken bu \u00f6l\u00e7\u00fctleri kullan\u0131r.<\/span><\/p>\n

FV\u00d6K, \u00f6zellikle sat\u0131n alan aday\u0131n sermaye yap\u0131s\u0131 bor\u00e7la finanse edildi\u011finde faydal\u0131d\u0131r, \u00e7\u00fcnk\u00fc vergi miktar\u0131 s\u0131f\u0131ra yak\u0131n bir de\u011fere d\u00fc\u015f\u00fcr\u00fcl\u00fcr ve FV\u00d6K vergi sonras\u0131 kazan\u00e7lardan daha \u00f6nemlidir.<\/span><\/p>\n

FAV\u00d6K, operasyonlar\u0131n nakit ak\u0131\u015f\u0131 \u00f6l\u00e7\u00fcs\u00fcd\u00fcr. Sermaye harcamalar\u0131 zaten yap\u0131lm\u0131\u015fsa, i\u015flemlerden kaynaklanan pozitif ak\u0131\u015flar\u0131n hesaplanmas\u0131nda amortisman ve amortisman kesintilerinin kald\u0131r\u0131lmas\u0131 mant\u0131kl\u0131d\u0131r. Gelecekte ek sermaye harcamalar\u0131na ihtiya\u00e7 duyulacaksa, nihai de\u011ferleme bunlar\u0131 ek harcamalar olarak yans\u0131tmal\u0131d\u0131r.<\/span><\/p>\n

Sat\u0131n Alma i\u00e7in De\u011ferleme<\/span><\/strong><\/h3>\n

De\u011ferlemeye y\u00f6nelik nakit ak\u0131\u015f\u0131 yakla\u015f\u0131m\u0131, sat\u0131n al\u0131nmas\u0131 d\u00fc\u015f\u00fcn\u00fclen bir firmay\u0131 herhangi bir ger\u00e7ek varl\u0131kla ayn\u0131 \u015fekilde ele al\u0131r. Nakit ak\u0131\u015flar\u0131 ilgili girdilerdir.<\/span><\/p>\n

Bir firman\u0131n bir kazan\u00e7 ge\u00e7mi\u015fi oldu\u011fundan, kazan\u00e7lar\u0131 girdi olarak kullanma e\u011filimi vard\u0131r. Kazan\u00e7lar\u0131n bug\u00fcnk\u00fc de\u011feri hesaplanabilir.<\/span><\/p>\n

Her y\u0131l\u0131n kazan\u00e7lar\u0131 hesaplan\u0131rken t\u00fcm sermaye \u00fczerindeki faiz \u00e7\u0131kar\u0131l\u0131rsa, kazan\u00e7lar\u0131n bug\u00fcnk\u00fc de\u011feri, nakit ak\u0131\u015flar\u0131n\u0131n net bug\u00fcnk\u00fc de\u011feri ile ayn\u0131 olacakt\u0131r. Kazan\u00e7lar\u0131 kullanan alternatif bir de\u011ferleme yakla\u015f\u0131m\u0131, kazan\u00e7lar\u0131 bir fiyat\/kazan\u00e7 \u00e7arpan\u0131yla \u00e7arpmakt\u0131r.<\/span><\/p>\n

Bir hissenin de\u011ferini elde ederiz. Bu, t\u00fcm girdiler tutarl\u0131ysa, nakit ak\u0131\u015flar\u0131n\u0131n net bug\u00fcnk\u00fc de\u011ferinin ve kazan\u00e7lar\u0131n bug\u00fcnk\u00fc de\u011ferinin hesaplanmas\u0131na e\u015fde\u011fer hale getirilebilir, ancak e\u015fde\u011ferlik varsay\u0131lmamal\u0131d\u0131r. Her iki taraf\u0131 da E’ye b\u00f6lersek, elimizde P\/E \u00e7arpan\u0131 var.<\/span><\/p>\n

