Nzira inobatsira pakukoshesa kwedzimba nebhizimisi. Kushandisa nzira yekuwana mari

Nzira yekuwana mari inobatanidza nzira yose yekuenzanisa kukosha kweimba yeimba, chivako chesangano, bhizimisi pacharo, umo kusarudza kwekukosha kunoitwa nekushandura mararamiro emari anotarisirwa mune ramangwana. Nheyo dzedzidziso yeyi nzira inogutsa. Iko mari yekutsvaga mari ndiyo kukosha kwezvinobatsira munguva yemberi panguva ino, iyo inoderedzwa pamwero wekudzoka, izvo zvinoratidza kusangana kwekutsvaga mari.

Izvi zvinonzwisisika uye zvakakodzera chero ipi neipi yebhizimisi inoshanda munzvimbo yekugadzirwa uye kutengeswa kwechimwe chinhu, pamwe nebhizimisi rayo, kana ichiita kuti inobatsira. Kuwanda kwematambudziko ekutsvaga kwekutsvaga mubhizinesi rinokosha kunoratidzirwa kuburikidza nehuwandu hwekutengesa. Mune basa rakadai mune zvehupfumi, ikozvino kuyerwa kwekudzoka kunoitwa nevatengi, pamari inotengeswa mumari yakaenzana yekutsinhanisa zvinhu zviri pangozi, kana kuti iyo inowanikwa yekudzorera kune dzimwe nzira dzekutsvaga mari pamwe nekukwanisa kuenzanisa nenguva yekuenzanisa.

Zviratidzo

Kushandiswa kwemari yekuwana mari muitiro kunoratidza kuti iri basa rakaoma, sezvo zvichikosha kuongorora chimwe nechimwe chinokosha chinokosha chekukosha-muzinga wekudzoka uye pfuma. Kana nzira idzi dzichishandiswa kuongorora basa, zvino zvakakosha kuti uongorore zvakakwana zvezvinhu zvavo zvose zvakakosha, kusanganisira mari, kubhadharwa kwekambani, iyo inokanganisa zvakanakira purogiramu, mari uye njodzi dzinogadzirwa nemunhu mumwe nomumwe.

Nzira inobatsira yekutengesa kwebhizimisi inoshandiswa kakawanda. Semuenzaniso, kana iri kuwana kana kubatana, zvino nzira iyi inoshandiswa kakawanda inodhura kana mutengesi. Kutengeswa kwemutengi wemutengesi iko zvino kwaitwa nekutarisira kuti mune ramangwana, mari yakasviba inoyerera ichagamuchirwa, iyo isingagoni kunzi yakatendwa, sezvo inoratidzirwa nezvimwe ngozi. Nzira yekuwana mari inoita kuti tikwanise kuongororodza izvi zvakagadziriswa zvinokosha zvekukosha, asi nzira yekutengesa-tsika inowanzodikanwa mutengo-kuwana mari yehuwandu kana imwe yakawanda yakafanana yemari yekuwana nguva yekudzoka, pasina kufunga nezvezveramangwana.

Kune vatengesi vemusika, zvinhu zvakadai sokusavimbika kune unhu, uyewo kusakwanisa kupa hutano hwakafanana hunogona kuwanikwa nekushandiswa kwemari yekuwana mari nehuwandu hwemari inotevera nekuderedzwa kwemari. Semuenzaniso, "mutengo-kuwana mari", iyo inoshandiswa kwegore, haibvumi kuratidza kuchinja kwakakwana kutarisira mumakore anotevera. Kushandisa kwakakodzera kwe coefficients kunopa mukana wokuratidza maonero evarimi vemari, ivo vanowanzotaurwa nezvevatengesi kana magetsi.

Shandisa

Mukutsvaga nekudzivirirwa, ruzivo pamusoro pebhajeti yebhizimisi rinodiwa, izvo zvinoita kuti zvidikanwe kuita shanduko nekuvandudza migumisiro yezvemari yeurongwa hwakarongwa, hufananidza uye zvigadziriswa zvinyorwa. Imwe nzira yekuwana mari yekutengeserana kwebhizimisi inokubvumira kuti uenzanise kufunga kwose kunobatanidza kana zvimwe zvikomborero zvinokonzerwa nekugadzirisa semugumisiro wekutsvaga mari, kubhadhara mari, kuvandudza nzira, kana kuderedza kushandiswa kwemari. Nekubatsirwa nenzira iyi, unokwanisa kuenzanisa nekukurukurirana zvinhu zvose. Mukuwedzera, inogona kukubatsira kuti uone nguva yenguva inotarisirwa, uye kuratidzira nzira yekuderedza kukosha kwebasa sezvo zvikwereti zvinosvika kune imwe nguva iri mberi.

