Uqikelelo iiprojekthi zotyalo-mali. uvavanyo Umngcipheko iprojekthi zotyalo-mali. Iikhrayitheriya sohlolo lweeprojekthi zotyalo

uphuhliso lwamashishini uphumelele kufuneka usomashishini osakhasayo ukukwazi ukutsala utyalo-mali. Ngaba oko, yena angenza, ngokusebenzisa Unezixhobo ezininzi. Kodwa kwiimeko ezininzi, isigqibo ngumtyalimali, phezu ukuba utyalo okanye kwishishini elithile ziya olusekelwe kucazululo ozimeleyo, iimvavanyo ze amathuba yeprojekthi ethile. Ziziphi iindlela njani inxaxheba?

Lula nezintsonkothe

Uqikelelo iiprojekthi zotyalo-mali, njengoko iingcali abaninzi bakholelwa, kwelinye icala, edibene iimbono zoshishino uphando multifactor. Ngelo xesha, kuya kuthathelwa ingqalelo kuphela iimpawu kombono, kodwa iimeko zangaphandle - .. iimeko Market, nezepolitiki, njl nomtsalane zeprojekthi investment nga zihlalutywe ukusuka kwindawo Ngenxa ubuntu usomashishini kunye nenqanaba lokukhula kwesicwangciso-mali. Kwelinye icala, ngumongo izifundo ezifanelekileyo zidla aziphelelanga ukuwuphendula iseti imibuzo elula: ingaba le projekthi inzuzo, njani, nini alindele imali yakho?

Indlela jikelele ukuze bakwazi ukuchaza ngokucacileyo zeziphi izinto ezichaphazela uhlalutyo kakhulu ngokucacileyo inzuzo elizayo iphulo yeshishini, nditsho phakathi abatyali-zimali ziye okwangoku yasungulwa. Noko ke, izixhobo ekulapho uhlolo qualitative analysis of iiprojekthi utyalo-mali kuluhlu olubanzi izisombululo ethile ingaqhuba iye phandle, ukuba iyafumaneka. Zeziphi iindlela apho abatyali mihla ukuhlola amathuba iimbono zoshishino?

criteria key

Okokuqala, oko nezibalo ezibonisa ukusebenza kwezoqoqosho mali. I "Ifomula", esebenzayo ekuvavanyeni manani ezithile kule njengenqobo yokugweba, kukho "variables" ezimbini ezisisiseko --mali ezikhoyo, kunye nengeniso yonyaka (ngamanye amaxesha ochazwa inzuzo, okt, ipesenti). Kwezinye iimeko, iikhrayitheriya sohlolo lweeprojekthi utyalo-mali "formula" ukuba zincediswe imiba efana nexesha payback. Oko kukuthi, ukuba, umzekelo, unyaka wokuqala yeshishini, umtyali-mali ukuze ufune ukwazi zingaphi iinyanga ubuncinane iprojekthi eze "zero". Ngokubanzi sinokuthi indlela sohlolo lweeprojekthi zotyalo kunxibelelene nokuza factor. Acazululwe isethi ezibalulekileyo ukusuka kwindawo kwezoqoqosho lwembono, indlela correlative kunye nexesha elithile.

Ukuba sicinga iikhrayitheriya uvandlakanyo iiprojekthi zotyalo-mali, nto leyo ke ngokunxulumene nexesha, iinkcukacha ezingakumbi, sinako ukuqonda luhlu lulandelayo:

• ixabiso elikhoyo net;
• ihlenga isilinganiso sangaphakathi lokubuya;
• avareji umyinge, kwaye kwisalathiso inzuzo.

Ziziphi iingenelo kwezi? Phantse kuyo yonke imiba, umtyali-mali ifumana nesalathisi iimeko digital leyo ukuvumela iiprojekthi sranivat ahlukeneyo aziinkalo zokukhula.