Baz\u0131 analistler, gelir ak\u0131\u015flar\u0131n\u0131 kullanmak yerine, di\u011fer ak\u0131\u015f \u00f6l\u00e7\u00fcmlerini (\u00f6rne\u011fin, FAV\u00d6K veya FAV\u00d6K) kullanmay\u0131 tercih eder. De\u011ferleme i\u00e7in ak\u0131\u015flar\u0131 kullanmak yerine varl\u0131klar ve y\u00fck\u00fcml\u00fcl\u00fckler de kullan\u0131labilir. Kullan\u0131m\u0131 kolay \u00f6l\u00e7\u00fcler, defter de\u011ferleridir (veriler haz\u0131rd\u0131r), ancak piyasa de\u011ferleri (tasfiye de\u011ferleri dahil) veya yenileme maliyetleri muhtemelen daha faydal\u0131 olacakt\u0131r. Ak\u0131\u015flar\u0131 dikkate almamak tavsiye edilmez.<\/span><\/p>\n

Hisse senetleri bir piyasada i\u015flem g\u00f6ren bir firman\u0131n sat\u0131n al\u0131nmas\u0131yla, mevcut ve ge\u00e7mi\u015f hisse senedi fiyatlar\u0131 ili\u015fkilidir. Yat\u0131r\u0131mc\u0131lar herhangi bir teklifi cari hisse senedi fiyat\u0131yla ilgili olarak de\u011ferlendireceklerdir ve herhangi bir teklifi yak\u0131n ge\u00e7mi\u015fteki fiyatlar ile kar\u015f\u0131la\u015ft\u0131rmalar\u0131 muhtemeldir (ge\u00e7mi\u015f fiyatlar teorik ekonomik anlamda alakal\u0131 olmasa da).<\/span><\/p>\n

Dikkate Al\u0131nmas\u0131 Gereken Di\u011fer Fakt\u00f6rler<\/span><\/strong><\/h3>\n

Sat\u0131labilecek varl\u0131klar\u0131n mevcudiyeti veya mevcut bor\u00e7 kapasitesi, bir sat\u0131n alman\u0131n de\u011ferini etkileyecektir. Baz\u0131 varl\u0131klar kaydedilmeyecek (\u00f6rne\u011fin, ara\u015ft\u0131rma yoluyla edinilen son bilgiler) veya d\u00fc\u015f\u00fck maliyetlerle (\u00f6rne\u011fin arazi) mali tablolarda belirtilecektir.<\/span><\/p>\n

Y\u00f6netim i\u00e7in \u00f6nemli bir husus, devralman\u0131n firman\u0131n risklili\u011fi \u00fczerindeki etkisinin bir analizidir. Bu, y\u00f6netimin ilgili hususlar listesinde \u00fcst s\u0131ralarda yer alacakt\u0131r.<\/span><\/p>\n

F\/K Oran\u0131<\/span><\/strong><\/p>\n

F\/K oran\u0131 y\u00fcksek bir firman\u0131n (P) d\u00fc\u015f\u00fck F\/K firmas\u0131n\u0131 (S) edinmesinin finansal etkilerini ara\u015ft\u0131rmak istiyoruz. \u0130ki firma ve bunlar\u0131n birle\u015fimi i\u00e7in finansal bilgileri g\u00f6sterir.<\/span><\/p>\n

\n

Karl\u0131l\u0131k oranlar\u0131 nelerdir<\/span>
\n\u00d6zkaynak KARLILI\u011eI NED\u0130R<\/span>
\nKarl\u0131l\u0131k<\/a> oranlar\u0131 yorumlama<\/span>
\n\u00d6zsermaye k\u00e2rl\u0131l\u0131k oran\u0131<\/span>
\nKarl\u0131l\u0131k Oranlar\u0131 Form\u00fclleri<\/span>
\n\u00d6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131 ka\u00e7 olmal\u0131<\/span>
\nFaaliyet K\u00e2rl\u0131l\u0131\u011f\u0131 oran\u0131<\/span>
\nKarl\u0131l\u0131k oran\u0131 hesaplama<\/span><\/p>\n

\n

Kazan\u00e7lar\u0131n Seyreltilmesi<\/span><\/strong><\/h3>\n

Hisse ba\u015f\u0131na kazanc\u0131n \u015fu anda 1,20 dolar oldu\u011funu ve y\u0131lda y\u00fczde 5 oran\u0131nda b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc varsayal\u0131m. Sat\u0131n alma ger\u00e7ekle\u015firse, hisse ba\u015f\u0131na kazan\u00e7 sadece 0,80 dolar olacak, ancak beklenen b\u00fcy\u00fcme oran\u0131 art\u0131k y\u0131lda y\u00fczde 10 olacak. Hisse ba\u015f\u0131na kazan\u00e7 seyreltilir.<\/span><\/p>\n

