Izixhobo zemali - izixhobo Financial ukuba ... umgaqo-mali. izibambiso

Le kwiimalike zemali ehlabathini jikelele - liqumrhu enzima, nto leyo iinkalo ezininzi ngokuxhomekeke kwimithetho yayo kunye nemigaqo yophuhliso. Noko ke, ezinye iimpawu esisiseko sele kudala wafunda kwaye iboniswa zifana. Ngaba akukho Ngaphandle njengezixhobo zemali. Le uxwebhu okanye ngohlobo ababhaliswe ngokusemthethweni, nto leyo ukulungisa isivumelwano kwezomthetho.

Xa ezoqoqosho, yamkela igama kancinane. Ngoko ke, ngokutsho kwakhe, izixhobo zemali - yinto isivumelwano nto leyo eqinisekisa ukuba indalo le-asethi zemali kwelinye macala omabini, kwakunye liabilities zemali (isixhobo equity) - elinye iqela. Baya kuba ngabantu ngokomthetho nezendalo.

Yintoni na loo nto?

Ingcamango a ezahlukeneyo kakuhle. Ekukholelwa ukuba izixhobo zemali zezi zilandelayo:

• I-asethi eyimali. Ngoko kubiza imali, ilungelo lokufuna ukuba nabo kwezinye iimeko, kwakunye nokubonelela ngesixhobo equity okanye ezinye isixhobo zemali.
• njengamatyala emali. Ngako oko, isivumelwano ebizwa ngokuba apho elinye icala lingacela ii-asethi zemali kwelinye iqela.
• An isixhobo equity. Kananjalo isivumelwano okunika ilungelo lokufumana yinxalenye yempahla yombutho.

nezimaphambili ezingundoqo

Phantsi IFRS (IAS) 32, kwimpahla zonke ziyafumaneka kwi cash amazwe yenkampani, kufunyanwa urhwebo, utyalo-mali kunye izibambiso. Izibophelelo zikwaquka kuhlawulwa kubathengisi, kwakunye nazo zonke ezinye iintlobo ityala elinjalo. Inkampani unyanzelekile ukuba baqaphele ukuba unobutyebi kunye namatyala kuphela xa omnye amaqela kwisivumelwano (isixhobo-mali).

Zonke ezi zixhobo zemali ezisisiseko ilinganiswa fair value yayo kuphela. Ngokuqhelekileyo, oko iindleko-asethi, okanye ihlawulwe ukususela izibophelelo ezikhoyo yenkampani.

Malunga ixabiso elifanelekileyo

Indlela ukufumanisa ubukhulu yale ndleko ngokungakhethe kangangoko kunokwenzeka? Ukulungiselela le njongo, ixabiso imicimbi enjalo, leyo bakulungele ukwenza kwelinye icala, kakuhle unolwazi malunga emarikeni kunye iindleko namatyala nkampani. Ngcono kwaye kulula ukuyisebenzisa nje ixabiso-asethi zemali kwimalike kawonkewonke.

Kuthekani Ukuba oku akwenzeki? Kule meko kufuneka sisebenzise naliphi na ubuchule ixabiso eyamkelekileyo. Lilonke umongo yabo iyafana: bevela kumacala amabini, abanomdla esivumelwano enye, emva kokuba ibalwe iindleko kunokwenzeka.

Kananjalo lichaza ukuba ukusetyenziswa lolwazi lorhwebo beyikhoni wesithathu, kutshanje leyo aye enza nezahlulo ezifanayo okanye baba nomdla kuzo, wenza uhlalutyo kwinjongo lokungena nokuphuma kwemali ngesaphulelo. Kubalulekile ukuba usebenzise indlela efanelekileyo yokuqingqa ixabiso leenketho, kuba kungenjalo emarikeni yezabelo akayi kuba nako ukwenza ixabiso njongo ngokwenene-asethi.

Ukwahlukanisa asethi zemali

Ukuze lula uvandlakanyo olulandleayo (ukuba kufuneka kuzo), zonke ii-asethi ezichongwe zahlulwa ngolu hlobo lulandelayo:

• Asethi, ekufuneka ihlolwe ngokusekelwe kwixabiso elifanelekileyo.
• Zonke izimali ekufuneka kubanjwa de kwemali epheleleyo.
• Akhawunti nayo yonke lweshishini mboleko ezikhoyo obalaseleyo.
• Zonke ii-asethi ezikhoyo zemali, ezifumaneka ezithengiswayo okwangoku.

