{"id":13249,"date":"2012-03-23T09:10:37","date_gmt":"2012-03-23T07:10:37","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=13249"},"modified":"2012-03-23T09:10:45","modified_gmt":"2012-03-23T07:10:45","slug":"sirketler-temettu-dagitmali-mi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/sirketler-temettu-dagitmali-mi\/","title":{"rendered":"\u015eirketler Temett\u00fc Da\u011f\u0131tmal\u0131 m\u0131?"},"content":{"rendered":"<p>Yeni Sermaye Piyasas\u0131 Kanunu tasla\u011f\u0131 yay\u0131nland\u0131ktan sonra daha \u2018ate\u015flenen\u2019 eski bir tart\u0131\u015fma bu. D\u00fcnyan\u0131n en de\u011ferli \u015firketi haline gelen Apple\u2019\u0131n 1998 y\u0131l\u0131ndan sonra ilk kez temett\u00fc da\u011f\u0131tmas\u0131 bu tart\u0131\u015fmay\u0131 daha da alevlendirdi. Teknik olarak bak\u0131ld\u0131\u011f\u0131nda, k\u00e2r eden bir \u015firketin, elde etti\u011fi k\u00e2rdan ortaklar\u0131na paylar\u0131 oran\u0131nda k\u00e2r da\u011f\u0131tmas\u0131 \u201cnormal\u201d kabul edilen bir durum.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-855226011\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Yat\u0131r\u0131m\u0131n mevduatta de\u011ferlendiren i\u00e7in gelir faizdir. Yat\u0131r\u0131m\u0131n\u0131 hisse senedine yat\u0131ranlar i\u00e7in ise kazan\u00e7 ikiye ayr\u0131l\u0131yor. \u0130lki \u201cde\u011fer art\u0131\u015f kazanc\u0131\u201d di\u011feri ise \u201ck\u00e2r pay\u0131d\u0131r (temett\u00fc) \u201d. Enflasyonun y\u00fcksek oldu\u011fu y\u0131llarda borsada hisse senedi yat\u0131r\u0131m\u0131 yapanlar genellikle k\u00e2r pay\u0131 yerine \u201cbedelsiz\u201d hisse senedi ald\u0131lar, biraz da almak zorunda kald\u0131lar. Zira y\u00fcksek ve de de\u011fi\u015fken fonlama maliyetleri ile kar\u015f\u0131 kar\u015f\u0131ya kalan \u015firketler k\u00e2r pay\u0131 da\u011f\u0131tmak yerine, k\u00e2rlar\u0131n\u0131 sermayeye eklemeyi tercih ettiler. Bak\u0131ld\u0131\u011f\u0131nda bu durum \u015firketin sermayesini g\u00fc\u00e7lendirirken, \u015firketin de\u011ferini de artt\u0131ran bir unsurdu. Bunun etkilerini; teorik olarak; hisse senedi fiyat\u0131na yans\u0131mas\u0131, yani yat\u0131r\u0131mc\u0131n\u0131n de\u011fer art\u0131\u015f kazanc\u0131 elde etmesi beklenir. \u015eirket iyi y\u00f6netilirse, artan sermaye \u015firketin performans\u0131n\u0131 artt\u0131racak, iyi y\u00f6netilmezse bu durum piyasalarca fiyatlanacak ve \u015firket de\u011fer kaybedecektir.<\/p>\n<p>Yeni kanun tasla\u011f\u0131 sermaye piyasas\u0131 uzmanlar\u0131 aras\u0131nda tart\u0131\u015f\u0131l\u0131rken \u015firketlerin temett\u00fc \u00f6demelerinin \u201czorunlu hale\u201d getirilmesi \u00f6neriliyor. Hisse senedi yat\u0131r\u0131mc\u0131lar\u0131n\u0131n yat\u0131r\u0131mlar\u0131n\u0131n kar\u015f\u0131l\u0131\u011f\u0131n\u0131 her y\u0131l alabilmeleri i\u00e7in (ABD\u2019de \u00e7eyrekler baz\u0131nda da \u00f6denebiliyor!) b\u00f6yle bir y\u00f6ntem izlenmesinin borsaya ilgiyi artt\u0131raca\u011f\u0131, ge\u00e7mi\u015fteki k\u00f6t\u00fc an\u0131lar\u0131 silece\u011fi varsay\u0131l\u0131yor. \u015eirketlerin k\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131na zorlanmas\u0131 hatal\u0131 olacakt\u0131r. Neden derseniz \u015firketlerin k\u00e2rlar\u0131 her zaman nakit olarak kasaya girmemi\u015f olabilir. B\u00f6yle bir zorunluluk getirilmesi \u015firketlerin fon ak\u0131\u015f\u0131na ek bir y\u00fck ve hatta ek bir finansman ihtiyac\u0131 do\u011furabilecek. Nakit olmayan k\u00e2rlar\u0131n, nakit olarak \u00f6denebilmesi i\u00e7in \u015firket bor\u00e7lanmak, bu bor\u00e7lanmaya kar\u015f\u0131n faiz \u00f6demek zorunda kalacak. Bu durumun da \u015firketin ilerideki d\u00f6enmlerdeki k\u00e2r performans\u0131n\u0131 olumsuz etkileyebilecektir.<\/p>\n<p>Yeni SPK kanunu bu konuda bir zorunluluk getirmiyor. Yeni tasla\u011f\u0131n 19. Maddesinin 1. Bendinde \u201cHalka a\u00e7\u0131k ortakl\u0131klar, k\u00e2rlar\u0131n\u0131 genel kurullar\u0131 taraf\u0131ndan belirlenecek k\u00e2r da\u011f\u0131t\u0131m politikalar\u0131 \u00e7er\u00e7evesinde ve ilgili mevzuat h\u00fck\u00fcmlerine uygun olarak da\u011f\u0131t\u0131rlar. \u015eu kadar ki, Kurul halka a\u00e7\u0131k ortakl\u0131klar\u0131n k\u00e2r da\u011f\u0131t\u0131m\u0131 konusunda ortakl\u0131k veya sekt\u00f6r baz\u0131nda farkl\u0131 esaslar belirleyebilir.\u201d deniyor. Zorunlu temett\u00fc yok, ancak Kurul baz\u0131 sekt\u00f6rlerdeki halka a\u00e7\u0131k \u015firketler i\u00e7in; diyelim ki bankac\u0131l\u0131k; kal\u0131c\u0131 ya da ge\u00e7ici farkl\u0131 esaslar belirleyebiliyor.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/haber.gazetevatan.com\/Haber\/438485\/1\/Gundem\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yeni Sermaye Piyasas\u0131 Kanunu tasla\u011f\u0131 yay\u0131nland\u0131ktan sonra daha \u2018ate\u015flenen\u2019 eski bir tart\u0131\u015fma bu. D\u00fcnyan\u0131n en de\u011ferli \u015firketi haline gelen Apple\u2019\u0131n 1998 y\u0131l\u0131ndan sonra ilk kez&hellip;<\/p>\n","protected":false},"author":19,"featured_media":910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=13249"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/910"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=13249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=13249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=13249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}