{"id":837,"date":"2026-10-03T15:44:44","date_gmt":"2026-10-03T14:44:44","guid":{"rendered":"https:\/\/wpcalc.com\/tr\/agirlikli-ortalama-sermaye-maliyeti\/"},"modified":"2026-10-03T15:44:44","modified_gmt":"2026-10-03T14:44:44","slug":"agirlikli-ortalama-sermaye-maliyeti","status":"publish","type":"post","link":"https:\/\/wpcalc.com\/tr\/finans\/agirlikli-ortalama-sermaye-maliyeti\/","title":{"rendered":"A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti (WACC) Hesaplama Arac\u0131"},"content":{"rendered":"<section class=\"not-prose calculator-box\" aria-labelledby=\"calculator-title\"><div class=\"flex items-baseline sm:items-center justify-between gap-2 sm:gap-3\"><div class=\"flex flex-col sm:flex-row sm:items-center gap-2\"><span class=\"icon icon-calculator text-primary-700! text-base! dark:text-primary-300!\" aria-hidden=\"true\"><\/span><h2 id=\"calculator-title\" class=\"text-lg font-display font-bold\">WACC \u2013 Sermaye Maliyeti Tahmin Arac\u0131<\/h2><\/div><div class=\"calcdash-favorite group\">\n  <button type=\"button\" class=\"favorite\" id=\"favorite\" data-favorite-id=\"837\" data-favorite-title=\"A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti (WACC)\" data-favorite-url=\"https:\/\/wpcalc.com\/tr\/finans\/agirlikli-ortalama-sermaye-maliyeti\/\" data-favorite-excerpt=\"\u00d6zkaynak de\u011feri, bor\u00e7 de\u011feri, \u00f6zkaynak maliyeti, bor\u00e7 maliyeti ve kurumlar vergisi oran\u0131ndan A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyetini (WACC) hesaplay\u0131n. Be\u00e7 girdiyi girerek \u015firketinizin harman finansman maliyetini y\u00fczde olarak \u00f6\u011frenin.\" aria-label=\"Favorilere ekle\" data-favorite-icon=\"icon icon-inventory\">\n    <span class=\"icon icon-shape-star-empty\" aria-hidden=\"true\"><\/span>\n  <\/button>\n  <div class=\"calcdash-favorite__tip\" aria-hidden=\"true\">\n   <span class=\"favorite-tooltip\" id=\"favorite-tooltip\"><\/span>\n  <\/div>\n  <span class=\"sr-only\" role=\"status\" id=\"favorite-status\"><\/span>\n<\/div><\/div><form action=\"https:\/\/wpcalc.com\/tr\/finans\/agirlikli-ortalama-sermaye-maliyeti\/\" method=\"POST\" class=\"calculator\" id=\"calculator-837\" data-post=\"837\"><fieldset class=\"fieldset-input\"><legend class=\"sr-only\">Giri\u015f alanlar\u0131<\/legend><div class=\"field has-term\" id=\"input-1\"><label for=\"field-1\">\u00d6zkaynak de\u011feri (E)<\/label><div class=\"term\">E<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"zkaynak_deeri_e\" id=\"field-1\" aria-describedby=\"calc-unit-1 calc-info-1\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"800000\"\/><div class=\"unit\" id=\"calc-unit-1\">$<\/div><small id=\"calc-info-1\">\u00d6zkayna\u011f\u0131n piyasa de\u011feri (\u00f6rn. piyasa de\u011feri)<\/small><\/div><div class=\"field has-term\" id=\"input-2\"><label for=\"field-2\">Bor\u00e7 de\u011feri (D)<\/label><div class=\"term\">D<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"bor_deeri_d\" id=\"field-2\" aria-describedby=\"calc-unit-2 calc-info-2\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"200000\"\/><div class=\"unit\" id=\"calc-unit-2\">$<\/div><small id=\"calc-info-2\">Toplam borcun piyasa de\u011feri<\/small><\/div><div class=\"field has-term\" id=\"input-3\"><label for=\"field-3\">\u00d6zkaynak maliyeti (Re)<\/label><div