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İMKB Sirketleri için Yeni Olanak: Hisse Senedi Geri Satın Alımı

Year 2011, Issue: 49, 66 - 74, 01.01.2011

Emre Ergin

Abstract

Sirketler ortaklarına iki yöntem ile nakit ödeme yapmaktadır: Bunlardan en yaygın olanı temettü ödemesi, diğeri ise hisse senedi geri satım alımıdır. Yakın zamana kadar Türkiye’de sirketler ortaklarına sadece temettü ödemesi yoluyla nakit aktarabilmekteydi. Yabancı ülkelerdeyıllardır uygulanan hisse senedi geri satın alımı yöntemi ise, Sermaye Piyasası Kurulu tarafından 2009 yılının sonunda alınan kararla hayata geçirildi. Bu yeni karar, İstanbul Menkul Kıymetler Borsası’nda (İMKB) islem gören sirketlerin yaklasık %16’sına bu olanağı tanımakta olup gelecekte yeni Türk Ticaret Kanunu’nun da kabul edilmesiyle bu kararın kapsamının genisleyeceği ve diğer sirketleri de kapsayacağı düsünülmektedir. Hisse senedi geri satın alımı, temettü ödemesine göre bazı üstünlükler sunmaktadır. Bu makale, Türkiye’deki sirketlerin bu olanağa kavusmalarından dolayı yeni bir boyut kazanan temettü bilmecesini ve hisse senedi geri satın alımı yöntemini incelemektedir.

Keywords

Hisse senedi geri satın alımı nakit temettü ödemesi.

New Opportunity For The Ise Companies: Share Repurchases ABSTRACT

Year 2011, Issue: 49, 66 - 74, 01.01.2011

Emre Ergin

Abstract

Firms pay out cash to shareholders by two means: one is the cash dividends being more widely used and the other is the share repurchases. So far, companies in Turkey have been distributing cash only in form of cash dividends to their shareholders. Share repurchase method, used in other foreign countries for years, has been recently permitted by a decision taken by the Capital Markets Board of Turkey at the end of the year 2009. This new decision is applicable only to the 16% of the companies whose shares are traded in İstanbul Stock Exchange (ISE). It is expected in the future that the scope of this decision will be expanded including other companies as well followed by the acceptance of the new Turkish Trade Law. Share repurchases have some superiorities over dividend payments. This article presents the dividend puzzle which gains a new dimension by the acceptance of the share repurchase application in Turkey and examines the share repurchase method

Keywords

Share repurchases cash dividends

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Details

Other ID JA56ZF79MG
Journal Section Research Article
Authors

Emre Ergin This is me

Publication Date January 1, 2011
Submission Date January 1, 2011
Published in Issue Year 2011 Issue: 49

Cite

APA Ergin, E. (2011). New Opportunity For The Ise Companies: Share Repurchases ABSTRACT. The Journal of Accounting and Finance(49), 66-74.
AMA Ergin E. New Opportunity For The Ise Companies: Share Repurchases ABSTRACT. The Journal of Accounting and Finance. January 2011;(49):66-74.
Chicago Ergin, Emre. “New Opportunity For The Ise Companies: Share Repurchases ABSTRACT”. The Journal of Accounting and Finance, no. 49 (January 2011): 66-74.
EndNote Ergin E (January 1, 2011) New Opportunity For The Ise Companies: Share Repurchases ABSTRACT. The Journal of Accounting and Finance 49 66–74.
IEEE E. Ergin, “New Opportunity For The Ise Companies: Share Repurchases ABSTRACT”, The Journal of Accounting and Finance, no. 49, pp. 66–74, January 2011.
ISNAD Ergin, Emre. “New Opportunity For The Ise Companies: Share Repurchases ABSTRACT”. The Journal of Accounting and Finance 49 (January 2011), 66-74.
JAMA Ergin E. New Opportunity For The Ise Companies: Share Repurchases ABSTRACT. The Journal of Accounting and Finance. 2011;:66–74.
MLA Ergin, Emre. “New Opportunity For The Ise Companies: Share Repurchases ABSTRACT”. The Journal of Accounting and Finance, no. 49, 2011, pp. 66-74.
Vancouver Ergin E. New Opportunity For The Ise Companies: Share Repurchases ABSTRACT. The Journal of Accounting and Finance. 2011(49):66-74.