{"id":12195,"date":"2026-04-06T14:14:24","date_gmt":"2026-04-06T11:14:24","guid":{"rendered":"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/"},"modified":"2026-05-20T10:07:29","modified_gmt":"2026-05-20T07:07:29","slug":"oz-sermaye-nedir","status":"publish","type":"post","link":"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/","title":{"rendered":"\u00d6z Sermaye Nedir? Neden \u00d6nemlidir?"},"content":{"rendered":"\n<p>\u0130\u015fletme sahipleri a\u00e7\u0131s\u0131ndan kurulu\u015fun&nbsp;b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc&nbsp;g\u00f6steren \u00f6z sermaye miktar\u0131 s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcmenin temel ta\u015f\u0131n\u0131 olu\u015fturur.&nbsp;Yat\u0131r\u0131mc\u0131lar i\u00e7inse i\u015fletmelerin finansal durumu hakk\u0131nda bilgi edinmek istedikleri zaman bakmalar\u0131 gereken kalemlerin ba\u015f\u0131nda gelir. \u00d6z sermayenin do\u011fru anla\u015f\u0131lmas\u0131 bor\u00e7 y\u00f6netimini kolayla\u015ft\u0131r\u0131r ve k\u00e2rl\u0131l\u0131k analizi yapmay\u0131 sa\u011flar. Bu yaz\u0131da \u00f6z sermaye kavram\u0131, sermayeyle aras\u0131ndaki fark ve \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 gibi konular hakk\u0131nda detayl\u0131 bilgi bulabilirsiniz.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">\u0130\u00e7indekiler<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u0130\u00e7indekiler Tablosunu A\u00e7\/Kapat\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Oz_Sermaye_Ne_Demek\" >\u00d6z Sermaye Ne Demek?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Sermaye_ve_Oz_Sermaye_Arasindaki_Temel_Farklar\" >Sermaye ve \u00d6z Sermaye Aras\u0131ndaki Temel Farklar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Oz_Sermaye_Nasil_Bulunur\" >\u00d6z Sermaye Nas\u0131l Bulunur?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Oz_Sermaye_Nasil_Hesaplanir\" >\u00d6z Sermaye Nas\u0131l Hesaplan\u0131r?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Oz_Sermaye_Karliligi_Nedir\" >\u00d6z Sermaye K\u00e2rl\u0131l\u0131\u011f\u0131 Nedir?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Oz_Sermaye_Karliligi_Nasil_Hesaplanir\" >\u00d6z Sermaye K\u00e2rl\u0131l\u0131\u011f\u0131 Nas\u0131l Hesaplan\u0131r?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Ideal_Oz_Sermaye_Karliligi_Kac_Olmali\" >\u0130deal \u00d6z Sermaye K\u00e2rl\u0131l\u0131\u011f\u0131 Ka\u00e7 Olmal\u0131?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Oz_Sermaye_Maliyeti_Nasil_Hesaplanir\" >\u00d6z Sermaye Maliyeti Nas\u0131l Hesaplan\u0131r?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/mukellef.co\/blog\/oz-sermaye-nedir\/#Mukellef_ile_Finansal_Sureclerinizi_Kolaylastirin\" >M\u00fckellef ile Finansal S\u00fcre\u00e7lerinizi Kolayla\u015ft\u0131r\u0131n!<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oz_Sermaye_Ne_Demek\"><\/span>\u00d6z Sermaye Ne Demek?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bir i\u015fletmenin toplam varl\u0131klar\u0131ndan&nbsp;bor\u00e7lar\u0131n\u0131n d\u00fc\u015f\u00fclmesi sonucunda kalan de\u011fere \u00f6z sermaye denir. Muhasebe literat\u00fcr\u00fcnde &#8220;\u00f6z kaynak&#8221; ya da &#8220;\u00f6z varl\u0131k&#8221; olarak adland\u0131r\u0131lan bu kavram&nbsp;\u015firketin ger\u00e7ek de\u011ferini ortaya koyar. Ayn\u0131 zamanda i\u015fletme sahiplerinin veya ortaklar\u0131n\u0131n \u015firket \u00fczerindeki m\u00fclkiyet pay\u0131n\u0131 ve buna ba\u011fl\u0131 haklar\u0131n\u0131 ifade eder.