{"id":11330,"date":"2022-11-16T14:12:43","date_gmt":"2022-11-16T11:12:43","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11330"},"modified":"2022-11-16T14:12:43","modified_gmt":"2022-11-16T11:12:43","slug":"borc-karsilastirmasi-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/borc-karsilastirmasi-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Bor\u00e7 Kar\u015f\u0131la\u015ft\u0131rmas\u0131 \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahvilin De\u011feri<\/span><\/strong><\/h3>\n

Pt, t zaman\u0131ndaki hisse senedi fiyat\u0131 ise, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin bug\u00fcnk\u00fc de\u011feri M0, faiz ve anaparan\u0131n bug\u00fcnk\u00fc de\u011feri veya d\u00f6n\u00fc\u015ft\u00fcrme de\u011ferinin bug\u00fcnk\u00fc de\u011feri cinsinden ifade edilebilir.<\/span><\/p>\n

Pt hi\u00e7bir zaman d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131n\u0131n \u00fczerine \u00e7\u0131kmazsa, tahvilin nominal de\u011feri gelecekteki de\u011ferin tahmini olarak kullan\u0131l\u0131r (d\u00f6n\u00fc\u015f\u00fcm olmaz) ve tahvil do\u011frudan bor\u00e7 olarak de\u011ferlendirilir. Pt d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131n\u0131n \u00fczerine \u00e7\u0131karsa, tahvilin net bug\u00fcnk\u00fc de\u011feri maksimize etmek i\u00e7in t’nin se\u00e7ildi\u011fi t zaman\u0131nda d\u00f6n\u00fc\u015ft\u00fcr\u00fcld\u00fc\u011f\u00fcn\u00fc varsayabiliriz. \u0130kinci hesaplama (d\u00f6n\u00fc\u015ft\u00fcrmeli de\u011fer), d\u00fcz bor\u00e7 olarak de\u011ferden b\u00fcy\u00fckse, d\u00f6n\u00fc\u015ft\u00fcrme \u00f6zelli\u011finin bir de\u011feri vard\u0131r.<\/span><\/p>\n

\u00d6rnek<\/span><\/strong><\/p>\n

30 y\u0131ll\u0131k, 0,08 tahvil (nominal de\u011feri 1.000 ABD dolar\u0131), 25 adi hisse senedine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir. Adi hisse senedinin fiyat\u0131 \u015fu anda hisse ba\u015f\u0131na 50$’d\u0131r ve adi hisse senedi fiyat\u0131n\u0131n 30. y\u0131l\u0131n sonunda istikrarl\u0131 bir \u015fekilde 391$’a y\u00fckselmesi beklenmektedir (y\u00fczde 7’lik bir b\u00fcy\u00fcme oran\u0131).<\/span><\/p>\n

Adi hisse senedi, 30 y\u0131l boyunca devam etmesi beklenen hisse ba\u015f\u0131na 2 dolarl\u0131k temett\u00fc \u00f6d\u00fcyor. D\u00f6n\u00fc\u015ft\u00fcrme \u00f6zelli\u011fi olmayan kar\u015f\u0131la\u015ft\u0131r\u0131labilir tahvillerin getirisi 0,09’dur. Vadeden hemen \u00f6nce d\u00f6n\u00fc\u015ft\u00fcr\u00fcl\u00fcrse d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin bug\u00fcnk\u00fc de\u011ferini belirlemek istiyoruz. Yat\u0131r\u0131mc\u0131n\u0131n vergi \u00f6demedi\u011fini varsayal\u0131m.<\/span><\/p>\n

F\u0131rsat maliyeti olarak 0,09 ve hisse ba\u015f\u0131na 391 ABD dolar\u0131 adi hisse senedi fiyat\u0131 kullan\u0131larak 30 y\u0131lda d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin de\u011feridir.<\/span><\/p>\n

Ba\u011f\u0131n toplam de\u011feri, d\u00fcz ba\u011f art\u0131 d\u00f6n\u00fc\u015ft\u00fcrme \u00f6zelli\u011finin de\u011ferinin toplam\u0131na e\u015fittir. Tahvilin fiyat\u0131 1.558,94 $ ise, d\u00f6n\u00fc\u015ft\u00fcrme ayr\u0131cal\u0131\u011f\u0131na konulan de\u011fer.<\/span><\/p>\n

\u00a0Bor\u00e7 Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/span><\/strong><\/h3>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvil sat\u0131n alma karar\u0131 nas\u0131l verilir? \u0130lk olarak, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvili d\u00fcz borca \u200b\u200b\u200b\u200bkar\u015f\u0131la\u015ft\u0131raca\u011f\u0131z; daha sonra, ayn\u0131 firman\u0131n d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvilini veya adi hissesini sat\u0131n almay\u0131 kar\u015f\u0131la\u015ft\u0131raca\u011f\u0131z.<\/span><\/p>\n