Cinga zonke ezi zinto iinkcukacha ezingaphezulu.

Iimali ezifunyanwayo

Kunye mboleko kunye ezifunyanwayo ibandakanye ukugqithiselwa kweempahla okanye imali umnatha onetyala, ngokuxhomekeka ekubeni yokugqibela akafuni kuphinda abuthengise obo ityala kwabanye abantu. Bona kuvavanywa eyayamiswe kwixabiso yokuhla kwexabiso.

Oku kubhekisela isixhobo zemali ixabiso apho sibhalele-zibekho amatyala amabi (ngokupheleleyo okanye ngokuyinxenye) etsaliweyo imali yetyala okanye yaveliswa nokuba yinto. Amaninzi ukuba ibalwa ngokusebenzisa ngempumelelo umyinge wenzala, ukusukela ukuba oku kuvumela ngokwaneleyo ukuqinisekisa ixabiso le-asethi, nokuba lomonakalo kwenxenye ye yokugqibela.

Oku kwenza i izixhobo zemali ngempumelelo ngakumbi, kwaye bathenge - kukulungele abatyali mali yenkampani.

Iimpahla njengebanjelwe ukuba ithengiswe

Zonke ii-asethi ukuba liqingqwe ixabiso elifanelekileyo kwaye zenzelwe ukuba urhwebo lungahlukaniswa ngolu hlobo lulandelayo:

• Afunyenwe Resell kwixesha elifutshane.
• Ukuba ziyingxenye ipotifoliyo-mali, nto leyo, kwakhona, kukuba ezithengiswayo kwixesha elifutshane.
• Ukuba impahla sisixhobo imveliso.

Uxanduva nemigaqo yokusetyenziswa

Akukho mbutho unelungelo lokubeka izixhobo zemali zilinganiselwa ngexabiso elifanelekileyo, okanye awasuse kulo. Kwaye oku kusebenza lonke ixesha isixhobo ubunini, okanye ngexesha iphumile.

Xa sincokola ngayo utyalo ukuba agcinwe lokuvuthwa, ukuba zithathwa ukuba babe asethi kunye nezixa abasimiselweyo leentlawulo kunye isithutyana ezi zixhobo. Oku kusebenza kuphela ezo kutyalo ngumbutho nje uzinikele, kodwa iyakwazi babambelele. Hi ndlela leyi, izibambiso ityala abe variable iindleko umdla kwakhona awele kolu didi.

Esibonisa injongo yokubanjwa

Le ulinganisele njengoko kukufunyanwa kwempahla, kwaye ngomhla ngamnye wokunika ingxelo. Kwaye ngenjongo yokuqhuba ii-asethi ezixabisa iikhrayitheriya kakhulu ngakumbi ezingqongqo, ukuba usithelekise ngenjongo ezithengisa ngalo mzuzu. Inyaniso kukuba yonke imibutho ukuba senze ngendlela eyahlukileyo, ukuthandabuza nokwenzeka yokusebenzisana lwexesha elide kunye nabo, ngoko ngokuzenzekelayo mazithathwe abaxhasi ukungathembeki.

Konke oku kunokukhokelela ukuyilwa portfolio ekhethekileyo isohlwayo setyala, zonke yotyalo apho nkampani kufuneka ukubamba ukuya lokuvuthwa kwazo ngokupheleleyo. Kuzo zonke ezinye ii-asethi akuvumelekanga ngokungqongqo ukusebenzisa kwenkcazo 'basigcina ekuvuthweni ", isithintelo ungadluliselwa ngeminyaka emithathu emva kokuba uthenge. Ukuba inkampani sele olu hlobo elifutshane kwiimarike zemali, kufuneka iguqulelwe kudidi ukuthengisa ngexabiso elifanelekileyo kunye nelungelo lokuthengisa ezilandelayo.

