Indlelanchubo yekusebentisa imali ekuhlolweni ingcebo futhi ibhizinisi. Ukusetshenziswa indlela engenayo

Indlelanchubo yekusebentisa imali yonke inhlanganisela Izindlela zokuhlola e ezakhiwo, impahla inhlangano, ibhizinisi ngokwayo, lapho izindleko isinqumo esenziwe ukuguqulwa izinzuzo zomnotho okuyinto kulindeleke esikhathini esizayo. Izisekelo ezicatshangelwayo indlela esingayisebenzisa iwukubonisa ngempela iyakholweka. value utshalomali ukubaluleka nezinzuzo esizayo okwamanje, okuyinto ehlisiwe ngesilinganiso ukubuya, okuyinto ibonisa riskiness kokutshalwa.

Kunengqondo lokhu futhi kufanelekile yimuphi asetshenziswe ekukhiqizeni nokudayiswa impahla amabhizinisi into ekhona, kanye ibhizinisi ayeyinikwe ukukhiqiza uyabuya omuhle. Ubukhulu kwezingozi lekusisa ibhizinisi luboniswa ezilinganiselwa lesaphulelo. Ngo indima ukuthi ngokuya kwezomnotho, manje simi izinga ukubuya ezidingwa yi-zimali phezu etshaliwe ezingeni engaqhathaniswa lezinto ingozi utshalomali, noma kuba ngesilinganiso nenzuzo yokutjala okunye nge ingozi engaqhathaniswa ngesikhathi kokuhlaziywa.

Izici

Ukusetshenziswa indlela engenayo practice impela umsebenzi onzima, ngoba kuyadingeka ukuhlola zonke determinant ebalulekile izindleko - izinga Ezimpindelweni nasezifundweni inzuzo. Lapho kuhlolwa izinkampani usebenzisa lezi amasu, udinga qiniseka ukuqhuba kokuhlaziya zonke izici key, kuhlanganise izindleko inzuzo inkampani, okuyinto nethonya eliqondile ku inzuzo, izindleko kanye nezingozi zidalwe ilungu ngalinye.

Indlelanchubo yekusebentisa imali ukuze ekwaziseni ibhizinisi isetshenziswa kaningi. Ngokwesibonelo, endabeni kombuso noma ekubumbaneni, ke le ndlela isetshenziswa kakhulu njalo yezindleko noma emakethe. Okunamathiselwe umthengi dolobha manje enziwe ukulindela ukuthi imali net ageleza eya amukelwe esikhathini esizayo, esingenakubalwa babhekwa okuqinisekisiwe, njengoba zinezikhathi izingozi ezithile. Indlelanchubo yekusebentisa imali ukuhlola lezi etintfweni ayisihluthulelo kunenzuzo, ngoba ukusetshenziswa indlela emakethe ezisekelwe ngokuvamile kudinga intengo-nomholo isilinganiso, noma enye efanayo imali zesi isikhathi zokuhlola, ngaphandle ecabangela ikusasa.

Ukuze emakethe zesi izici isici ezifana bengalondekile futhi ukwehluleka ukunikeza izitho zonke zinakekelane ngokufanayo ongase ufinyelelwe ngaphansi isimo ngokusebenzisa indlela engenayo kuya Isibikezelo nomholo esizayo futhi Isaphulelo amazinga. Ngokwesibonelo, isilinganiso "intengo-nomholo", esetshenziselwa ngonyaka, ayivumeli ukubonakalisa ngokwanele izinguquko olulindelekile eminyakeni ezayo. Proper ukusetshenziswa okuza inikeza ithuba lokubonisa izintandokazi jikelele zimali, bavame ukucaphuna abathengisi noma umkhakha imithombo.

ukusetshenziswa

Ekuhlaziyeni nokuvikelwa izidingo, futhi ulwazi mayelana nesabelomali yenkampani, lophocelela ukwenza izinguquko kanye nokuthuthukisa ukusetshenziswa kwezimali plan wadala, izibikezelo nemisho eziyisisekelo. Indlelanchubo yekusebentisa imali ekuhlolweni lebhizinisi ikuvumela ukukala zonke imibono ezihlobene ukuthi zikhona izinzuzo ezithile ukumuncwa ngenxa ukukhula imali, ukunciphisa izindleko, ngcono izinqubo noma ukunciphisa izindleko ezincane-caps. Nale ndlela kungenzeka ukukala futhi nixoxe konke. Ngaphezu kwalokho, ingasetshenziswa sithole isikhathi ukuqala izinzuzo kulindeleke, kanye ukubonisa inqubo yokunciphisa izindleko ibhizinisi kuze kube sezingeni lokuba, njengoba kukhona ukunyakaza izinzuzo ikusasa ezikude.