D\u00fcz borcun ki faizi \u00f6dedi\u011fini ve d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir borcun k \u00f6deyece\u011fini varsayal\u0131m. Sadece d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin sat\u0131n al\u0131nmas\u0131 durumunda, C’nin \u00e7a\u011fr\u0131 priminin n zaman\u0131nda al\u0131naca\u011f\u0131n\u0131 varsayal\u0131m. D\u00fcz bor\u00e7 yerine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bonoya yat\u0131r\u0131m yapmaktan kaynaklanan nakit ak\u0131\u015flar\u0131n\u0131n artan net bug\u00fcnk\u00fc de\u011feridir (NPV).<\/span><\/p>\n

Konvertibl yat\u0131r\u0131mc\u0131, n y\u0131l boyunca, d\u00fcz borca \u200b\u200bsahip yat\u0131r\u0131mc\u0131dan (k \u2212 ki)B daha az faiz al\u0131r, ancak do\u011frudan borcun \u00f6demedi\u011fi n zaman\u0131nda C (alma primi) al\u0131r.<\/span><\/p>\n

NPV’yi s\u0131f\u0131ra e\u015fitleyerek, tahvil \u00e7a\u011fr\u0131ld\u0131\u011f\u0131nda veya n y\u0131l ge\u00e7meden \u00f6nce yat\u0131r\u0131mc\u0131n\u0131n en az ki getirisi kazanmas\u0131yla ge\u00e7ebilecek y\u0131l say\u0131s\u0131 olan n’yi \u00e7\u00f6zebiliriz. Tahvil n y\u0131l ge\u00e7tikten sonra \u00e7a\u011fr\u0131l\u0131rsa ve d\u00f6n\u00fc\u015f\u00fcm de\u011feri al\u0131m fiyat\u0131ndan b\u00fcy\u00fck de\u011filse, yat\u0131r\u0131mc\u0131 ki’den daha az kazanacakt\u0131r. n i\u00e7in \u00e7\u00f6zerek elde ederiz.<\/span><\/p>\n

\u00d6rnek<\/span><\/strong><\/p>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvilin 1.090 $ (C = 90 $) fiyat\u0131ndan \u00e7a\u011fr\u0131labilir oldu\u011funu varsayal\u0131m. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir getiri 0,082 ve kar\u015f\u0131la\u015ft\u0131r\u0131labilir d\u00fcz bor\u00e7 getirisi 0,10’dur. Yat\u0131r\u0131mc\u0131 s\u0131f\u0131r vergidir.<\/span><\/p>\n

Tahvilin iki y\u0131l sonra \u00e7a\u011fr\u0131labilece\u011fini varsayal\u0131m. \u0130lk iki y\u0131lda yat\u0131r\u0131mc\u0131 s\u0131n\u0131rs\u0131z getiri elde edebilir (firma arayamaz). 2.0 ila 4.25 y\u0131llar\u0131nda, yat\u0131r\u0131mc\u0131 ki’den daha fazla kazanabilir, ancak kazan\u00e7lar, firman\u0131n 2.0 y\u0131ldan sonra herhangi bir zamanda arayabilir olmas\u0131yla s\u0131n\u0131rl\u0131d\u0131r.<\/span><\/p>\n

\n

Muhasebe bor\u00e7 alacak tablosu<\/span>
\nmuhasebe bor\u00e7, alacak ili\u015fkisi<\/span>
\nMuhasebe bor\u00e7, alacak mant\u0131\u011f\u0131<\/span>
\nmuhasebe<\/a> bor\u00e7, alacak ne demek<\/span>
\nFindeks bedeli Muhasebe kayd\u0131<\/span>
\nMuhasebe bor\u00e7 alacak hesaplar\u0131<\/span>
\nFinansman giderlerinin maliyete eklenmesi<\/span>
\nFinansman giderleri muhasebe kayd\u0131<\/span><\/p>\n

