{"id":11334,"date":"2022-11-16T14:30:31","date_gmt":"2022-11-16T11:30:31","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11334"},"modified":"2022-11-16T14:30:31","modified_gmt":"2022-11-16T11:30:31","slug":"varantli-tahviller-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/varantli-tahviller-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Varantl\u0131 Tahviller \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

Al\u0131m Fiyat\u0131 <\/span><\/strong><\/h3>\n

Al\u0131m fiyat\u0131 nispeten d\u00fc\u015f\u00fck belirlenirse, e\u015fde\u011fer say\u0131da adi hisse senedi ihrac\u0131na k\u0131yasla, \u015firketin d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bor\u00e7 ihrac\u0131na pi\u015fman olma olas\u0131l\u0131\u011f\u0131 \u00e7ok d\u00fc\u015f\u00fck olacakt\u0131r.<\/span><\/p>\n

Hazine veya Kongre taraf\u0131ndan kabul edilebilir borcun ne oldu\u011fu (dolay\u0131s\u0131yla, faiz \u00f6demeleri vergiden d\u00fc\u015f\u00fclebilir) ile ilgili olarak olu\u015fturulan y\u00f6nergeler, bir firman\u0131n teorik olarak optimum g\u00fcvenli\u011fe (\u00e7ok d\u00fc\u015f\u00fck bir arama fiyat\u0131) ne kadar yakla\u015fabilece\u011fini belirlemede \u00e7ok \u00f6nemli olacakt\u0131r.\u00a0<\/span><\/p>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bor\u00e7 ihrac\u0131na kar\u015f\u0131 \u00f6nemli bir arg\u00fcman, bunun hissedar\u0131n hisse senedi pozisyonunda bir suland\u0131rmaya yol a\u00e7mas\u0131d\u0131r. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir menkul k\u0131ymetin sahibi, olaylar\u0131n arzu edilir oldu\u011fu ortaya \u00e7\u0131karsa kazan\u00e7lar\u0131 payla\u015fabilir. Bu ger\u00e7ek seyreltmedir. Olaylar iyi gitmezse, sonu\u00e7 olarak hisse senedi fiyat\u0131 artmaz, o zaman potansiyel bir seyreltme fazlal\u0131\u011f\u0131 olu\u015fur ve hala \u00f6denmemi\u015f bor\u00e7 vard\u0131r.<\/span><\/p>\n

Di\u011fer bir \u00f6nemli husus, finansal analistlerin adi hisse senedini de\u011ferlendirirken d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilleri adi hisse senedi e\u015fde\u011ferleri olarak g\u00f6rme e\u011filiminde olmalar\u0131 ve tahvil derecelendirme kurulu\u015flar\u0131n\u0131n tahvil derecelendirmelerine ula\u015f\u0131rken d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilleri bor\u00e7 olarak de\u011ferlendirme e\u011filiminde olmalar\u0131d\u0131r.<\/span><\/p>\n

Bu, mali g\u00f6revliler taraf\u0131ndan \u00e7ifte ceza olarak g\u00f6r\u00fcl\u00fcyor ve d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir borcun ihrac\u0131na kar\u015f\u0131 olumsuz bir fakt\u00f6r olarak g\u00f6r\u00fcl\u00fcyor.<\/span><\/p>\n

Vergi hususlar\u0131, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin hem lehine hem de aleyhine \u00e7al\u0131\u015f\u0131r. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil faizinin vergi indirimi, tahvillere adi hisse senedine g\u00f6re avantaj sa\u011flar. Ancak, d\u00f6n\u00fc\u015ft\u00fcr\u00fclemez borca \u200b\u200bk\u0131yasla daha d\u00fc\u015f\u00fck a\u00e7\u0131k faiz maliyetleri, daha d\u00fc\u015f\u00fck vergi kalkanlar\u0131 ile sonu\u00e7lan\u0131r; bu nedenle, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilin (k\u0131smen \u00f6z sermayedir) kullan\u0131lmas\u0131n\u0131n bir sonucu olarak 1.000 dolarl\u0131k tahvil ba\u015f\u0131na daha az katma de\u011fer vard\u0131r.<\/span><\/p>\n