Sat\u0131n alma ile elde edilen kazan\u00e7lar\u0131n, sat\u0131n alma olmadan elde edilen kazan\u00e7lara e\u015fit olmas\u0131 ne kadar s\u00fcrer? \u0130ki kazanc\u0131n e\u015fit olmas\u0131 i\u00e7in her iki kazan\u00e7 k\u00fcmesinin n y\u0131l boyunca b\u00fcy\u00fcmesine izin verin.<\/span><\/p>\n

Bir Edinmenin Maliyeti<\/span><\/strong><\/h3>\n

Bir sat\u0131n alma 1.000.000 adet hisse ihrac\u0131 gerektiriyorsa, devralan firman\u0131n hisselerinin sat\u0131n alma duyurusundan \u00f6nce hisse ba\u015f\u0131na 80 dolardan sat\u0131ld\u0131\u011f\u0131 durumlarda, sat\u0131n alman\u0131n maliyeti \u015fu \u015fekilde tan\u0131mlanabilir.<\/span><\/p>\n

Devralma \u00f6ncesinde 3.000.000 hisse ve sonras\u0131nda 4.000.000 hisse varsa ve sat\u0131n alma sonras\u0131 firman\u0131n hisselerinin toplam de\u011feri 400.000.000 $ ise, maliyeti \u015fu \u015fekilde tan\u0131mlayabiliriz.<\/span><\/p>\n

\u00c7\u00fcnk\u00fc hisselerin d\u00f6rtte biri devral\u0131m\u0131 ger\u00e7ekle\u015ftirmek i\u00e7in veriliyor. Ancak bu, sat\u0131n alma olmadan firman\u0131n 400.000.000 $ de\u011ferinde olmayaca\u011f\u0131 i\u00e7in maliyet tan\u0131m\u0131n\u0131 geni\u015fletiyor.<\/span><\/p>\n

3.000.000 hissenin de\u011feri 80$(3.000.000) = 240.000.000$ de\u011ferinde, sat\u0131n almadan \u00f6nce ve sat\u0131n ald\u0131ktan sonra 300.000.000$ ise, orijinal hissedarlar\u0131n servet pozisyonlar\u0131nda (vergi \u00f6ncesi) 60.000.000$’l\u0131k bir iyile\u015fme olacakt\u0131r. Sat\u0131n alma i\u015fleminden sonra firman\u0131n toplam de\u011ferinin 400.000.000 $ oldu\u011fu varsay\u0131lmaktad\u0131r.<\/span><\/p>\n

Genellikle bir sat\u0131n alma i\u00e7in adi hisse senedi ihra\u00e7 edilse de, i\u015flem yat\u0131r\u0131mc\u0131lara vergiden muaf olabilece\u011finden nakit, bor\u00e7 ve imtiyazl\u0131 hisse senedi de kullan\u0131l\u0131r.<\/span><\/p>\n

\u00d6rnekte, yeni adi hisse senedi ihra\u00e7 etmek yerine, 80.000.000 $’l\u0131k bir sat\u0131n alma fiyat\u0131 nakit olarak \u00f6denirse ve firman\u0131n iktisaptan sonraki de\u011feri 320.000.000 $ ise (400.000.000 $ eksi 80.000.000 $’l\u0131k sat\u0131n alma fiyat\u0131na e\u015fittir), o zaman hissedar\u0131n konumu \u015fimdi iyile\u015fecektir. 80.000.000 $’l\u0131k bir kazan\u00e7 i\u00e7in 240.000.000 $’dan 320.000.000 $’a kadar.<\/span><\/p>\n

