Indlela yengeniso nohlolo izindlu kunye noshishino. Isicelo lwendlela zengeniso

Indlela yengeniso ludibaniso lonke iindlela zovavanyo amaxabiso impahla, impahla lombutho, ishishini ngokwayo, apho iindleko endliweke senziwa ukuguquka iinzuzo zoqoqosho nekulindeleke kwixesha elizayo. Iziseko theoretical le ndlela kakhulu ekholisayo. Ixabiso lotyalo lixabiso lweenzuzo elizayo ngalo mzuzu, apho izaphulelo ngesantya lokubuya, nto leyo ebonakalisa ukuba Umngcipheko mali.

Oku unengqiqo yaye ilungele nayiphi asetyenziswe kwimveliso intengiso kwipropati amashishini into ekhoyo, kwakunye ishishini lakhe enikiweyo ukwenza imbuyekezo encumisayo. Ubukhulu iingozi zotyalo-mali kweli shishini ibonakaliswa eliqikelelwayo izinga isaphulelo. Xa indima ukuba ngokwemigaqo yezoqoqosho, ngoku kumi izinga lokubuya ezifunwa yi-abatyali phezu kweengqukuva esityalwe kwinqanaba efana zezinto tyalo, okanye ke ireyithi yokubuyiswa kweengxelo mali eyenye kunye nomngcipheko enokuthelekiseka ngexesha yovavanyo.

iimpawu

Isicelo Indlela yengeniso yokwenza kakhulu umsebenzi onzima, ekubeni kuyimfuneko ukuhlola zonke onefuthe obalulekileyo yeendleko - izinga lokubuya kunye nenzuzo. Xa ukuhlola iinkampani usebenzisa ezi ubuchule, kufuneka uqiniseke ukuba ziqhube uphando lokujongisisa ngokucokisekileyo zonke izinto ezingundoqo, kuquka iindleko nengeniso ye nkampani, nto leyo ibe nefuthe ngqo kwi ingeniso, iindleko kunye imingcipheko ukuthi zidalwe yi ilungu ngalinye.

Indlela yengeniso ukuya ezikhuthaza ishishini isetyenziswa kakhulu rhoqo. Umzekelo, kwimeko kombuso lenkampani, ngoko le ndlela isetyenziswa kakhulu ngakumbi rhoqo yexabiso okanye emarikeni. capital Attachment umthengi ngoku kunye kulindeleke ukuba nemali ethe kwemali ukuba samkelwe kwixesha elizayo, zibe zicingeleka alunakuqinisekiswa, njengoko luphawulwa iingozi ezithile. Indlela yengeniso ukuvavanya ezi njengeyo- ezingundoqo enexabiso, ukuze kusetyenziswe indlela yentengiso-based sidla ifuna amaxabiso-holo ratio, okanye ezinye iziphindwa yengeniso efanayo ixesha emva, ngaphandle kokuthatha ingqalelo elizayo.

Kuba iziphindwa market iimpawu iimpawu ezifana ukungakhuseleki, kwaye ukusilela ukunika indlela kuninyamekela aokusetyenziswa phantsi imeko yokusebenzisa indlela ingeniso wokuba lentelekelelo ingeniso elizayo kunye namazinga isaphulelo. Umzekelo, umlinganiselo "ixabiso-holo", nesetyenziswa kangangonyaka, akavumeli ukubonisa ngokwaneleyo utshintsho ezilindelekileyo kwiminyaka ezayo. Olululo ukusetyenziswa okuza inika ithuba lokubonisa ezikhethwa jikelele abatyali-mali, badla ngokucaphula abathengisi okanye imithombo shishino.

ukusetyenziswa

Iimfuno uhlahlelo kunye nokhuselo, kunye nolwazi malunga mali yenkampani, nto leyo enyanzelisa ukwenza utshintsho kunye nophuhliso ngokwe mali kwesicwangciso wadala, iingqikelelo kunye nezivakalisi ezisisiseko. Indlela yengeniso nohlolo ishishini likuvumela ukuba umlinganiselo yonke imibono enxulumene nokuba kukho izibonelelo ezithile ukufunxeka ngenxa yokwanda ingeniso, ukunciphisa iindleko, ukuphucula iinkqubo okanye ukunciphisa iindleko ezincinane-CAPS. Ngale ndlela ke kunokwenzeka ukuba umlinganiselo nokuxoxa yonke into. Ukongezelela, oko izakusetyenziswa ukugqiba ixesha ekuqaleni iinzuzo ezilindelekileyo, kwakunye ukubonisa inkqubo yokunciphisa iindleko lweshishini kangangokuba, njengokuba kukho intshukumo ye amancedo kwikamva ezikude.