class=\"term\">Re<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"zkaynak_maliyeti_re\" id=\"field-3\" aria-describedby=\"calc-unit-3 calc-info-3\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"10\"\/><div class=\"unit\" id=\"calc-unit-3\">%<\/div><small id=\"calc-info-3\">\u00d6zkaynak sermayesi i\u00e7in gereken getiri<\/small><\/div><div class=\"field has-term\" id=\"input-4\"><label for=\"field-4\">Bor\u00e7 maliyeti (Rd)<\/label><div class=\"term\">Rd<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"bor_maliyeti_rd\" id=\"field-4\" aria-describedby=\"calc-unit-4 calc-info-4\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"5\"\/><div class=\"unit\" id=\"calc-unit-4\">%<\/div><small id=\"calc-info-4\">Bor\u00e7lar\u0131n etkili faiz oran\u0131<\/small><\/div><div class=\"field has-term\" id=\"input-5\"><label for=\"field-5\">Vergi oran\u0131 (T)<\/label><div class=\"term\">T<\/div>  <div class=\"absolute bottom-0 left-16 top-8 w-2 h-0.5 bg-blue-500\"><\/div><input type=\"text\" name=\"vergi_oran_t\" id=\"field-5\" aria-describedby=\"calc-unit-5 calc-info-5\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" max=\"100\" value=\"30\"\/><div class=\"unit\" id=\"calc-unit-5\">%<\/div><small id=\"calc-info-5\">Kurumlar vergisi oran\u0131<\/small><\/div><\/fieldset><div class=\"buttons\"><button type=\"submit\" data-text=\"Yeniden hesapla\" id=\"calculate-button\" data-post=\"837\">Hesapla<\/button><button type=\"reset\">S\u0131f\u0131rla<\/button><\/div><div class=\"field is-checkbox hidden!\" id=\"field-auto-calc\"><input type=\"checkbox\" id=\"auto-calc\"><label for=\"auto-calc\">Otomatik hesapla<\/label><small>Etkinle\u015ftirilirse, herhangi bir de\u011feri de\u011fi\u015ftirdi\u011finizde sonu\u00e7 otomatik olarak g\u00fcncellenir.<\/small><\/div><div class=\"fieldset-result is-hidden\" aria-labelledby=\"result-title\" aria-live=\"polite\" role=\"region\"> <h3 class=\"result-title bg-gradient-to-r from-primary-50 to-gray-50 dark:from-primary-900 dark:to-gray-800\" id=\"result-title\"><span class=\"icon icon-s-pulse\" aria-hidden=\"true\"><\/span> Sonu\u00e7lar\u0131n\u0131z<\/h3><div class=\"result-box\"><div class=\"field-result\" id=\"output-1\"><span class=\"field-title\"><span>WACC<\/span><\/span><span class=\"field-value\" id=\"result-1\" data-unit=\"%\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Sonucu kopyala\" aria-label=\"Sonucu kopyala\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result is-column\" id=\"output-2\"><span class=\"field-title\"><span>Yorumlama<\/span><\/span><span class=\"field-value\" id=\"result-2\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Sonucu kopyala\" aria-label=\"Sonucu kopyala\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><\/div><div class=\"result-actions\"><button type=\"button\" class=\"copy-link\"><svg viewBox=\"0 0 20 20\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M12.232 4.232a2.5 2.5 0 0 1 3.536 3.536l-1.225 1.224a.75.75 0 0 0 1.061 1.06l1.224-1.224a4 4 0 0 0-5.656-5.656l-3 3a4 4 0 0 0 .225 5.865.75.75 0 0 0 .977-1.138 2.5 2.5 0 0 1-.142-3.667l3-3Z\"\/><path d=\"M11.603 7.963a.75.75 0 0 0-.977 1.138 2.5 2.5 0 0 1 .142 3.667l-3 3a2.5 2.5 0 0 1-3.536-3.536l1.225-1.224a.75.75 0 0 0-1.061-1.06l-1.224 1.224a4 4 0 1 0 5.656 5.656l3-3a4 4 0 0 0-.225-5.865Z\"\/><\/svg><span class=\"copy-link__text\">Bu hesaplaman\u0131n