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finansuri bazari

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 S e s a v a l i finansuri bazrebis klasifikacia
Tanamedrove ekonomikis erT-erTi umniSvnelovanesi maxasiaTebeli globaluri masStabis
finansuri bazrebis, anu finansuri investiciebis bazrebis arsebobaa, romlebic sainvesticio
garemos umTavres elements warmoadgenen.
finansuri bazari - es aris kreditorsa da msesxebels Soris kapitalis gadanawilebis meqanizmi Suamavlebis meSveobiT da kapitalze moTxovna-miwodebis safuZvelze.
faqtiurad is warmoadgens finansuri institutebis erTobliobas, romelnic mimarTaven fuladi saxsrebis nakadebs kreditorebidan msesxeblamde da piriqiT. am bazris ZiriTad funqcias warmoadgens uqmad myofi kapitalis sasesxo da investiciur kapitalad transformacia. finansuri resursebis akumulirebisa da ganTavsebis procesi, romelsac finansuri sistema axorcielebs, uSualod dakavSirebulia finansuri bazrebis funqcionirebasTan da finansuri institutebis saqmianobasTan. Tu finansuri institutebis amocanas warmoadgens mesakuTridan msesxeblamde saxsrebis maqsimalurad efeqtianad gadaadgilebis uzrunvelyofa, finansuri bazrebis amocanaa organizacia gaukeTos finansuri resursebis gamyidvelsa da myidvels Soris finansuri aqtivebiTa da valdebulebebiT vaWrobas.
finansuri bazari
savaluto bazariwarmoebuli finansuri instrumetebis (derivativebis) bazarisadazRvevo
bazari fuladi
bazari
FOREX kapitalis bazari
(safondo bazari)
savaluto instrumentebis
bazari
wilobrivi instrumentebis bazari
korporatiuli
seqtorisaxelmwifo
seqtori finansuri bazrebis funqciebi:
- mravali wyarodan droebiT Tavisufali saxsrebis aqtiuri mobilizacia; - momxmareblebs Soris Tavisufali resursebis efeqtianad ganawileba;
- finansuri resursebis gamoyenebis maqsimalurad efeqtiani mimarTulebis gansazRvra (dakavSirebulia faswarmoqmnasTan);
- calkeul finansur instrumentebze sabazro fasebis formireba, rac gansazRvravs moTxovna-miwodebas finansur bazarze;
- kvalificiuri Suamavlobis ganxorcieleba (brokerebi, dilerebi) finansuri instrumentebis myidvelsa da gamyidvels Soris; - saxsrebis brunvis daCqareba, rac xels uwyobs ekonomikuri procesebis aqtivizacias.
finansuri aqtivebis mimoqcevis xasiaTisa da finansuri garigebis monawileTa Soris
Camoyalibebuli urTierTobebidan gamomdinare, finansuri bazrebi SeiZleba davyoT sabanko
depozitebisa da kreditebis bazrad, savaluto bazrad da fasiani qaRaldebis bazrad. finansuri bazrebi imdenad mravalwaxnagovania, rom misi funqcionirebis principebis gageba segmentebad dayofis gareSe SeuZlebelia.
sabanko depozitebisa da kreditebis bazari
sabanko depozitebisa da kreditebis bazari moicavs urTierTobebs, romlebic yalibdeba
sabanko da sakredito organizaciebis mier meanabreTa fuladi saxsrebis(depozitebis) mozidvisa
da maT mier sesxebis(kreditebis) gacemis procesSi. amasTan, am dawesebulebaTa Semosavali
(mogeba) formirdeba saprocento ganakveTebis sxvaobis saxiT, gacemul sesxebsa da miRebul
depozitebs Soris.
finansuri bazris am segmentze Camoyalibebuli saprocento ganakveTi ganisazRvreba fulis
miwodebisa da masze moTxovnis TanafardobiT. amasTan, cxadia, rom am maCvenebelze arsebiTad
moqmedebs iseTi faqtori, rogoricaa inflaciis done, rac Tavis mxriv damokidebulia mimoqcevaSi arsebuli fulis masaze, e.i. mis makontrolebel saxelmwifo organoTa qmedebaze.
am garigebaSi monawileTa Semadgenlobis mixedviT, depozituri da sakredito garigebebSi
SeiZleba gamovyoT: a) iuridiuli da fizikuri pirebis depozitebi da komerciuli dakrediteba
da b)bankaTaSoriso dakrediteba. amasTan, komerciuli kreditis qveS igulisxmeba arasakredito
organizaciis dakrediteba, xolo bankTaSoriso dakreditebisas, orive mxare sakredito-
safinanso organizaciebiTaa warmodgenili.
sakredito xelSekrulebaTa specifika imaSia, rom Cveulebriv maTi gadacema mesame pirisTvis
ar SeiZleba. aqedan gamomdinare, sabanko depozitebisa da kreditebis bazris instrumentebs
ar gaaCniaT damoukidebeli mimoqcevis SesaZlebloba. am bazarze, garigebebi mis monawileebs Soris ideba pirdapiri kavSirebis meSveobiT (mag. telefoniT an kavSiris sxva saSualebebiT),
e.i. isini atareben e.w. arasabirJo xasiaTs. unda SevniSnoT, rom sakredito da sadepozito bazris monawileebma SeiZleba gascen kreditebi ara mxolod sakuTar. erovnul valutaSi. im SemTxvevaSi, roca bankis mier xdeba
kreditis gacema sxva qveynis valutaSi, saubroben e. w. evrovalutaze. mag., roca Sveicariuli banki iRebs kredits germanuli bankisgan aSS-s dolarebSi, saubaria sakredito operaciebze
evrodolarebSi.
savaluto bazari
savaluto bazari - es aris bazari, sadac saqonels warmoadgens obieqtebi, romelTac gaaCniaT savaluto Rirebuleba.
savaluto faseulobebs miekuTvneba:
- ucxouri valuta (fulis niSnebi - banknotebi, saxazino bileTebi, monetebi, romlebic kanonier gadaxdis saSualebas warmoadgenen an romelsac brunvidan iReben magram eqvemdebareba gacvlas) da angariSze ricxuli ucxo qveynis fulis erTeulebi;
- fasiani qaRaldebi (Cekebi, veqselebi), safondo faseulobebi (obligaciebi, aqciebi) da sxva savalo valdebulebebi, romlebic gamoxatulia ucxour valutaSi;
- Zvirfasi metalebi (oqro, vercxli, platina da sxva) da sxva bunebrivi Zvirfasi qvebi.
sxva sityvebiT rom vTqvaT, savaluto bazris obieqti SeiZleba iyos nebismieri finansuri moTxovna an valdebuleba, romlis Rirebulebac gamoxatulia savaluto RirebulebiT.
savaluto bazris monawileni arian:
- importiorebi da eqsportiorebi, romlebic Tavisi sagareo ekonomikuri saqmianobis CarCoSi angariSsworebisaTvis gamoiyeneben savaluto faseulobebs;
- bankebi, romlebic uzrunvelyofen mocemul angariSsworebebs ucxour valutaSi garigebebisa da xelSekrulebebis mixedviT;
- saerTaSoriso savaluto da sasaqonlo birJebi;
- sxva finansuri da sainvesticio dawesebulebebi, romlebic axorcieleben saSuamavlo momsaxurebas finansuri moTxovnebis da valdebulebebis realizaciis procesSi;
- saxelmwifo dawesebulebebi, romlebic reglamentireben savaluto bazrebis saqmianobas.