Ukusebenzisa indlela ingeniso ibonelela zombini abathengi nabathengisi ithuba ukuqingqa ixabiso lemarike elilungileyo lweshishini, kwakunye nexabiso layo zotyalo-mali enye okanye ngaphezulu abathengi qhinga. Ukuba lo mahluko siboniswe ngokucacileyo ngokwaneleyo, abathengi nabathengisi kalula ukuchonga iinzuzo evela intsebenziswano uthabathe izisombululo ulwazi.

Xa usebenzisa indlela ingeniso ukuya ezikhuthaza ishishini, kufuneka sikhumbule ukuba iindleko ebalwa iqulathe ixabiso yonke impahla esetyenziswa ngethuba amanyathelo ngqo. Njengenxenye yale nkqubo, kukho iindlela ezininzi ukuqikelela, sizezona umdla. Ngokukodwa, ezi iindlela indlela ingeniso esebenzayo: nezinto izaphulelo cash flow. Uyakwazi ukujonga ngokweenkcukacha ezingakumbi.

iindlela

Ukusebenzisa indlela ngemali eziinkozo kwemali ixabiso lweshishini lilonke wabonakala, kuxhomekeke KWEMALI eyenziwe amandla impahla lweshishini. Cash flow ishishini okanye kwishishini liphela - ngumahluko phakathi zonke nokungena kunye yimithombo mali kwixesha yokubizwa kwentlawulo. kusetyenziswa Ngokuqhelekileyo kwisithuba ukubala unyaka omnye. Le nqubo ukuguqula kwinqanaba emele kwemali ekulindeleke imali ixabiso elikhoyo ngokwahlula yonke imali engenayo nephumayo ngenxa umyinge capitalisation eyamkelweyo. Kulo mzekelo, ingeniso umlambo efanelekileyo, kunye ezithile.

Ukuze usebenzise indlela eqhelekileyo esetyenziswayo yokubala nokuphuma kwemali ukongeza ingeniso net (ibalwa emva kokuba irhafu) iindleko non-cash ukumisela ixabiso elililo yokuhamba kwemali eyinkunzi. Le ndlela yokubala nako kuqwalaselwa lula ngakumbi xa kuthelekiswa ukubalwa cash flow ezamahala, ezithi zibhalwe-mali eyinkunzi Ukongeza efunekayo kunye nemfuneko wemvula ezinkulu, ayikho indlela yokuxoxisana.

Kumaxabiso nokuphuma kwemali

Le ndlela yakhiwe isekelwe kuphela nokuphuma kwemali kulindeleke, leyo uzikise kwishishini ngokwayo. Umahluko uphawu phakathi oko sikuko yokuba iindleko eziyimfuneko inqaku yokubala kujongwa inqanaba ummeli cash flow. Le ndlela kumazwe aphuhlileyo yaba yeyona ngokubanzi ngenxa yokuba ingasetyenziswa ngazo zonke ezi amathemba. flow Cash ilingana ngokubanzi isamba zengeniso ngomnatha kunye uphelelo, ngaphandle kokuba ukukhupha inzuzo eyinkunzi yokusebenza kunye nenkcitho capital investment net.

Le miqathango ilandelayo zokusetyenziswa discounted ndlela cash flow:

• kukho isizathu sokukholelwa ukuba nokuphuma kwemali elizayo kuya kuba amanqanaba ezahlukeneyo ngoku, oko kukuthi, sithetha ekuphuhliseni lweshishini;
• kukho umda ukuba uhlolo luncedo lokungena elizayo imali usebenzisa ishishini okanye yorhwebo ezithengiswayo;
• injongosenzi kukwakha linyathelo ngokupheleleyo okanye ngokungaphelelanga;
• Enterprise ingxubevange-ukusetyenziswa ixabiso yorhwebo enkulu.

Indlela yengeniso ngokulinganisela nepropati indlela cash flow ngesaphulelo yeyona ilungileyo, kodwa ukusetyenziswa kwalo nzima kakhulu. Kukho uqikelelo ukuba ngaphandle isicelo yale ndlela ukuvelisa engenakwenzeka. Ezi ziquka uphuhliso kukho iprojekthi zotyalo-mali kunye novavanyo lwayo olulandelayo.

