Riskten korunma muhasebesi kapsamında türev ürünler: İhracat firmasında örnek muhasebe uygulamaları
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2020
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Abstract
İhracat gerek ülke ekonomisi gerekse firmaların faaliyetleri açısından büyük bir önem arz etmektedir. İhracat ülke ekonomisinin gelişmesinde ve dış dünya ilişkilerinde önemli bir faktördür. Gün geçtikçe küresel bir yapıya bürünen dünyada, ekonomik alanda gerçekleştirilen ticari nitelikli eylemelerle, sermaye faaliyetlerinde büyük ölçüde ilerleme kaydedilmektedir. Bu doğrultuda uluslararası düzeyde meydana gelen yeniliklerden ülke bağlamında gerçek ve mali piyasalarla bu alanda işlem yapan bireyler doğrudan etkilenmektedir. Bunların yanında, yine uluslararası arenada söz konusu yeniliklerle birlikte ticari eylemler, sunulan hizmet bedelleri, faiz düzeyi, döviz kurları vb. alanlarda görülen anlık değişimler hem finansal sektörde hem de şirketlerin bünyesinde risk unsurlarının idaresi adına 'risk yönetimi' kavramının hayatımıza girmesine neden olmaktadır. Bu yönde öne çıkan risk idari stratejileri arasından yoğunlukla tercih edilen materyaller mali araçlar ile türev ürünler olarak ifade edilmektedir. Gelecekle ilgili riskler de göz önünde bulundurulduğunda varlık getirilerini arttırıcı, borç maliyetlerini azaltıcı bir etkiye sahip olan ve genellikle riski devretme amacıyla kullanılan türev ürünlerden faydalanmak, işletmelerin başarılı bir şekilde yönetilmesi açısından da önem arz etmektedir. Çalışmada ihracat firmalarının ele alınmasının nedeni kur riski, faiz oranı riski ve fiyat riskine karşı türev ürün kullanımlarının yoğunlaşmasıdır. İhracat firmaları, kur riskinden korunmak için forward, opsiyon ve swap sözleşmelerine taraf olmaktadır. Faiz oranı riskinden kaçınmak için swap sözleşmelerini, fiyat riskinden korunmak için ise swap ve opsiyon sözleşmelerini tercih etmektelerdir. Bu bağlamda ihracat firmalarının türev sözleşmeler ile riskten nasıl korunmaya çalıştıkları tespit edilmeye çalışılmıştır.
Exports are of great importance both for the country's economy and for the activities of the companies. Exports are an important factor in the development of the country's economy and relations with the outside world. In the world, which is becoming a global structure day by day, a great deal of progress can be made in capital activities through commercial actions in the economic field. In this respect, individuals who trade in real and financial markets in the context of the country are directly affected by the innovations that occur at the international level. In addition to these, again in the international arena with these innovations, commercial actions, service costs, interest level, exchange rates, etc. instant changes in the fields lead to the introduction of the concept of 'risk management' in the name of managing risk elements both in the financial sector and within companies. Among the risk management strategies featured in this direction, the preferred materials are expressed as financial instruments and derivative products. Taking into account future risks, taking advantage of derivative products, which have an effect of increasing asset returns, reducing debt costs and which are often used to transfer risk, is also important for successful management of enterprises. In the study, export companies were discussed because of the concentration of foreign exchange risk, interest rate risk and derivative product use against price risk. Export companies are parties to forward, option and swap contracts to protect against foreign exchange risk. They prefer swap contracts to avoid interest rate risk and swap and option contracts to hedge price risk. In this context, it has been tried to determine how export companies try to protect themselves from risk with derivative contracts.
Exports are of great importance both for the country's economy and for the activities of the companies. Exports are an important factor in the development of the country's economy and relations with the outside world. In the world, which is becoming a global structure day by day, a great deal of progress can be made in capital activities through commercial actions in the economic field. In this respect, individuals who trade in real and financial markets in the context of the country are directly affected by the innovations that occur at the international level. In addition to these, again in the international arena with these innovations, commercial actions, service costs, interest level, exchange rates, etc. instant changes in the fields lead to the introduction of the concept of 'risk management' in the name of managing risk elements both in the financial sector and within companies. Among the risk management strategies featured in this direction, the preferred materials are expressed as financial instruments and derivative products. Taking into account future risks, taking advantage of derivative products, which have an effect of increasing asset returns, reducing debt costs and which are often used to transfer risk, is also important for successful management of enterprises. In the study, export companies were discussed because of the concentration of foreign exchange risk, interest rate risk and derivative product use against price risk. Export companies are parties to forward, option and swap contracts to protect against foreign exchange risk. They prefer swap contracts to avoid interest rate risk and swap and option contracts to hedge price risk. In this context, it has been tried to determine how export companies try to protect themselves from risk with derivative contracts.
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Keywords
İşletme, Muhasebe, Muhasebe uygulamaları, Business Administration, Risk, Accounting, Accountin applications, Riskten korunma, Risk, Türevler, Protection from risk, Derivatives, Vadeli işlem piyasaları, Futures markets
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95