savaluto bazarze sxvadasxva tipis operaciebi tardeba. kerZod:
- angariSsworebis operaciebi - yidva-gayidvis xelSekrulebis mixedviT saqonlisa da momsaxurebis, sesxebisa da sxvaTa Rirebulebis gadaxda;
- savaluto faseulobis yidva-gayidvis spekulaciuri operaciebi, romlis mizania mogebis maqsimizacia. amasTan es mogeba iqmneba gayidvisa da yidvis fasebis sxvaobis Sedegad;
- riskebis hejirebis(dazRvevis) operaciebi - romelic SeiZleba warmoiSvas savaluto bazarze savaluto kursebisa da saprocento ganakveTebis araxelsayreli cvlilebebiT;
- konversiuli operaciebi - iTvaliswinebs erTi savaluto faseulobis gacvlas meoreze kursis mixedviT, romelic dadgenilia an bazris, an maregulirebeli organos mier;
- emisiuri operaciebi - savaluto faseulobebis gamoSveba (aqciebi, obligaciebi, veqsilebi da sxva), romelic nominirebulia ucxour valutaSi.
yvela sabazro operacia SeiZleba daiyos angariSsworebis vadebis mixedviT Semdeg jgufebad:
- angariSsworebis daregulireba principiT "miwodeba-gadaxda" (mxareebi garigebis mixedviT garigebis momentSi erTdroulad cvlian garigebis obieqts);
- sakaso anu SidadRiuri (intraday), romelic iTvaliswinebs angariSsworebas araugvianes garigebis dadebis TariRisa;
- tom valutirebis TariRisaTvis (overnight), anu garigebis dadebis momdevno samuSao dRes;
- spot-valutirebis TariRisaTvis - garigebis dadebis Semdeg meore samuSao dRes;
- forvarduli (vadiani) operaciebi, romelic iTvaliswinebs miwodebis or dReze met periods;
- svopi - igi operaciebis gansakuTrebuli kategoriaa, romlis ZiriTad Tvisebas warmoadgens erTdroulad sxvadasxva mimarTulebis garigebebis dadeba erTi da imave finansuri instrumentebiT. (igi erT-erTi yvelaze gavrcelebuli finansuri instrumentia, romelic gamoiyeneba bankebisa da korporaciebis mier sakuTari aqtivebisa da pasivebis marTvisTvis. iseve rogorc forvarduli SeTanxmebebi, fiuCersebi da ofcionebi, svopic jer erTi saprocento ganakveTis dazRvevis, anu ekonomikuri garemos arasasurveli cvlilebis Sedegad SesaZlo danakargebis Semcirebis SesaZleblobas iZleva, da meorec, saprocento riskis gaweviT miiRos damatebiTi Semosavali). F O R E X
foreqsis bazari (xmaroben agreTve abreviaturas FX) -warmodgeba inglisuri sityvidan Foreign Exchange, rac sityva-sityviT iTargmneba rogorc saerTaSoriso gacvla anu saerTaSoriso birJa.
FOREX - es aris ucxouri valutiT savaWro, sainvesticio da spekulaciuri operaciebis erToblioba, romelic iwarmoeba arasabirJo institutebis sistemis meSveobiT.
FOREX ar warmoadgens birJas klasikuri ganmartebiT, ramdenadac ar gaaCnia vaWrobis konkretulad gansazRvruli adgili (savaWro farTi) da vaWrobis standartebi. mTeli vaWroba mocemul bazarze iwarmoeba urTierTobis araformaluri qselis meSveobiT, romelic arsebobs centralur bankebs, komerciul bankebs, investiciur bankebs, sapensio fondebs, sadazRvevo kompaniebs, dilerebs, brokerebsa da sxvaTa Soris. praqtikulad am bazarze yvela operaciebi ama Tu im xarisxiT warmoebs msxvili bankebis mier, romlebic FOREX -is bazris marketmeikerebad iwodebian. am bazris moculoba kolosaluria - dRiuri brunva 1 trilion dolars aWarbebs.
bazris monawileTa miznebi ZiriTadad Semdegia:
- yoveldRiuri brunvis 5% ganpirobebulia sagareo vaWrobis bazris monawileTaTvis mogebis konvertaciis obieqturi aucileblobiT;
- brunvis 95% modis spekulaciur operaciebze.
FOREX bazris Camoyalibebas iamaikis savaluto sistemas unda vumadlodeT, romlis principebic Caido 1973 wlis martSi, kunZul iamaikaze 20 yvelaze ganviTarebuli qveynis monawileobiT. cota mogvianebiT, 1975 wels safrangeTis prezidentma valeri Jiskan destenma da gfr-is kanclerma helmut kolma SesTavazes dasavleTis wamyvani saxelmwifoebis liderebs Sekrebiliyvnen araoficialurad viwro wreSi. "didi rvianis" pirveli samiti Catarda 1975 wels rambuieSi aSS-s, gfr-is, didi britaneTi, safrangeti, italia da iaponia. erT-erTi ZiriTadi Tema iyo saerTaSoriso savaluto sistemis struqturuli reformebi. saerTaSoriso savaluto bazari (FOREX)warmoiSva 1976 wlis 8 ianvars, roca ssf-is wevri-qveynebis ministrTa sxdomaze q. kingstonSi miiRes axali SeTanxmeba savaluto sistemis mowyobis Sesaxeb, romelsac hqonda ssf-is wesdebis cvlilebis saxe.sistemam Secvala omisSemdgomi breton-vudsis savaluto sistema. aqedan dawyebuli Tavisuflad mcuravi kursi gaxda valutis gacvlis erTaderTi forma.
axal savaluto sistemaSi sabolood uari iTqva fulis msyidvelobiTi unaris maTi Rirebulebis oqros eqvivalentiT gansazRvraze(oqros standarti). SeTanxmebis monawile qveynebis fuls aRar hqonda oficialuri oqros Semcveloba. gacvla Tavisufal bazarze daiwyo Tavisufali fasebiT. swored am principma warmoSva termini "Tavisuflad konvertirebad valuta. FOREX warmoadgens bankTaSoris bazars. rogorc zemoT avRniSneT, operaciebi tardeba centraluri bankebis, komerciuli bankebis, sainvesticio bankebis, brokerebisa da dilerebis, sapensio fondebis, sadazRvevo kompaniebis, transnacionaluri korporaciebis da sxvaTa meSveobiT. erTi garigebis moculoba meore dRes valutis realuri miwodebiT (spot bazari) Cveulebriv Seadgens 5 mln dolars an maT eqvivalents. erTi sakonvertacio gadaxdis Rirebuleba 60-dan 300 dolaramdea. amas garda, daaxloebiT 6 aTasi dolaris xarjia gasawevi TveSi bankTaSorisi sainformacio-savaWro terminalze. amitom, am pirobebis gamo foreqsis bazarze mcire Tanxebze garigebebi ar warmoebs. amisaTvis ufro iafi dagijdebaT Tu finansur Suamavlebs miakiTxavT (banks an savaluto brokers), romlebic konvertacias garigebis Tanxidan garkveuli procentis safasuriT akeTeben
fuladi bazari
fuladi bazari - es aris moklevadiani (mimoqcevis vada ara umetes 1 wlisa) finansuri instrumentebis bazari.
fulis bazarze upiratesad iseTi instrumentebi mimoiqceva, rogoricaa procentuli fasiani qaRaldebi, romlebic gamoSvebulia an saxelmwifos(saxazino valdebulebebi), an kerZo seqtorSi saimedo msesxeblebis (msxvili korporaciebis) mier.
fuladi bazris maxasiasiaTeblebi:
- instrumentebi moklevadiania, likviduri da Sesabamisad damaxasiaTebelia SedarebiT dabali riski. amiT vaWroben obieqtur bazrebze, anu sadac saxsrebis moZraoba damokidebulia mxolod fasze da riskze;
- mocemuli bazari sabiTumoa, misi monawileebi msxvili fuladi TanxebiT axorcieleben operaciebs msxvili finansuri institutebis saxeliT;
- saprocento ganakveTebi Zalian mgrZnobiarea moTxovna-miwodebaze da ekonomikuri faqtorebis da axali ambebis Zlieri zemoqmedebis qveS imyofeba;
- saxsrebi gadaigzavneba eleqtronuli qseliT, Sesabamisad garigebebi xorcieldeba swrafad da amitom moculobiTi maCveneblebi da bazris brunvadoba maRalia;
- fuladi bazris saprocento ganakveTebis dinamika cvlis bazrebis saprocento ganakveTebis dinamikas, magaliTad, savalo valdebulebebis bazrisas;
- bazris ZiriTadi maxasiaTebelia - instrumentebis maRali likviduroba.
fuladi bazris instrumentebi pirvel rigSi emsaxureba saxelmwifo organizaciebisa da sxva sferoebis likviduri saxsrebiT uzrunvelyofas:
- fuladi saxsrebi naRd da unaRdo formebSi;
- moklevadiani sakredito instrumentebi arasabanko biznesis sxvadasxva sferosaTvis;
- veqsilebi;
- Cekebi da xelwerilebi;
- depozituri sabanko sertifikatebi, romlebic warmoadgens fulad valdebulebas, banki emitentis mowmobas fuladi Tanxebis Senatanze da romelic depozitars aZlevs uflebas garkveuli vadis Semdeg miiRos depozitis Tanxa da masze procenti;
- bankTaSoriso krediti da sxva;
- saxelmwifo moklevadiani valdebulebebi.
