{"id":11582,"date":"2022-12-25T14:09:13","date_gmt":"2022-12-25T11:09:13","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11582"},"modified":"2022-12-25T14:09:13","modified_gmt":"2022-12-25T11:09:13","slug":"tahvil-ihracinin-sartlari-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/tahvil-ihracinin-sartlari-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Tahvil \u0130hrac\u0131n\u0131n \u015eartlar\u0131 \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"<h3 style=\"text-align: center\"><strong><span style=\"color: #ff6600\"><span style=\"font-family: 'times new roman', times, serif\">Tahvil \u0130hrac\u0131n\u0131n \u015eartlar\u0131<\/span><\/span><\/strong><\/h3>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Tahvil ihrac\u0131n\u0131n \u015fartlar\u0131, \u00e7e\u015fitli \u015fekillerde itfa edilebilece\u011fini belirtebilir. \u00d6rne\u011fin, terimler \u015funu belirtebilir:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Yaln\u0131zca belirli bir tarihte kullan\u0131lacakt\u0131r.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">\u00d6nceden belirli bir olay meydana gelmedi\u011fi s\u00fcrece, belirli bir tarihte itfa edilecektir, r erken itfa edilece\u011fi zaman.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">\u0130ki tarih aras\u0131nda bir zamanda itfa edilecektir.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Belirli tarihlerde belirli dilimler halinde itfa edilecektir.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Dayanak varl\u0131klar\u0131n \u00f6mr\u00fcne ba\u011fl\u0131 olarak birka\u00e7 dilim halinde itfa edilecektir.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Bu, ipote\u011fe dayal\u0131 menkul k\u0131ymetlerde olabilir.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Nihai itfa tarihi belirtilmemi\u015ftir. Bu durumda, tahvilin itfa edilebilece\u011fi genellikle belirli ko\u015fullar vard\u0131r.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Sonu\u00e7 olarak, piyasa bir tahvilin \u00f6mr\u00fc i\u00e7in birka\u00e7 farkl\u0131 \u00f6nlem kullan\u0131r. E\u011fer bir tahvil tam olarak 10 y\u0131l i\u00e7inde itfa edilecekse, o zaman apa\u00e7\u0131k bir \u015fekilde, 10 y\u0131ll\u0131k bir &#8216;vadeye kadar \u00f6mr\u00fc&#8217; oldu\u011fu s\u00f6ylenir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">A\u00e7\u0131klamalar\u0131nda bir dizi vade tarihi belirten tahviller i\u00e7in, ihra\u00e7\u00e7\u0131n\u0131n tahvili iki tarih aras\u0131nda herhangi bir zamanda itfa etme se\u00e7ene\u011fine sahip oldu\u011fu durumlarda, genellikle bir &#8220;beklenen \u00f6m\u00fcr&#8221; hesaplan\u0131r.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Bu t\u00fcr tahviller i\u00e7in, ihra\u00e7\u00e7\u0131n\u0131n her zaman kendi \u00e7\u0131karlar\u0131 do\u011frultusunda hareket edece\u011fi varsay\u0131l\u0131r; yani ihra\u00e7\u00e7\u0131, daha d\u00fc\u015f\u00fck bir maliyetle yeniden finanse edilebiliyorsa tahvili erken itfa edecektir. Sonu\u00e7 olarak, piyasa tahvilin beklenen \u00f6mr\u00fcn\u00fc hesaplar.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Kolayl\u0131k sa\u011flamak i\u00e7in, tahvil nominalin \u00fczerinde i\u015flem g\u00f6r\u00fcyorsa, ihra\u00e7\u00e7\u0131n\u0131n borcu daha d\u00fc\u015f\u00fck bir maliyetle yeniden ihra\u00e7 edebilece\u011fi ve paradan tasarruf edebilece\u011fi varsay\u0131lmaktad\u0131r. Uygulamada, karar o kadar basit de\u011fildir, \u00e7\u00fcnk\u00fc bu basit yakla\u015f\u0131m, yeni bir tahvilin \u00e7\u0131kar\u0131lmas\u0131yla ilgili maliyetleri g\u00f6z ard\u0131 eder.