Ukusebenzisa indlela engenayo esiphakanyisiweko sinikela zombili abathengi kanye nabathengisi ithuba ukucacisa emakethe inani kahle ibhizinisi, kanye inani layo utshalomali ngenxa yesizathu esisodwa noma ngaphezulu abathengi zamasu. Uma lo mehluko uboniswa ngokucacile ngokwanele, abathengi kanye nabathengisi kalula ukubona izinzuzo kusukela ukusebenzisana futhi uthathe izixazululo ulwazi.

Uma usebenzisa indlela engenayo ekwaziseni ibhizinisi, kufanele ugcine engqondweni ukuthi izindleko ibalwa siqukethe izindleko zonke impahla ukuthi isetshenziswa inkambo eqondile. Njengengxenye indlela, zikhona izindlela eziningana ukulinganisa, Sinesithakazelo kakhulu. Ikakhulukazi, lezi zindlela ziyasetshenziswa engenayo indlela: osonhlamvukazi kanye ehlisiwe kwemali. Ungabuka ngokuningiliziwe.

izindlela

Ukusebenzisa indlela ofeleba yemali ageleza Imininingwane ukubaluleka ibhizinisi lutholwa, kuncike nokuphuma kwemali eyenziwe ezingaba impahla yebhizinisi. Ukungena kwemali ebhizinisini noma kwibhizinisi sisonke - umehluko phakathi wonke ziyamaniswa nokungangeni futhi yiziphethu izimali esikhathini sokukhokha. Ngokuvamile esetshenziselwa isikhathi ekubalweni unyaka owodwa. Le nqubo ukuguqula ezingeni omele ukugeleza kulindeleke semali inani lamanje sokuhlukanisa yonke ukugeleza imali yesilinganiso ofeleba yokutholwa. Kulokhu, lo ukusakaza kwezezimali efanele, kanye izinguquko.

Ukusebenzisa indlela ezivamile esetshenziselwa kuhlaziywa nokuphuma kwemali enetheni inzuzo kwalokho (kubalwa emva kwentela) izindleko non-cash ukunquma inani eliphelele kwemali osonhlamvukazi. Le ndlela yokubala angabhekwa lula ngaphezulu ziqhathaniswa ekubalweni khulula kwemali ezilotshwe njengenhlangano kwalokho okudingekayo capital investment kanye nesidingo dolobha umthamo wemvula, kuyinto kungaxoxwa.

Discounting nokuphuma kwemali

Le ndlela ngokuyisisekelo isekelwe kuphela kulindeleke nokuphuma kwemali, okuyinto eyenziwe ibhizinisi uqobo. Umehluko isici phakathi liqukethe e yokuthi izindleko adingekayo score ukulinganisa ekutholeni izinga omele kwemali. Le ndlela kwabantu emazweni asethuthukile sasiyiminyaka esetshenziswa kakhulu ngenxa yokuthi ingasetshenziswa iphendule ngenxa yazo zonke izibusiso. Ukungena kwemali ngokuvamile ilingana nenani lezinombolo imali net kanye ukwehla, inqobo inzuzo ukukhupha net zokusebenza bofeleba netinhlavu emikhulu yentuthuko ehlinzekelwe ukutshalwa kwezimali.

Imibandela elandelayo ngokusetshenziswa ehlisiwe cash flow indlela:

• kukhona isizathu sokukholelwa ukuthi nokuphuma kwemali esikhathini esizayo kuyoba amazinga ehlukene zamanje, okungukuthi, sikhuluma ekuthuthukiseni ibhizinisi;
• kukhona bubanti ukuhlolwa okunenjongo lokungena nokuphuma kwemali esikhathini esizayo usebenzisa ibhizinisi noma commercial ingcebo;
• into ukwakha isinyathelo okuphelele noma okuyingxenye;
• Enterprise kuyinto okuxubile-ukusetshenziswa Inani emikhulu yezentengiselwano.

Indlelanchubo yekusebentisa imali impahla yokulinganisa yi ehlisiwe kwemali indlela iyona engcono, kodwa elisetshenziswa kukhathaza kakhulu. Kukhona izilinganiso ukuthi ngaphandle isicelo sale ndlela ukukhiqiza engenakwenzeka. Lezi zihlanganisa ukuthuthukisa iphrojekthi utshalomali ukuhlolwa kwalo okwalandela.

