{"id":5172,"date":"2026-09-11T13:13:24","date_gmt":"2026-09-11T10:13:24","guid":{"rendered":"https:\/\/www.dchost.com\/blog\/?p=5172"},"modified":"2026-09-11T06:17:33","modified_gmt":"2026-09-11T03:17:33","slug":"startup-cap-table-nedir-hisse-dagilimi-rehberi","status":"publish","type":"post","link":"https:\/\/www.dchost.com\/blog\/startup-cap-table-nedir-hisse-dagilimi-rehberi\/","title":{"rendered":"Startup Cap Table Nedir? Hisse Da\u011f\u0131l\u0131m\u0131 Rehberi"},"content":{"rendered":"<div class=\"dchost-blog-content-wrapper\"><div id=\"toc_container\" role=\"navigation\" aria-label=\"Table of Contents\" data-nosnippet class=\"toc_transparent no_bullets toc_numbered toc_title_center\"><p class=\"toc_title\">\u0130\u00e7indekiler<\/p><ul class=\"toc_list\"><li><a href=\"#Startup_cap_table_nedir_neden_ilk_gunden_tutulur\"><span class=\"toc_number toc_depth_1\">1.<\/span> Startup cap table nedir, neden ilk g\u00fcnden tutulur?<\/a><\/li><li><a href=\"#Cap_table_hangi_bilgileri_icerir\"><span class=\"toc_number toc_depth_1\">2.<\/span> Cap table hangi bilgileri i\u00e7erir?<\/a><\/li><li><a href=\"#Basit_bir_startup_cap_table_ornegi\"><span class=\"toc_number toc_depth_1\">3.<\/span> Basit bir startup cap table \u00f6rne\u011fi<\/a><\/li><li><a href=\"#Pre-money_ve_post-money_degerleme_farki\"><span class=\"toc_number toc_depth_1\">4.<\/span> Pre-money ve post-money de\u011ferleme fark\u0131<\/a><\/li><li><a href=\"#Kurucu_hisseleri_calisan_opsiyonlari_ve_vesting\"><span class=\"toc_number toc_depth_1\">5.<\/span> Kurucu hisseleri, \u00e7al\u0131\u015fan opsiyonlar\u0131 ve vesting<\/a><ul><li><a href=\"#Kurucu_payi_neden_vesting_ile_iliskilendirilir\"><span class=\"toc_number toc_depth_2\">5.1.<\/span> Kurucu pay\u0131 neden vesting ile ili\u015fkilendirilir?<\/a><\/li><li><a href=\"#ESOP_nedir\"><span class=\"toc_number toc_depth_2\">5.2.<\/span> ESOP nedir?<\/a><\/li><\/ul><\/li><li><a href=\"#Fully_diluted_cap_table_neyi_degistirir\"><span class=\"toc_number toc_depth_1\">6.<\/span> Fully diluted cap table neyi de\u011fi\u015ftirir?<\/a><\/li><li><a href=\"#Liquidation_preference_ve_yatirimcinin_ekonomik_hakki\"><span class=\"toc_number toc_depth_1\">7.<\/span> Liquidation preference ve yat\u0131r\u0131mc\u0131n\u0131n ekonomik hakk\u0131<\/a><\/li><li><a href=\"#Cap_table_nasil_hazirlanir\"><span class=\"toc_number toc_depth_1\">8.<\/span> Cap table nas\u0131l haz\u0131rlan\u0131r?<\/a><ul><li><a href=\"#Tek_bir_ana_kayit_olusturun\"><span class=\"toc_number toc_depth_2\">8.1.<\/span> Tek bir ana kay\u0131t olu\u015fturun<\/a><\/li><li><a href=\"#Her_tur_icin_ayri_senaryo_sayfasi_acin\"><span class=\"toc_number toc_depth_2\">8.2.<\/span> Her tur i\u00e7in ayr\u0131 senaryo sayfas\u0131 a\u00e7\u0131n<\/a><\/li><li><a href=\"#Matematigi_bagimsiz_kontrollerle_dogrulayin\"><span class=\"toc_number toc_depth_2\">8.3.<\/span> Matemati\u011fi ba\u011f\u0131ms\u0131z kontrollerle do\u011frulay\u0131n<\/a><\/li><\/ul><\/li><li><a href=\"#Cap_table_guvenligi_ve_erisim_yonetimi\"><span class=\"toc_number toc_depth_1\">9.<\/span> Cap table g\u00fcvenli\u011fi ve eri\u015fim y\u00f6netimi<\/a><\/li><li><a href=\"#Hisse_dagilimini_is_planiyla_birlikte_okuyun\"><span class=\"toc_number toc_depth_1\">10.<\/span> Hisse da\u011f\u0131l\u0131m\u0131n\u0131 i\u015f plan\u0131yla birlikte okuyun<\/a><\/li><li><a href=\"#Kurucularin_sik_yaptigi_hatalar\"><span class=\"toc_number toc_depth_1\">11.<\/span> Kurucular\u0131n s\u0131k yapt\u0131\u011f\u0131 hatalar<\/a><\/li><li><a href=\"#Yatirim_gorusmesinden_once_son_kontrol\"><span class=\"toc_number toc_depth_1\">12.<\/span> Yat\u0131r\u0131m g\u00f6r\u00fc\u015fmesinden \u00f6nce son kontrol<\/a><\/li><li><a href=\"#Sik_Sorulan_Sorular\"><span class=\"toc_number toc_depth_1\">13.<\/span> S\u0131k Sorulan Sorular<\/a><ul><li><a href=\"#Cap_table_ne_zaman_hazirlanmali\"><span class=\"toc_number toc_depth_2\">13.1.<\/span> Cap table ne zaman haz\u0131rlanmal\u0131?<\/a><\/li><li><a href=\"#Cap_table_ile_ortaklik_sozlesmesi_ayni_sey_mi\"><span class=\"toc_number toc_depth_2\">13.2.<\/span> Cap table ile ortakl\u0131k s\u00f6zle\u015fmesi ayn\u0131 \u015fey mi?<\/a><\/li><li><a href=\"#Fully_diluted_oran_ne_demektir\"><span class=\"toc_number toc_depth_2\">13.3.