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Dolay\u0131s\u0131yla b\u00f6yle bir tahvilin beklenen \u00f6mr\u00fc, temiz fiyat\u0131 paritenin \u00fczerindeyse takas tarihinden m\u00fcmk\u00fcn olan en erken itfa tarihine kadar ve par\u0131n alt\u0131ndaysa son tarihe kadar olan s\u00fcredir. Bir tahvil birka\u00e7 dilim halinde itfa edilecekse, genellikle a\u011f\u0131rl\u0131kl\u0131 ortalama vade tarihine kadar bir &#8216;ortalama \u00f6m\u00fcr&#8217; hesaplan\u0131r.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Bunun yerine di\u011fer tahviller, tahvil sahibine tahvilin erken geri \u00f6denmesini talep etme se\u00e7ene\u011fi sunar. Bu gibi durumlarda, hamilin kendi menfaati do\u011frultusunda hareket edece\u011fi varsay\u0131l\u0131r. Bununla birlikte, getiri daha y\u00fcksek oldu\u011fu i\u00e7in tahvili erken itfa etmek her zaman do\u011fru eylem de\u011fildir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Farkl\u0131 kuponlara sahip iki 10 y\u0131ll\u0131k mermi tahvilini kar\u015f\u0131la\u015ft\u0131r\u0131rsan\u0131z, bir yat\u0131r\u0131mc\u0131n\u0131n tahvillerden ald\u0131\u011f\u0131 paralar\u0131n zamanlamalar\u0131 farkl\u0131 olaca\u011f\u0131ndan vadeye kalan \u00f6m\u00fcr t\u00fcm hikayeyi anlatmaz.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Bu iki tahvili daha iyi bir \u015fekilde kar\u015f\u0131la\u015ft\u0131rman\u0131n bir yolu, her bir tahvilin gelir ve sermaye geri \u00f6demeleri i\u00e7in beklemeniz gereken ortalama s\u00fcreyi kar\u015f\u0131la\u015ft\u0131rmak olacakt\u0131r. Kuponsuz tahvilin itfa \u00f6demesi art\u0131r\u0131larak di\u011fer tahville uyumlu hale getirilmi\u015ftir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Yukar\u0131daki \u00f6rnekleri kullanarak, s\u0131f\u0131r kuponlu tahvil ile \u00f6demelerin ortalama s\u00fcresi, yaln\u0131zca bir \u00f6deme oldu\u011fu i\u00e7in a\u00e7\u0131k\u00e7a 10 y\u0131ld\u0131r. Ancak, %10&#8217;luk tahvil ile toplam kupon \u00f6demeleri ve anapara geri \u00f6demesi her ikisi de 100&#8217;d\u00fcr. Kupon \u00f6demeleri i\u00e7in ortalama bekleme s\u00fcresi 5 12 y\u0131ld\u0131r ve anapara \u00f6demesi 10 y\u0131lda ger\u00e7ekle\u015fir. B\u00f6ylece, t\u00fcm \u00f6demeler i\u00e7in ortalama s\u00fcre (5,5 + 10)\/2 = 7,75 y\u0131ld\u0131r.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Yat\u0131r\u0131mc\u0131lar normalde yat\u0131r\u0131mlar\u0131n\u0131n geri d\u00f6n\u00fc\u015f\u00fcn\u00fc talep etti\u011finden, gelecek hafta geri alaca\u011f\u0131n\u0131z bir miktar, 10 y\u0131l beklemeniz gereken ayn\u0131 miktardan daha de\u011ferli kabul edilir. Ne yaz\u0131k ki, yukar\u0131daki ortalama \u00f6deme s\u00fcresi buna izin vermiyor.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Ancak, iki yat\u0131r\u0131m\u0131n ortalama \u00f6mr\u00fcn\u00fc kar\u015f\u0131la\u015ft\u0131rmak i\u00e7in &#8216;s\u00fcre&#8217; kavram\u0131n\u0131 ortaya att\u0131. S\u00fcre veya di\u011fer s\u00fcre t\u00fcrlerinden ay\u0131rt etmek i\u00e7in bazen &#8216;Macaulay s\u00fcresi&#8217; olarak adland\u0131r\u0131ld\u0131\u011f\u0131 gibi, \u015fimdi bu boyutlara g\u00f6re a\u011f\u0131rl\u0131kland\u0131r\u0131lan (eskiden oldu\u011fu gibi) ve art\u0131k geri \u00f6deme getirisi taraf\u0131ndan iskonto edilen yat\u0131r\u0131mlar\u0131n her biri i\u00e7in beklemeniz gereken ortalama s\u00fcreyi verir.