Izinto eziluncedo indlela kumaxabiso

Ukuba uqhelisela indlela yengeniso nohlolo welifa okanye ishishini nge kumaxabiso ndlela, kuyenzeka ukubona ezinye zeengenelo eziphambili. Okokuqala sithetha ngento iinzuzo elizayo weshishini athathe ngqo ingqalelo kuphela iindleko zokusebenza ezilindelekileyo ukwenzela ukuvelisa iimveliso yokuthengisa kwakhe emva, notyalo elizayo enxulumene nokugcinwa kunye nokwandiswa kwemveliso norhwebo amandla, kubonakala inzuzo uqikelelo ngokungathanga ngqo kuphela abayenzayo ukwehla.

iingongoma ezibalulekileyo

Uvavanyo lwendlela yengeniso kunye kukungabi inzuzo okanye ilahleko njengoko sisalathisi yokubala mali lwenziwa emva uhlengahlengiso ngenxa yokuba ngeniso sisalathisi ingxelo mali, ngoko boniswa okubi ezibalulekileyo ngexesha lokusebenza.

Indlela yokuhamba kwemali ngesaphulelo iqulathe amaqela amathathu imifanekiso:

• nezahlulo izaphulelo;
• imali eyintsalela;
• nokuphuma kwemali ngesaphulelo.

Xa ekhona indlela yorhwebo ngokungqinelana kunye nesiqinisekiso isaphulelo model tivi nje ukungena nokuphuma kwemali, sebenzisa ahlawulelwe izabelo. Ngaphandle kwento yokuba modeli ixhaphake kakhulu xa kusenziwa ngamazwe ngenxa yokuchonga siphonononge ixabiso lempahla lweshishini, it has a lot of nezingalunganga. Xa onobuhle akukho isidanga kwimivuzo accounting igcinwe. Kukho umahluko nkqubo tivi, hayi kuphela iinkampani ngabanye, kodwa lonke elo lizwe. Le ndlela ayikwazi ukuba kusetyenziswa amashishini ukuba aziyi kukunceda. Le modeli na izityalo ukuze kubalwe yexabiso kwezabelo abambalwa.

Residual Income Model

Indlela yengeniso ukuya ukulinganisela ngu indlela eyintsalela modeli wenza njengoko umlinganiselo kwemali kuya kusetyenziswa ixabiso zengeniso intsalela, okt umahluko phakathi ingeniso kwaye ubungakanani ingeniso, leyo kwaxelwayo zabelo ngexesha lokuthengwa inkampani okanye izabelo zayo. Ukuba ixabiso lweshishini iye ibalwe ngenxa ngeenkolelo efanelekileyo imodeli, kuya kuba kulingana isixa yexabiso ncwadi kunye ixabiso elikhoyo yesixa elindelekileyo ingeniso eseleyo emva koku. Le modeli ibonisa uvakalelo elibalulekileyo umgangatho data ezo zichazwe kwiingxelo zezimali. Kuba iimeko Russian nokwanela ulwazi olunjalo kuxhomekeke kwamathandabuzo ebalulekileyo.

Iinzuzo ayizukwenza

Ngokwendalo,-zabelo okanye abanini-zabelo inkampani, leyo imbali ethile, kwakunye neentlawulo tivi ukuba izibakala, Ungathatha ingqalelo le modeli Izaphulelo ukubala iindleko inkampani yakhe. Le meko kukuba le amashishini kwicandelo zabelo kunqabile amancinane, ngoko kubo eyona ndlela ifanelekileyo kukuba ukusebenzisa indlela ingeniso nohlolo estate lokwenene model ishishini kumaxabiso nokuphuma kwemali free. Kule nkqubo isitshixo ziyafumaneka kunye amazinga imali isaphulelo okanye imbuyekezo ezilindelekileyo kwi investment. Eyona ngxaki inkulu kule modeli yi ukuchana uqikelelo cash ezamahala kwemali, kwakunye nkcazelo olwaneleyo izinga isaphulelo.

