{"id":14644,"date":"2012-04-26T08:15:35","date_gmt":"2012-04-26T06:15:35","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=14644"},"modified":"2012-04-26T08:15:57","modified_gmt":"2012-04-26T06:15:57","slug":"sirketin-degeri-bedelsiz-sermaye-artisi-ile-yukselir-mi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/sirketin-degeri-bedelsiz-sermaye-artisi-ile-yukselir-mi\/","title":{"rendered":"\u015eirketin De\u011feri Bedelsiz Sermaye Art\u0131\u015f\u0131 ile Y\u00fckselir mi?"},"content":{"rendered":"<p>Borsan\u0131n lokomotifi konumundaki hisseler d\u00fc\u015ferken endeks i\u00e7indeki baz\u0131 hisseler neredeyse son bir haftada y\u00fczde 100\u2019\u00fc a\u015fan oranlarda de\u011fer kazand\u0131lar. Nedeni de Temmuz 2012\u2019de hayata ge\u00e7ecek olan yeni T\u00fcrk Ticaret Kanunu\u2019ndaki (TTK) d\u00fczenleme. Son iki g\u00fcnde gazetemizin finans edit\u00f6r\u00fc Ufuk Korcan bu konuyu detayl\u0131 olarak ele ald\u0131. Yeni TTK \u201cBelirli ama\u00e7larla ayr\u0131lm\u0131\u015f olan yedekler hari\u00e7; bedelli sermaye artt\u0131r\u0131m\u0131 yap\u0131lmadan \u00f6nce bedelsiz sermaye artt\u0131r\u0131mlar\u0131 tamamlanmal\u0131\u201d mealinde bir d\u00fczenleme getiriyor. TTK\u2019daki bu de\u011fi\u015fiklik nedense son bir ka\u00e7 haftada borsa kat\u0131l\u0131mc\u0131lar\u0131n\u0131n dikkatini \u00e7ekti. Yatay hareket eden, \u201clokomotifleri\u201d yava\u015flam\u0131\u015f \u0130MKB i\u00e7in de adeta can simidi oldu bu hareket. Peki ger\u00e7ekte bedelsiz sermaye artt\u0131r\u0131m\u0131 \u015firketlerin de\u011ferlerinde bir at\u0131\u015fa yol a\u00e7abilir mi?<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2118875924\"><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>Bu sorunun teorik cevab\u0131, hay\u0131r! Neden derseniz, \u015firketlerin bedelsiz sermaye artt\u0131r\u0131mlar\u0131 bilan\u00e7odaki hesaplar aras\u0131ndaki bir hareketten ibaret. Da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlardan, yedeklerden, de\u011fer art\u0131\u015f fonundan ya da halka arz s\u0131ras\u0131nda olu\u015fan primlerin sermaye hesab\u0131na aktar\u0131lmas\u0131ndan ba\u015fka bir \u015fey de\u011fildir. Bu fonlar ya daha \u00f6nceden \u015firkete girmi\u015f, ya da kaydi olarak yarat\u0131lm\u0131\u015ft\u0131r. Sermayeye eklenmeleri \u015firkete herhangi bir nakit ak\u0131\u015f\u0131 sa\u011flamad\u0131\u011f\u0131ndan ek bir k\u00e2r art\u0131\u015f\u0131 sa\u011flamayacakt\u0131r. Da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlar, bu k\u00e2rlar\u0131n yarataca\u011f\u0131 ek fayda, zaten \u015firketin performans\u0131na k\u00e2r-zarar hesab\u0131na yapabilece\u011fi katk\u0131y\u0131 yapm\u0131\u015f, bilan\u00e7osuna yans\u0131m\u0131\u015f durumdad\u0131r. \u015eirketin k\u00e2r\u0131na katk\u0131s\u0131 olmayan b\u00f6ylesi bir art\u0131\u015f\u0131n da \u201cteorik\u201d olarak \u015firketin de\u011ferine bir katk\u0131s\u0131 olamaz.<\/p>\n<p>Ancak borsadaki ger\u00e7ek hayat \u00f6yle de\u011fil! Borsan\u0131n\u0131n \u201c\u00e7\u0131rakl\u0131k\u201d zaman\u0131nda kalma bir al\u0131\u015fkanl\u0131k yeniden n\u00fcksetti. Fiyat\u0131 y\u00fcksek; bu nedenle likiditesi azalm\u0131\u015f, yat\u0131r\u0131mc\u0131lar\u0131n pozisyon almaya cesaret edemedikleri hissenin fiyat\u0131; sermaye art\u0131\u015f\u0131 sonras\u0131ndaki b\u00f6l\u00fcnmeden dolay\u0131 \u201ck\u00fc\u00e7\u00fcld\u00fc\u011f\u00fcnden\u201d dolay\u0131 \u201cula\u015f\u0131labilir\u201d hale geliyor (ger\u00e7ekte mal varl\u0131\u011f\u0131\/portf\u00f6y de\u011feri sabit kal\u0131yor!). \u201cUla\u015f\u0131labilir\u201d hale gelen fiyat likiditeyi artt\u0131r\u0131p b\u00fcy\u00fck yat\u0131r\u0131mc\u0131lar\u0131n da ilgisini \u00e7ekti\u011finde fiyat y\u00fckseli\u015fleri daha kolay hale geliyor. Bedelsiz sermaye artt\u0131r\u0131m\u0131n\u0131n yaratt\u0131\u011f\u0131 heyecan\u0131n as\u0131l sebebi de budur.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/haber.gazetevatan.com\/Haber\/446235\/1\/Gundem\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Borsan\u0131n lokomotifi konumundaki hisseler d\u00fc\u015ferken endeks i\u00e7indeki baz\u0131 hisseler neredeyse son bir haftada y\u00fczde 100\u2019\u00fc a\u015fan oranlarda de\u011fer kazand\u0131lar. Nedeni de Temmuz 2012\u2019de hayata ge\u00e7ecek&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-14644","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\/14644","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=14644"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/14644\/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=14644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=14644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=14644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}