Inzuzo okanye ilahleko leyo ifunyenwe ngenxa yesenzo eso kufuneka ngoko nangoko kuthathelwa ingqalelo asethi. Kuphela emva kokuba (!) Le kokuphela yokuvalwa lombutho unelungelo abele utyalo-mali okanye ezinye iindlela ze ingcamango "ekuvuthweni". Ngamafutshane, umlinganiselo elizimeleyo zezixhobo zemali kule meko ukuba yenziwe. Kwimeko izohlwayo ezifakwe kwi ukunyhashwa nkampani.

Ukuba lungabonakaliswa ekubeni uvalwe ngokupheleleyo kwi amashishini utyalo-mali, kwakunye namanye amanyathelo kwimeko kakhulu ulichitha imeko yezoqoqosho kule nkampani.

Zeziphi izixhobo mali mayaziwe ukuba ethengelwe ukuthengisa ngexabiso elifanelekileyo?

Kulo mzekelo, izixhobo zemali kwiimalike zemali ziquka zonke kwiikota ilandelayo iinkcazo:

• Zonke iimfanelo eyenziwe ifomu, apho phantsi kwazo naziphi na iimeko ayikwazi kusetyenziswa bengafuni izixhobo.
• Ukuba ke kokufuduselwa ekunikezelweni izibambiso okanye ezinye izinto kwimeko apho yokugqibela zifunyenwe phantsi imeko kwizikhundla "mfutshane".
• Ukuba bathe ezithathwe ngenjongo ukuthenga kwakhona kwixa elizayo.
• Zonke iimfanelo ezinokuthi zisetyenziswe kuphela ngokunxulumene nenye. Ukongeza, ubungqina ofunekayo into yokuba lo mbutho sele usebenzise kubo kwixa elidluleyo, yaye inzuzo yenziwa ngenxa yeso senzo.

Zonke iimfanelo zigcinelwe ukurhweba ngexabiso elifanelekileyo, kufuneka ngoko nangoko zibonakaliswe ekubaleni ngakumbi zonke iingeniso kunye iilahleko inkampani kangangexesha elithile. Zonke ezinye izixhobo zemali emarike zezimali lingaba nokulinganiswa ngalo ixabiso lazo, ngaphandle into enye. Ezi izibophelelo ezithe zavela ngexesha xa i-asethi zemali ayikwazi ingqalelo, "wathengisa ngexabiso elifanelekileyo" yaye kufuneka isetyenziswe kwixesha elizayo.

Kulo mzekelo, unesibophelelo kufuneka ihlolwe kuthathelwa ingqalelo le miqathango ilandelayo:

• Ukuba kukho iseti amalungelo kunye neemfanelo ukuba umbutho igcinwe umnini wangaphambili, ingakumbi kulinganiswa ngeendleko yokuhla kwexabiso.
• Nakuba ngaphambili kwaqikeleleka ngexabiso elifanelekileyo, kodwa yadluliselwa umbutho kwezinye iimeko ezithile.
• Ukuba isibopho isivumelwano kwibhanki ukuba nomdla mboleko, apho zithe gangqa rates emarikeni.

Kulo mzekelo, kufuneka ilinganiswa aphezulu ezi zikhombisi zilandelayo:

• Le mali eye zibalwe ngokwezikhokelo ngqongqo i-IFRS (IAS) 37 ", amatyala anokuvela nee-asethi."
• Isixa kuqala zibonakaliswa ngexabiso elifanelekileyo, nkqu iindleko pre-zisuswa yokuhla kwexabiso.

imiqondo yokuhlela

Namhlanje, abezoqoqosho bathi ukuba zonke izixhobo zemali zingahlulwa ngokulinganayo zibe ziindidi ezimbini ezibanzi. Kwimeko yokuqala, la maxwebhu kufuneka zisekelwe eyinkunzi yokwenene, kuye naziphi asethi (izabelo, umzekelo), okanye enye into amele amatyala enkampani omnye phezu komnye. Kulo mzekelo, izitropu zikhutshwa. Noko ke, badla ke zibonwa emxholweni, njengoko kwiimarike zemali kunye nezixhobo zemali malunga noku phantse ayikwazi zahlulwe.

isixhobo ngasinye zibonwa ngokwemeko i "unit" of capital imali. Enigcoba isiqalelo ngasinye uneempawu zawo ezizodwa, ubume kunye nesicelo iimeko. It azifani wabo inika intshukumo olukhawulezayo eyinkunzi kwi kwiimalike zemali ehlabathini jikelele kunye nophuhliso yayo ngakumbi. Kwiminyaka yakutshanje imarike ye izixhobo zemali liphuhlisa lo, le intengiso kwiindawo athembisayo esebenzayo ngakumbi evulekileyo kubavelisi South-East Asia.