<\/span> Fully diluted oran ne demektir?<\/a><\/li><li><a href=\"#Startup_cap_table_icin_hangi_arac_kullanilmali\"><span class=\"toc_number toc_depth_2\">13.4.<\/span> Startup cap table i\u00e7in hangi ara\u00e7 kullan\u0131lmal\u0131?<\/a><\/li><\/ul><\/li><\/ul><\/div>\n<h2><span id=\"Startup_cap_table_nedir_neden_ilk_gunden_tutulur\">Startup cap table nedir, neden ilk g\u00fcnden tutulur?<\/span><\/h2>\n<p>Bir startup&#8217;\u0131n ilk g\u00fcnlerinde dikkat genellikle \u00fcr\u00fcndedir, m\u00fc\u015fteridedir, para bulmaktad\u0131r. Hisse da\u011f\u0131l\u0131m\u0131 ise \u00e7o\u011fu zaman &#8220;sonra d\u00fczenleriz&#8221; denilen bir Google Sheets dosyas\u0131na b\u0131rak\u0131l\u0131r. Yat\u0131r\u0131m g\u00f6r\u00fc\u015fmesi geldi\u011finde, kurucu ortaklardan biri ayr\u0131ld\u0131\u011f\u0131nda veya \u00e7al\u0131\u015fanlara opsiyon verildi\u011finde o dosya \u015firketin en kritik kay\u0131tlar\u0131ndan birine d\u00f6n\u00fc\u015f\u00fcr.<\/p>\n<p><strong>Startup cap table<\/strong>, \u015firketin ortakl\u0131k yap\u0131s\u0131n\u0131 g\u00f6steren sermaye tablosudur. Kimde ka\u00e7 pay bulundu\u011funu, paylar\u0131n hangi s\u0131n\u0131fta oldu\u011funu, yat\u0131r\u0131mc\u0131lar\u0131n ne kadar sermaye koydu\u011funu, \u00e7al\u0131\u015fan opsiyon havuzunu ve yeni yat\u0131r\u0131m turlar\u0131n\u0131n mevcut ortaklar\u0131 nas\u0131l seyreltece\u011fini burada g\u00f6r\u00fcrs\u00fcn\u00fcz.<\/p>\n<p>Cap table yaln\u0131zca &#8220;Ali y\u00fczde 40, Ay\u015fe y\u00fczde 30, yat\u0131r\u0131mc\u0131 y\u00fczde 30&#8221; demek de\u011fildir. Pay adedi, pay s\u0131n\u0131f\u0131, opsiyonlar, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir ara\u00e7lar, hak edi\u015f takvimi ve yat\u0131r\u0131m sonras\u0131 oranlar\u0131n hangi varsay\u0131mla hesapland\u0131\u011f\u0131 da tablonun par\u00e7as\u0131d\u0131r. K\u00fc\u00e7\u00fck bir yanl\u0131\u015fl\u0131k, yat\u0131r\u0131m g\u00f6r\u00fc\u015fmesinde haftalarca s\u00fcren d\u00fczeltmelere d\u00f6n\u00fc\u015febilir.<\/p>\n<p>Ben bunu do\u011frudan bir cap table uyu\u015fmazl\u0131\u011f\u0131nda de\u011fil, bir sunucu kapasite plan\u0131nda \u00f6\u011frendim. Mevcut kaynaklarla b\u00fcy\u00fcme tahminlerini ayn\u0131 h\u00fccrelerin \u00fczerine yaz\u0131nca eski hesab\u0131 kaybettim; hangi rakam\u0131n ne zaman ve hangi varsay\u0131mla \u00fcretildi\u011fini sonradan izleyemedim. Cap table&#8217;da ayn\u0131 hata, yaln\u0131zca bir form\u00fcl\u00fcn de\u011fil, ortakl\u0131k kayd\u0131n\u0131n g\u00fcvenilirli\u011finin kaybolmas\u0131 anlam\u0131na gelir. O g\u00fcnden beri tarih, varsay\u0131m ve de\u011fi\u015fiklik kayd\u0131n\u0131 ayr\u0131 tutuyorum.<\/p>\n<h2><span id=\"Cap_table_hangi_bilgileri_icerir\">Cap table hangi bilgileri i\u00e7erir?<\/span><\/h2>\n<p>\u0130yi haz\u0131rlanm\u0131\u015f bir tabloda her sat\u0131r bir pay sahibini veya paya d\u00f6n\u00fc\u015febilecek bir arac\u0131 temsil eder. Her s\u00fctun da bu sahipli\u011fin niteli\u011fini a\u00e7\u0131klar. En az\u0131ndan \u015fu alanlar\u0131 ayr\u0131 ayr\u0131 tutman\u0131z\u0131 \u00f6neririm:<\/p>\n<ul>\n<li><strong>Pay sahibi:<\/strong> Kurucu, yat\u0131r\u0131mc\u0131, \u00e7al\u0131\u015fan veya \u015firketin kendi tuttu\u011fu pay.<\/li>\n<li><strong>Pay s\u0131n\u0131f\u0131:<\/strong> Adi pay, imtiyazl\u0131 pay ya da s\u00f6zle\u015fmede tan\u0131mlanm\u0131\u015f ba\u015fka bir s\u0131n\u0131f.<\/li>\n<li><strong>Pay adedi:<\/strong> Sahibin elindeki nominal pay say\u0131s\u0131.<\/li>\n<li><strong>Nominal de\u011fer:<\/strong> Bir pay\u0131n \u015firket kay\u0131tlar\u0131ndaki de\u011feri. Bu de\u011fer, yat\u0131r\u0131mc\u0131n\u0131n \u015firkete \u00f6dedi\u011fi toplam bedelle ayn\u0131 \u015fey de\u011fildir.<\/li>\n<li><strong>Oy hakk\u0131:<\/strong> Her pay\u0131n ayn\u0131 oy g\u00fcc\u00fcne sahip olup olmad\u0131\u011f\u0131.<\/li>\n<li><strong>Hak edi\u015f durumu:<\/strong> \u00d6zellikle \u00e7al\u0131\u015fan opsiyonlar\u0131nda kazan\u0131lm\u0131\u015f ve kazan\u0131lmam\u0131\u015f k\u0131sm\u0131n ayr\u0131m\u0131.<\/li>\n<li><strong>Y\u00fczde oran\u0131:<\/strong> Toplam paya g\u00f6re sahiplik oran\u0131.