Varantl\u0131 Tahviller<\/span><\/strong><\/h3>\n

Varant, yat\u0131r\u0131mc\u0131ya belirli bir uygulama fiyat\u0131ndan bir hisse senedi (veya hissenin bir k\u0131sm\u0131n\u0131) sat\u0131n alma hakk\u0131 verir. Kullan\u0131m bedeli ihra\u00e7 eden kurulu\u015fa \u00f6denir. Hisse senedine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin yan\u0131 s\u0131ra, \u015firketler taraf\u0131ndan ayr\u0131labilir varantl\u0131 tahviller de kullan\u0131lmaktad\u0131r.<\/span><\/p>\n

Ayr\u0131labilir varant\u0131n avantaj\u0131, yat\u0131r\u0131mc\u0131n\u0131n kullan\u0131mdan sonra hala sabit getirili bir tahvil yat\u0131r\u0131m\u0131na sahip olmas\u0131 ve \u015firketin \u00f6denmemi\u015f borcu olmas\u0131d\u0131r. Ayr\u0131labilir varantlarda her bir tahville ili\u015fkili hisse senedi say\u0131s\u0131, bir d\u00f6n\u00fc\u015ft\u00fcrme \u00f6zelli\u011fine g\u00f6re daha azsa, mevcut hissedarlar\u0131n pozisyonunda daha az seyrelme olma e\u011filiminde olacakt\u0131r.<\/span><\/p>\n

\u015eirket a\u00e7\u0131s\u0131ndan olas\u0131 bir dezavantaj, varantlar\u0131n kullan\u0131lmas\u0131ndan sonra hala \u00f6denmemi\u015f bor\u00e7lar\u0131n kalmas\u0131 ve bu durumun firman\u0131n bor\u00e7 verme kabiliyetini d\u00fc\u015f\u00fcrmesidir (daha fazla bor\u00e7 vermek istedi\u011fi varsay\u0131ld\u0131\u011f\u0131nda). Bu itiraz\u0131 \u00e7\u00f6zmek i\u00e7in tahvilin itibari de\u011feri uygulama fiyat\u0131 olarak kabul edilebilir.<\/span><\/p>\n

Varantl\u0131 tahvil ihra\u00e7 etmenin bir avantaj\u0131, ihra\u00e7 fiyat\u0131n\u0131n bor\u00e7 ve hisse senedi aras\u0131nda b\u00f6l\u00fcnmesidir (varant\u0131n de\u011feri, hisse senedi \u00f6zsermayesi olarak s\u0131n\u0131fland\u0131r\u0131l\u0131r). D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvilin ihra\u00e7 fiyat\u0131 bor\u00e7 olarak s\u0131n\u0131fland\u0131r\u0131l\u0131r.<\/span><\/p>\n

\u0130ki menkul k\u0131ymet t\u00fcr\u00fc (konvertibl tahviller ve ayr\u0131labilir varantl\u0131 tahviller) \u00e7ok benzerdir ve muhasebedeki farkl\u0131l\u0131klar d\u0131\u015f\u0131nda \u00f6nemli farkl\u0131l\u0131klar\u0131 tan\u0131mlamak zordur.<\/span><\/p>\n

\n

Tahvil<\/a> nedir Osmanl\u0131<\/span>
\nTahvil \u00f6rne\u011fi<\/span>
\nTahvil Nedir<\/span>
\nTahvil nereden al\u0131n\u0131r<\/span>
\nTahvil nas\u0131l al\u0131n\u0131r<\/span>
\nTahvil t\u00fcrleri<\/span>
\nTahvil ihrac\u0131 nedir<\/span>
\nTahvil ve hisse senedi aras\u0131ndaki farklar<\/span><\/p>\n

\n

Seyreltme<\/span><\/strong><\/h3>\n

Mevcut hissedarlar i\u00e7in seyreltme, sahiplik y\u00fczdeleri yeni hisselerin veya yeni menkul k\u0131ymetlerin ihrac\u0131 ile azald\u0131\u011f\u0131nda ger\u00e7ekle\u015fir. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir menkul k\u0131ymetler, ihra\u00e7\u00e7\u0131lar i\u00e7in caziptir, \u00e7\u00fcnk\u00fc d\u00f6n\u00fc\u015ft\u00fcrme \u00f6zelli\u011fi a\u00e7\u0131k faiz maliyetini d\u00fc\u015f\u00fcrme e\u011filimindedir. Ancak d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir menkul k\u0131ymet, do\u011frudan bor\u00e7la mevcut olmayan hissedarlar\u0131n \u00f6z sermayesinin suland\u0131r\u0131lmas\u0131 tehdidini beraberinde getirir.<\/span><\/p>\n