Kushandisa nzira yekuwana mari inopa mukana kune vatengi nevatengesi kuti verengere kukosha kwemaoko emakambani, pamwe chete nehuwandu hwekutsvaga kwekushandisa kune imwe kana kupfuura vatengi vemagetsi. Kana kusiyana uku kuri kuratidzika zvakajeka, saka vatengesi nevatengi vanogona kutsvaga zvibatsiro zvekubatana, pamwe chete nekuita zvisarudzo zvekudzidzisa.

Apo nzira inobatsira yebhazinesi yebhazinesi inoshandiswa, inofanira kutakurwa muchirangaridzo kuti kukosha kwakatarwa kunosanganisira kukosha kwezvose zvivako zvinoshandiswa mukugadzirisa kwekuita basa. Mumugariro we nzira yakashandiswa, pane nzira dzakawanda dzekuongorora dzinofarira zvikuru. Kunyanya, nzira dzakadai dzekuwana mari dzinoshandiswa dzinoshandiswa: kubhadhara mari uye kubhadharwa kwemari inoyerera. Iwe unogona kuzvifungisisa zvakadzama.

Nzira

Kushandisa nzira yekugadzirisa mari yemari, kukosha kwese kwebhizimusi kunowanikwa zvichienderana nekushamba kwemari inokonzerwa nehupfumi hwemahofisi. Kuyerera kwemari kwebhizimisi kana bhizimisi rose zvakakwana mutsauko pakati pezvose zvinoputika uye zvabuda mumari yemari kune imwe nguva yekubhadhara. Kazhinji, nguva yegore rimwe inoshandiswa pakuverenga. Iyo nzira ndeyekushandura chimiro chemumiririri wechinotarisirwa kuyerera kwemari kusvika mune kukosha kwezvino kuburikidza nekuparadzanisa zviyero zvose zvekuyerera nemutengo unogamuchirwa wemari. Muchiitiko ichi, ruzivo rwekuwana mari rwakakodzera nezvimwe zvinogadziriswa.

Kuti ishandise nzira inowanzorehwa yekuverenga mari inoyerera, kuwedzerwa kwemari inoshandiswa (yakaverengwa pashure pemutero) yekusari-mari mari inoshandiswa kutarisa muwandu wemari yakakwana inoyerera kusvika kune mari. Iyi nzira yekuverenga inogona kuonekwa seye nyore pakuenzanisa nokuverengwa kwekusununguka kwemari, iyo, sekuwedzera, mari inoda kuwanikwa uye yekudzokorora zvido zvemari inotenderwa inotorwa.

Cash flow flowing

Iyi nzira inongowanikwa chete pamari inotarisirwa inoyerera inokonzerwa nebhizimisi pachake. Kusiyana kwechimiro ndechokuti kukosha kunotarisirwa kuverenga tsanangudzo yenhamba yemumiririri wekushamba kwemari. Iyi nzira munyika dzakabudirira yakanyanya kupararira nekuda kwekuti inogona kushandiswa kufungisisa matambudziko ose ekufambisa. Kuyerera kwemari muhuwandu huwandu hunoenzana nemari yemari inowanikwa uye kuora kwekuwedzera, kunze kwekuti mari yekushanda mari inoshandiswa uye mari yekutsvaga mari inodzingwa.

Pane zvinotevera zvinoshandiswa pakushandisa nzira yakaderedzwa yemari yekuyerera:

• Pane chikonzero chekutenda kuti mune ramangwana rehupfumi huchasiyana nezvino, izvo, iyo inoshandiswa mukushanda;
• Kune huwandu hwekufungidzira kwakaringana kwemari inoyerera mune ramangwana apo uchishandisa bhizimisi kana zvekutengeserana dzimba;
• Chinhu ichi chiri pasi pekuvakwa, chakakwana kana chakasarudzwa;
• Izvo zvinoshandiswa chinhu chakakura chezvinhu zvakawanda zvinoshandiswa zvekutengeserana.

Nzira yekuwana mari yekuenzanisa kwemaimba inoshandiswa kushandisa mari yekuderedza kuwedzerwa nzira ndiyo yakanakisisa, asi kushandiswa kwayo kunoshanda zvikuru. Pane zviyero zvisingagoni kuitwa kunze kwekushandisa nzira iyi. Pakati pavo ndeyekuvandudzwa kweprojekti yekutsvaga kwekutsvaga uye inotevera kuongorora.