<\/li>\n<li><strong>Fully diluted oran:<\/strong> Hen\u00fcz hisseye d\u00f6n\u00fc\u015fmemi\u015f opsiyon, warrant, SAFE veya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bor\u00e7lar da hesaba kat\u0131ld\u0131\u011f\u0131nda ortaya \u00e7\u0131kan oran.<\/li>\n<\/ul>\n<p>Pay adediyle y\u00fczdeyi birbirine kar\u0131\u015ft\u0131rmay\u0131n. \u015eirketin 1 milyon pay\u0131 varsa 100 bin pay y\u00fczde 10&#8217;dur. Yeni yat\u0131r\u0131m turunda 250 bin pay \u00e7\u0131kar\u0131l\u0131rsa ayn\u0131 100 bin pay art\u0131k \u015firketin y\u00fczde 8&#8217;i olur. Kurucunun elindeki pay say\u0131s\u0131 de\u011fi\u015fmemi\u015ftir; toplam i\u00e7indeki oran\u0131 seyrelmi\u015ftir.<\/p>\n<h2><span id=\"Basit_bir_startup_cap_table_ornegi\">Basit bir startup cap table \u00f6rne\u011fi<\/span><\/h2>\n<p>\u0130ki kurucuyla kurulmu\u015f ve hen\u00fcz yat\u0131r\u0131m almam\u0131\u015f bir \u015firket d\u00fc\u015f\u00fcnelim. Kurucu A 600 bin, Kurucu B ise 400 bin paya sahip olsun. \u015eirketin toplam 1 milyon pay\u0131 vard\u0131r.<\/p>\n<table>\n<thead>\n<tr>\n<th>Pay sahibi<\/th>\n<th>Pay adedi<\/th>\n<th>Oran<\/th>\n<th>Durum<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Kurucu A<\/td>\n<td>600.000<\/td>\n<td>%60<\/td>\n<td>Kurucu pay\u0131<\/td>\n<\/tr>\n<tr>\n<td>Kurucu B<\/td>\n<td>400.000<\/td>\n<td>%40<\/td>\n<td>Kurucu pay\u0131<\/td>\n<\/tr>\n<tr>\n<td>Toplam<\/td>\n<td>1.000.000<\/td>\n<td>%100<\/td>\n<td>Yat\u0131r\u0131m \u00f6ncesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u015eirket yat\u0131r\u0131mc\u0131ya yeni pay ihra\u00e7 ederek y\u00fczde 20 satmak istesin. Yat\u0131r\u0131m \u00f6ncesindeki 1 milyon kurucu pay\u0131, \u015firketin y\u00fczde 80&#8217;i olmal\u0131d\u0131r. Bu nedenle yat\u0131r\u0131mc\u0131ya 250 bin yeni pay \u00e7\u0131kar\u0131l\u0131r ve toplam pay say\u0131s\u0131 1 milyon 250 bine y\u00fckselir.<\/p>\n<table>\n<thead>\n<tr>\n<th>Pay sahibi<\/th>\n<th>Pay adedi<\/th>\n<th>Yat\u0131r\u0131m sonras\u0131 oran<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Kurucu A<\/td>\n<td>600.000<\/td>\n<td>%48<\/td>\n<\/tr>\n<tr>\n<td>Kurucu B<\/td>\n<td>400.000<\/td>\n<td>%32<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131mc\u0131<\/td>\n<td>250.000<\/td>\n<td>%20<\/td>\n<\/tr>\n<tr>\n<td>Toplam<\/td>\n<td>1.250.000<\/td>\n<td>%100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Kurucu A&#8217;n\u0131n pay\u0131 600 binden 480 bine d\u00fc\u015fmedi; pay adedi ayn\u0131 kald\u0131. De\u011fi\u015fen, \u015firket toplam\u0131ndaki oran\u0131d\u0131r. Seyreltme burada ortaya \u00e7\u0131kar.<\/p>\n<h2><span id=\"Pre-money_ve_post-money_degerleme_farki\">Pre-money ve post-money de\u011ferleme fark\u0131<\/span><\/h2>\n<p>Yat\u0131r\u0131m g\u00f6r\u00fc\u015fmelerinde en s\u0131k kar\u0131\u015fan konu, de\u011ferlemenin yat\u0131r\u0131m \u00f6ncesi mi yoksa yat\u0131r\u0131m sonras\u0131 m\u0131 ifade edildi\u011fidir. <strong>Pre-money de\u011ferleme<\/strong>, yat\u0131r\u0131m paras\u0131 \u015firkete girmeden \u00f6nceki \u015firket de\u011feridir. <strong>Post-money de\u011ferleme<\/strong> ise yat\u0131r\u0131m eklendikten sonraki de\u011ferdir.<\/p>\n<p>\u015eirketin pre-money de\u011ferlemesi 4 milyon dolar, yat\u0131r\u0131m tutar\u0131 1 milyon dolar ise post-money de\u011ferleme 5 milyon dolar olur. Yat\u0131r\u0131mc\u0131n\u0131n oran\u0131 1 milyon b\u00f6l\u00fc 5 milyon, yani y\u00fczde 20&#8217;dir.<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">Yat\u0131r\u0131mc\u0131 oran\u0131 = Yat\u0131r\u0131m tutar\u0131 \/ Post-money de\u011ferleme\nYat\u0131r\u0131mc\u0131 oran\u0131 = 1.000.000 \/ 5.000.000\nYat\u0131r\u0131mc\u0131 oran\u0131 = %20<\/code><\/pre>\n<p>Burada yat\u0131r\u0131mc\u0131n\u0131n sermaye koyduktan sonra \u015firketin ne kadar\u0131na sahip oldu\u011funu hesaplad\u0131k. &#8220;4 milyon de\u011ferleme \u00fczerinden y\u00fczde 20&#8221; ifadesi tek ba\u015f\u0131na yeterince a\u00e7\u0131k de\u011fildir; 4 milyonun pre-money mi, post-money mi oldu\u011funu yaz\u0131l\u0131 olarak sorun.