- warmoebuli finansuri instrumentebis (derivativebis) bazari
vadiani bazari (derivativebis, warmoebuli finansuri instrumentebis bazari) - aris bazari, romlis sagansac warmoadgens momavalSi raime aqtivis - sabazo instrumentis miwodebaze xelSekruleba. warmoebul fasian qaRaldebs uwodeben finansur instrumentebs, romelTa Rirebulebac damokidebulia sxva aqtivebis Rirebulebaze, rogoricaa mag., aqciebi, fasiani qaRaldebi fiqsirebuli SemosavliT, ucxouri valuta an raime saxis saqoneli. maTi ZiriTadi funqcia isaa, rom isini warmoadgenen im aqtivebSi dabandebuli kapitalis riskis xarisxis marTvis instituts, romlebidanac isinia warmoebuli.
nawarmoebi fasiani qaRaldebis yvelaze gavrcelebuli tipuri saxeebia: ofcionebi da winaswari kontraqtebis (forward cintracts). amasTan yidvis ofcioni anu "qol" ofcioni (call option)- esaa instrumenti, romelic mis mflobels aZlevs garkveuli raodenobis aqtivebis mocemul fasebSi yidvis uflebas drois nebismier momentSi, ofcioniT gansazRvruli drois CaTvliT. analogiurad, gayidvis ofcioni anu "fuT" ofcioni (put option)- esaa instrumenti, romelic mis mflobels aZlevs garkveuli raodenobis aqtivebis mocemul fasebSi gayidvis uflebas drois nebismier momentSi, ofcioniT gansazRvruli drois CaTvliT. roca aqtivebis mflobeli yidulobs mocemuli aqtivis gayidvis ofcions, amiT is efeqturad izRvevs Tavs misi fasis, kontraqtSi miTiTebulze ufro dabla dacemisagan.
winaswar kontraqtebs uwodeben finansur instruments, romlis mixedviTac SeTanxmebis erTi mxare valdebulia iyidos. meore ki - gayidos garkveuli aqtivebi mocemul fasebSi da kontraqtiT gansazRvrul dros. aseTi kontraqtebi azRvevs rogorc gamyidvels, iseve myidvels, fasebis ganusazRvrelobisgan. sabazo instrumentad SeiZleba gamovides savaluto da safondo faseulobebi, safondo da fuladi bazrebis indeqsebi, saprocento ganakveTebi, nebismieri saqoneli.
vadiani bazris ZiriTadi funqciebia:
- saSualebas iZleva SeTanxmdes momavlis gegmebi, daizRves finansuri bazris monawileebis RirebulebiTi riskebi;
- bazris maRali Semosavlianobis gamo kapitalis gazrdis SesaZleblobas iZleva.
vadiani bazris instrumentebia:
- forvarduli da fiuCersuli kontraqtebi;
- ofcionuri kontraqtebi;
- svopebi;
- repo SeTanxmebebi.
sadazRvevo bazari
ZiriTadi cnebebi:
samewarmeo saqmianobis subieqtma, alternatividan unda airCios erT-erTi da amiT unda gansazRvros Tavisi damokidebuleba riskTan:
- SeinarCunos riski da Sesabamisad damoukideblad, martom ganicados SesaZlo Zarali;
- uari Tqvas riskze da Sesabamisad am saxis saqmianobaze:
- gadasces riski mesame pirs an organizacias garkveuli anazRaurebiT.
dazRveva warmoadgens riskze zemoqmedebis erT-erT meTods. dazRveva - es aris kerZo pirebisa da sawarmoebis qonebrivi interesebis dacvis mizniT mimarTuli urTierToba sadazRvevo SemTxvevis an gansakuTrebuli movlenis dadgomisas gansakuTrebuli fuladi sadazRvevo fondebis xarjze. es fondebi iqmneba kerZo pirebisa da sawarmoebis Senatanebis xarjze.
amasTan adgili aqvs Semdeg Taviseburebebs:
- fuli ikribeba specialurad organizebuli damzRvevebis mier, rolebic axorcieleben dazaralebuli pirebisaTvis Tanxebis gadacemas;
- qonebrivi interesebis dacva xorcieldeba mxolod SezRudul pirTa jgufisTvis, anu maTTvis vinc winaswar gadaixada sadazRvevo Senatani anu sadazRvevo premia;
- sadazRvevo Tanxa gaicema ara yvela monawileze, aramed mxolod im pirebze, romlebic dazaraldnen araxelsayreli movlenebiT, romelTa CamonaTvalic mkacrad aris gansazRvruli sadazRvevo kontraqtSi.
dazRevis funqciebia:
- makompensirebeli (unazRaureben miyenebul zarals)
- garantireba
- makontrolebeli (akontrolebs subieqtis saqmianobas zaralis Tavidan acilebis mizniT)
- sainvesticio (sadazRvevo Senatanebs ukeTebs mobilizebas maTi dabandebis mizniT)
dazRvevis obieqtebi, romelTa qonebriv interesebsac icaven mzRvevelis meSveobiT, iyofa or jgufad:
1. interesebi, romlebic dakavSirebulia damzRvevTan (sicocxle, janmrTeloba, sikvdili) - piradi dazRveva, dakavSirebuli SromisTunarianobasTan, sapensio uzrunvelyofasTan
2. interesebi dakavSirebuli qonebasTan - qonebrivi dazRveva, pasuximgeblobis dazRveva, samewarmeo riskebis dazRveva
safondo bazari
safondo bazari (kapitalis bazari)- bazris sferoa, romelic gankuTvnilia grZelvadiani investirebisaTvis.
Tavis mxriv, safondo bazari iyofa or segmentad - savalo valdebulebebis (obligaciebis) da wilobrivi monawileobis (aqciebi) segmentad.
finansuri aqtivebis ZiriTadi tipebia savalo valdebulebebi (obligaciebi), aqciebi (equity) nawarmoebi fasiani qaRaldebi.
aqciebi - firmis mesakuTreTa mier misi aqtivebis nawilisadmi warmodgenili moTxovnaa. amasTan fasian qaRaldebs, romlebic mowmoben korporaciis nawilis flobis uflebas, aSS-Si Cveulebriv aqciebs uwodeben, did britaneTSi ki ubralo aqciebs. yoveli Cveulebrivi aqcia gamoxatavs imas, rom mis mflobels ekuTvnis isTive wili firmis aqtivebSi, rogorc sxvebs. ase, rom Cveulebriv erTi aqcia iZleva erT wils firmis mogebaSi da erT xmas aqcionerTa krebaze. amasTanave, zogierTi korporacia uSvebs mimoqcevaSi oris saxis aqcias, romelTagan erTi iZleva xmis uflebas, meore - ara.