ba\u011flant\u0131s\u0131n\u0131 kopyala<\/span><\/button><span class=\"sr-only\" role=\"status\" id=\"copy-link-status\"><\/span><\/div><\/div><a href=\"#respond\" class=\"hidden transition-opacity duration-300 opacity-0 w-50 text-sm justify-center items-center gap-2 px-4 py-2 rounded bg-gray-200 text-gray-700 hover:bg-gray-300\" id=\"leave-comment\"><span class=\"icon icon-comments\" aria-hidden=\"true\"><\/span>Yorum b\u0131rak<\/a><\/form><\/section><section id=\"calc-reactions\" class=\"not-prose hidden my-12 bg-gradient-to-r from-primary-50 to-gray-50 border border-indigo-100 rounded-xl px-6 py-4 shadow-sm\" data-post=\"837\" aria-live=\"polite\" aria-labelledby=\"calc-reactions-title\"><p id=\"calc-reactions-title\" class=\"text-sm text-gray-500 text-center mb-2\">Bu sonu\u00e7 hakk\u0131nda ne d\u00fc\u015f\u00fcn\u00fcyorsunuz?<\/p><div role=\"group\" aria-labelledby=\"calc-reactions-title\" class=\"grid grid-cols-3 sm:flex sm:flex-row sm:justify-around gap-4 sm:items-center sm:flex-wrap\"><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"like\"><span class=\"reaction-count\" data-reaction-count=\"like\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude00 <\/span><span class=\"reaction-description font-medium\">Be\u011fendim <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"helpful\"><span class=\"reaction-count\" data-reaction-count=\"helpful\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\udca1 <\/span><span class=\"reaction-description font-medium\">Faydal\u0131 <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"confused\"><span class=\"reaction-count\" data-reaction-count=\"confused\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude15 <\/span><span class=\"reaction-description font-medium\">Kafam kar\u0131\u015ft\u0131 <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"disappointed\"><span class=\"reaction-count\" data-reaction-count=\"disappointed\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude1e <\/span><span class=\"reaction-description font-medium\">Hayal k\u0131r\u0131kl\u0131\u011f\u0131 <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"inaccurate\"><span class=\"reaction-count\" data-reaction-count=\"inaccurate\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\u274c <\/span><span class=\"reaction-description font-medium\">Hatal\u0131 <\/span><\/button><\/div><div id=\"reaction-message\" class=\"hidden mt-8 rounded-md border border-primary-100 bg-white\/50 backdrop-blur-sm px-4 py-2 text-sm text-center shadow-sm\"><\/div><\/section><div class=\"calcdash-ad not-prose calcdash-ad--calc_result calcdash-ad--in-article\"><ins class=\"adsbygoogle\" style=\"display:block\" data-ad-client=\"ca-pub-1721569815777345\" data-ad-slot=\"6317458308\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\"><\/ins><script>(adsbygoogle = window.adsbygoogle || []).push({});<\/script><\/div>\n<style id=\"wpcoderpro-inline-1\">.formula-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section class=\"formula-box\" aria-labelledby=\"formula-title\">\r\n\t<div id=\"formula-title\" class=\"not-prose font-display mb-4\"><span class=\"icon icon-formula\" aria-hidden=\"true\"><\/span><h2>A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti Form\u00fcl\u00fc<\/h2><\/div>\r\n\t<figure class=\"not-prose formula\">\r\n\t\t<figcaption