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"color: #33cccc\">Tahvil ihrac\u0131 nas\u0131l yap\u0131l\u0131r<\/span><br \/>\n<span style=\"color: #33cccc\">Tahvil ihrac\u0131 <a href=\"https:\/\/bestessayhomework.com\/tr\/\" target=\"_blank\" rel=\"noopener\">hisseyi<\/a> nas\u0131l etkiler<\/span><br \/>\n<span style=\"color: #33cccc\">Tahvil ihrac\u0131 yapan \u015firketler<\/span><br \/>\n<span style=\"color: #33cccc\">tahvil nedir<\/span><br \/>\n<span style=\"color: #33cccc\">\u00f6zel sekt\u00f6r tahvilleri listesi<\/span><br \/>\n<span style=\"color: #33cccc\">Tahvil ihrac\u0131 muhasebe kayd\u0131<\/span><br \/>\n<span style=\"color: #33cccc\">Primli tahvil Nedir<\/span><br \/>\n<span style=\"color: #33cccc\">Bor\u00e7lanma arac\u0131 ihrac\u0131 nedir<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Ba\u015f\u0131na g\u00f6re fiyatland\u0131r\u0131lm\u0131\u015f bir tahvil d\u00fc\u015f\u00fcn\u00fcrseniz, itfaya yakla\u015ft\u0131k\u00e7a s\u00fcresi sonunda s\u0131f\u0131ra d\u00fc\u015fecektir. Ancak bu ilerleme p\u00fcr\u00fczs\u00fcz de\u011fildir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Y\u0131ll\u0131k %10,00 kupon \u00f6deyen, tutarl\u0131 bir \u015fekilde ba\u015faba\u015f fiyatlanan bir tahvil i\u00e7in vadeye kadar olan s\u00fcreyi \u00e7izer. S\u00fcredeki keskin art\u0131\u015flar, tahvil bir kupon \u00f6demesinden \u00e7\u0131kt\u0131\u011f\u0131nda meydana gelir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">S\u00fcre hesaplamalar\u0131ndan \u00e7\u0131kar\u0131lan \u00f6deme \u00e7ok k\u00fc\u00e7\u00fck ve azalan bir \u00f6mre sahipti. Bu \u00f6demeyi kald\u0131rmak, bir \u00f6deme i\u00e7in beklemeniz gereken genel ortalama s\u00fcreyi art\u0131r\u0131r.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Bekledi\u011finiz gibi \u00e7o\u011fu tahvilin vadeye kalan s\u00fcresi uzad\u0131k\u00e7a artar, \u015fa\u015f\u0131rt\u0131c\u0131 bir \u015fekilde baz\u0131 \u00e7ok uzun tahvillerde bu durum her zaman b\u00f6yle de\u011fildir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Grafikte senelik kupon \u00f6deyen ve senelik sabit %10 getiri sa\u011flayan iki tahvilin vadeye kalan vadeleri kupon \u00f6deme tarihlerinde olmak \u00fczere 50 y\u0131la kadar uzat\u0131larak vadeleri g\u00f6sterilmektedir. (Bu, hesaplamalardaki s\u0131\u00e7ramalar\u0131 \u00f6nler.)<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Benzer \u015fekilde, vadesiz bir tahvilin s\u00fcresinin kuponundan ba\u011f\u0131ms\u0131z oldu\u011fu g\u00f6sterilebilir. Asl\u0131nda, sabit bir y\u0131ll\u0131k kupon \u00f6deyen bir tahvilin getirisinin tam tersi art\u0131 ilk kupon \u00f6demesine bir y\u0131l\u0131n kesrinin eklenmesi durumunda s\u00fcresi k\u0131sal\u0131r.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Hem 50 y\u0131l vadeli hem de y\u0131ll\u0131k %10 getiri sa\u011flayan bonolar\u0131n vadelerine bakarsan\u0131z, ikisinin de 10&#8217;un \u00fczerinde oldu\u011funu ancak her iki sat\u0131r\u0131n da 10 y\u0131la do\u011fru indi\u011fini g\u00f6r\u00fcrs\u00fcn\u00fcz. Bu nedenle, baz\u0131 vadesiz tahviller, benzer uzun vadeli tahvillerden daha k\u0131sa bir s\u00fcreye sahiptir.<\/span><\/p>\n<h3 style=\"text-align: center\"><strong><span style=\"color: #ff6600;font-family: 'times new roman', times, serif\">De\u011fi\u015ftirilen S\u00fcre<\/span><\/strong><\/h3>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Hisse senedi piyasalar\u0131nda, modern portf\u00f6y teorisinin \u00e7o\u011fu, belirli bir hisse senedi menkul k\u0131ymetinin veya menkul k\u0131ymetler portf\u00f6y\u00fcn\u00fcn &#8216;alfa&#8217; ve &#8216;beta&#8217;s\u0131n\u0131 de\u011ferlendirmekle ilgilidir. Bir menkul k\u0131ymetin beta de\u011feri 1.0&#8217;dan b\u00fcy\u00fckse, bu, ge\u00e7mi\u015f hisse senedi fiyat hareketlerinin analizine g\u00f6re, fiyat\u0131n\u0131n emsal grubuna g\u00f6re daha de\u011fi\u015fken oldu\u011fu anlam\u0131na gelir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Benzer \u015fekilde, betas\u0131n\u0131n 1.0&#8217;dan k\u00fc\u00e7\u00fck oldu\u011fu tahmin edilirse, fiyat\u0131n\u0131n piyasa kadar de\u011fi\u015fken olmad\u0131\u011f\u0131 kabul edilir. Bu nedenle, piyasan\u0131n y\u00fckselmesini bekliyorsan\u0131z y\u00fcksek betal\u0131 menkul k\u0131ymetlere ve d\u00fc\u015fmesini bekliyorsan\u0131z d\u00fc\u015f\u00fck olan menkul k\u0131ymetlere yat\u0131r\u0131m yapmak ilginizi \u00e7eker.