Eyiyo ishishini

Bala i "variables 'ngokuphathelele" formula' ukuba sele ezinikwe apha ngentla, okanye esifanayo, umtyali-mali kuya kuzama ukuhlaziya, kuqala kwiinto zonke, imodeli ishishini usomashishini ecetywayo. Loo nto ukufunda ngenxa ubukho izisombululo abakwaziyo ukunika i-flow ezinqwenelekayo yengeniso ixesha nekwalungele-mali kunye nabanye abachaphazelekayo. Imigaqo yokuvavanya iiprojekthi zotyalo-mali, ngokusekelwe iimpawu yemodeli yeshishini, ngokusekelwe ekusetyenzisweni iindlela ezizodwa ukubala izikhombisi zentsebenzo eziphambili. Makhe sihlole kubo.

yokubala kwezalathisi

Ukuziqhelisa, ukubalwa yeempawu, njengokuba umthetho, ikhutshwa phandle usebenzisa iindlela kumaxabiso. Oko kukuthi, ndiyayithabatha ubukhulu evavanyiweyo lwenkunzi, okanye, ukuba oku efanelekileyo ukusuka kwindawo umbono ishishini, kumyinge isivuno yorhwebo umsebenzi ofanayo. Kukho kumaxabiso iindlela ngokusekelwe kumazinga zebhanki. Oko ikhutshwa phandle uthelekiso inzuzo kule projekthi, njengoko kukho ukhetho kunye isivuno xa ubeka imali elifanayo imali ifakwe kwibhanki. Ngokuqhelekileyo, izibonisi ezifana zokuvavanya ukusebenza iiprojekthi zotyalo-mali nokuba lithathele kwamaxabiso akhawunti okanye kufutshane ukuba iinkqubo zayo, ebonisa uphelelo ukubaluleka ekhethekileyo asethi yomtyali-mali.

Ngoku makhe ukusuka ithiyori lokuziqhelanisa. Cinga indlela sohlolo lweeprojekthi mali olwenziwe mzekelo ezinye zomfowunelwa okhethiweyo ngasentla criteria. Siqala nexesha payback. Le yenye izalathisi ezingundoqo bona abamkhaphayo nokuvavanya iiprojekthi zotyalo-mali. Ukuba, umzekelo, eminye imiqathango ka emibini xa kuthelekiswa amaphulo zoshishino efanayo, kukhethwa idla kunikwa apho utyalo kuya ngokukhawuleza "ku zero."

analysis payback

Le yokuhlola - Yeyona ixesha lokuphumla phakathi nomzuzu ngokusesikweni kwale projekthi ishishini (okanye umtyali-mali utyalo -umlenze) kunye neziganeko nitrogen, xa inkxaso-mali iyonke ingeniso net emfono lilingana ngumthamo opheleleyo lokuzalisa imali. Ezinye iingcali yongeza enye imeko - umva umgaqo imveliso ishishini "zero" kufuneka oluzinzileyo. Oko kukuthi, ukuba naziphi na iinyanga emva kokuqala ishishini igcinwe ingeniso babe mali elinganayo, yaye emva kwexesha kwakhona iindleko ziye ngaphaya ingeniso, ixesha payback azifani. Nangona kunjalo, kukho abahlalutyi, bengathabathanga isibaluli ingqalelo okanye kucingwa ngayo njengenxalenye ifomula ezintsonkothileyo a lot of iimeko.