class=\"formula-title\">Form\u00fcl<\/figcaption>\r\n\t\t<div class=\"text-base text-gray-800\" id=\"formula\">\n\\[ \\text{WACC} = \\left( \\frac{E}{V} \\times R_e \\right) + \\left( \\frac{D}{V} \\times R_d \\times (1 - T) \\right) \\]\n<\/div>\r\n\t<\/figure>\r\n\t<\/p>\n<p><strong>Burada:<\/strong><\/p>\n<ul>\n<li>\\(E\\) \u2014 \u00f6zkayna\u011f\u0131n piyasa de\u011feri (\u00f6r. piyasa de\u011feri\/net de\u011feri)<\/li>\n<li>\\(D\\) \u2014 toplam borcun piyasa de\u011feri<\/li>\n<li>\\(V\\) \u2014 toplam sermaye, \\(V = E + D\\)<\/li>\n<li>\\(R_e\\) \u2014 \u00f6zkaynak maliyeti (hissedarlar\u0131n talep etti\u011fi getiri)<\/li>\n<li>\\(R_d\\) \u2014 bor\u00e7 maliyeti (efektif faiz oran\u0131)<\/li>\n<li>\\(T\\) \u2014 kurumlar vergisi oran\u0131<\/li>\n<\/ul>\n<p>Form\u00fcl, sermaye yap\u0131s\u0131n\u0131n her bir kaynakla finansman edilen pay\u0131n\u0131 al\u0131r, o kayna\u011f\u0131n maliyetiyle \u00e7arpar ve iki par\u00e7ay\u0131 birbirine ekler. Bor\u00e7 terimi \\((1 - T)\\) ile \u00e7arp\u0131l\u0131r; \u00e7\u00fcnk\u00fc faiz \u00f6demeleri vergiden d\u00fc\u015f\u00fclebilir oldu\u011fundan bor\u00e7lanman\u0131n efektif maliyetini d\u00fc\u015f\u00fcr\u00fcr.<\/p>\n<p>\r\n<\/section>\n<style id=\"wpcoderpro-inline-2\">.calculation-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section id=\"calculation\" class=\"calculation-box\" aria-labelledby=\"calculation-title\">\r\n\t<div id=\"calculation-title\" class=\"not-prose font-display\"><span class=\"icon icon-unordered-list\" aria-hidden=\"true\"><\/span><h2>A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti \u2013 Hesaplama \u00d6rne\u011fi<\/h2><\/div>\r\n\r\n<\/p>\n<p><strong>\u00d6rnek:<\/strong> bir \u015firketin 800.000 $ \u00f6zkayna\u011f\u0131 ve 200.000 $ borcu var; \u00f6zkaynak maliyeti %10, bor\u00e7 maliyeti %5 ve kurumlar vergisi oran\u0131 %30. Toplam sermaye \\(V = 800{,}000 + 200{,}000 = 1{,}000{,}000\\).<\/p>\n<p>\\[ \\text{WACC} = \\left( \\frac{800{,}000}{1{,}000{,}000} \\times 0.10 \\right) + \\left( \\frac{200{,}000}{1{,}000{,}000} \\times 0.05 \\times (1 - 0.30) \\right) \\]<\/p>\n<p>\\[ \\text{WACC} = 0.080 + 0.007 = 0.087 = 8.7\\% \\]<\/p>\n<p><strong>Sonu\u00e7:<\/strong> WACC = %8,7. \u015eirket, hem hissedarlar\u0131n\u0131 hem de kredi verenlerini tatmin etmek i\u00e7in yeni yat\u0131r\u0131mlar\u0131ndan en az %8,7 getiri elde etmelidir.<\/p>\n<p>\n\r\n<\/section>\n<h2>Hesaplama Arac\u0131 Nas\u0131l Kullan\u0131l\u0131r<\/h2>\n<ol>\n<li><strong>\u00d6zkaynak de\u011feri (E)<\/strong> girin \u2014 \u015firketin \u00f6zkayna\u011f\u0131n\u0131n piyasa de\u011feri, \u00f6rne\u011fin piyasa de\u011feri (borsa de\u011feri).<\/li>\n<li><strong>Bor\u00e7 de\u011feri (D)<\/strong> girin \u2014 t\u00fcm kalan borcun (krediler, tahviller, kredi limitleri) piyasa de\u011feri.<\/li>\n<li><strong>\u00d6zkaynak maliyetini (Re)<\/strong> y\u00fczde olarak girin \u2014 hissedarlar\u0131n bekledi\u011fi getiri; genellikle CAPM ile tahmin edilir.<\/li>\n<li><strong>Bor\u00e7 maliyetini (Rd)<\/strong> y\u00fczde olarak girin \u2014 \u015firketin bor\u00e7lar\u0131 \u00fczerinden \u00f6dedi\u011fi efektif faiz oran\u0131.<\/li>\n<li><strong>Vergi oran\u0131n\u0131 (T)<\/strong> y\u00fczde olarak girin \u2014 \u015firketin k\u00e2r\u0131na uygulanan kurumlar vergisi oran\u0131.