Bununla birlikte, seyreltme, adi hisse senetlerinin hemen \u00e7\u0131kar\u0131lmas\u0131ndan daha az olabilir. Ayr\u0131ca, tahvillerin d\u00f6n\u00fc\u015ft\u00fcr\u00fclmeme ve \u015firketin d\u00fcz bor\u00e7tan daha d\u00fc\u015f\u00fck bir harcama sonras\u0131 maliyetle fon toplam\u0131\u015f olma ihtimali her zaman vard\u0131r. (Bu, hisse senedi fiyat\u0131n\u0131n d\u00f6n\u00fc\u015ft\u00fcrme fiyat\u0131n\u0131n \u00fczerine \u00e7\u0131kamad\u0131\u011f\u0131 anlam\u0131na gelir, dolay\u0131s\u0131yla hissedarlar yine de mutsuz olabilir.)<\/span><\/p>\n

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

Bir \u015firketin 20 y\u0131l vadeli 40 $ veya 40.000 d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir 1.000 $ tahvil fiyat\u0131ndan 1 milyon adi hisse senedi ihra\u00e7 etmeyi d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc varsayal\u0131m. Her tahvil, 20 adi hisse senedine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir. \u015eu anda \u00f6denmemi\u015f 5 milyon adi hisse senedi bulunmaktad\u0131r.<\/span><\/p>\n

Olumlu bir d\u00f6n\u00fc\u015ft\u00fcrme primi oldu\u011fu s\u00fcrece (y\u00fczde 25’tir), tahviller, adi hisse senedi ihrac\u0131ndan daha az potansiyel suland\u0131rmaya yol a\u00e7acakt\u0131r. Tahvil al\u0131c\u0131s\u0131, tahvil \u00f6zelliklerinin sundu\u011fu olumsuz koruma i\u00e7in bir bedel \u00f6d\u00fcyor.<\/span><\/p>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin veya ekli teminatl\u0131 tahvillerin daha fazla suland\u0131rmaya yol a\u00e7\u0131p a\u00e7mayaca\u011f\u0131, belirli menkul k\u0131ymetlerin ko\u015fullar\u0131na ba\u011fl\u0131 olacakt\u0131r. Ayr\u0131labilir varantlar\u0131n daha az seyreltmeye yol a\u00e7mas\u0131n\u0131 bekleyebiliriz, \u00e7\u00fcnk\u00fc varantla ne olursa olsun yat\u0131r\u0131mc\u0131n\u0131n bir bor\u00e7 senedi olacakt\u0131r. \u00d6te yandan, varant\u0131n kullan\u0131lmas\u0131 ek bir nakit yat\u0131r\u0131m\u0131 gerektirecektir; bu nedenle potansiyel avantaj\u0131 tahmin edemeyiz.<\/span><\/p>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir Tahviller ve Black\u2013Scholes Modeli<\/span><\/strong><\/h3>\n

D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bir tahvil, geleneksel bir tahvil ile adi hisse senedine d\u00f6n\u00fc\u015ft\u00fcrme opsiyonunun bir kombinasyonu oldu\u011fundan, opsiyonlar\u0131 de\u011ferleme y\u00f6ntemlerinin de d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin de\u011ferlemesinde ilgi \u00e7ekici oldu\u011fu sonucu \u00e7\u0131kar. D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvil de\u011ferlemesinde \u00f6nemli bir ad\u0131m, bir yat\u0131r\u0131m olarak d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir borcun hem opsiyon \u00f6zelli\u011finin hem de bono \u00f6zelli\u011finin de\u011ferlemesine Black-Scholes modelinin uygulanmas\u0131d\u0131r.<\/span><\/p>\n

Bir Yat\u0131r\u0131mc\u0131 Neden G\u00f6n\u00fcll\u00fc Olarak D\u00f6n\u00fc\u015ft\u00fcrmeli?<\/span><\/strong><\/h3>\n

Adi hisse senedinin nakit temett\u00fcleri borcun faiz \u00f6demelerinden daha fazla olursa, yat\u0131r\u0131mc\u0131n\u0131n bir karar\u0131 vard\u0131r. Se\u00e7im, adi hisse senedi temett\u00fcleriyle ili\u015fkili daha b\u00fcy\u00fck risk ile daha fazla nakit ak\u0131\u015f\u0131 ile daha g\u00fcvenli ancak daha az miktarda nakit aras\u0131ndad\u0131r.<\/span><\/p>\n