<\/p>\n<p>SAFE ve d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bor\u00e7 gibi ara\u00e7larda hesap daha da karma\u015f\u0131kla\u015fabilir. \u0130skonto oran\u0131, valuation cap, faiz, vade ve sonraki yat\u0131r\u0131m turundaki fiyat ayn\u0131 modele girebilir. Bu ara\u00e7lar\u0131 cap table&#8217;a yaln\u0131zca &#8220;yat\u0131r\u0131mc\u0131&#8221; sat\u0131r\u0131 ekleyerek g\u00f6stermek do\u011fru de\u011fildir.<\/p>\n<h2><span id=\"Kurucu_hisseleri_calisan_opsiyonlari_ve_vesting\">Kurucu hisseleri, \u00e7al\u0131\u015fan opsiyonlar\u0131 ve vesting<\/span><\/h2>\n<h3><span id=\"Kurucu_payi_neden_vesting_ile_iliskilendirilir\">Kurucu pay\u0131 neden vesting ile ili\u015fkilendirilir?<\/span><\/h3>\n<p>Kurucular\u0131n \u015firket kurulu\u015funda ald\u0131\u011f\u0131 hisseler \u00e7o\u011fu zaman hak edi\u015f takvimine ba\u011flan\u0131r. Yayg\u0131n modellerden biri d\u00f6rt y\u0131ll\u0131k vesting ve bir y\u0131ll\u0131k cliff d\u00fczenidir. \u0130lk y\u0131l dolmadan ayr\u0131lan kurucuda genellikle hak edi\u015f olu\u015fmaz; ilk y\u0131l\u0131n sonunda belirli bir b\u00f6l\u00fcm kazan\u0131l\u0131r, kalan paylar ayl\u0131k veya \u00fc\u00e7 ayl\u0131k d\u00f6nemlerle hak edilir.<\/p>\n<p>Bu d\u00fczen, kuruculardan biri erken ayr\u0131ld\u0131\u011f\u0131nda \u015firketin b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n pasif bir orta\u011f\u0131n elinde kalmas\u0131n\u0131 \u00f6nlemeye yard\u0131mc\u0131 olur. S\u00f6zle\u015fmenin uygulan\u0131\u015f\u0131 \u00fclkeye, \u015firket t\u00fcr\u00fcne ve taraflar\u0131n anla\u015fmas\u0131na g\u00f6re de\u011fi\u015fir. Cap table bu hukuki metinlerin yerine ge\u00e7mez.<\/p>\n<h3><span id=\"ESOP_nedir\">ESOP nedir?<\/span><\/h3>\n<p>\u00c7al\u0131\u015fanlara ayr\u0131lan opsiyon havuzu genellikle ESOP olarak adland\u0131r\u0131l\u0131r. \u00c7al\u0131\u015fan hemen ortak olmayabilir; kendisine gelecekte belirli fiyattan hisse alma hakk\u0131 tan\u0131n\u0131r. Bu y\u00fczden opsiyonlar\u0131 hem mevcut ihra\u00e7 edilmi\u015f paylardan hem de fully diluted toplamdan ayr\u0131 g\u00f6stermek gerekir.<\/p>\n<p>\u00d6rne\u011fin yat\u0131r\u0131mc\u0131, yat\u0131r\u0131m sonras\u0131nda y\u00fczde 20 sahibi olmak ve ayr\u0131ca y\u00fczde 10&#8217;luk \u00e7al\u0131\u015fan opsiyon havuzunun yat\u0131r\u0131m \u00f6ncesinde ayr\u0131lmas\u0131n\u0131 istesin. Opsiyon havuzu yat\u0131r\u0131m \u00f6ncesinde b\u00fcy\u00fct\u00fcld\u00fc\u011f\u00fc i\u00e7in seyreltmenin tamam\u0131 yat\u0131r\u0131mc\u0131yla payla\u015f\u0131lmaz; kurucular\u0131n oran\u0131 yat\u0131r\u0131m ger\u00e7ekle\u015fmeden \u00f6nce de azal\u0131r.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 g\u00f6r\u00fc\u015fmesinde &#8220;opsiyon havuzu y\u00fczde 10&#8221; denildi\u011finde \u015fu sorular\u0131 yaz\u0131l\u0131 hale getirin:<\/p>\n<ul>\n<li>Y\u00fczde 10 mevcut paylar \u00fczerinden mi hesaplan\u0131yor?<\/li>\n<li>Yoksa yat\u0131r\u0131m sonras\u0131 fully diluted toplam \u00fczerinden mi?<\/li>\n<li>Havuzun tamam\u0131 tahsis edildi mi, yoksa bir k\u0131sm\u0131 bo\u015f mu?<\/li>\n<li>Kazan\u0131lmam\u0131\u015f opsiyonlar ayr\u0131lan toplam\u0131n i\u00e7inde g\u00f6steriliyor mu?<\/li>\n<li>Opsiyonlar\u0131n kullan\u0131m fiyat\u0131 ve hak edi\u015f s\u00fcresi nedir?<\/li>\n<\/ul>\n<h2><span id=\"Fully_diluted_cap_table_neyi_degistirir\">Fully diluted cap table neyi de\u011fi\u015ftirir?<\/span><\/h2>\n<p>Sadece \u00e7\u0131kar\u0131lm\u0131\u015f hisseleri g\u00f6steren bir tablo, gelecekte olu\u015fabilecek sahipli\u011fi oldu\u011fundan iyimser g\u00f6sterebilir. Fully diluted yakla\u015f\u0131mda hen\u00fcz hisseye d\u00f6n\u00fc\u015fmemi\u015f, fakat d\u00f6n\u00fc\u015fme ihtimali bulunan ara\u00e7lar da modele eklenir.<\/p>\n<p>Bu kapsama \u00e7al\u0131\u015fan opsiyonlar\u0131, warrant&#8217;lar, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir bor\u00e7lar, SAFE s\u00f6zle\u015fmeleri ve baz\u0131 s\u00f6zle\u015fmelerdeki ek hisse haklar\u0131 girebilir. Her arac\u0131n d\u00f6n\u00fc\u015f\u00fcm y\u00f6ntemi ayn\u0131 de\u011fildir. Bu y\u00fczden &#8220;hepsini toplad\u0131m, paya b\u00f6ld\u00fcm&#8221; y\u00f6ntemi yaln\u0131zca basit senaryolarda i\u015fe yarar.<\/p>\n<p>Bir startup&#8217;\u0131n yat\u0131r\u0131mc\u0131ya sundu\u011fu tabloda iki ayr\u0131 g\u00f6r\u00fcn\u00fcm bulundurmas\u0131n\u0131 pratik buluyorum:<\/p>\n<ul>\n<li><strong>Issued and outstanding:<\/strong> \u015eu anda ger\u00e7ekten \u00e7\u0131kar\u0131lm\u0131\u015f ve sahiplerine verilmi\u015f paylar.