<\/li>\n<li>Sonu\u00e7 olan <strong>WACC<\/strong> de\u011ferini y\u00fczde olarak okuyun; ayr\u0131ca de\u011ferin d\u00fc\u015f\u00fck, ortalama m\u0131 yoksa y\u00fcksek mi oldu\u011funa dair k\u0131sa bir yorum da g\u00f6receksiniz.<\/li>\n<\/ol>\n<h2>WACC Nedir ve Neden \u00d6nemlidir<\/h2>\n<p>A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyeti, bir \u015firketin faaliyetlerini t\u00fcm sermaye kaynaklar\u0131ndan finanse etmesi i\u00e7in \u00f6dedi\u011fi, vergi sonras\u0131 harman orand\u0131r. \u00c7o\u011fu firma \u00f6zkaynak ve bor\u00e7 kar\u0131\u015f\u0131m\u0131yla fonland\u0131\u011f\u0131ndan, tek bir faiz oran\u0131 finansman maliyetini tan\u0131mlamaya yetmez. WACC bunu, her kayna\u011f\u0131n maliyetini toplam sermaye yap\u0131s\u0131ndaki pay\u0131yla a\u011f\u0131rl\u0131kland\u0131rarak \u00e7\u00f6zer.<\/p>\n<p>WACC, kurumsal finansmanda en yayg\u0131n kullan\u0131lan g\u00f6stergelerden biridir. \u0130ndirgenmi\u015f Nakit Ak\u0131\u015f\u0131 (DCF) de\u011ferleme modellerinde iskonto oran\u0131 olarak hizmet verir; bu modellerde gelecekteki nakit ak\u0131\u015flar\u0131, bir i\u015fletmenin bug\u00fcnk\u00fc de\u011ferini tahmin etmek i\u00e7in \\((1 + \\text{WACC})^n\\) ile b\u00f6l\u00fcn\u00fcr. Ayr\u0131ca sermaye b\u00fct\u00e7elemesinde standart <em>asgari getiri oran\u0131d\u0131r (hurdle rate)<\/em>: bir proje yaln\u0131zca beklenen getirisi WACC'yi a\u015f\u0131yorsa kabul edilmelidir.<\/p>\n<p>Sonucun yorumu a\u00e7\u0131kt\u0131r. %8,7'lik bir WACC, \u015firkete yat\u0131r\u0131lan her dolar\u0131n, yat\u0131r\u0131mc\u0131lar\u0131n ve alacakl\u0131lar\u0131n taleplerini kar\u015f\u0131lamak i\u00e7in ortalama olarak y\u0131lda en az 8,7 sent getiri \u00fcretmesi gerekti\u011fi anlam\u0131na gelir. D\u00fc\u015f\u00fck bir WACC genellikle daha ucuz sermaye, daha y\u00fcksek de\u011ferlemeler ve e\u015fi\u011fi ge\u00e7en daha fazla yat\u0131r\u0131m f\u0131rsat\u0131 demektir; y\u00fcksek bir WACC ise b\u00fcy\u00fcmeyi pahal\u0131la\u015ft\u0131r\u0131r ve gelecekteki k\u00e2rlar\u0131n bug\u00fcnk\u00fc de\u011ferini d\u00fc\u015f\u00fcr\u00fcr.<\/p>\n<p>\u00d6zkaynak sahipleri kredi verenlerden daha fazla risk ald\u0131\u011f\u0131ndan, \u00f6zkaynak maliyeti neredeyse her zaman bor\u00e7 maliyetinden y\u00fcksektir \u2014 sermaye yap\u0131s\u0131nda belirli bir noktaya kadar baz\u0131 bor\u00e7lar\u0131n bulunmas\u0131 WACC'yi ger\u00e7ekte d\u00fc\u015f\u00fcrebilir. Ancak a\u015f\u0131r\u0131 bor\u00e7, finansal riski art\u0131r\u0131r ve sonunda hem \\(R_e\\) hem de \\(R_d\\) de\u011ferlerini yukar\u0131 iter. Sermayenin iyi kullan\u0131l\u0131p kullan\u0131lmad\u0131\u011f\u0131n\u0131 de\u011ferlendirmek i\u00e7in WACC'yi <a href=\"https:\/\/wpcalc.com\/tr\/finans\/kullanilan-sermaye-getirisi\/\">Kullan\u0131lan Sermaye Getirisi (ROCE)<\/a> ve <a href=\"https:\/\/wpcalc.com\/tr\/finans\/ozkaynak-karliligi-roe\/\">\u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131 (ROE)<\/a> gibi k\u00e2rl\u0131l\u0131k g\u00f6stergeleriyle kar\u015f\u0131la\u015ft\u0131r\u0131n.<\/p>\n<h2>Varsay\u0131mlar ve S\u0131n\u0131rlamalar<\/h2>\n<ul>\n<li><strong>Defter de\u011feri de\u011fil, piyasa de\u011feri.<\/strong> Form\u00fcl, E ve D'nin g\u00fcncel piyasa de\u011ferleri oldu\u011funu varsayar. Bilan\u00e7o \u00fczerindeki defter de\u011ferleri, \u00f6zellikle k\u00f6kl\u00fc \u015firketlerde a\u011f\u0131rl\u0131klar\u0131 \u00e7arp\u0131tabilir.