garda amisa, unda SevniSnoT, rom Cveulebrivi aqcia warmoadgens e.w. naSTiT moTxovnas korporaciis aqtivebze, rac imas niSnavs, rom mis mflobels aqvs ufleba firmis yvela im aqtivebze, romlebic rCeba yvela danarCeni finansuri moTxovnebis Sesrulebis Semdeg. ase mag., Tu firmam gadawyviTa biznesis Sewyveta day vela aqtivis gayidva, Cveulebrivi aqciebis mflobelebs SeuZliaT gainawilon yvelaferi rac darCeba mas Semdeg, roca firmis kreditori miiRebs mis kuTvnil Tanxas. amasTanave, Cveulebrivi aqciis mflobels gaaCnia SezRuduli pasuxismgebloba, e.i. firmis gakotrebisa da likvidaciis SemTxvevaSi, kreditorebs ar SeuZliaT aseTi aqcionerebis mimarT damatebiTi savalo moTxovnebis wayeneba. kreditorTa moTxovnebi korporaciis mimarT SemoisazRvreba mxolod korporaciis aqtivebiT.
savalo instrumentebs uSvebs yvela vinc fuls sesxulobs - mTavrobebi, firmebi, Sinameurneobebi. Sesabamisad, savalo valdebulebaTa bazarze vaWroben iseTi aqtivebiT, rogoricaa korporaciuli da saxelmwifo obligaciebi, sacxovrebeli da komerciuli giraoebi, samomxmareblo sesxebi. savalo valdebulebebs xSirad uwodeben instrumentebs fiqsirebuli SemosavliT, radgan isini momavalSi fiqsirebuli Tanxis miRebas iTvaliswineben. zogjer maT myarprocentian fasian qaRaldebsac eZaxian.
savalo valdebulebaTa klasifikaciisaTvis maTi dafarvis vadasac iyeneben. amasTan, moklevadiani (erTwlamde) savalo valdebulebebis bazaars fulis bazaars (money market) uwodeben, grZelvadian (dafarvis erT welze meti vadiT) savalo valdebulebaTa bazars ki - kapitalis bazaars (Kapital market).
bazris TiToeuli monawile Tavisi kerZo miznebidan gamomdinare cdilobs gamoiyenos safondo bazris meqanizmi am miznebis miRwevisaTvis:
- emitentebi. sawarmos listingis meSveobiT emitentebi moipoveben uflebasa da SesaZleblobas moizidon duladi saxsrebi aucilebeli sainvesticio gadawyvetilebebis ganxorcielebisaTvis. aq saubaria rogorc aqciebis, ise obligaciebis gamoSvebaze. bunebrivia rogorc erT, ise meoreze kompania emitenti aucileblad valdebulia gadaixados e.w. anazRaureba (jildo), romlis ganakveTic Cawerilia an obligaciis emisiis prospeqtSi, an dgindeba bazris mier aqciebis ganTavsebis SemTxvevaSi.
- investorebi. bazari maT aZlevs saSualebas efeqtianad gamoiyenos fuladi saxsrebis Tavisufali naSTebi. aq saubaria, rogorc kerZo, ise institucionalur invsetorebze. amasTan, pirvelebis wili mudmivad izrdeba, rac gamoixateba bazris moculobis (fulad gamoxatulebaSi) zrdaSi. imis mixedviT, Tu investorebi romels aniWeben upiratesobas, aqvT SesaZlebloba Seadginon aqtivebis individualuri portfeli. spekulantebi, rogorc investorTa kategoria, gamiznuli arian ra uwinaresad moklevadiani mogebis miRebaze, rogorc wesi safonda bazarze axorcieleben dabandebebs upiratesad aqciebSi. investorebi, romelic arCeven Semosavlis stabilur miRebasa da Tavdapirvelad investirebuli Tanxis gegmazopmierad gazrdas, operireben bazarze saxelmwifo da korporatiuli savalo valdebulebebiT - obligaciebiT. savalo instrumentebis bazari (obligaciebi)
savalo valdebulebebis segmenti warmoadgens fuladi saxsrebis mozidvis gansakuTrebul meqanizms obligaciebis ganTavsebis gziT.
Tanamedrove periodSi korporatiuli obligaciebi warmoadgens swrafad mzard segments.
obligaciebis ZiriTadi maxasiaTeblebi:
- obligacia fasiani qaRaldia, romelic adasturebs sasesxo urTierTobas mis mflobelsa (kreditors) da mis gamomSveb pirs (msesxebels) Soris.
- obligacia fasiani qaRaldia, romelic aZlevs mis mflobels uflebas miiRos obligaciis emitentisagan obligaciiT gaTvaliswinebul droSi misi nominaluri Rirebuleba da masSi dafiqsirebuli Rirebulebidan procenti an sxva qonebrivi eqvivalenti.
obligaciis fundamenturi Taviseburebebia:
- sesxis dadastureba;
- dafarvis saboloo vada;
- aqciaze win dgoma procentis gadaxdi an likvidaciis dros;
- ar iZleva marTvaze uflebas;
- procentis savaldebulo gadaxda.
obligaciebsa da aqciebs Soris sxvaoba
principuli gansxvaveba aqciebsa da obligaciebs Soris mdgomareobs SemdegSi: yidulobs ra aqcias, investori xdeba kompania-emitentis erT-erTi mflobeli. yidulobsra obligacias, investori xdeba kompania-emitentis kreditori. amas garda, aqciisagan gansxvavebiT, obligacias gaaCnia mimoqcevis SeRuduli vada, romlis gasvlis Semdeg igi ifreba. obligacias aqvs upiratesoba aqciasTan SedarebiT maTi mflobelebis qonebrivi uflebebis realizaciis dros: qonebis ganawilebis dros, rodesac kompania-emitentis likvidacia xdeba, pirvel rigSi ifareba yvela vali, maT Soris saobligacio sesxi, xolo rac darCeba - nawildeba aqciebze. Tu aqciebi, romelic warmoadgens sakuTrebis tituls, aZlevs mis mflobels kompania-emitentis marTvaSi monawileobis miRebis uflebas, obligaciebi, rogorc sasesxo instrumenti aseT uflebas ar iZleva.
emitentisaTvis dadebiTi da uaryofiTi mxareebi
upiratesoba:
- sesxis aRebis SedarebiT iafia xerxia sabanko kreditTan SedarebiT;
- sesxis xangrZlivi vada sabanko kreditTan SedarebiT;
- resursebis mniSvnelovani moculobis mozidvis SesaZlebloba;
- dafinansebis moqniloba;
- aucilebeli ar aris obligaciuri sesxis emitentis aqtivebiT uzrunvelyofa;
- emitentis sajaro sakredito istoriis Seqmna.
naklovanebebi:
- bazris Seswavlis aucilebloba;
- tranzaqciuli danaxarjebis SesaZlo zrda, romelic dakavSirebulia obligaciebis ganTavsebasa da momsaxurebaze;
- problemebi, romelic warmoiSveba kompania-emitentis SesaZlo restruqturizaciis dros.
finansuri bazrebis analizis meTodebi
Tanamedrove kompiuteruli da satelekomunikacio teqnologiebis, maT Soris internet-
kavSirebis, ganviTarebam gamoiwvia safinanso bazrebze vaWrobis monawileTi ricxvis arnaxuli zrda, Sesabamisad Zalian aqtualuri da rTuli gaxda am bazrebze sakuTari saxsrebis racionaluri ganawilebis amocana investorTa mzardi armiisTvis.
sanam finansur bazrebze monawileobas gadawyvetdes, investori unda gaerkves finansuri
aqtivebidan Semosavlebis miRebis meqanizmSi, anu sanam kapitals finansur instrumentebSi
daabandebdes, aucilebelia garkveuli pasuxebis miReba Semdeg kiTxvebze: * rogoria dasagegmi finansuri dabandebebis mosalodneli Semosavlianoba?
* ramdenad didia am Semosavlebis miRebasTan dakavSirebuli ganuzRvreloba, e. i. ramdenad
sarikoa gansaxilveli investiciebi?
* rogoria finansur bazrebze ekonomikuri, politikuri da sxva faqtorebis gavlena?
* mocemuli finansuri instrumentebis fasebis cvlileba SemTxveviTia Tu garkveul
kanonzomierebas eqvemdebareba?
* rogor unda SevarCioT finansuri aqtivebi da ganvsazRvroT maTi gayidvisa da yidvis momentebi, moculobebi da kapitaldabandebaTa vadebi?