&nbsp;<\/p>\n\n\n\n<p>Bilan\u00e7onun pasif taraf\u0131nda yer alan \u00f6z sermaye nakit paran\u0131n yan\u0131 s\u0131ra \u00f6denmi\u015f sermaye, yedek ak\u00e7eler, ge\u00e7mi\u015f y\u0131llar\u0131n k\u00e2rlar\u0131 ve d\u00f6nem net k\u00e2r\u0131 gibi kalemlerin toplam\u0131d\u0131r. \u00d6z sermayenin pozitif olmas\u0131 \u015firkete ait varl\u0131klar\u0131n \u015firket bor\u00e7lar\u0131n\u0131 kar\u015f\u0131layabildi\u011fini g\u00f6sterir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sermaye_ve_Oz_Sermaye_Arasindaki_Temel_Farklar\"><\/span>Sermaye ve \u00d6z Sermaye Aras\u0131ndaki Temel Farklar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Sermaye ve \u00f6z sermaye kavramlar\u0131 hem finansal hem hukuki a\u00e7\u0131dan farkl\u0131 anlamlar ta\u015f\u0131r.&nbsp;Sermaye, i\u015fletmenin kurulu\u015f a\u015famas\u0131nda ortaklar taraf\u0131ndan taahh\u00fct edilen ba\u015flang\u0131\u00e7 de\u011ferini ifade eder. \u00d6z sermayeyse i\u015fletmenin faaliyet s\u00fcresince ya\u015fad\u0131\u011f\u0131 de\u011fer de\u011fi\u015fimlerini kapsayan daha geni\u015f bir k\u00fcmedir.<\/p>\n\n\n\n<p>\u0130ki kavram aras\u0131ndaki temel farklar \u015f\u00f6yle s\u0131ralanabilir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kayna\u011f\u0131n Niteli\u011fi<\/strong>:&nbsp;Sermaye ortaklar\u0131n d\u0131\u015far\u0131dan getirdi\u011fi de\u011ferdir. \u00d6z sermayeyse bu ba\u015flang\u0131\u00e7 de\u011ferine ek olarak kurulu\u015fun i\u00e7eride \u00fcretti\u011fi k\u00e2rlar\u0131 da i\u00e7erir.<\/li>\n\n\n\n<li><strong>De\u011fi\u015fkenlik<\/strong>:&nbsp;Sermaye, \u015firket ana s\u00f6zle\u015fmesinde tescil edilen sabit bir rakamd\u0131r ve de\u011fi\u015fmesi resm\u00ee prosed\u00fcrle m\u00fcmk\u00fcnd\u00fcr. \u00d6z sermayeyse her k\u00e2r\/zarar d\u00f6neminde de\u011fi\u015fen dinamik bir yap\u0131ya sahiptir.<\/li>\n\n\n\n<li><strong>Kapsam<\/strong>:&nbsp;Sermaye, \u00f6z sermayenin alt kalemlerinden biridir.&nbsp;Yani her sermaye bir \u00f6z sermaye unsurudur ancak her \u00f6z sermaye kalemi \u00f6denmi\u015f sermaye de\u011fildir.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oz_Sermaye_Nasil_Bulunur\"><\/span>\u00d6z Sermaye Nas\u0131l Bulunur?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00d6z sermaye i\u015fletmenin bilan\u00e7o tablosundan bulunabilir. Halka a\u00e7\u0131k \u015firketlerin mali tablolar\u0131na&nbsp;Kamuyu Ayd\u0131nlatma Platformu (KAP) \u00fczerinden eri\u015filir. Finansal tablolar incelenirken&nbsp;bilan\u00e7onun temel denklemi olan &#8220;Varl\u0131klar = Y\u00fck\u00fcml\u00fcl\u00fckler + \u00d6z Sermaye&#8221; prensibiyle hareket edilir.&nbsp;<\/p>\n\n\n\n<p>Varl\u0131klar; nakit, alacak, stok ve maddi duran varl\u0131k gibi \u015firketin sahip oldu\u011fu t\u00fcm ekonomik kaynaklar\u0131 i\u00e7erir. Bor\u00e7larsa k\u0131sa ve uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckleri kapsar. \u00d6z sermaye \u015firketin faaliyetlerini s\u00fcrd\u00fcrebilme g\u00fcc\u00fcn\u00fc ve d\u0131\u015f finansman ihtiyac\u0131n\u0131 \u00f6l\u00e7mede \u00f6nemli bir g\u00f6stergedir.