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Tahvil piyasalar\u0131nda, bir tahvilin fiyat\u0131n\u0131n oynakl\u0131\u011f\u0131 veya betas\u0131 esas olarak tahvilin yap\u0131s\u0131 (yani fiyat, kuponlar, vade tarihi, opsiyonlar vb.) ve ihra\u00e7\u00e7\u0131s\u0131 ve ili\u015fkili kredi riski taraf\u0131ndan belirlenir.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">Betan\u0131n yap\u0131sal k\u0131sm\u0131, &#8220;de\u011fi\u015ftirilmi\u015f s\u00fcre&#8221; veya fiyat &#8220;oynakl\u0131\u011f\u0131&#8221; olarak adland\u0131r\u0131l\u0131r. De\u011fi\u015ftirilen s\u00fcre, verimdeki bir birim de\u011fi\u015fikli\u011fin fiyattaki y\u00fczde de\u011fi\u015fikli\u011fi olarak tan\u0131mlan\u0131r. Sabit oranl\u0131 bir tahvilin s\u00fcresi ile ili\u015fkili oldu\u011fu a\u015fa\u011f\u0131daki form\u00fclle g\u00f6sterilebilir:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"color: #000000;font-family: 'times new roman', times, serif\">De\u011fi\u015ftirilen s\u00fcre = Macaulay s\u00fcresi \u00d7 indirim fakt\u00f6r\u00fc<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Tahvil \u0130hrac\u0131n\u0131n \u015eartlar\u0131 Tahvil ihrac\u0131n\u0131n \u015fartlar\u0131, \u00e7e\u015fitli \u015fekillerde itfa edilebilece\u011fini belirtebilir. \u00d6rne\u011fin, terimler \u015funu belirtebilir: Yaln\u0131zca belirli bir tarihte kullan\u0131lacakt\u0131r. \u00d6nceden belirli bir olay meydana gelmedi\u011fi s\u00fcrece, belirli bir tarihte itfa edilecektir, r erken itfa edilece\u011fi zaman. \u0130ki tarih aras\u0131nda bir zamanda itfa edilecektir. Belirli tarihlerde belirli dilimler halinde itfa edilecektir. Dayanak varl\u0131klar\u0131n \u00f6mr\u00fcne ba\u011fl\u0131&hellip; <br \/> <a class=\"button small blue\" href=\"https:\/\/bestessayhomework.com\/tr\/tahvil-ihracinin-sartlari-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/\">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":[29195,29196],"tags":[29200,29198,29199,25211,25210,25213,29197,24526],"class_list":["post-11582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tahvil-ihraci-hisseyi-nasil-etkiler-2","category-tahvil-ihraci-yapan-sirketler","tag-borclanma-araci-ihraci-nedir","tag-ozel-sektor-tahvilleri-listesi","tag-primli-tahvil-nedir","tag-tahvil-ihraci-hisseyi-nasil-etkiler","tag-tahvil-ihraci-muhasebe-kaydi","tag-tahvil-ihraci-nasil-yapilir","tag-tahvil-ihraci-yapan-sirketler","tag-tahvil-nedir"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11582","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=11582"}],"version-history":[{"count":1,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11582\/revisions"}],"predecessor-version":[{"id":11583,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/posts\/11582\/revisions\/11583"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/media\/10303"}],"wp:attachment":[{"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/media?parent=11582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/categories?post=11582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestessayhomework.com\/tr\/wp-json\/wp\/v2\/tags?post=11582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}