\n

4.25 an\u0131ndaki d\u00f6n\u00fc\u015f\u00fcm de\u011ferinin al\u0131m fiyat\u0131ndan d\u00fc\u015f\u00fck oldu\u011fu ve d\u00f6n\u00fc\u015f\u00fcm de\u011feri al\u0131m fiyat\u0131na e\u015fit olur olmaz firman\u0131n al\u0131m yapaca\u011f\u0131 varsay\u0131ld\u0131\u011f\u0131nda, yat\u0131r\u0131mc\u0131 4.25 y\u0131l\u0131ndan sonra ki’den k\u00fc\u00e7\u00fck bir getiri elde edecektir. Tahvil, \u00e7a\u011fr\u0131 veya d\u00f6n\u00fc\u015f\u00fcm olmaks\u0131z\u0131n vadeye kadar elde tutulursa, yat\u0131r\u0131mc\u0131 k = 0,082 kazanacakt\u0131r. Bu, ba\u015flang\u0131\u00e7ta ba\u015faba\u015f olarak ihra\u00e7 edilen d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin s\u00f6zle\u015fmeye dayal\u0131 oran\u0131d\u0131r.<\/span><\/p>\n

\u015eimdi firman\u0131n sadece 6. y\u0131ldan sonra al\u0131m yapabilece\u011fini varsayal\u0131m. Yat\u0131r\u0131mc\u0131 6. y\u0131la kadar s\u0131n\u0131rs\u0131z kazan\u00e7 elde edebilir (n 6’dan k\u00fc\u00e7\u00fckt\u00fcr, dolay\u0131s\u0131yla n’nin tam de\u011feri tahvilin yat\u0131r\u0131mc\u0131ya olan de\u011ferini etkilemez). Ancak n 6’dan k\u00fc\u00e7\u00fck oldu\u011fu i\u00e7in hisse senedi fiyat\u0131n\u0131n 6. y\u0131ldan \u00f6nce d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131n\u0131n \u00fczerine \u00e7\u0131kmas\u0131 gerekti\u011fini yoksa yat\u0131r\u0131mc\u0131n\u0131n ki’den daha az kazanaca\u011f\u0131n\u0131 biliyoruz.<\/span><\/p>\n

Modelin [denklem (16.4)] birincil \u00f6nemi, k, ki, C’nin \u00f6nemini ve firman\u0131n arama yapamad\u0131\u011f\u0131 periyodu vurgulamas\u0131d\u0131r. Ayr\u0131ca hisse senedinin n periyottan \u00f6nce al\u0131m fiyat\u0131n\u0131n \u00fczerine \u00e7\u0131kma olas\u0131l\u0131\u011f\u0131 \u00f6nemli oldu\u011fundan, belirlenen \u00e7evrim primi yat\u0131r\u0131mc\u0131y\u0131 ilgilendirir.<\/span><\/p>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Ara\u00e7lar ile Adi Hisse Senedinin Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131<\/span><\/strong><\/h3>\n

Yat\u0131r\u0131mc\u0131lar, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil ile do\u011frudan borcu kar\u015f\u0131la\u015ft\u0131rmak yerine, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir borca \u200b\u200b\u200b\u200byat\u0131r\u0131m yapmay\u0131 ve adi hisse senedine yat\u0131r\u0131m yapmay\u0131 s\u0131k s\u0131k kar\u015f\u0131la\u015ft\u0131r\u0131rlar. Birka\u00e7 yakla\u015f\u0131m var, ancak adi hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvil sat\u0131n almay\u0131 veya adi hisse senetleri sat\u0131n almay\u0131 kar\u015f\u0131la\u015ft\u0131raca\u011f\u0131z.<\/span><\/p>\n

Bu \u00f6l\u00e7\u00fc, Wall Street’te bir konvertiblin yat\u0131r\u0131ma uygun olup olmad\u0131\u011f\u0131n\u0131 de\u011ferlendirmek i\u00e7in yayg\u0131n olarak kullan\u0131lmaktad\u0131r. Daha \u00f6nce belirlenen 4.05 y\u0131l, paran\u0131n zaman de\u011ferini dikkate al\u0131r. Paran\u0131n zaman de\u011ferini dikkate almaz.<\/span><\/p>\n

\u015eimdiye kadar, sabit bir adi hisse senedi temett\u00fc varsayd\u0131k. Temett\u00fc art\u0131yorsa, tahvile yap\u0131lan yat\u0131r\u0131m\u0131n net bug\u00fcnk\u00fc de\u011ferini adi hisse senedine yap\u0131lan yat\u0131r\u0131ma k\u0131yasla d\u00fc\u015f\u00fcr\u00fcr\u00fcz.<\/span><\/p>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil yat\u0131r\u0131m\u0131 ile adi hisse senedi yat\u0131r\u0131m\u0131n\u0131 kar\u015f\u0131la\u015ft\u0131rman\u0131n avantaj\u0131, adi hisse senedi fiyat art\u0131\u015f\u0131n\u0131 n\u00f6tr tutmas\u0131d\u0131r (her iki sat\u0131n alma alternatifinde de mevcuttur), b\u00f6ylece d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir borcun \u00f6zelliklerine odaklanabiliriz.<\/span><\/p>\n