<\/li>\n<li><strong>Fully diluted:<\/strong> S\u00f6zle\u015fmelere g\u00f6re potansiyel olarak olu\u015fabilecek t\u00fcm paylar dahil edilmi\u015f g\u00f6r\u00fcn\u00fcm.<\/li>\n<\/ul>\n<p>\u0130ki tablonun toplam\u0131 ayn\u0131 de\u011filse bu tek ba\u015f\u0131na hata de\u011fildir. Fark\u0131n hangi opsiyon veya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir ara\u00e7lardan olu\u015ftu\u011funu a\u00e7\u0131klayan not mutlaka bulunmal\u0131d\u0131r.<\/p>\n<h2><span id=\"Liquidation_preference_ve_yatirimcinin_ekonomik_hakki\">Liquidation preference ve yat\u0131r\u0131mc\u0131n\u0131n ekonomik hakk\u0131<\/span><\/h2>\n<p>Bir yat\u0131r\u0131mc\u0131n\u0131n y\u00fczde 20 pay\u0131 olmas\u0131, \u015firket sat\u0131ld\u0131\u011f\u0131nda her zaman sat\u0131\u015f bedelinin y\u00fczde 20&#8217;sini alaca\u011f\u0131 anlam\u0131na gelmez. \u0130mtiyazl\u0131 paylarda liquidation preference, yani tasfiye veya sat\u0131\u015f s\u0131ras\u0131nda \u00f6ncelikli \u00f6deme hakk\u0131 bulunabilir.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 \u015firkete 1 milyon dolar koymu\u015f ve 1x non-participating liquidation preference alm\u0131\u015f olsun. \u015eirket 600 bin dolara sat\u0131l\u0131rsa yat\u0131r\u0131mc\u0131, sahiplik oran\u0131ndan hesaplanan 120 bin dolar yerine s\u00f6zle\u015fmedeki \u00f6nceli\u011fi nedeniyle sat\u0131\u015f bedelinin tamam\u0131n\u0131 alabilir. \u015eirket 10 milyon dolara sat\u0131l\u0131rsa y\u00fczde 20 pay \u00fczerinden 2 milyon dolar almak daha avantajl\u0131 olabilir.<\/p>\n<p>Participating preference yap\u0131s\u0131nda yat\u0131r\u0131mc\u0131 \u00f6nce yat\u0131rd\u0131\u011f\u0131 paray\u0131 al\u0131p sonra kalan tutardan pay da alabilir. Bu ayr\u0131nt\u0131, cap table&#8217;\u0131n yaln\u0131zca oran s\u00fctunlar\u0131ndan okunamayaca\u011f\u0131n\u0131 g\u00f6sterir. Bir sat\u0131n alma senaryosunda pay oranlar\u0131n\u0131n yan\u0131nda hak s\u0131n\u0131flar\u0131n\u0131 ve \u00f6deme s\u0131ras\u0131n\u0131 da modellemek gerekir.<\/p>\n<p>Bu b\u00f6l\u00fcm hukuki veya mali dan\u0131\u015fmanl\u0131k yerine ge\u00e7mez. Yat\u0131r\u0131m s\u00f6zle\u015fmesini imzalamadan \u00f6nce \u015firketler hukuku bilen bir avukat\u0131n ve gerekti\u011finde mali m\u00fc\u015favirin incelemesini istemek, sonradan tablo d\u00fczeltmekten daha ucuzdur.<\/p>\n<h2><span id=\"Cap_table_nasil_hazirlanir\">Cap table nas\u0131l haz\u0131rlan\u0131r?<\/span><\/h2>\n<h3><span id=\"Tek_bir_ana_kayit_olusturun\">Tek bir ana kay\u0131t olu\u015fturun<\/span><\/h3>\n<p>Kurucu paylar\u0131n\u0131 bir dosyada, opsiyonlar\u0131 ba\u015fka bir dosyada, yat\u0131r\u0131m s\u00f6zle\u015fmelerini de e-posta eklerinde tutmak k\u0131sa vadede kolay g\u00f6r\u00fcn\u00fcr. Birka\u00e7 tur sonra hangi rakam\u0131n g\u00fcncel oldu\u011funu kimse bilemez. Tek bir ana kay\u0131t olu\u015fturun; de\u011fi\u015fiklik tarihini, dayana\u011f\u0131n\u0131 ve onaylayan ki\u015fiyi de yaz\u0131n.<\/p>\n<p>Ba\u015flang\u0131\u00e7ta eri\u015fim ve s\u00fcr\u00fcm kontrol\u00fc d\u00fczg\u00fcn ayarlanm\u0131\u015f basit bir elektronik tablo yeterli olabilir. Form\u00fclleri kilitleyin, s\u00fcr\u00fcm ge\u00e7mi\u015fini a\u00e7\u0131k b\u0131rak\u0131n ve eri\u015fimi s\u0131n\u0131rlay\u0131n. Yaln\u0131zca ekran g\u00f6r\u00fcnt\u00fcs\u00fc payla\u015fmay\u0131n; yat\u0131r\u0131mc\u0131ya g\u00f6nderilen s\u00fcr\u00fcm ile ana kay\u0131t aras\u0131nda fark olu\u015fabilir.<\/p>\n<h3><span id=\"Her_tur_icin_ayri_senaryo_sayfasi_acin\">Her tur i\u00e7in ayr\u0131 senaryo sayfas\u0131 a\u00e7\u0131n<\/span><\/h3>\n<p>&#8220;Mevcut durum&#8221;, &#8220;yat\u0131r\u0131m \u00f6ncesi teklif&#8221;, &#8220;yat\u0131r\u0131m sonras\u0131&#8221; ve &#8220;opsiyon havuzu y\u00fczde 10&#8221; gibi senaryolar\u0131 ayn\u0131 h\u00fccrelerin \u00fczerine yazarak y\u00f6netmeyin. Her senaryo hangi varsay\u0131mlarla haz\u0131rland\u0131\u011f\u0131n\u0131 g\u00f6stermeli.