&nbsp;Bir i\u015fletmenin \u00f6z sermayesini bulmak i\u00e7in muhasebe kay\u0131tlar\u0131ndaki \u00d6z Kaynaklar grubuna bak\u0131l\u0131r.<\/p>\n\n\n\n<p>Bu grup bilan\u00e7o tablosunda \u015fu kalemleri i\u00e7erir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u00d6denmi\u015f sermaye,<\/li>\n\n\n\n<li>Sermaye d\u00fczeltmesinin olumlu farklar\u0131,<\/li>\n\n\n\n<li>Hisse senedi ihra\u00e7 primleri,<\/li>\n\n\n\n<li>Yeniden de\u011ferlemeden kaynaklanan de\u011fer art\u0131\u015flar\u0131,<\/li>\n\n\n\n<li>Yasal yedekler,<\/li>\n\n\n\n<li>Stat\u00fc yedekleri,<\/li>\n\n\n\n<li>Ola\u011fan\u00fcst\u00fc yedekler,<\/li>\n\n\n\n<li>Ge\u00e7mi\u015f y\u0131llar\u0131n k\u00e2rlar\u0131 veya zararlar\u0131,<\/li>\n\n\n\n<li>D\u00f6nem net k\u00e2r\u0131 veya zarar\u0131.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oz_Sermaye_Nasil_Hesaplanir\"><\/span>\u00d6z Sermaye Nas\u0131l Hesaplan\u0131r?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/mukellef.co\/blog\/bilanco-nedir-bilanco-ve-gelir-tablosu\/\">Bilan\u00e7o<\/a>, kurumun belirli bir tarihte sahip oldu\u011fu t\u00fcm varl\u0131klar\u0131 ve bor\u00e7lar\u0131 listeler. Dolay\u0131s\u0131yla bir \u015firketin \u00f6z sermayesi hesaplan\u0131rken bilan\u00e7o verileri kullan\u0131l\u0131r. Bilan\u00e7onun sa\u011f ve sol taraflar\u0131 aras\u0131ndaki dengeyi temsil eden hesaplama \u015fu \u015fekilde yap\u0131l\u0131r:\u00a0<\/p>\n\n\n\n<p>\u00d6z Sermaye = Toplam Varl\u0131klar &#8211; Toplam Bor\u00e7lar.<\/p>\n\n\n\n<p>Pozitif sonu\u00e7 \u015firketin kendi fonlar\u0131yla g\u00fc\u00e7l\u00fc bir yap\u0131da oldu\u011funu g\u00f6sterirken negatif sonu\u00e7 bor\u00e7lar\u0131n varl\u0131klardan fazla oldu\u011funu ve riskin artt\u0131\u011f\u0131n\u0131 i\u015faret eder.&nbsp;<\/p>\n\n\n\n<p>\u00d6rne\u011fin&nbsp;toplam varl\u0131klar\u0131n\u0131n de\u011feri \u20ba500.000 olan bir i\u015fletmenin k\u0131sa ve uzun vadeli bor\u00e7lar\u0131n\u0131n toplam\u0131 \u20ba350.000 olsun. Bu i\u015fletmenin \u00f6z sermayesi&nbsp;\u20ba500.000 &#8211;&nbsp;\u20ba350.000 = \u20ba150.000 olarak hesaplan\u0131r. Bu \u00f6rne\u011fe g\u00f6re i\u015fletmenin net de\u011feri art\u0131dad\u0131r.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oz_Sermaye_Karliligi_Nedir\"><\/span>\u00d6z Sermaye K\u00e2rl\u0131l\u0131\u011f\u0131 Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00d6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 (ROE &#8211; Return on Equity) i\u015fletmenin \u00f6z sermayesini ne kadar verimli kulland\u0131\u011f\u0131n\u0131 yans\u0131tan&nbsp;bir finansal performans g\u00f6stergesidir.&nbsp;Halka a\u00e7\u0131k \u015firketlerin yat\u0131r\u0131mc\u0131lar taraf\u0131ndan incelenmesinde,&nbsp;finans kurulu\u015flar\u0131n\u0131n kredi de\u011ferlendirmelerinde ve i\u015fletme sahiplerince yap\u0131lan performans analizlerinde s\u0131k\u00e7a kullan\u0131l\u0131r.<\/p>\n\n\n\n<p>Bu oran, \u015firketin sahip oldu\u011fu \u00f6z sermaye \u00fczerinden ne kadar k\u00e2r elde etti\u011fini ifade eder.&nbsp;Y\u00fcksek \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 i\u015fletmenin sermayesini etkin kulland\u0131\u011f\u0131n\u0131 ve iyi bir yat\u0131r\u0131m getirisi sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6sterir.