* unda vmarToT Tu ara Cveni finansuri aqtivebi sabazro koniunqturis cvlilebaTa
gaTvaliswinebiT, Tu umjobesia mivyveT "iyide da Seinaxe"-s tipis (pasiur) strategibs? Tu
aqtivebis marTvas mainc aqvs azri, rogor vmarToT?
ra Tqma unda, aseTi tipis kiTxvebze pasuxis gacema SesaZlebelia mxolod finansuri bazrebis da maTze moqmedi faqtorebis yovelmxrivi Seswavlisa da analizis Sedegad. dResdReobiT pirobiTad SeiZleba gamoiyos sami midgoma finansuri bazrebis analizisa da am analizis meTodebis SerCevis mimarT. pirveli midgoma gulisxmobs am bazrebis mdgomareobaTa dinamikis Seswavlas, am cvlilebebis bunebisgan damoukideblad, rac teqnikuri analizis saxeliTaa cnobili. amis sapirispirod, meore midgoma cnobilia fundamentaluri analizis saxeliT da gulisxmobs finansuri instrumentebis fasze moqmedi faqtorebis analizs. rac Seexeba mesame midgomas, igi dakavSirebulia e.w. bazrebis informaciuli efeqturobis hipoTezasTan, romlis Tanaxmadac aqtivis fasi myisierad da srulad asaxavs masTan dakavSirebul mTel informacias. aqedan gamomdinare, keTdeba daskvna imis Sesaxeb, rom finansuri bazrebis analizi da prognozireba ar SeiZleba uizrunvelyofdes am bazrebze iseTi garigebebis sistematur dadebas, romelTa efeqturobac (Semosvlianobis fardoba riskis donesTan) saSualoze maRali iqneba. aqedan gamomdinare, investirebis optimaluri strategia aseTia: "iyide da Seinaxe". (e.i. optimaluri sasiuri, e.w. indeqsirebis strategiaa (ix. mag.,z. bodisa da r. mertonis "finansebi".) am midgomis farglebSi, erTaderTi, risi gakeTebac SeuZlia investors ufro maRali Semosavlianobis misaRebad, esaa ufro maRali riskis aReba sakuTar Tavze
finansuri bazrebis monawileebi
finansuri bazrebis monawileebia: emitentebi, investorebi, agreTve fizikuri da iuridiuli
pirebi, romlebic dakavebuli arian saSuamavlo saqmianobiT (fasiani qaRaldebis bazris
profesionaluri monawileebi).
Tavis mxriv fasiani qaRaldebis bazris profesionaluri monawileebis CamonaTvali aseTia:
-reestris mwarmoeblebi (registratorebi), depozitariumebi da transfert-agentebi;
-vaWrobis organizatorebi;
-saangariSsworebo da saklirigo orgaizaciebi;
-brokerebi;
-dilerebi;
-ndobiT aRWurvili mmarTvelebi;
-saainvesticio fondebi;
- mmarTveli kompaniebi.
reestris mwarmoeblebi, depozitariumebi da transfert-agentebi warmoadgenen organizaciebs,
romelTa ZiriTadi funqci afasiani qaRaldebis mflobelTa AaRricva da uflebebis dacvaa. reestris mwarmoebeli (registratori) organizaciis ZiriTadi funqcia fasiani qaRaldebis
reestris warmoebaa, romlis safuZvelzec dgeba aqcionerTa saerTo krebis monawileTa siebis
Sedgena da dividendebis daricxva.
rac Seexeba depozitariums, igi warmoadgens fasiani qaRaldebis Tavisebur banks, romelic
afiqsirebs am qaRaldebze Catarebul operaciebs da sakuTrebrivi uflebebis gadacemas,
romlebic aisaxebian Sesabamis depo-angariSebze. erTidaigive depozitariumSi SeiZleba inaxebodes
informacia sxvadasxva saxis fasiani qaRaldebis Sesaxeb. depozitariumi, registratoris
moTxovniT gadascems mas informacias fasian qaRaldebze warmoebuli operaciebis Sesaxeb,
aqcioneruli sazogadoebis reestrSi Sesabamisi cvlilebebis Setanis mizniT. amasTan, am informa-
ciis depozitariumidan registratorisTvis miwodebis ufleba SeiZleba gadeces specializebul
organizacias-transfert-agents. Cvens droSi fasian qaRaldebze garigebaTa udidesi nawili realizdeba vaWrobis specia-
luri organizatorebis-birJebisa da arasabirJo savaWro sistemebis meSveobiT. pirveli sabirJo savaWro moednebi warmoadgenen afasiani qaRaldis gamyidvelebisa da
myidvelebis TavSeyris adgils, sadac isini Sesabamisi wamoZaxilebis meSveobiT sTavazobdnen
erTmaneTs garigebis pirobebs. SeTanxmebis SemTxvevaSi isini iwerdnen garigebis monacemebs specialur baraTebze da dgadascemdnen mas birJis maklers, romelic Tvals adevnebda vaWrobis
process da awarmoebda maT registracias. Tanamedrove pirobebSi yvelaferi es xdeba kavSris
Tanamedrove eleqtronuli sistemebisa da kompiuteruli terminalebis gamoyenebiT, ase rom sabirJo vaWroba sul ufro metad emsgavseba arasabirJos, sadac yvelaferi eleqtronuli formiTaa organizebuli. rogorc birJebi, ise fasiani qaRaldebiT vaWrobis sxva organizato -
rebi, romelTa ZiriTadi funqcia garigebaTa Seusruleblobis riskis minimizaciaa, garkveul
moTxovnebs uyeneben, rogorc finansur instrumentebs, romliTac xdeba vaWroba, ise am vaWrobis
monawileebsac. fasiani qaRaldebis sabirJo vaWrobebze daSvebis proceduras listingi ewodeba. listingi,
rom gaiaros emitenti kompania unda akmayofilebdes iseT moTxovnebs, rogoricaa sawesdebo
kapitalisa da aqtivebis minimaluri moculoba, aqcionerTa raodenoba, muSaobis gamocdileba,
gayidvebis moculoba da a.S. es pirobebi yvela birJas Tavisi aqvs xolme. Tu amasTan, vaWrobaze
daSvebuli instrumentebi an emitentebi ukve aRar akmayofileben mocemuli savaWro moednis Tu
birJis pirobebs, SesaZlebelia delistigi, e.i. vaWrobis monawileTa siidan amoRebac. birJebTan Tu Tu fasiani qaRaldebiT sxva savaWro moednebTan arseboben saangariSsworebo
da saklirigo organizaciebi. amaTgan, pirvelni organizacias ukeTeben angariSsworebas garigebaSi monawile subieqtebs Soris, amisTvis winaswar gaxsnili specialuri savaWro angariSebis meSveobiT (ise, rom darCenili Tanxa ukanve iricxeba aRniSnul subieqtTa angariSebze). garda amisa, am organizaciaTa kompetenciaSi Sedis Sesabamisio sakomisio Tanxebis
Camowera da sxva saxis saangariSsworebo funqciebis Sesruleba, savaWro sistemis SigniT Tu gareT. rac Seexeba sakliringo organizaciebs, maTi funqciaa fasiani qaRaldebis angariSebidan
angariSze gadayvana, vaWrobis Sedegebis Sesabamisad. ase, rom yoveli savaWro dRis damTavrebis
Semdeg xdeba kliringi, e. i. dgindeba angariSTa jamuri cvlilebebi vaWrobis yvela monawilis-
Tvis. am operaciebis Sedegebidan gamomdinare, depozitariumebs SeaqvT Sesabamisi cvlilebebi fasiani qaRaldebis mflobelTa depo-operaciebSi (saklirigo organizaciebidan miRebuli
informaciis bazaze).