<\/p>\n<p>Ben bir sunucu kapasite plan\u0131nda bunu yapt\u0131m ve eski hesab\u0131 kaybettim. Mevcut kaynaklarla b\u00fcy\u00fcme tahminini ayn\u0131 h\u00fccrelerde de\u011fi\u015ftirince ge\u00e7mi\u015f s\u00fcr\u00fcm\u00fc yeniden kurmak zorunda kald\u0131m (evet, bunu ben de ya\u015fad\u0131m). Cap table&#8217;daki kar\u015f\u0131l\u0131\u011f\u0131, yat\u0131r\u0131mc\u0131ya g\u00f6nderilen rakam\u0131n hangi form\u00fclle \u00fcretildi\u011fini sonradan kan\u0131tlayamamakt\u0131r. De\u011fi\u015fiklik ge\u00e7mi\u015fi s\u00fcs de\u011fil, kontrol mekanizmas\u0131d\u0131r.<\/p>\n<h3><span id=\"Matematigi_bagimsiz_kontrollerle_dogrulayin\">Matemati\u011fi ba\u011f\u0131ms\u0131z kontrollerle do\u011frulay\u0131n<\/span><\/h3>\n<p>Toplam pay say\u0131s\u0131n\u0131 her sat\u0131r\u0131n toplam\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131n. Oranlar\u0131n y\u00fczde 100&#8217;e ula\u015f\u0131p ula\u015fmad\u0131\u011f\u0131n\u0131 kontrol edin. Fully diluted g\u00f6r\u00fcn\u00fcmde toplam\u0131n hangi kalemlerden olu\u015ftu\u011funu ayr\u0131ca do\u011frulay\u0131n.<\/p>\n<p>Basit bir kontrol i\u00e7in elektronik tabloda \u015fu mant\u0131\u011f\u0131 kullanabilirsiniz:<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">Pay oran\u0131 = Ki\u015finin pay adedi \/ Toplam pay adedi\nSeyreltme sonras\u0131 oran = Eski pay adedi \/ Yeni toplam pay adedi<\/code><\/pre>\n<p>Bu iki form\u00fcl, yat\u0131r\u0131m turunun b\u00fct\u00fcn hukuki ayr\u0131nt\u0131lar\u0131n\u0131 \u00e7\u00f6zmez. Yine de yanl\u0131\u015f toplam, ters b\u00f6lme veya bir sat\u0131r\u0131n hesaba kat\u0131lmamas\u0131 gibi temel hatalar\u0131 yakalar.<\/p>\n<h2><span id=\"Cap_table_guvenligi_ve_erisim_yonetimi\">Cap table g\u00fcvenli\u011fi ve eri\u015fim y\u00f6netimi<\/span><\/h2>\n<p>Cap table; ortaklar\u0131n kimlik bilgileri, yat\u0131r\u0131m tutarlar\u0131, adresleri, vergi bilgileri ve s\u00f6zle\u015fme ba\u011flant\u0131lar\u0131 gibi hassas veriler i\u00e7erebilir. Dosyay\u0131 &#8220;linke sahip herkes g\u00f6r\u00fcnt\u00fcleyebilir&#8221; ayar\u0131yla payla\u015fmak h\u0131zl\u0131 g\u00f6r\u00fcn\u00fcr, fakat kontrol\u00fc elinizden al\u0131r.<\/p>\n<ul>\n<li>G\u00f6r\u00fcnt\u00fcleme ve d\u00fczenleme yetkilerini ay\u0131r\u0131n.<\/li>\n<li>Eski \u00e7al\u0131\u015fanlar\u0131n ve dan\u0131\u015fmanlar\u0131n eri\u015fimini d\u00fczenli olarak kald\u0131r\u0131n.<\/li>\n<li>\u0130ki fakt\u00f6rl\u00fc kimlik do\u011frulamay\u0131 zorunlu tutun.<\/li>\n<li>De\u011fi\u015fiklik ge\u00e7mi\u015fini ve d\u0131\u015fa aktar\u0131lan dosyalar\u0131 takip edin.<\/li>\n<li>Kimlik ve ortakl\u0131k verilerinin saklanmas\u0131 i\u00e7in KVKK\/GDPR kapsam\u0131nda <a href=\"https:\/\/www.dchost.com\/blog\/kvkk-gdpr-kapsaminda-wordpress-ve-woocommercede-veri-silme-ve-anonimlestirme-rehberi\/\">KVKK\/GDPR Kapsam\u0131nda WordPress ve WooCommerce&#8217;de Veri Silme ve Anonimle\u015ftirme Rehberi<\/a> i\u00e7indeki veri minimizasyonu yakla\u015f\u0131m\u0131ndan yararlanabilirsiniz.<\/li>\n<li>Yedekleri ana dosyayla ayn\u0131 hesab\u0131n ayn\u0131 klas\u00f6r\u00fcnde b\u0131rakmay\u0131n.<\/li>\n<\/ul>\n<p>Bir tabloya eri\u015febilen ki\u015finin veriyi de\u011fi\u015ftirmesi ile yaln\u0131zca g\u00f6r\u00fcnt\u00fclemesi ayn\u0131 risk de\u011fildir. Yeni yat\u0131r\u0131m turu yakla\u015f\u0131rken eri\u015fim listesini ve son de\u011fi\u015fiklikleri kontrol etmek iyi bir rutin olur. Y\u00f6netici i\u015flemlerinin kay\u0131t alt\u0131na al\u0131nmas\u0131 konusunda <a href=\"https:\/\/www.dchost.com\/blog\/loglama-ve-denetim-izi-mimarisi-yonetici-islemlerini-kvkk-gdpr-uyumlu-kaydetmek\/\">Loglama ve Denetim \u0130zi Mimarisi: Y\u00f6netici \u0130\u015flemlerini KVKK\/GDPR Uyumlu Kaydetmek<\/a> yaz\u0131s\u0131ndaki prensipler burada da i\u015finize yarar.<\/p>\n<h2><span id=\"Hisse_dagilimini_is_planiyla_birlikte_okuyun\">Hisse da\u011f\u0131l\u0131m\u0131n\u0131 i\u015f plan\u0131yla birlikte okuyun<\/span><\/h2>\n<p>Hisse oran\u0131 tek ba\u015f\u0131na startup&#8217;\u0131n sa\u011fl\u0131kl\u0131 oldu\u011funu g\u00f6stermez. \u015eirket y\u00fczde 70 kurucu sahipli\u011fine sahip olabilir, fakat kasas\u0131nda \u00fc\u00e7 ayl\u0131k nakit kalm\u0131\u015ft\u0131r. Ba\u015fka bir \u015firketin kurucu oran\u0131 daha d\u00fc\u015f\u00fck g\u00f6r\u00fcn\u00fcr; buna kar\u015f\u0131l\u0131k g\u00fc\u00e7l\u00fc bir yat\u0131r\u0131m, \u00e7al\u0131\u015fan havuzu ve s\u00fcrd\u00fcr\u00fclebilir geliri vard\u0131r.