Kubatsira kwekutsvaga nzira

Kana iwe ukaita nzira inobatsira kune kuyerwa kwedzimba kana bhizinesi kuburikidza nekunyorera nzira, unogona kuziva zvimwe zvezvinyorwa zvinokosha. Chokutanga pane zvose, isu tiri kutaura nezvekuti mari yemberi yemberi kubva mune zvebhizimisi inofunga zvakananga chete inotarisirwa mari inodiwa yekugadzira michina nekutengeswa kwakatevera, uye kushandiswa kwemazuva anotevera kunobatanidza nekuchengetedza uye kuwedzera kukwidziridzwa kana kutengesa maitiro kunoratidzirwa muhuwandu hwezviwanikwa zvisiri izvo nenzira Kuora mwoyo.

Pfungwa dzinokosha

Kuyera kwechimwe chinhu nenzira inobatsira nekushayikwa kwebatsiro kana kurasikirwa semuenzaniso wekutsvaga kwekutsvaga kwekutsvaga kunoitwa pamwe nekugadziriswa kwekuti purogiramu inoshumira semuenzaniso wekugadzirisa zvichemo, saka zvinotarisirwa kushandiswa kwakanyanya mukushanda kwebasa.

Mapoka matatu emasikirwo akabatanidzwa mune nzira yekudzikinura yemari inoyerera:

• Discounted dividends;
• Kugarazve mari;
• Mari yakabhadharwa inoyerera.

Kana nzira inobatsira inoshandiswa maererano nemuenzaniso wekuderedza zvikamu semuenzaniso wekuyerera kwemari, mari yebhadharo inoshandiswa inoshandiswa. Pasinei nokuti iyo mienzaniso inowanzoshandiswa kune dzimwe nyika kutarisa uye kuenzanisa kukosha kwezvinhu zvebasa racho, ine zvikanganiso zvakawanda. Muzvienzanidzo pamwe nekuwana zvakagadziriswa, hapana chireji chekuverenga. Pane musiyano muzvikamu zveparadheti kwete chete kune mamwe mabhizimusi, asiwo kune dzimwe nyika. Iyi nzira haigone kushandiswa mumabhizimisi asina mari. Iyi muenzaniso inonyatsokodzera kuverenga kukosha kwezvikamu zviduku.

Iko kunosara mari yemuenzaniso

Nzira yekuwana mari inoshandiswa pakushambadzira uchishandisa nzira yekusara inoshandiswa inotora kuti kuwanda kwemari inoshandiswa, kureva kuti, musiyano pakati pechiito chaicho uye chiyero chemari inofanirwa nevashandi panguva iyo yekuwana kambani kana zvikamu zvayo, ichashandiswa sechiratidzo chemari yekuyerera. Kana kukosha kwebhizimisi kuchiverengwa pamusana pekufungidzira kunoenderana nemuenzaniso uyu, zvichave zvakaenzana nehuwandu hwehuwandu hwebhuku nehuwandu huripo hwemari inotarisirwa yemari yakasara mushure mazvo. Muenzaniso wakadaro unoratidza kusanzwisisika kukuru kune huwandu hwemashoko anowanikwa mune zvinyorwa zvemari. Kune mamiriro ezvinhu echiRussia, kukwana kwemashoko akadaro kunowanikwa kune zvakanyanya kusahadzika.

Makomborero evatori vemabhiza

Zvinonzwisisika, vagoveri kana vashandi vekambani, iyo ine imwe nhoroondo, uyewo zvokwadi yekubhadhara zvikwereti, inogona kushandisa iyo nzira yekurasikirwa kuverenga kukosha kwekambani yavo. Mamiriro acho ndeokuti vagoveri vemabhizimusi emunyika iyi havasati vari vashoma, saka ivo nzira yakanakisisa ichava yekushandisa nzira inobatsira yekukoshesa dzimba nebhizimisi kuburikidza nemuenzaniso wekuderedza kusununguka kwemari. Munyika iyi, mari isingasviki nematengo ekutsvaga kana kudzorerwa kutarisirwa pamari inotengeswa inokosha. Dambudziko guru rekushandisa iri muenzaniso ndekururamisa kwekufananidzira kwekusununguka kwemari, uyewo tsanangudzo yakakwana yezinga rekuderedza.