Bor\u00e7lan\u0131larak Sat\u0131n Al\u0131nma<\/span><\/strong><\/h3>\n

Kald\u0131ra\u00e7l\u0131 sat\u0131n almada (LBO), bir firma bir grup yat\u0131r\u0131mc\u0131 taraf\u0131ndan sat\u0131n al\u0131n\u0131r. Sat\u0131n alman\u0131n finansman\u0131, b\u00fcy\u00fck miktarda borcun kullan\u0131lmas\u0131yla karakterize edilir. \u0130ki temel kald\u0131ra\u00e7l\u0131 sat\u0131n alma t\u00fcr\u00fc vard\u0131r. Bir t\u00fcr, \u00fcyeleri yeni firmada \u00f6nemli hissedarlar haline gelen mevcut y\u00f6netim taraf\u0131ndan tasarlanm\u0131\u015ft\u0131r. \u0130kinci tip, yabanc\u0131lar taraf\u0131ndan yap\u0131land\u0131r\u0131l\u0131r, ancak neredeyse her zaman y\u00f6netimin daha \u00f6nemli \u00fcyelerini elde tutmaya \u00e7al\u0131\u015facaklard\u0131r.<\/span><\/p>\n

\u0130lk t\u00fcrden \u00e7ok b\u00fcy\u00fck bir LBO, Corporation adl\u0131 bir grup taraf\u0131ndan sat\u0131n al\u0131nmas\u0131yd\u0131. Sat\u0131n alma bedeli 1 milyar dolar\u0131n \u00fczerindeydi.<\/span><\/p>\n

Asl\u0131nda Metromedia, sat\u0131n al\u0131m\u0131n finansman\u0131na yard\u0131mc\u0131 olmak i\u00e7in 1,3 milyar ABD Dolar\u0131 de\u011ferinde y\u00fcksek getirili tahvil ihra\u00e7 etti (fonlar \u015firketin adi hisse senetlerini geri almak i\u00e7in kullan\u0131ld\u0131). Bu bor\u00e7 miktar\u0131n\u0131 bir perspektife oturtmak gerekirse, Metromedia’n\u0131n kay\u0131tl\u0131 toplam varl\u0131klar\u0131 1,3 milyar ABD dolar\u0131yd\u0131. J.W.K. Acquisition Corporation, Metromedia y\u00f6netimi taraf\u0131ndan kontrol edildi.<\/span><\/p>\n

Bankalar ve di\u011fer yat\u0131r\u0131mc\u0131lar, \u00e7ok y\u00fcksek kald\u0131ra\u00e7l\u0131 sat\u0131n almalar\u0131 finanse etmeye istekli olduklar\u0131 s\u00fcrece, LBO’lar geli\u015fecektir. 20. y\u00fczy\u0131l\u0131n sonlar\u0131 ve 21. y\u00fczy\u0131l\u0131n ba\u015flar\u0131nda \u00e7ok \u00f6nemli bir finansal geli\u015fmedir.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Karl\u0131l\u0131k \u00d6l\u00e7\u00fcs\u00fc Muhasebeciler taraf\u0131ndan normalde sunulmayan, ancak finans \u00e7al\u0131\u015fanlar\u0131 ve y\u00f6neticiler taraf\u0131ndan yayg\u0131n olarak kullan\u0131lan iki karl\u0131l\u0131k \u00f6l\u00e7\u00fcs\u00fc, FAV\u00d6K (faiz ve vergi \u00f6ncesi kazan\u00e7) ve FAV\u00d6K (faiz, vergi, amortisman ve amortisman \u00f6ncesi kazan\u00e7). \u00d6zel sermaye \u015firketleri, \u00f6zellikle, olas\u0131 bir sat\u0131n alman\u0131n de\u011ferini belirlerken bu \u00f6l\u00e7\u00fctleri kullan\u0131r. FV\u00d6K, \u00f6zellikle sat\u0131n alan aday\u0131n sermaye yap\u0131s\u0131 bor\u00e7la finanse…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":10303,"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":[28303,28305],"tags":[28309,24352,23289,28306,24347,28307,28308,25297],"class_list":["post-11320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-karlilik-oranlari-nelerdir","category-ozkaynak-karliligi-kac-olmali","tag-faaliyet-karliligi-orani","tag-karlilik-orani-hesaplama","tag-karlilik-oranlari-formulleri","tag-karlilik-oranlari-nelerdir","tag-karlilik-oranlari-yorumlama","tag-ozkaynak-karliligi-nedir","tag-ozkaynak-karliligi-kac-olmali","tag-ozsermaye-karlilik-orani"],"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