<\/p>\n<p>Cap table&#8217;\u0131 nakit ihtiyac\u0131 ve m\u00fc\u015fteri edinme maliyetiyle birlikte de\u011ferlendirin. Yat\u0131r\u0131m\u0131n ne kadar s\u00fcre yetece\u011fi, bu parayla ka\u00e7 m\u00fc\u015fteri kazan\u0131laca\u011f\u0131 ve b\u00fcy\u00fcme hedefinin ne kadar seyreltme yarataca\u011f\u0131 ayn\u0131 planda g\u00f6r\u00fclmeli. <a href=\"https:\/\/www.dchost.com\/blog\/startup-cac-nasil-hesaplanir-musteri-edinme-maliyeti\/\">Startup CAC Nas\u0131l Hesaplan\u0131r? M\u00fc\u015fteri Edinme Maliyeti<\/a> yaz\u0131s\u0131ndaki hesap, yat\u0131r\u0131m turunun yaln\u0131zca &#8220;ka\u00e7 y\u00fczde verildi&#8221; taraf\u0131nda kalmamas\u0131 i\u00e7in iyi bir tamamlay\u0131c\u0131d\u0131r.<\/p>\n<p>Peki neden? \u00c7\u00fcnk\u00fc y\u00fczde 10 hisse vermek soyut bir kay\u0131p gibi g\u00f6r\u00fcnebilir. Bu pay kar\u015f\u0131l\u0131\u011f\u0131nda al\u0131nan yat\u0131r\u0131m \u015firketin 18 ay daha ya\u015famas\u0131n\u0131 ve gelir \u00fcretmesini sa\u011fl\u0131yorsa karar farkl\u0131 de\u011ferlendirilir. Cap table karar\u0131 finansal plandan ayr\u0131 al\u0131namaz.<\/p>\n<h2><span id=\"Kurucularin_sik_yaptigi_hatalar\">Kurucular\u0131n s\u0131k yapt\u0131\u011f\u0131 hatalar<\/span><\/h2>\n<ul>\n<li><strong>Ortakl\u0131k oran\u0131n\u0131 s\u00f6zl\u00fc b\u0131rakmak:<\/strong> Kurulu\u015fta yap\u0131lan konu\u015fmalar\u0131n s\u00f6zle\u015fmeye, pay kay\u0131tlar\u0131na ve cap table&#8217;a i\u015flenmemesi ileride ciddi uyu\u015fmazl\u0131k \u00e7\u0131kar\u0131r.<\/li>\n<li><strong>Opsiyon havuzunu son dakikaya b\u0131rakmak:<\/strong> Yat\u0131r\u0131mc\u0131 g\u00f6r\u00fc\u015fmesinde ortaya \u00e7\u0131kan havuz, kurucular\u0131n beklemedi\u011fi ek seyreltme yaratabilir.<\/li>\n<li><strong>SAFE&#8217;i hisse gibi g\u00f6stermek:<\/strong> D\u00f6n\u00fc\u015f\u00fcm ko\u015fullar\u0131 bilinmeden kesin oran yazmak yan\u0131lt\u0131c\u0131d\u0131r.<\/li>\n<li><strong>Pay s\u0131n\u0131flar\u0131n\u0131 yok saymak:<\/strong> Oy hakk\u0131 ve liquidation preference gibi h\u00fck\u00fcmler yaln\u0131zca y\u00fczde oran\u0131yla a\u00e7\u0131klanamaz.<\/li>\n<li><strong>Eski tablolar\u0131 silmek:<\/strong> \u00d6nceki turlar\u0131n kay\u0131tlar\u0131 silinirse hangi pay\u0131n hangi i\u015flemle olu\u015ftu\u011fu takip edilemez.<\/li>\n<li><strong>Kurucu ayr\u0131l\u0131\u011f\u0131n\u0131 hesaba katmamak:<\/strong> Vesting, cliff ve geri al\u0131m h\u00fck\u00fcmleri tabloya not edilmezse mevcut oran ile hak edilmi\u015f oran kar\u0131\u015f\u0131r.<\/li>\n<li><strong>Yat\u0131r\u0131m \u00f6ncesi ve sonras\u0131 de\u011ferlemeyi kar\u0131\u015ft\u0131rmak:<\/strong> Bu hata, ayn\u0131 yat\u0131r\u0131m i\u00e7in farkl\u0131 yat\u0131r\u0131mc\u0131 oranlar\u0131 hesaplanmas\u0131na neden olabilir.<\/li>\n<\/ul>\n<p>Benim pratik kural\u0131m \u015fu: Bir yat\u0131r\u0131mc\u0131 cap table&#8217;\u0131 a\u00e7t\u0131\u011f\u0131nda herhangi bir sat\u0131r\u0131n kayna\u011f\u0131n\u0131, hesaplama tarihini ve hangi s\u00f6zle\u015fmeye dayand\u0131\u011f\u0131n\u0131 birka\u00e7 dakika i\u00e7inde g\u00f6rebilmeli. Bunu yapam\u0131yorsan\u0131z dosya hen\u00fcz yat\u0131r\u0131m g\u00f6r\u00fc\u015fmesine haz\u0131r de\u011fildir.<\/p>\n<h2><span id=\"Yatirim_gorusmesinden_once_son_kontrol\">Yat\u0131r\u0131m g\u00f6r\u00fc\u015fmesinden \u00f6nce son kontrol<\/span><\/h2>\n<p>\u0130mzaya gitmeden \u00f6nce mevcut ortaklar\u0131, pay adetlerini ve pay s\u0131n\u0131flar\u0131n\u0131 tek tek do\u011frulay\u0131n. \u00c7al\u0131\u015fan opsiyonlar\u0131n\u0131 kazan\u0131lm\u0131\u015f ve kazan\u0131lmam\u0131\u015f olarak ay\u0131r\u0131n. SAFE, bor\u00e7 ve warrant belgelerinin d\u00f6n\u00fc\u015f\u00fcm senaryolar\u0131n\u0131 yaz\u0131l\u0131 hale getirin.<\/p>\n<p>Ard\u0131ndan \u00fc\u00e7 rakam\u0131 yan yana koyun: yat\u0131r\u0131m \u00f6ncesi oran, yat\u0131r\u0131m sonras\u0131 oran ve fully diluted oran. Her biri i\u00e7in kullan\u0131lan toplam pay say\u0131s\u0131n\u0131 belirtin. Yat\u0131r\u0131mc\u0131n\u0131n y\u00fczde oran\u0131 pre-money veya post-money de\u011ferlemeyle tutarl\u0131 m\u0131? Opsiyon havuzu kimin \u00fczerinde seyreltme yarat\u0131yor? Sat\u0131\u015f senaryosunda \u00f6deme \u00f6ncelikleri ne durumda? Bu sorular\u0131n cevaplar\u0131 tabloda veya ona ba\u011fl\u0131 notlarda bulunmal\u0131.