Ukuba sisebenzisa indlela ingeniso, inkcazelo leyo ezinikelwe ngentla, esebenzisa izaphulelo indlela cash flow njengoko ingeniso elindelekileyo esuka kwishishini, ithathele ingqalelo enabela ibiqikelelwe, leyo ingakhutshwa kwi ejikeleza emva kokuba utyale efunekayo yenzuzo yemali. Njengoko sisalathisi lokungena nokuphuma kwemali musa ixhomekeke kwinkqubo yocwangciso ezisetyenziswa kwishishini, kwaye umgaqo-nkqubo wayo ukuphelwa lixabiso. Kule meko, qiniseka ukuba ithathele ingqalelo nayiphi na imali kwemali - nokungena kunye ephumayo. Uvandlakanyo ingqiqo mali zingalujongi imali ezifana ukuba ngenxa yezi nkqubo is ukuncitshiswa zabo imali bekuya kuba iyafumaneka kwi-mali ngexesha zokufumana cash flow, phantsi komqathango wokuba wayibeka imali zabo kwishishini kanye ngoku, yaye yintoni -hayi enye asset yotyalo zohlobo zoluntu, umzekelo, ukhuseleko amatyala okanye imali ebhankini.

iindlela ezongezelelweyo

Indlela yengeniso, umzekelo apho kuchaziwe ngaphambili, ezisetyenziswa kunye ngaphantsi, kutshanje kwaye ngoku uye waba indlela oqhelekileyo wovavanyo. Oku kusetyenziswa kuvavanyo lwe-asethi ezahlukeneyo, kwaye lisebenza njengesiseko ingcamango yakhe nayiphi na impahla esohlukanisa iimpawu eziphambili iinketho stock uya kuvunyelwa ukuba ukuvavanya oku khetho. Okwangoku, eli ligatya lwendlela zengeniso amaninzi wenziwe ngakwicala imodeli ukhetho amaxabiso (ngokulandelelana, i-Black-Scholes).

Loo nkqubo, oko kukuthi isetyenziswa, ivumela uvavanyo ixabiso lilonke Ukulingana kwenkampani okanye ishishini kwimeko apho isebenza na iilahleko ezinkulu. Le modeli yenzelwe ukucacisa ngakumbi kutheni indleko yekhapitali equity lweshishini ayikho zero, nokuba ukwehliswa kwamaxabiso lweshishini ngezantsi ubungakanani nominal ityala. Kwanokuba inzuzo enjalo, ukuze kuqwalaselwe ukuba umfuziselo Black-Scholes ukuba ixabiso iinkampani Russian ngalo mzuzu uye theoretical component ngakumbi. Eyona ngxaki, ngenxa yokuba lo ongumzekelo ingenakusetyenziswa kulophulo ishishini yasekhaya - kuba ukungabikho kwezinye ubungqina parameters imodeli, apho kwakufuneka Ziyabongozwa.

iziphumo

indlela Income ukulinganisa ishishini kunye nemihlaba waqalisa ukusetyenziswa kakhulu ngaphantsi rhoqo, yaye oku kwenzeka ngenxa yezizathu ezininzi. Ngokukodwa, kumayelana ukuqhwalela ngenxa yokuba apho kukho ubunzima ngokusebenzisa kwimarike umthengi. Okokuqala kufanele kuphawulwe ukuba kunzima kangakanani na ukwenza uqikelelo yeendleko elizayo iinkonzo kunye neemveliso, yaye izinto, kwakunye nabanye izibonisi ezintsonkothileyo. Kulo mzekelo, singathetha ngayo ezinye iimvavanyo ingcali ayinyani. Ukongeza, ingxaki ulwazi ephantsi Ubhaqo ulwaphulo-mthetho kumashishini Russian, nangenxa kubalulekile nendlela ekubalwa echanekileyo kunye nemodeli Black-Scholes. Oku kakhulu eliphantsi inkcubeko ngenxa iqumrhu leenkampani.

Inani elikhulu lezabelo, kuquka iiphakheji langoku enkulu, buzinze ezandleni wesangqa elincinane labantu, yaye isixa -zabelo abambalwa kunye nabanini impahla encinane, ogama isabelo iphantsi kakhulu, imali sabelana ayinamsebenzi. Kubonakala ukuba iinkampani ezininzi nje abanamdla ukuxela naluphi na ulwazi. Ngoko ke intsonkothe ngaphezulu ukubalwa indlela zengeniso malunga uninzi kwamashishini kunye namashishini eRashiya. Phantsi kwezinye iimeko, isebenza kakuhle, ebonisa zonke izinto zalo kunye nokuthembeka.