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oz_Sermaye_Karliligi_Nasil_Hesaplanir\"><\/span>\u00d6z Sermaye K\u00e2rl\u0131l\u0131\u011f\u0131 Nas\u0131l Hesaplan\u0131r?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00d6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 hesaplamak i\u00e7in \u015firketin net d\u00f6nem k\u00e2r\u0131yla toplam \u00f6z sermayesi aras\u0131ndaki ili\u015fkiye bak\u0131l\u0131r. Form\u00fcl \u015fu \u015fekildedir:&nbsp;<\/p>\n\n\n\n<p>(Net K\u00e2r \/ \u00d6z Sermaye) x 100.<\/p>\n\n\n\n<p>Hesaplama yap\u0131l\u0131rken d\u00f6nem ba\u015f\u0131 ve d\u00f6nem sonu \u00f6z sermayenin ortalamas\u0131 kullan\u0131l\u0131r. \u00c7\u00fcnk\u00fc net k\u00e2r bir y\u0131l boyunca elde edilirken \u00f6z sermaye y\u0131l i\u00e7inde de\u011fi\u015fim g\u00f6sterebilir. \u00c7\u0131kan sonu\u00e7 y\u00fczde baz\u0131nda ifade edilir.<\/p>\n\n\n\n<p>\u00d6rne\u011fin bir i\u015fletmenin y\u0131ll\u0131k net k\u00e2r\u0131 \u20ba300.000 ve \u00f6z sermayesi \u20ba2.000.000 ise \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 (\u20ba300.000 \/ \u20ba2.000.000) x 100 = %15 olarak hesaplan\u0131r. Bu oran i\u015fletmenin her \u20ba100 \u00f6z sermaye i\u00e7in \u20ba15 net k\u00e2r elde etti\u011fi anlam\u0131na gelir.<\/p>\n\n\n\n<p>Daha detayl\u0131&nbsp;inceleme yapmak i\u00e7in DuPont analizi kullan\u0131labilir. Bu y\u00f6ntemde \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 \u00fc\u00e7 bile\u015fene ayr\u0131l\u0131r: net k\u00e2r marj\u0131, varl\u0131k devir h\u0131z\u0131 ve finansal kald\u0131ra\u00e7. Bu analizde ama\u00e7&nbsp;\u015firket performans\u0131ndaki de\u011fi\u015fimlerin hangi kaynaklardan meydana geldi\u011fini ortaya \u00e7\u0131karmakt\u0131r. Derinlemesine finansal i\u00e7g\u00f6r\u00fc sunan DuPont analizinin yap\u0131labilmesi i\u00e7in net sat\u0131\u015flar\u0131n ve toplam varl\u0131klar\u0131n bilinmesi gerekir.&nbsp;<\/p>\n\n\n\n<p>Yukar\u0131daki \u00f6rne\u011fi DuPont analiziyle hesaplamak i\u00e7in net sat\u0131\u015flar\u0131n \u20ba2.000.000, toplam varl\u0131klar\u0131nsa \u20ba5.000.000 oldu\u011funu kabul edelim:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Buna g\u00f6re net k\u00e2r marj\u0131, net k\u00e2r\/net sat\u0131\u015flar i\u015flemiyle bulunur:&nbsp; \u20ba300.000 \/&nbsp;\u20ba2.000.000 = 0,15.<\/li>\n\n\n\n<li>Varl\u0131k devir h\u0131z\u0131, net sat\u0131\u015flar\u0131n toplam varl\u0131klara b\u00f6l\u00fcm\u00fcyle elde edilir:&nbsp;\u20ba2.000.000 \/&nbsp;\u20ba5.000.000 = 0,40.<\/li>\n\n\n\n<li>Finansal kald\u0131ra\u00e7sa toplam varl\u0131klar\/\u00f6z sermaye i\u015fleminin sonucunda ortaya \u00e7\u0131kar:&nbsp;\u20ba5.000.000 \/ \u20ba2.000.000 = 2,5.<\/li>\n\n\n\n<li>\u00dc\u00e7 oran\u0131n birbirleriyle \u00e7arp\u0131lmas\u0131yla \u00e7\u0131kan sonucu 100&#8217;le \u00e7arparak basit hesab\u0131n ayn\u0131s\u0131 bulunur: %15.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ideal_Oz_Sermaye_Karliligi_Kac_Olmali\"><\/span>\u0130deal \u00d6z Sermaye K\u00e2rl\u0131l\u0131\u011f\u0131 Ka\u00e7 Olmal\u0131?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0130deal \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 sekt\u00f6re, piyasa ko\u015fullar\u0131na ve ekonomik konjonkt\u00fcre g\u00f6re de\u011fi\u015fir.