finansur bazrebze vaWrobis monawileebs SeuZliaT imoqmedon sakuTari miznebidan gamom- dinare (sakuTari kapitalis xarjze) an Seasrulon saSuamavlo funqciebi, TavianTi klientebis
sasargeblod. amasTan, finansuri bazris im monawileebs, romlebic awarmoebeb operaciebs sakuTari TavisTvis da sakuTari saxsrebiT, uwodeben dilerebs. .vaWrobis monawileni, romle- bic asruleben operaciebs TavianTi klientebis davalebiT SeiZleba warmoadgendnen brokerebs,
ndobiT aRWurvil mmarTvelebs (aRmasruleblebs) an sainvesticio fondebis warmomadgenlebs. brokeri esaa vaWrobis monawile, romelic debs garigebebs klientebis davalebiT da maT
xarjze. iRebs ra davalebas klientisgan fasiani qaRaldebis yidvis an gayidvis Sesaxeb, igi
debs Sesabamis garigebas birJaze Tu birJis gareT, risTvisac iRebs garkveul gasamrjelos
(sakomisios) Tavisi klientisgan. amasTan, klientis mier davalebis Sesasruleblad gadacemuli
fuladi resursebi aRiricxeba angariSze, romelic gancalkavebulia brokeris sakuTari angari-
Sisgan. Tu amasTan, brokers aqvs depozitaruli saqmianobis ufleba, maSin klientis fasiani
qaRaldebi SeiZleba aRiricxos brokeris depozitariumSi. am SemTxvevaSi brokeri gamodis
klientis fasiani qaRaldebis nominaluri mflobelis rolSi, xolo namdvili mflobelis
vinaoba fiqsirdeba sabrokero firmis Sida nangariSebSi. ndobiT aRWurvili, anu satrasto mmarTveli aseve muSaobs klientis sasargeblod da misi
saxsrebiT, amasTan brokerisgan gansxvavebiT mas SeuZlia TviTonve miiRos gadawyvetileba aqtivebis yidva-gayidvis Sesaxeb. saqme imaSia, rom klienti mas garkveuli droiT gadascems marTvis uflebas Tavis garkveul aqtivebze an fasian qaRaldebze, romelsac is ganaTavsebs im
mizniT, rom klientma miiRos maqsimaluri Semosavali. amasTan, satrasto mmarTvelma anazRaure-
ba SeiZleba miiRos aqtivebis an maTgan miRebuli Semosavlebis garkveuli procentis saxiT.
rogorc wesi erTi aseTi mmarTveli emsaxureba ramdenime msxvil klients. sapaio-sainvesticio fondebi Cveulebriv iqmneba SedarebiT mcire finansuri SesaZleblobebis
mqone investorTa finansur bazrebze gasvlis mizniT. amasTan, sainvesticio fondebs SeuZliaT
moizidon, rogorc calkeul investorTa, ise sxvadasxva organizaciebis da kompaniebis finansuri saSualebebi, rogoricaa mag., sapensio fondebi an sadazRvevo kompaniebi. aseTi fondebis aqtivebis marTviT Cveulebriv dakavebulia am profiliT specializebuli mmarTveli
kompaniebi. amasTanave, urTidaigive kompania SeiZleba marTavdes ramdenime aseTi sainvesticio fondis aqtivebs.
Tavi I. finansuri institutebisa da bazrebis roli
vinaidan Cven unda SeviswavloT finansuri institutebi da bazrebi, unda gaverkveT Tu ratom aris mniSvnelovani da riT aris isini sasargeblo ekonomikuri urTierTobebis yvela subieqtisaTvis. jer ganvixiloT finansebis primitiuli samyaro, sadac fuli jer ar aris mimoqcevaSi. fulis gareSe ar SeiZleba iyos iseTi finansuri aqtivebi, rogoricaa aqciebi da obligaciebi, ar SeiZleba iyos investiciebi. investiciebis arCevani SezRudulia realuri aqtivebiT, rogoricaa Sromis iaraRebi da saTavsebi, xolo realuri investiciebisaTvis gamoiyeneba saTesi marcvleuli an Sromis iaraRebiT damzadebuli nawarmi.
aseTi primitiuli ekonomikis analizis Semdeg ganvixilavT SedarebiT rTul ekonomikur models ganviTarebuli finansuri institutebiT da bazris struqturebiT. eWvgareSea, rom finansuri institutebis ganviTareba dadebiTad moqmedebs sazogadoebaze. mag., individis SesaZleblobas isesxos Tanxa momavali Semosavlis garantiis qveS, SeuZlia gaaumjobesos msesxeblis ekonomikuri keTildReoba. Cveni amocanac swored es aris - vaCvenoT rogor aumjobesebs finansuri sistema adamianebis cxovrebasa da keTildReobas.
1. 1. ekonomika gacvlis gareSe
ekonomikis yvelaze martivi modeli, romelic SeiZleba warmovidginoT - esaa ekonomika, sadac ar asebobs erTi saqonlis meoreze gacvlis SesaZlebloba. Ddaniel defos cnobil romanSi gemis daRupvis Sedegad robinzon kruzo aRmoCndeba marto ukacriel kunZulze (Tu ar CavTvliT paraskevas). Tu robinzon kruzos da paraskevas erT ekonomikur erTeulad miviCnevT, maSin cxadia, rom kunZulze ar arsebobs erTi saqonlis meoreze gacvlis SesaZlebloba im mizeziT, rom kunZulze sxva ekonomikuri erTeuli ar arsebobs. aseT martiv ekonomikaSi ar arsebobs aranairi finansuri sistema.
kruzos TiTqmis ar uwevs ekonomikuri gadawyvetilebis miReba, Tumca erT-erTi umniSvnelovanesi problema, romelic mas mainc unda gadewyvita, iyo moxmarebis da investirebis problema. vivaraudoT, rom robinzon kruzos aqvs simindis marcvlis garkveuli raodenoba, romelic gadarCa gemidan. kruzos da paraskevas SeuZliaT moixmaron simindi mimdinare wels, Seinaxon momaval wels mosaxmarad an daTeson da miiRon meti simindi momavalSi mosaxmarad. davuSvaT, rom simindi erTaderTi sakvebia, romelic maT gaaCniaT da is SeiZleba Seinaxos momaval wlamde. kruzom unda gadawyvitos ramdeni moixmaros mimdinare wels da ramdeni daitovos momavali wlisaTvis. raTa gadarCes, kruzom unda moixmaros simindis nawili wels, amitom mas ar SeuZlia Seinaxos an daTesos mTlianad.
nax. 1.1 moxmarebis SesaZleblobebi investiciebis gareSe
100
40 w
0 60 100
mimdinare wlis moxmareba (funtebSi)
nax. 1.1 gviCvenebs kruzos moxmarebis dones am wels da momaval wels, imis varaudiT, rom kruzos ar SeuZlia simindis daTesva niadagSi vulkanuri ferflis siWarbis gamo. aRniSnuli SezRudva niSnavs, rom kruzos siberemde miRwevis perspeqtiva ara aqvs. kruzos problemaa gansazRvros TiToeuli periodisaTvis marcvleulis ganawileba. nax. 1.1.-is Sesabamisad, vvaraudobT, rom mas gaaCnia 100 funti marcvali. horizontaluri RerZi asaxavs marcvleulis moxmarebas mimdinare wels. Tu kruzo mTel marcvals moixmars mimdinare wels, maSin moxmarebis aseTi done ar dautovebs aranair marags momavali wlisaTvis da is momaval wels SimSiliT mokvdeba.