Faiz Oran\u0131 ve D\u00f6n\u00fc\u015f\u00fcm Primi<\/span><\/strong><\/h3>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvil i\u00e7in belirlenen fiyat, tahvilin faiz oran\u0131 ve d\u00f6n\u00fc\u015ft\u00fcrme priminin bir fonksiyonudur. D\u00f6n\u00fc\u015f\u00fcm primi ne kadar k\u00fc\u00e7\u00fck olursa, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin faiz oran\u0131 da o kadar d\u00fc\u015f\u00fck olmal\u0131d\u0131r. D\u00f6n\u00fc\u015f\u00fcm primleri genellikle y\u00fczde 20 ila 30 aras\u0131ndad\u0131r.<\/span><\/p>\n

\u00d6rnek<\/span><\/strong><\/p>\n

20 y\u0131ll\u0131k tahvil i\u00e7in a\u015fa\u011f\u0131daki iki alternatifi inceleyelim. Hisse senedi fiyat\u0131 \u015fu anda 40 dolar. Alternatif 2, 1.000 $’ l\u0131k tahvil i\u00e7in y\u0131lda 20 $’ l\u0131k fazladan faize sahiptir. Ancak d\u00f6n\u00fc\u015f\u00fcm an\u0131nda be\u015f hisseyi kurtar\u0131r.<\/span><\/p>\n

Hisse senedi fiyat\u0131 40$ veya daha d\u00fc\u015f\u00fckse ve d\u00f6n\u00fc\u015ft\u00fcrme ger\u00e7ekle\u015fmezse, alternatif 2, y\u0131lda fazladan 20$ (vergi \u00f6ncesi) maliyete ve s\u0131f\u0131r faydaya yol a\u00e7ar. Tahviller her iki alternatifle de d\u00f6n\u00fc\u015ft\u00fcr\u00fclmez. Alternatif 2, alternatif 1’den daha d\u00fc\u015f\u00fckt\u00fcr. Hisse senedi fiyat\u0131 40$ ile 50$ aras\u0131ndaysa, o zaman n an\u0131nda alternatif 1’in maliyeti 25Pn iken, alternatif 2’nin maliyeti 1.000$’d\u0131r.<\/span><\/p>\n

Analiz, farkl\u0131 n de\u011ferleri ve farkl\u0131 arama stratejileri i\u00e7in de yap\u0131labilir. Daha erken bir d\u00f6n\u00fc\u015f\u00fcm, fazladan be\u015f hissenin \u00f6nemini art\u0131racakt\u0131r.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahvilin De\u011feri Pt, t zaman\u0131ndaki hisse senedi fiyat\u0131 ise, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin bug\u00fcnk\u00fc de\u011feri M0, faiz ve anaparan\u0131n bug\u00fcnk\u00fc de\u011feri veya d\u00f6n\u00fc\u015ft\u00fcrme de\u011ferinin bug\u00fcnk\u00fc de\u011feri cinsinden ifade edilebilir. Pt hi\u00e7bir zaman d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131n\u0131n \u00fczerine \u00e7\u0131kmazsa, tahvilin nominal de\u011feri gelecekteki de\u011ferin tahmini olarak kullan\u0131l\u0131r (d\u00f6n\u00fc\u015f\u00fcm olmaz) ve tahvil do\u011frudan bor\u00e7 olarak de\u011ferlendirilir. Pt d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131n\u0131n \u00fczerine…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":10383,"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":[28342,28340,28341],"tags":[22986,23010,28343,28346,28345,28344,23002,27962,23005],"class_list":["post-11330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finansman-giderleri-muhasebe-kaydi","category-findeks-bedeli-muhasebe-kaydi","category-muhasebe-borc-alacak-hesaplari","tag-alacak-iliskisi","tag-alacak-mantigi","tag-alacak-ne-demek","tag-finansman-giderleri-muhasebe-kaydi","tag-finansman-giderlerinin-maliyete-eklenmesi","tag-findeks-bedeli-muhasebe-kaydi","tag-muhasebe-borc","tag-muhasebe-borc-alacak-hesaplari","tag-muhasebe-borc-alacak-tablosu"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/comments?post=11330"}],"version-history":[{"count":1,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11330\/revisions"}],"predecessor-version":[{"id":11331,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11330\/revisions\/11331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/media\/10383"}],"wp:attachment":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/media?parent=11330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/categories?post=11330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/tags?post=11330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}