Kwezinye iimeko, abatyali bakholisa ukuba athathe isigqibo entle ngokususela kwiziphumo zohlalutyo kwexesha payback? Iingcali ukuchonga amatyala ezimbini eziphambili. Okokuqala, ukuba unxulumano kunye nexesha yenzuzo esilingana okanye ezinokuthelekiswa kunye ireyithi ubuncinane isaphulelo qho eyonyaka, ziya kufumaneka kweenyanga ngaphantsi kwe-12. Oko kukuthi, uthetha kakhulu, ukuba kwiinyanga zokuqala 10 yeprojekthi umtyali-mali kuya kufumana inzuzo ye-15%, ilingana no-15% ngonyaka kwi ebhankini, uya kukhetha ukutyala kwiprojekthi, uvula idipozithi ukuze ukuba abaseleyo kwiinyanga ezi-2 ukuya ukukhutshwa komnotho ukuba kuda ngaphezulu a. Okwesibini, isigqibo ukutyala imali kwishishini, ukuze unikholekise ukuba umtyali ufumana ithuba payback elamkelekileyo, ngokuxhomekeka ukuba uvavanyo lwemingcipheko nokungachazwa kwendlela iprojekthi zotyalo-mali ayikho ukubona izinto ezinokuthanani ukuhla inzuzo. Kwiimeko ezinjalo becala uphawu uqoqosho kunye namazinga okunyuka nokwehla kwemali hexa elisezantsi izinga exchange (kwaye ngoko ipesenti encinane iidipozithi bank) - ngoko izimali bethanda ukuba siqwalasele utyalo ishishini yokwenene, ukuba ahlawule ingqalelo ngakumbi kuphela inzuzo, kodwa umngcipheko.

Noko ke, uvavanyo kweeprojekthi zotyalo kokuqhubeka kuphela ukusuka kwixesha payback ayoneli. Ikakhulu ngenxa yokuba kule meko akayi kuthathelwa ingqalelo inzuzo enokuzuzwa emva iimali ngaphaya iindleko. Kakhulu ethetha, kusenokunyanzeleka kakuhle ukuba umtyali uya kufumana-15% kunye nemali wemka, uya kuphoswa ithuba lokufumana i-30% kulo nyaka ozayo.

ixabiso Net langoku

Njengokuba besesitshilo ngasentla, uvavanyo lwentsebenzo iiprojekthi zotyalo ziquka iinqobo ezifana ixabiso net langoku. Umele umahluko phakathi kwexabiso ubungakanani kunye nengeniso utyalomali zokuqala ezilindelekileyo kwezoshishino. Oko kukuthi, kuba ibonakalisa indlela kunokwandisa ikomkhulu iyonke kule nkampani. Umtyali-mali kuya kunika ukhetho projekthi, apho ixabiso net babekho kwinqanaba elifanayo lomngcipheko kwaye ngexesha lekhefu inye kulindeleke ngasentla. Kulo mzekelo, ixesha payback ayikwazi ithathelwe ingqalelo kuwo onke (nangona Akuvamile).

IRR

Izalathi ngasentla lotyalo-mali neeprojekthi zovavanyo zidla esongezelelwe iinqobo ezifana isilinganiso sangaphakathi ukubuya. Inzuzo ephambili yale sixhobo kukuba ingeniso ngumtyalimali, kungaba ibalwe ngaphandle kokuthatha ingqalelo izinga isaphulelo. Njani kunokwenzeka oku? Isibakala sokuba imilo yangaphakathi yemveliso kufanele ukuba ifane efanayo zinga isaphulelo, kodwa ngaxeshanye ixabiso imali ekulindeleke ukuba iyafana ubungakanani zotyalo-mali. Kakhulu ukuthetha, umtyali-mali, akuba imali kule projekthi 100 amawaka. Engange, unokuqiniseka ukuba ubuncinane umlinganiselo ofanayo uya kufumana emva kwexesha elibekiweyo, kwakunye "premium", amalungiselelo oko ngokusekelwe izinga isaphulelo.