Teoriulad kruzos SeuZlia mimdinare wels ar moixmaros simindis marcvali da igi moixmaros mTlianad momaval wels (vertikaluri RerZi). Tu kruzo mimdinare wels moixmars 60 funts da momavali wlisaTvis Seinaxavs 40 funts, maSin moxmarebis done iqneba W wertilis Sesabamisi diagonalur grafikSi. mimdinare wlis moxmarebis (Co) Tanafardoba momavali wlis (C1) moxmarebasTan, gamoxatuli grafikze xasiaTdeba gantolebiT: C1= 100- Co
maqsimaluri moxmarebis SesaZlebloba momaval welsac igivea, rac mimdinare wels, anu 100 funti.
magram kruzom ipova kunZulze adgili sadac niadagi nayofieria. kruzo xvdeba, rom simindis marcvlis gamoyenebis SesaZlebloba moulodnelad gafarTovda. Tu davuSvebT, rom daTesil marcvalze namati Seadgens 20%-s, maSin m.w. daTesil 1 funtze momaval wels miiRebs 1,2 funts. unda davuSvaT, aseve, rom investiciebis ukugeba garantirebulia. naxazi 1.2. gviCvenebs SesaZleblobebis axal speqtrs. Tu daTesvis SesaZlebloba arsebobs, maSin mimdinare wlisa da momavali wlis moxmarebis doneebs Soris Tanafardoba SeiZleba gamovsaxoT Semdegi gantolebiT: C1= 120- 1.2xCo
nax. 1.2. kruzos moxmarebis SesaZleblobebi 120 realuri investiciebiT
100 investiciebis gareSe
48 w realuri investiciebi
0 60 100
moxmareba mimdinare wels
amgvarad, nax. 1.2 akeTebs nax. 1.1.-is dublirebas da gviCvenebs moxmarebis SesaZleblobas mosavlis Sedegad. Tu kruzo daTesavs 100 funts, maSin igi miiRebda momaval wels 120 funts da moxmarebis SesaZlebloba gaizrdeba 120 funtamde.
naTelia, rom marcvlis daTesva aumjobesebs kruzos moxmarebis SesaZleblobebs. 1.1. diagramaze Cven avRniSneT, rom kruzos SeeZlo moexmara 60 funti simindi, xolo momaval wels 40 funti. daTesvis SesaZleblobis SemTxvevaSi ki 60 funts moixmars, xolo darCenil 40 funts gamoiyenebs daTesvisaTvis. 20%-iani zrdis pirobebSi daTesili 40 funti simindi miscems mosavals 48 funts. amiT kruzo gazrdis samomxmareblo SesaZleblobebs.
unda aRiniSnos, rom Cvens mier aRweril martiv ekonomikaSi sruliad ar arsebobs finansuri sistema da ar arsebobs aranairi saqonelgacvla.
ekonomika fulis gareSe
ekonomika fulis gareSe, aseve martivi ekonomikaa da mniSvnelovani xarisxiT hgavs kruzos kunZulis ekonomikas. miuxedavad amisa, am SedarebiT garTulebul ekonomikaSi arsebobs ramdenime ekonomikuri erTeuli, romelTac SeuZliaT gacvalon erTmaneTSi saqoneli. fulis gareSe ekonomikaSi SesaZlebelia ori ZiriTadi tipis ekonomikuri operacia. jer erTi, erTi saqoneli SeiZleba gaicvalos meoreze; meorec, SesaZlebelia realur kapitalSi investireba.
fulis gareSe erTi saqoneli SeiZleba gaicvalos meoreze. fizikuri saqonlis erTmaneTze gacvlas ewodeba barteri, xolo fulis gareSe ekonomikas - barteruli ekonomika.
warmovidginoT meTevze, romelmac didi raodenobiT daiWira Tevzi, da romelsac aucileblad esaWiroeba Tavisi navisTvis axali afra. Tanamedrove ekonomikaSi meTevze gayidis Tevzs da amonagebi fuliT iyidis axal afras. barterul ekonomikaSi, imisaTvis, rom meTevzem SeiZinos saWiro afra, man unda ipovos is, visac esaWiroeba Tevzi da vinc daTanxmdeba Tevzi gacvalos afraSi. gacvlis es forma ukiduresad araefeqturia im formebTan SedarebiT, romelic arsebobs fulis mimoqcevis ganviTarebuli sistemis mqone ekonomikaSi. Tu Cven meTevzis istorias gavaanalizebT, mivalT mniSvnelovan daskvnamde, rom ekonomikaSi fulis SemotaniT martivdeba saqonelgacvliTi urTierTobebi. imis magivrad, rom erTi saqoneli meoreze gacvalo, SesaZlebelia igi gaicvalos fulze, romlis meSveobiTac SeiZleba kvlav iyido saqoneli. amgvarad fuli warmoadgens gacvlis saSualebas, anu igi aris is saqoneli, romelic gaicvleba nebismier sxva saqonelze.
warmovidginoT exla, rom meTevzis nadavli marTlac Zalzed didia da misi afraze da sxva saWiro saqonelze gacvlis Semdeg mainc darCa Tevzis raRac nawili. TevzWera sarisko saqmianobaa da albaToba imisa, rom msgavsi didi nadavli momavalSic eqneba Zalzed mcirea. imisaTvis, rom momavalSi SesaZlo warumatebeli Tevzaobisagan daizRvios Tavi, meTevzes surs gadainaxos nawili Tevzi. magram es Znelad gansaxorcielebelia - Tevzi malfuWadi produqtia. mxolod gamoyvanili Tevzi inarCunebs gemovnur Tvisebebs da es meTevzes rTul mdgomareobaSi ayenebs. Tu vivaraudebT, rom Tevzis gamoyvana SeuZlebelia, maSin meTevzes SeuZlia mTeli Tevzi gacvalos sxva saqonelze, winaaRmdeg SemTxvevaSi is Tevzi gaufuWdeba. bunebrivi pirobebis gamo meTevze robinzon kruzoze cudad aris uzrunvelyofili, romelsac SeeZlo samomavlo maragebis Seqmna. barterul ekonomikaSi SesaZlebelia erTi saqonlis gacvla meoreze, magram gacvla Znelad gansaxorcielebelia da TviTon saqonelic yovelTvis iolad ar Seinaxeba. Sedegad saqonlis Rirebulebis SenarCuneba Znelia.
1.3. fuladi ekonomika
modiT gavixsenoT meTevzis magaliTi, romelsac zedmeti Tevzi aqvs da dgas arCevanis winaSe - moixmaros Tevzi, miiyvanos igi gafuWebamde an gacvalos igi iseT saqonelze, romelic ar fuWdeba. albaT meTevze airCevs am sami alternatividan mesames - Warb Tevzs gacvlis sxva iseT saqonelze, romelic ar fuWdeba da romlis gamoyenebasac is momavalSi SeZlebs. Tevzis gacvlis mcdeloba aiZulebs meTevzes moZebnos adamiani, romelic SeZlebs am Tevzis gamoyenebas da surs Tavisis saqoneli gacvalos Tevzze. Tevzi ar SeiZleba gamovides rogorc Rirebulebis erTeuli, radganac igi malfuWadia. ekonomikaSi fulis Semosvla metad sasargebloa, vinaidan fuli gvevlineba gacvlis da Senaxvis idealur saSualebad: saqoneli SeiZleba Seinaxo misi Rirebulebis danakargebis gareSe.
ganvixiloT axla meTevzis situacia fulad ekonomikaSi. aq meTevzes SeuZlia Tevzi gayidos da miiRos fuli. rogorc gacvlis saSualeba, miRebuli fuli advilad SeiZleba gaicvalos sxva saqonelze. Tu meTevzes aqvs Warbi Tevzi, maSin SesaZlebelia es Tevzi gaiyidos fulze, xolo fuli sxva saqonlis SesaZenad gamoiyenos. fuli aris dazogvis absoluturi saSualeba, imitom rom is inarCunebs Tavis Rirebulebas advilia misi Senaxva. ra Tqma unda, TevzTan SedarebiT fuli SeiZleba advilid Seinaxo muTaqaSi. martivi ekonomikis monawileebs gaaCniaT upiratesoba, imitom rom fuli warmoadgens gacvlisa da dazogvis saSualebas. 1.4. fuli da finansuri investiciebi
amgvarad, Cven ganvixilavT Zalian martiv ekonomikur modelebs, romelTa Soris ukanasknelia fuladi ekonomika. magram fuladi ekonomikuri modelis erT-erTi ganmasxvavebeli niSani iyo is, rom arsebobs fuli, magram finansuri investiciebis gareSe. fuli funqcionirebs rogorc gacvlis saSualeba da Rirebulebis gamoxatvis saSualeba, magram es ar iZleva finansuri investiciebis ganxorcielebis SesaZleblobas. finansuri investiciebis gareSe ki ekonomika mainc primitiulia. am punqtSi Cven gavamdidrebT ekonomikas Tuki SemoviRebT finansur investiciebs.