Kana nzira yekuwana mari, sezvinotsanangurwa pamusoro apa, inoshandiswa, uye uchishandisa nzira yakaderedzwa yemari yekuyerera sezvo mari inotarisirwa kubva kubhizinesi inofunga nezvekufungidzirwa kwemari inoyerera iyo inogona kubviswa kubva mubhadharo mushure mekudiwa patsva kwechikamu chemari yemari. Sechiratidzo, mari inoyerera haifaniri kubva pane zvinyorwa zvinyorwa zvinoshandiswa pabasa, pamwe nekurasika kwayo. Panguva imwecheteyo, zvakakosha kufunga nezvekupi kwemari inoyerera - zvidimbu uye zvabuda. Kuongororwa kwezvinoreva zvemari yekuderedza mari yacho yakadai sechikonzero chezviitiko izvi, zvinoderedzwa nezviyero zvinogona kuwanika kumutengesi panguva yekuwana mari yakasarudzwa, kunze kwekuti akaisa mari yake kwete mubhizimisi rino iye zvino, asi munei Ndiyo imwe nzvimbo yekutsinhanisa yehupenyu hwevanhu, somuenzaniso, kuchengeteka kwemvura kana bhishopu yebhangi.

Zvimwe nzira dzokuwedzera

Nzira yekuwana mari, muenzaniso wayo yakatsanangurwa kare, ichangobva kushandiswa zvishoma nezvishomanana, ikozvino nzira yekuongorora yakave yakawanda zvikuru. Inoshandiswa kuongorora marudzi ose ezvigadzirwa, uye chikonzero chacho ndechimwe chinhu chekuti zvinhu zvose zvinogovera zvigadziriro zvezvakasarudzwa zvinotenderwa kugoverwa sechisarudzo ichi. Panguva ino, kurambwa kwemari inowanikwa mari inowanzoitwa nekuda kwechisarudzo chekutengesa mutengo (nenzira imwecheteyo, mufananidzo weBlack-Scholes).

Sangano rakadaro, kana rikashandiswa, rinoita kuti zvikwanise kuenzanisa mari yose yekambani yemari kana yebhizimisi munyaya iyo iyo inoshanda nekurasikirwa kukuru. Uyu muenzaniso wakagadzirirwa kuti uwedzere kutsanangura kuti sei mari yekambani yekodzero isiri zero, kunyange kana kukosha kwebasa rose kunowira pasi pezita rekuda chikwereti. Asi kunyange nebasa iri mupfungwa, zvinogona kucherechedzwa kuti mufananidzo we Black-Scholes wokuenzanisa kukosha kwemabhizimisi eRussia panguva ino inowedzera dzidziso. Iyo dambudziko guru, nekuda kweiyo muenzaniso uyu usingagoni kushandiswa kumabhizimisi emisha, ndiko kusakosha kwezvimwe zvinhu chaiwo zvemuenzaniso mitemo, iyo inonyanya kukosha.

Mhedziso

Imwe nzira inobatsira yekutengesa kwebhizimisi uye dzimba dzakashandiswa kakawanda, uye izvi zvinoitika nekuda kwezvikonzero zvakawanda. Kunyanya, izvi zvinosanganisira kukanganisa, nokuti pane zvinetso pakushandisa mumusika wevatengi. Chokutanga pane zvose, zvinofanira kuonekwa kuti zvakaoma sei kufanotaura nezvekudhura kwemari yemabasa uye zvigadzirwa, zvigadzirwa uye zvigadzirwa zvekushandisa, pamwe nekuoma kwevamwe zviratidzo zvemari. Panguva imwe chete, tinogona kutaurirana pamusoro pekuzviisa pasi kweongororo yekuongorora. Mukuwedzera, dambudziko iri kuderera kudururwa kwemashoko pamabhizimisi eRussia, uye chaizvoizvo zvakakosha pakugadzira zvigadziro kuverenga uye kugadzira muenzaniso weBlack-Scholes. Izvi zvinokonzerwa nehurukuro huru kune tsika dzekambani dzakashata dzemabhizimisi akadaro.

Nhamba yakawanda yezvikamu, kusanganisira zvikwata zvakawanda, zvinowanzoiswa mumaoko evanhu vashomanana, asi chikamu chevagove vashoma uye vadzidzisi vaduku, avo vane mugove muduku, haisi basa mumagetsi anogamuchirwa. Zvinotarisa kuti mabhizimisi mazhinji haasi kungofarira kuzivisa chero ruzivo. Ndicho chikonzero kuverenga kuburikidza nehuwandu hwekuwana mari inonyanya kuoma zvikuru maererano nehuwandu hwemaindasitiri nebhizimisi muRussia. Mune mamwe mamiriro ezvinhu, inoshanda nenzira yakanakisisa, kuratidzira ruremekedzo rwese uye kuvimbika.