Umthetho modified

Ukuhlolwa zotyalo nomtsalane projekthi kwakhona kuxhaswa iinqobo ezifana ukuguqula isilinganiso sangaphakathi ukubuya. Ingasetyenziswa kwimeko, umzekelo, ixabiso net ngoku negative (ngaphantsi kwe umlinganiselo isaphulelo), nangona ezinye iimpawu ezintle. Umzekelo, umlinganiselo eqhelekileyo zangaphakathi ukubuya. Oko kukuthi, noko ukuthetha, umtyali-mali, notyalo-100 lamawaka. Engange ixesha elithile, babuyele kubo ngokomrhumo-15% emva kweenyanga ezili-10 zamashishini, kodwa emva kweenyanga ezingama-24, inzuzo olupheleleyo lweshishini yi 1-2%. Kulo mzekelo, kuyimfuneko kuba ukunyenyisa isivuno lwangaphakathi, ngokusekelwe ngamaxesha xa imali azonelanga ukuhlangabezana kwiimpawu ngokwezinga isaphulelo, ukuya ilahleko umnatha we nitrogen. Abatyali, ngoko ke kubalulekile ukuba wazi: mhlawumbi kungcono ukuba utyalo-100 lamawaka engange ukuba iimeko lokubuya, kunye nenzala iinyanga ezili-10 amawaka 15 ibheyile ngaphezu ezemali ngqo ejikeleza ngaphandle kangangeenyanga ezingama-24 kunye ukuze bazuze imali engange kuphela 1-2 amawaka ....

index inzuzo

uvavanyo loqoqosho iiprojekthi zotyalo-mali, njengoko umgaqo, ekujongwe ukuba ziquka ekuhlalutyeni njengekhrayitheriya efana isalathisi se inzuzo. Olu khetho likuvumela ukuba ingakanani uya kufumana, ngokomlinganiselo, bonke abatyali (okanye kuphela xa bonke ikomkhulu inkampani yakhe), bafika emva kwexesha elibekiweyo, ngokusekelwe kwi-mali yokuqala imali.

criteria qualitative

Siye sahlolisisa obengo, imiqathango ubuninzi enokuthi yenziwe uvandlakanyo mali yeprojekthi mali. Kukho ke nabo qualitative iparameters. Abasakwazi kunzima ukuba amanani (nangona kwezinye iinkalo, Kakade ke, kunokwenzeka). Kodwa bona badla ebaluleke ngaphantsi kune "othi" ukuba athathele ingqalelo parameters sasifunda ngasentla. Kuphantsi kweziphi iindlela singaxoxa? Iingcali ziye zachongwa iseti zilandelayo kubo.

Okokuqala, iprojekthi ishishini wafunda kufuneka ukulungelelana, ukuze bakuthathele ingqalelo iimeko kwinjongo emarikeni, ukuhlangabezana neenjongo lowu. Okwesibini, injongo kunye ezilindelekileyo ngusomashishini kufuneka ngokwaneleyo kwizibonelelo ezikhoyo - imithombo yoluntu, ii-asethi ezisisigxina, imithombo imali. Okwesithathu, ukuba kuqhutywa iqondo efanelekileyo yovavanyo esemgangathweni iingozi iprojekthi zotyalo-mali. Okwesine, le nkampani kufuneka abale ifuthe ukuphunyezwa initsativy ishishini kwiindawo non-economic kunokwenzeka - yoluntu, ezopolitiko kwinqanaba lommandla okanye umasipala, okusingqongileyo, ukuhlalutya ifuthe uphawu.

izinto inzuzo

Enyanisweni, apho la amanani ukuya endaweni kwi "othi" lokuhlahla indlela obengo, ngenxa yayo ihlolwe kutyalo nomtsalane le projekthi? imithombo yedatha kungaba abaninzi. Zama ukufumanisa ukuba ingaba yintoni na ubunjani bawo. Iingcali ukuchonga amaqela amabini ziphambili ekusetyenzwa phantsi kwazo zinefuthe "variables 'ukuya' ifomula 'ukuze yokusebenza isandi - ezo ezichaphazela mali yenzuzo, nabo ezichaphazela iindleko. Noko ke, oluhlobo kukuba yinxalenye Umahluko kwangaloo nto inye zombini ukukhuthaza ukukhula kwengeniso lenkampani yaye kwangaxeshanye nzima ishishini kwenye. A Umzekelo elula - le engange. ukukhula yayo intle kakhulu kumazwe angaphandle - ngongeniselo zabo ngohlobo lwemali kazwelonke Russian uyakhula. Ngenxa yoko, abangenisa kufuneka overpay kakhulu. Ukongezelela urhwebo currency, ziziphi ezinye izinto unganikeza umzekelo?