<\/p>\n<p>Cap table yat\u0131r\u0131mc\u0131ya g\u00f6nderilen bir sunum eki de\u011fil, \u015firketin sahiplik haf\u0131zas\u0131d\u0131r. Ba\u015fta birka\u00e7 saat ay\u0131r\u0131p temiz kurarsan\u0131z sonraki turlarda zaman kazan\u0131rs\u0131n\u0131z. Benim g\u00f6rd\u00fc\u011f\u00fcm kay\u0131t sorunlar\u0131nda en b\u00fcy\u00fck problem form\u00fcl hatas\u0131ndan \u00e7ok, herkesin farkl\u0131 bir &#8220;g\u00fcncel s\u00fcr\u00fcm&#8221; ta\u015f\u0131mas\u0131yd\u0131. Son kopyay\u0131 g\u00f6ndermeden \u00f6nce dosya ad\u0131n\u0131 tarih ve s\u00fcr\u00fcm numaras\u0131yla i\u015faretlemek h\u00e2l\u00e2 en basit kontrol.<\/p>\n<h2><span id=\"Sik_Sorulan_Sorular\">S\u0131k Sorulan Sorular<\/span><\/h2>\n<h3><span id=\"Cap_table_ne_zaman_hazirlanmali\">Cap table ne zaman haz\u0131rlanmal\u0131?<\/span><\/h3>\n<p>\u015eirket kurulurken haz\u0131rlanmal\u0131 ve her pay ihrac\u0131, yat\u0131r\u0131m, opsiyon tahsisi veya kurucu de\u011fi\u015fikli\u011finden sonra g\u00fcncellenmelidir. \u0130lk yat\u0131r\u0131m turunu beklemek, ge\u00e7mi\u015f i\u015flemleri sonradan hat\u0131rlamaya \u00e7al\u0131\u015fmak demektir.<\/p>\n<h3><span id=\"Cap_table_ile_ortaklik_sozlesmesi_ayni_sey_mi\">Cap table ile ortakl\u0131k s\u00f6zle\u015fmesi ayn\u0131 \u015fey mi?<\/span><\/h3>\n<p>Hay\u0131r. Cap table sahiplik ve finansal da\u011f\u0131l\u0131m\u0131n \u00f6zetidir; ortakl\u0131k ve yat\u0131r\u0131m s\u00f6zle\u015fmeleri ise oy hakk\u0131, vesting, geri al\u0131m ve tasfiye \u00f6nceli\u011fi gibi hukuki \u015fartlar\u0131 belirler. Tablo s\u00f6zle\u015fmelerle tutarl\u0131 olmal\u0131, onlar\u0131n yerine kullan\u0131lmamal\u0131d\u0131r.<\/p>\n<h3><span id=\"Fully_diluted_oran_ne_demektir\">Fully diluted oran ne demektir?<\/span><\/h3>\n<p>Fully diluted oran, mevcut paylara ek olarak hisseye d\u00f6n\u00fc\u015febilecek opsiyon, SAFE, warrant ve benzeri ara\u00e7lar\u0131n da hesaba kat\u0131ld\u0131\u011f\u0131 sahiplik oran\u0131d\u0131r. Yat\u0131r\u0131m g\u00f6r\u00fc\u015fmelerinde olas\u0131 seyreltmeyi daha ger\u00e7ek\u00e7i g\u00f6rmek i\u00e7in kullan\u0131l\u0131r.<\/p>\n<h3><span id=\"Startup_cap_table_icin_hangi_arac_kullanilmali\">Startup cap table i\u00e7in hangi ara\u00e7 kullan\u0131lmal\u0131?<\/span><\/h3>\n<p>\u00c7ok erken a\u015famada, eri\u015fim ve s\u00fcr\u00fcm kontrol\u00fc d\u00fczg\u00fcn ayarlanm\u0131\u015f bir elektronik tablo yeterli olabilir. Ortak say\u0131s\u0131, yat\u0131r\u0131m turu ve d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir ara\u00e7lar artt\u0131k\u00e7a \u00f6zel cap table yaz\u0131l\u0131mlar\u0131 veya mali m\u00fc\u015favir ve hukuk ekibiyle y\u00f6netilen bir kay\u0131t sistemi daha g\u00fcvenli hale gelir.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Startup cap table; kurucu, yat\u0131r\u0131mc\u0131 ve \u00e7al\u0131\u015fanlar\u0131n hisse da\u011f\u0131l\u0131m\u0131n\u0131, opsiyonlar\u0131 ve yat\u0131r\u0131m sonras\u0131 seyreltmeyi g\u00f6steren temel ortakl\u0131k kayd\u0131d\u0131r.<\/p>\n","protected":false},"author":4,"featured_media":5168,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[487,348,488,490,346,489],"class_list":["post-5172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup","tag-cap-table","tag-girisimcilik","tag-hisse-dagilimi","tag-seyreltme","tag-startup","tag-yatirim"],"_links":{"self":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/comments?post=5172"}],"version-history":[{"count":1,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5172\/revisions"}],"predecessor-version":[{"id":5174,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5172\/revisions\/5174"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/media\/5168"}],"wp:attachment":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/media?parent=5172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/categories?post=5172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/tags?post=5172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}