Izinzuzo indlela discounting

Uma uprakthiza indlela engenayo ekuhlolweni ingcebo noma ibhizinisi ngokusebenzisa discounting indlela, kungenzeka ukuhlonza ezinye izinzuzo main. Okokuqala sikhuluma lokho inzuzo ikusasa ibhizinisi ngqo acabangele kuphela olulindelekile kunciphise nezindleko ukwenziwa imikhiqizo ukudayiswa kwalo okwalandela, kanye nokutshalwa esizayo ezihlobene ne ukugcinwa kanye ukunwetshwa ukukhiqizwa futhi ukuhweba amakhono, njengoba kubonakala kula inzuzo umhlahlo ngokungaqondile kuphela ngokusebenzisa zamanje yabo ukwehla.

amaphuzu abalulekile

Ukuhlolwa indlela engenayo ngenxa yokuntula inzuzo noma ukulahlekelwa kube inkomba yokuthi utshalomali ukubala wenziwa nangemva kokucabangela yokuthi inzuzo kuyinto inkomba ezimali yokubika, ngakho obala yokwesatshiswa ephawulekayo phakathi ukusebenza.

I ehlisiwe kwemali indlela siqukethe amaqembu amathathu onobuhle:

• izinzuzo ehlisiwe;
• engenayo asalile;
• ehlisiwe nokuphuma kwemali.

Uma wayekwenza indlela commercial ngokuhambisana imodeli idividendi isitifiketi Isaphulelo njengoba kwemali, ukusebenzisa izinkokhelo ngamasheya. Naphezu kweqiniso lokuthi imodeli kakhulu ezivamile umkhuba ngamazwe sizibone kanye nokuhlolisisa ukubaluleka impahla yebhizinisi, it has eziningi ezingezinhle. Ngo onobuhle kungekho agcinwayo nomholo ezimali degree. Kukhona umehluko inqubomgomo idividendi, izinkampani ngamunye hhayi kuphela, kodwa futhi ngoba lonke lelo zwe. Le ndlela ngeke ikwazi ukusetshenziswa ngesikhathi amabhizinisi ukuthi ayisizi. Le modeli kangcono sokubalwa ukubaluleka amasheya amancane.

Asalayo Income Model

Indlelanchubo yekusebentisa imali ukuze ukulinganisa by asalile imodeli indlela izitshela ukuthi njengoba isilinganiso cash flow ingasetshenziswa ukubaluleka imali asalile ngeke, okusho umehluko phakathi inzuzo naphezu Usayizi inzuzo, okuyinto kwabikezelwa ngu bamasheya ngesikhathi ukuthengwa inkampani noma ukwabelana yayo. Uma ukubaluleka ibhizinisi yabalelwa ngesisekelo ezizathwini afanele imodeli, kuyoba ilingana nenani lezinombolo yencwadi Inani nge inani lamanje lemali okulindeleke imali esele ngemva kwalokhu. Le modeli sikhombisa ukuzwela okukhulu izinga idatha ethulwa ezitatimendeni zezimali. Kwezimo Russian le nokwanela kwalokho kwaziswa kuncike ukungabaza abalulekile.

Kuzuze masheya

Ngokwemvelo, bamasheya noma kwabanikazi bamasheya enkampanini, elinomlando ezithile, kanye nenzuzo izinkokhelo amaqiniso, ingakwazi ukusebenza imodeli Isaphulelo ukubala izindleko inkampani yakhe. Isimo wukuthi lo mkhakha amabhizinisi bamasheya akuvamile abambalwa, ngakho ngabo indlela efanelekayo kakhulu ukusebenzisa indlela engenayo ekuhlolweni ingcebo futhi imodeli yebhizinisi discounting khulula nokuphuma kwemali. Kulesi simiso ukhiye ayatholakala nge cash Isaphulelo amazinga noma ukubuya olulindelekile ku utshalomali. Inkinga enkulu nale imodeli ukunemba isibikezelo cash khulula ukugeleza, kanye definition ezanele rate isaphulelo.