Oku kunokuba ukwanda okanye ukuncipha besikhundla icandelo ethile emarikeni, yaye ngenxa yoko, nemiqulu ngentengiso ziya linokwanda okanye linciphe. Njengomgaqo, oku kubangelwe ukuvela abadlali abatsha kolu shishino, yokudityaniswa, bankruptcies, njl, kwezinye iimeko - .. nkqubo kaRhulumente. Enye into - ukunyuka kweendleko ngenxa emali le nkampani, utshintsho uzinzo lemakethi zabathengisi umsebenzi wethutyana. Kwakhona kulo mzekelo ifuthe iinkqubo zeteknoloji - ukusungulwa izixhobo ezithile yentengiso okanye imveliso inokuchaphazela kakhulu ukukhula ingeniso jikelele kwishishini. Njengomgaqo, izixhobo entsha kuya kubandakanya ukuncitshiswa umjikelo lobuchwepheshe. Ngenxa yoko - iimpahla zifike imarike ngokukhawuleza. Ukuvavanywa iindleko zotyalo-mali yale projekthi noseko engcono mveliso inokuba ngaphezu koko kubandakanya ukusetyenziswa, nangona oluthembekileyo, kodwa elondoloza ngakumbi malunga nemiba zemveliso kwempahla nezixhobo.

nenqubo

Kukho kwakhona izalathi si zokunikwa ukuvavanywa iiprojekthi zotyalo-mali, nto leyo kufuneka nje kwezoqoqosho kwindalo, njengoko isekelwe, ukuya kakhulu kwimigaqo accounting. Okt wafunda indlela ngempumelelo kwi kwishishini iirekhodi ukuvavanya njengoko rhoqo kwaye kwakhona uhlahlelo yeendleko asethi ezisisigxina, ubungakanani ngomsebenzi ngempumelelo ilungiswa ngaphakathi kwinkampani kunye nemibutho neqabane, izakhiwo zikarhulumente.

Kwakhona uvavanyo kunokwenzeka lwezoqoqosho iiprojekthi zotyalo kwinqanaba macro. Oko kukuthi, kukho uhlahlelo indibanisela zizathu, nto leyo enokuchaphazela amathuba kwishishini, ngokusekelwe kwi imeko imarike yesizwe okanye jikelele. Kwezinye iimeko, kuthathelwa ingqalelo umthetho ethile. Oko kukuthi, ukuba, umzekelo, kwinqanaba kule mithombo zomthetho kwinqanaba federal inokuba buso ulungiso kule nkalo mthetho amasiko (umzekelo, umlomo yokungenisa ezinye iimveliso abavela kwamanye amazwe), umtyali uya kuwufumana kungafaneleki ukutyala imali kwishishini enjalo, nakuba yintoni na eliqikelelwayo-ngempumelelo iindleko kunye nenzuzo ziyathembisa kakhulu.

Ngaba kwenziwa kuphela uvandlakanyo mali yeprojekthi mali, kodwa, umzekelo, uhlalutyo umnini ngamnye yeshishini kwinqanaba kwingcingane kunye nonxibelelwano zayo, izindululo abanye abadlali emarikeni. Uhlobo, xa umtyali isigqibo ngokusekelwe nolwalamano kumntu lowo ingqalelo nembangi amaqabane ezoshishino.

Kwakhona kuyenzeka, xa amathemba utyalo-mali iza kuphononongwa ngokususela kwiingcebiso yezinye nxaxheba zemarike, noluhlu kushishino, ubukho ngamaxesha brand abalawuli zenkampani kumajelo eendaba. Ukuba kukho utyalo-mali kakhulu --mali idla ibandakanya inkqubo ehlangeneyo kuvavanyo iprojekthi zotyalo-mali.