<\/li>\n<li><strong>Sabit sermaye yap\u0131s\u0131.<\/strong> WACC, hedeflenen bor\u00e7\/\u00f6zkaynak oran\u0131n\u0131n de\u011ferleme d\u00f6nemi boyunca ayn\u0131 kalmas\u0131n\u0131 varsayar. B\u00fcy\u00fck finansman de\u011fi\u015fiklikleri sonucu daha az g\u00fcvenilir k\u0131lar.<\/li>\n<li><strong>\u00d6zkaynak maliyeti bir tahmindir.<\/strong> \\(R_e\\) do\u011frudan g\u00f6zlemlenmez. Genellikle CAPM'den t\u00fcretilir (risksiz faiz oran\u0131 art\u0131 beta \u00e7arp\u0131 piyasa risk primi) ve girdilerdeki k\u00fc\u00e7\u00fck de\u011fi\u015fiklikler WACC'yi belirgin bi\u00e7imde kayd\u0131r\u0131r.<\/li>\n<li><strong>Vergi kalkan\u0131 yaln\u0131zca k\u00e2rl\u0131 firmalar i\u00e7in ge\u00e7erlidir.<\/strong> \\((1 - T)\\) d\u00fczeltmesi, \u015firketin ger\u00e7ekten vergi \u00f6dedi\u011fini ve faizi vergiden d\u00fc\u015febildi\u011fini varsayar. Zarar eden bir firma vergi kalkan\u0131ndan hemen yararlanamaz.<\/li>\n<li><strong>Oranlar\u0131n girilme bi\u00e7imi.<\/strong> Re, Rd ve T de\u011ferlerini y\u00fczde olarak girin (\u00f6r. %10 i\u00e7in 10, 0,10 de\u011fil) \u2014 hesaplay\u0131c\u0131 d\u00f6n\u00fc\u015f\u00fcm\u00fc kendi i\u00e7inde yapar.<\/li>\n<\/ul>\n<p>Belirli bir yat\u0131r\u0131m\u0131 de\u011ferlendirirken, projenin riskinin \u015firketin genel riskiyle e\u015fle\u015fip e\u015fle\u015fmedi\u011fini de kontrol edin: WACC, yaln\u0131zca mevcut i\u015fe benzeyen projeler i\u00e7in ge\u00e7erli bir asgari getiri oran\u0131d\u0131r. \u0130lgili analizler i\u00e7in borcun s\u00fcrd\u00fcr\u00fclebilirli\u011fini de\u011ferlendirmek \u00fczere <a href=\"https:\/\/wpcalc.com\/tr\/finans\/solvens-orani\/\">\u00d6deme G\u00fcc\u00fc Oran\u0131<\/a>'na, bir projenin ula\u015fmas\u0131 gereken sat\u0131\u015f d\u00fczeyini bulmak i\u00e7in de <a href=\"https:\/\/wpcalc.com\/tr\/finans\/basabas-noktasi\/\">Ba\u015faba\u015f Noktas\u0131<\/a> hesaplama arac\u0131na bak\u0131n.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00d6zkaynak de\u011feri, bor\u00e7 de\u011feri, \u00f6zkaynak maliyeti, bor\u00e7 maliyeti ve kurumlar vergisi oran\u0131ndan A\u011f\u0131rl\u0131kl\u0131 Ortalama Sermaye Maliyetini (WACC) hesaplay\u0131n. Be\u00e7 girdiyi girerek \u015firketinizin harman finansman maliyetini y\u00fczde olarak \u00f6\u011frenin.<\/p>\n","protected":false},"author":3168,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[49],"class_list":["post-837","post","type-post","status-publish","format-standard","hentry","category-finans","tag-envanter"],"acf":[],"_links":{"self":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts\/837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/users\/3168"}],"replies":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/comments?post=837"}],"version-history":[{"count":2,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts\/837\/revisions"}],"predecessor-version":[{"id":3247,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/posts\/837\/revisions\/3247"}],"wp:attachment":[{"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/media?parent=837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/categories?post=837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpcalc.com\/tr\/wp-json\/wp\/v2\/tags?post=837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}