Uma sisebenzisa indlela engenayo, kwencazelo enganikwa ngenhla, usebenzisa ehlisiwe kwemali indlela njengoba imali okulindeleke bemikhakha yetemabhizinisi, acabangele esivezwa notshwala zezimali, okungase kuhoxiswe kwegazi emva reinvestment okwakufuneka inzuzo yemali. Kube inkomba yokuthi nokuphuma kwemali musa kuxhomeke ohlelweni ezimali elisetshenziswa ibhizinisi, kanye nenqubomgomo yayo kwentengo. Kulokhu, qiniseka ukuba acabangele imali ageleza - ziyamaniswa nokungangeni futhi yiziphethu. Ukuhlolwa umqondo kwezezimali ukuze kwehliswe imali kangangokuthi ngenxa yalezi zinhlelo kuyinto ukunciphisa yabo lemali ukuthi kwakuyoba atholakale zimali ngesikhathi kokuthola kwemali, ngaphansi kombandela wokuthi wabeka imali yabo hhayi ibhizinisi njengamanje, futhi kulokho -Yini nezinye kwempahla utshalomali bemvelo umphakathi, isibonelo, zezimali wokuvikela noma imali ebhange.

amasu ezengeziwe

Indlelanchubo yekusebentisa imali, isibonelo lapho kwachazwa phambilini, osanda sazikhohlwa, futhi manje usengomunye indlela ezivame kakhulu nokuhlola. Isetshenziselwa nokuhlolwa kwempahla ahlukahlukene, futhi ukhonza njengoba isisekelo umqondo wakhe ukuthi iliphi ifa ohlukanisa izici eziyinhloko izinketho isitokwe uzavunyelwa ukuba ukuhlola lokhu njengento yokuzikhethela. Okwamanje, ukwenqaba indlela engenayo uvame eyenziwa esivuna imodeli inketho ekhokhwayo (ngokulandelana, Black-Scholes).

isimiso esinjalo, sisetshenziswa, ivumela ukuhlolwa inani nokulingana lenkampani noma ibhizinisi kuleli icala lapho ukusebenza ukulahlekelwa elikhulu. Le modeli kuhloswe ukuba eminye uchaze ukuthi kungani izindleko nokulingana inhloko-dolobha ibhizinisi akuyona zero, ngisho noma ukuncipha izindleko ibhizinisi ngezansi ubukhulu okuzisholo yesikweletu. Ngisho ne inzuzo enjalo, kungase kuqashelwe ukuthi imodeli Black-Scholes ngoba uhlu izinkampani Russian okwamanje has theory ngaphezulu. Inkinga eyinhloko, ngenxa okuyinto lokhu imodeli ayikwazi ukusetshenziswa kubhizinisi yasekhaya - kuba ukungabi khona ezinye ubufakazi for kwemigomo oyisibonelo, zidingeka ngokushesha.

okutholakele

Income indlela kubhizinisi yokulinganisa futhi ingcebo zaqala ukusetshenziswa kakhulu kancane njalo, futhi lokhu kwenzeka ngenxa yezizathu eziningi. Ikakhulukazi, kumayelana kwamaphutha ngenxa okuyinto zikhona nobunzima esebenzisa ngayo emakethe umthengi. Okokuqala kufanele kuphawulwe ukuthi kunzima kangakanani ukwenza izibikezelo izindleko ikusasa amasevisi kanye nemikhiqizo, futhi izinto zokusetshenziswa, kanye nazo zonke ezinye izinkomba okokufaka eziyinkimbinkimbi. Kulokhu, sikwazi ukukhuluma ezinye subjective uchwepheshe ukuhlolwa. Ngaphezu kwalokho, inkinga ongaphakeme Imininingwane ubugebengu ukuthola kumabhizinisi isiRashiya, futhi ngoba kubalulekile ukubala ilungile futhi imodeli Black-Scholes. Lokhu kungenxa kakhulu ongaphakeme ngosiko izinkampani.

Inombolo enkulukazi ukwabelana, kuhlanganise amaphakheji samanje futhi ezinkulu, bagxila ezandleni umbuthano elincane labantu, begodu nenani labantu esizweni esincane bamasheya kanye nabanikazi impahla encane, abasabelo sabo sikulokhu liphansi kakhulu, enhloko-dolobha share azinakwa. It kuvela ukuthi izinkampani eziningi zimane akanandaba ukudalula noma iluphi ulwazi. Ngakho-ke eliyinkimbinkimbi kakhulu ekubalweni indlela engenayo ngokuphathelene iningi izimboni namabhizinisi eRussia. Ngaphansi kwezinye izimo, isebenza kahle, ekuboniseni konke zako nokwethembeka.