Kwaye ngoku makhe sikhangele enye iintlobo izibambiso, ezibandakanya ingqiqo ka "izixhobo zemali". Ufana. Kukho iintlobo ezilula kwaye bakhetha.

izabelo eziqhelekileyo

Abazange kuphela ukunika ilungelo lokuvota kule nkampani, kodwa avumele umnini ukufumana inxalenye ngengeniso ngamalungu alo mbutho uwonke. Kakade ke, ukuba lo ziintsapho kuphela ixhaphake kakhulu emarikeni lonke zemali, kodwa abatyali mali ozithandayo. lokuphepha ezinjalo isixhobo oluzinzileyo yaye ubhetyebhetye, kwaye ke ngoko ukuyilwa ixabiso labo iphenjelelwa yimiba eziqhelekileyo emarikeni. Zonke iimarike stock awukwazi ukuthenga kuphela kubo ngqo, kodwa ukwenza inzuzo ngokusebenzisa iinkonzo wabathengi okanye yeenkampani labarhwebi.

Ezinye iinzuzo kunikezelwa kuphela izixhobo zemali-nkqubo yezemali. Umzekelo, ilungelo lokuvota, apho abaninzi baphathwa ethile bangafuni, ePatterson ivumela ukukhuthazwa abaviwa kwiBhodi yabaLawuli ye nkampani, yaye oku - njengesixhobo esibaluleke kakhulu, kungekuphela nje kwezoqoqosho, kodwa nepolitiki.

Phakathi kwezinye izinto, ubungakanani izahlulo kwizabelo ze sakudala kuxhomekeke inzuzo kule nkampani. imali ngempumelelo, hayi nje ufumana ezinye eqhinga, kodwa ingeniso eyinzwana. Kakade ke, musa ukulibala malunga nokukhula yexabiso kwabo ngqo. Oku kwenzeka xa imeko yezoqoqosho lweshishini leyo kakhulu iphuculwe. Nangona kunjalo, ixabiso elifanayo unokulahla kabukhali, ekhokelela ekulahlekelweni abatyali-mali.

izabelo ezikhethwayo

Olu udidi enjalo lwamaphepha onika amalungelo u iintlawulo zezabelo kunye inzuzo evela kwintengiso. Ukongeza, iintlawulo zezabelo ezinabanini bazo ukufumana abanini ngokukhawuleza yezabelo zesiqhelo. Kwangaxeshanye, asimele silibale ukuba ilungelo lokuvota abanikezwa izibambiso akakho, ngoko ke sibe nefuthe elingqale kule ukusebenza loshishino, akakwazi. izixhobo Lo mgaqo-mali mali, nto leyo kufuneka uluhlu oluncinane kakhulu isicelo lokwenene.

Ngokubanzi, uluhlu oluchanileyo ezo iingenelo, ezikunika izabelo kukhetha, kuxhomekeke ngokuqinileyo iimpawu kwinkampani. ngoyena ndoqo na iintlobo ngeentlobo zezixhobo neendlela zemali kukuba ezi izabelo ukudibanisa iimpawu zezixhobo kwamatyala (njengoko kunjalo ngemixokelelwane, kukho ipesenti ezisisigxina tivi), kwakunye ubunini izixhobo. Into yokugqibela ibonisa ukuba ezi ntlobo izixhobo zemali ivumela ukufumana ingeniso sele ngenxa ekukhuleni ixabiso lemarike sezabelo ngokwabo, ngubani na nkqu ukuba athengise.

Kakade ke, kukho banamalungelo zabo nezingalunganga. Unalungelo lini na ilungelo eYandisiweyo lokufumana nenzuzo kunye nezabelo. Ukongeza, awuna ilizwi, kwaye ixabiso lezabelo ozikhethayo likhula kakhulu ngokucothayo ngaphezu ixabiso lecondzile.

Ngenxa yoko, izixhobo zemali - sisixhobo esinamandla usiqeqeshela okusilungeleyo, nangenxa nefuthe kwishishini.