Yat\u0131r\u0131mc\u0131 d\u00f6n\u00fc\u015ft\u00fcrme yaparsa, yat\u0131r\u0131mc\u0131, nakit temett\u00fclerin beklenen bug\u00fcnk\u00fc de\u011ferinin faiz \u00f6demelerinin bug\u00fcnk\u00fc de\u011ferinden daha b\u00fcy\u00fck oldu\u011fu varsay\u0131m\u0131nda bulunuyor demektir. Ayr\u0131ca, adi hisse senedi fiyat\u0131n\u0131n, borcun daha g\u00fcvenli vade \u00f6demesinden vazge\u00e7erek gelecekte kaybetmemesi i\u00e7in yeterince y\u00fcksek kalmas\u0131 beklenmektedir.<\/span><\/p>\n

T\u00fcm bu ko\u015fullar yerine getirilirse, yat\u0131r\u0131mc\u0131n\u0131n bir d\u00f6n\u00fc\u015ft\u00fcrme karar\u0131 vard\u0131r, ancak risk nedeniyle yat\u0131r\u0131mc\u0131n\u0131n g\u00f6n\u00fcll\u00fc olarak d\u00f6n\u00fc\u015ft\u00fcrme yapmas\u0131 gerekti\u011fi a\u00e7\u0131k de\u011fildir. Y\u00fcksek, nispeten g\u00fcvenli nakit temett\u00fclerin oldu\u011fu nadir durumlar d\u0131\u015f\u0131nda, yat\u0131r\u0131mc\u0131n\u0131n d\u00f6n\u00fc\u015ft\u00fcrmektense d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvilleri elinde tutmas\u0131 daha iyidir. Koyma se\u00e7ene\u011finin de\u011feri vard\u0131r.<\/span><\/p>\n

Tahvilin piyasa fiyat\u0131, d\u00f6n\u00fc\u015ft\u00fcrme de\u011ferinden y\u00fcksekse, g\u00f6n\u00fcll\u00fc olarak d\u00f6n\u00fc\u015ft\u00fcrmektense elde tutmak veya satmak daha iyidir. Yat\u0131r\u0131mc\u0131, al\u0131m opsiyonundan (adi hisse senedine d\u00f6n\u00fc\u015ft\u00fcrme hakk\u0131) veya sat\u0131m opsiyonundan (vade sonunda d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir borcun nominal de\u011feri hakk\u0131ndan) vazge\u00e7me konusunda isteksizdir.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Al\u0131m Fiyat\u0131 Al\u0131m fiyat\u0131 nispeten d\u00fc\u015f\u00fck belirlenirse, e\u015fde\u011fer say\u0131da adi hisse senedi ihrac\u0131na k\u0131yasla, \u015firketin d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bor\u00e7 ihrac\u0131na pi\u015fman olma olas\u0131l\u0131\u011f\u0131 \u00e7ok d\u00fc\u015f\u00fck olacakt\u0131r. Hazine veya Kongre taraf\u0131ndan kabul edilebilir borcun ne oldu\u011fu (dolay\u0131s\u0131yla, faiz \u00f6demeleri vergiden d\u00fc\u015f\u00fclebilir) ile ilgili olarak olu\u015fturulan y\u00f6nergeler, bir firman\u0131n teorik olarak optimum g\u00fcvenli\u011fe (\u00e7ok d\u00fc\u015f\u00fck bir arama fiyat\u0131) ne…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":9986,"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":[28358,28359],"tags":[24533,24531,24526,28360,24528,24527,28361,28362],"class_list":["post-11334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tahvil-nedir-osmanli","category-tahvil-ve-hisse-senedi-arasindaki-farklar","tag-tahvil-ihraci-nedir","tag-tahvil-nasil-alinir","tag-tahvil-nedir","tag-tahvil-nedir-osmanli","tag-tahvil-nereden-alinir","tag-tahvil-ornegi","tag-tahvil-turleri","tag-tahvil-ve-hisse-senedi-arasindaki-farklar"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11334","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=11334"}],"version-history":[{"count":1,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11334\/revisions"}],"predecessor-version":[{"id":11335,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11334\/revisions\/11335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/media\/9986"}],"wp:attachment":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/media?parent=11334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/categories?post=11334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/tags?post=11334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}