Hisse Geri Al\u0131m\u0131 (Stock Buyback), bir \u015firketin kendi hisselerini piyasadan veya hissedarlar\u0131ndan sat\u0131n almas\u0131d\u0131r. Dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azalt\u0131r, EPS’i art\u0131r\u0131r ve hissedar de\u011feri yarat\u0131r.<\/p>\n
\u015eirketler iki y\u00f6ntemle hisse geri al\u0131r: Open market repurchase \u2014 borsadan piyasa fiyat\u0131ndan alma (en yayg\u0131n), ve Tender offer \u2014 hissedarlara premium fiyat teklif etme. Buyback’ler dividend’lara alternatif olarak fazla nakdi hissedara d\u00f6nd\u00fcrme y\u00f6ntemidir. ABD’de 2022’de S&P 500 \u015firketleri $923 milyar buyback yapt\u0131.<\/p>\n
Stock buyback finansal etkileri: Dola\u015f\u0131mdaki hisse azal\u0131r \u2192 EPS y\u00fckselir, Per share metrics iyile\u015fir (s\u00fcbvansiyon de\u011fil, aritmetik), Mevcut hissedarlar\u0131n ownership % artar, Stock price genellikle y\u00fckselir (signal effect), CEO compensation linked to EPS oldu\u011funda incentive yarat\u0131r, ve Tax-efficient capital return (capital gains < dividend tax for many). Ele\u015ftirmenler bu yapay b\u00fcy\u00fcme oldu\u011funu s\u00f6yler.<\/p>\n
Buyback’ler controversial bir konudur: Pro arguments \u2014 capital efficiency, undervalued stock f\u0131rsat\u0131, tax efficiency, flexibility (dividend gibi commit etmiyor). Anti arguments \u2014 investment yerine financial engineering, executive enrichment (CEO compensation correlate), inequality art\u0131rma, R&D yerine buyback yapma. ABD’de 2023’te %1 buyback tax getirildi. Baz\u0131 politikac\u0131lar buyback’leri yasaklamak istiyor.<\/p>\n
Startup buyback farkl\u0131: Private company tender offers (Employee Liquidity Events), Vesting buyback (eski \u00e7al\u0131\u015fanlar\u0131n unvested hisseleri geri alma), Founder\/Investor secondary (likidite sa\u011flama), Recapitalization, ve Anti-dilution mekanizmalar\u0131. Stripe ve SpaceX gibi \u015firketler y\u0131ll\u0131k \u00e7al\u0131\u015fan tender offer’lar\u0131 yap\u0131yor (\u00f6rne\u011fin Stripe 2024’te $65M+ employee tender offer).<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: Hisse Geri Al\u0131m\u0131 (Stock Buyback), bir \u015firketin kendi hisselerini piyasadan veya hissedarlar\u0131ndan sat\u0131n almas\u0131d\u0131r. Dola\u015f\u0131mdaki hisse say\u0131s\u0131n\u0131 azalt\u0131r, EPS’i art\u0131r\u0131r ve hissedar de\u011feri yarat\u0131r. Stock Buyback Nedir? \u015eirketler iki y\u00f6ntemle hisse geri al\u0131r: Open market repurchase \u2014 borsadan piyasa fiyat\u0131ndan alma (en yayg\u0131n), ve Tender offer \u2014 hissedarlara premium fiyat teklif etme. Buyback’ler dividend’lara […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-7975","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7975"}],"version-history":[{"count":4,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7975\/revisions"}],"predecessor-version":[{"id":9699,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7975\/revisions\/9699"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}