&nbsp;Finansal analistler \u015firketin ge\u00e7mi\u015f \u00f6z sermaye k\u00e2rl\u0131l\u0131k oranlar\u0131na, sekt\u00f6r\u00fcn ortalamas\u0131na ve benzer b\u00fcy\u00fckl\u00fckteki \u015firketlerle kar\u015f\u0131la\u015ft\u0131rmas\u0131na bakarak &#8220;ideal&#8221; seviyeyi belirler.<\/p>\n\n\n\n<p>Genel olarak %10&#8217;un \u00fczerindeki bir \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 sa\u011fl\u0131kl\u0131 ve ba\u015far\u0131l\u0131 kabul edilir.&nbsp;Yat\u0131r\u0131mc\u0131lar \u00e7o\u011fu durumda istikrarl\u0131 bir \u015fekilde artan veya s\u00fcrekli y\u00fcksek seyreden \u00f6z sermaye k\u00e2rl\u0131l\u0131k oranlar\u0131na sahip i\u015fletmeleri tercih eder.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oz_Sermaye_Maliyeti_Nasil_Hesaplanir\"><\/span>\u00d6z Sermaye Maliyeti Nas\u0131l Hesaplan\u0131r?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00d6z sermaye maliyeti bir \u015firketin hissedarlar\u0131n\u0131n yat\u0131r\u0131mlar\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda bekledikleri getiri oran\u0131d\u0131r.&nbsp;Bor\u00e7 maliyetinden farkl\u0131 olarak \u00f6z sermaye maliyeti do\u011frudan bir fatura veya \u00f6deme \u015feklinde g\u00f6r\u00fclmez. Daha ziyade bir f\u0131rsat maliyeti olarak de\u011ferlendirilir.&nbsp;Bu maliyet, i\u015fletmenin sermaye yap\u0131s\u0131 hakk\u0131ndaki kararlar\u0131n\u0131 ve yat\u0131r\u0131m projelerinin de\u011ferlendirilmesini do\u011frudan etkiler.<\/p>\n\n\n\n<p>Sermaye Varl\u0131klar\u0131n\u0131 Fiyatlama Modeli&nbsp;(CAPM &#8211; Capital Asset Pricing Model) \u00f6z sermaye maliyetini hesaplamak i\u00e7in yayg\u0131n kullan\u0131lan bir y\u00f6ntemdir. Form\u00fcl \u015f\u00f6yledir:&nbsp;<\/p>\n\n\n\n<p>\u00d6z Sermaye Maliyeti = Risksiz Faiz Oran\u0131 + Beta x (Piyasa Getirisi &#8211; Risksiz Faiz Oran\u0131).<\/p>\n\n\n\n<p>Risksiz faiz oran\u0131 olarak devlet tahvillerinin getirisi kullan\u0131l\u0131r.&nbsp;Beta katsay\u0131s\u0131 hisse senedinin piyasa hareketlerine olan duyarl\u0131l\u0131\u011f\u0131n\u0131 \u00f6l\u00e7er. Borsa \u0130stanbul verilerinden hareketle hesaplanabilir. Piyasa getirisiyse BIST 100 endeksinin ortalama getiri oran\u0131n\u0131 kar\u015f\u0131lar.<\/p>\n\n\n\n<p>\u00d6rne\u011fin risksiz faiz oran\u0131 %15, piyasa getirisi %25 ve beta katsay\u0131s\u0131 1,2 olan bir i\u015fletme d\u00fc\u015f\u00fcnelim. Bu i\u015fletmenin \u00f6z sermaye maliyeti 15 + 1,2 x (25 &#8211; 15) = %27 olarak hesaplan\u0131r. Bu oran yat\u0131r\u0131mc\u0131lar\u0131n i\u015fletmeden y\u0131lda en az %27 getiri bekledikleri anlam\u0131na gelir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mukellef_ile_Finansal_Sureclerinizi_Kolaylastirin\"><\/span>M\u00fckellef ile Finansal S\u00fcre\u00e7lerinizi Kolayla\u015ft\u0131r\u0131n!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/mukellef.co\/\">M\u00fckellef<\/a> olarak hem T\u00fcrkiye&#8217;de hem yurt d\u0131\u015f\u0131nda \u015firket kurulu\u015fundan finansal s\u00fcre\u00e7 y\u00f6netimine kadar geni\u015f kapsaml\u0131 \u00e7\u00f6z\u00fcmler sunuyoruz. M\u00fckellef&#8217;le \u015firketinizi kurabilir, y\u00f6netebilir ve globale a\u00e7\u0131labilirsiniz. Dilerseniz vergi ve muhasebe s\u00fcre\u00e7lerinizi \u00e7evrim i\u00e7i ortamda y\u00fcr\u00fctebilirsiniz. Yapay zek\u00e2 destekli \u00f6n muhasebe program\u0131m\u0131z Robom&#8217;la fatura, fi\u015f ve gelir-gider takibi yapman\u0131z m\u00fcmk\u00fcn. Mobil uygulamam\u0131z\u0131 kullanarak i\u015flemlerinizi 7\/24 kontrol alt\u0131nda tutabilirsiniz. Siz de finansal s\u00fcre\u00e7lerinizi h\u0131zland\u0131rmak i\u00e7in \u015fimdi M\u00fckellef&#8217;e\u00a0<a href=\"https:\/\/app.mukellef.co\/register\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">kaydolabilirsiniz<\/a>.<\/p>\n\n\n\n\t\t<!--HubSpot Call-to-Action Code -->\n\t\t<span class=\"hs-cta-wrapper\" id=\"hs-cta-wrapper-b8775fcc-262b-45dd-82cd-fac0dcd16225\">\n\t\t<span class=\"hs-cta-node hs-cta-b8775fcc-262b-45dd-82cd-fac0dcd16225\" id=\"b8775fcc-262b-45dd-82cd-fac0dcd16225\">\n\t\t<!--[if lte IE 8]>\n\t\t<div id=\"hs-cta-ie-element\"><\/div>\n\t\t<![endif]-->\n\t\t<a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5318651\/b8775fcc-262b-45dd-82cd-fac0dcd16225\" target=\"_blank\" rel=\"noopener\">\n\t\t<img decoding=\"async\" class=\"hs-cta-img\" id=\"hs-cta-img-b8775fcc-262b-45dd-82cd-fac0dcd16225\" style=\"border-width:0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5318651\/b8775fcc-262b-45dd-82cd-fac0dcd16225.png\" alt=\"New call-to-action\" title=\"\">\n\t\t<\/a>\n\t\t<\/span>\n\t\t<script charset=\"utf-8\" src=\"\/\/js.hubspot.com\/cta\/current.js\"><\/script>\n\t\t<script>\n\t\thbspt.cta.load(5318651, 'b8775fcc-262b-45dd-82cd-fac0dcd16225', {});\n\t\t<\/script>\n\t\t<\/span>\n\t\t<!-- end HubSpot Call-to-Action Code -->\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>\u0130\u015fletme sahipleri a\u00e7\u0131s\u0131ndan kurulu\u015fun&nbsp;b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc&nbsp;g\u00f6steren \u00f6z sermaye miktar\u0131 s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcmenin temel ta\u015f\u0131n\u0131 olu\u015fturur.&nbsp;Yat\u0131r\u0131mc\u0131lar i\u00e7inse i\u015fletmelerin finansal durumu hakk\u0131nda bilgi edinmek istedikleri zaman bakmalar\u0131 gereken kalemlerin ba\u015f\u0131nda gelir. \u00d6z sermayenin do\u011fru anla\u015f\u0131lmas\u0131 bor\u00e7 y\u00f6netimini kolayla\u015ft\u0131r\u0131r ve k\u00e2rl\u0131l\u0131k analizi yapmay\u0131 sa\u011flar. Bu yaz\u0131da \u00f6z sermaye kavram\u0131, sermayeyle aras\u0131ndaki fark ve \u00f6z sermaye k\u00e2rl\u0131l\u0131\u011f\u0131 gibi konular hakk\u0131nda detayl\u0131 bilgi &#8230;<\/p>\n","protected":false},"author":29,"featured_media":12293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[1804],"tags":[],"class_list":["post-12195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-muhasebe"],"_links":{"self":[{"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/posts\/12195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/comments?post=12195"}],"version-history":[{"count":4,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/posts\/12195\/revisions"}],"predecessor-version":[{"id":12295,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/posts\/12195\/revisions\/12295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/media\/12293"}],"wp:attachment":[{"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/media?parent=12195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/categories?post=12195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mukellef.co\/blog\/wp-json\/wp\/v2\/tags?post=12195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}