wina TavSi figurirebda meTevze Tevzis Warbi raodenobiT, romelic warmatebiT gayida fulze. rogorc vxedavT aq fuli funqcionirebda rogorc gacvlis saSualeba da Rirebulebis sazomi. magram finansuri investiciebis SesaZleblobis gareSe meTevzes SeuZlia fulis mxolod Senaxva.
ufro ganviTarebuli finansuri sistemis pirobebSi SesaZlebelia fulis investireba garkveuli sargeblis miRebis mizniT. inovacia finansuri investiciebis formaSi meTevzes xdis mdidars, vinaidan mas SeuZlia Seqmnas momavali moxmareba. finansuri investiciebis gareSe fuli gamoiyeneba rogorc Rirebulebis sazomi an gacvlis saSualeba, magram mas ar SeuZlia zrda.
rogorc naCvenebia 1.3. naxazze, Cven SegviZlia movixmaroT mTeli Tanxa - $100, an SegviZlia SevinaxoT mTlianad da movixmaroT es $100 momaval wels. arCevanis Sesabamisad, Cven SegviZlia gadavanawiloT Cveni moxmareba periodebs Soris. magram aseTi alternativa naCvenebia Q wertilSi sadac Cven vxarjavT $60-s mimdinare wels da $40-s vinaxavT momavali wlis moxmarebisaTvis. sinamdvileSi Cven SegviZlia davxarjoT nebismieri Tanxa $0-dan $100-mde nulovan periodSi, anu pirvel wels da es gadawyvetileba gansazRvravs ramdenis moxmareba SegviZlia momavalSi. Tumca miaqcieT yuradReba imas, rom ekonomikuri modeli, romelic 1.3. naxazzea naCvenebi, finansuri investirebis SesaZleblobas ar iZleva. magaliTad, SevinaxavT $40-s momavali wlisaTvis, magram igi am droisTvisac isev $40 iqneba.
nax. 1.3. samomxmareblo SesaZleblobebi finansuri
investiciebis gareSe
100
40 Q
0 60 100 moxmareba mimdinare wels ($) modiT dawvrilebiT SevCerdeT finansuri investiciebis ideaze. vivaraudoT, rom exla Cven gagvaCnia fulis investirebis SesaZlebloba garkveuli saprocento ganakveTiT - 10%. 1.4. naxazze gamoisaxeba saboloo, Semajamebeli samomxmareblo SesaZleblobebi. mTlian xazze gamosaxulia igive wertilebi rac 1.3. naxazze. samomxmareblo SesaZleblobebi rogorc finansuri investiciebis gareSe, aseve finansuri investiciebiT 10%-iani ganakveTiT naCvenebia qvemoT:
periodi maqsimaluri moxmareba finansuri investiciebis gareSemaqsimaluri moxmareba finansuri investiciebiT 0
1 $100 $100 $100 $110 finansuri investireba samomxmareblo SesaZleblobis saukeTeso arCevanis gakeTebis saSualebas iZleva. magaliTad, Tu Cven davxarjavT $60-s mimdinare wels, xolo $40-is investirebas vaxorcielebT 10%-iani ganakveTiT, maSin momaval wels Cven SegveZleba davxarjoT $44. mocemuli magaliTi gviCvenebs investiciuri dabandebebis mqone finansuri sistemis upiratesobas primitiul ekonomikur modelTan SedarebiT.
nax. 1.4. samomxmareblo SesaZleblobebi finansuri
investiciebiT
110
100
44
0 60 100 moxmareba mimdinare wels ($)
1.5. finansuri bazrebi da sawyisi Semosavlebis transformacia
winamdebare nawilis Sinaarsi naTeli ilustraciaa imisa, Tu finansuri bazrebi finansuri investiciebis ganxorcielebis SesaZleblobis micemiT rogor aumjobesebs sabazro ekonomikis subieqtebis keTildReobas. magram finansur bazrebs Tan sdevs sxva mniSvnelovani upiratesobebi. ganvagrZoT Cveni gansja da vivaraudoT, rom saprocento ganakveTi 10%-ia da warmovidginoT Cveni Tavi meanabred garkveuli sawyisiYTanxiT. warmovidginoT, rom gvaqvs $100 gankargulebaSi mimdinare wels da $100 - momdevno wels. swored es aris sawyisi kapitalis dabandeba - sawyisi simdidris ganawileba garkveuli periodebis mixedviT.
finansuri sistema saSualebas iZleva avirCioT sawyisi dabandebis yvelaze moxerxebuli zoma. magaliTad, sawyisi Semosavali TiToeul periodSi (mimdinare wels da momaval wels) $100-ia. Tu Cven gvinda davxarjoT $100-ze meti mimdinare wels, maSin SeiZleba visesxoT Tanxa. meore mxriv, Tu sawyisi Tanxa metia imaze, risi daxarjvac gvinda mimdinare wels, Cven SegveZleba mimdinare wlis Tanxis nawilis Senaxva momavali wlis (periodis) moxmarebis gazrdis mizniT. aq naCvenebia Tu rogor SeiZleba Tavdapirveli dabandebis Secvla, rom misi mflobeli, anu investori gaxdes ufro mdidari. Cven ukve ganvixileT upiratesobebi, romelsac iZleva finansuri investiciebi, magram kidev ufro meti upiratesoba SeiZleba moipovo finansur bazrebze, sadac SesaZlebelia investiciebis ganxorcielebac da kreditebis, sesxebis aReba. faqtiurad Cven mivalT daskvnamde, rom rac ufro mdidaria finansuri sistema, miT meti arCevania bazris monawileebisaTvis da ufro mdidrebi xdebian isini.
cxrili 1.1.
moxmarebis maqsimaluri SesaZleblobebi finansuri bazris arsebobisas
da mis gareSe (kreditebi da investiciebi 10%-iani ganakveTiT)
periodisawyisi dabandebafinansuri bazrebis gareSemxolod investiciebikreditebi da investiciebi 0
1 $100
$100 $100
$200 $100 $210 $190.91
$210
cxrili 1.1. asaxavs moxmarebis SesaZleblobas mimdinare wels $100 odenobiT da $100 dabandebiT momdevno periodSi. finansuri bazris ar arsebobis SemTxvevaSi fuli SeiZleba gamoyenebul iqnes rogorc faseulobis Senaxvis saSualeba, magram fulis Rirebuleba ar gaizrdeba. es niSnavs, rom maqsimaluri moxmareba momaval wels iqneba $200. es situaciaa asaxuli 1.1. cxrilis svetSi "finansuri bazrebis gareSe".
finansuri bazris arsebobis SemTxvevaSi, roca daSvebulia mxolod investiciebi, kreditebi ki ara, SeiZleba gaizardos fulis raodenoba romlis moxmarebac SesaZlebeli iqneba momaval periodSi. garkveuli raodenobis sawyisi Tanxisa da SesaZlo investirebis arsebobisas, maqsimumi, romelic SeiZleba daixarjos mimdinare periodSi - esa $100. xolo momaval periodSi dasaxarji darCeba $100. meore varianti - $100-is investireba mimdinare periodSi momavali wlisaTvis mogvcems $110-s, romelic imave momdevno wlis $100-Tan erTad SesaZleblobas mogvcems momaval wels movixmaroT $210. yovelive es naCvenebia 1.1. cxrilis svetSi "mxolod investiciebi".
da bolos, finansuri bazris dros, romelSic daSvebulia rogorc investiciebi, ise kreditebi, SesaZleblobebi kidev ufro metia. jer erTi, Cven SegveZleba gadavdoT mTeli moxmareba momavali periodisaTvis. Tu Cven avirCevT aRniSnul strategias, maSin $100 investirebuli iqneba 10%-iani ganakveTiT da momaval wels miviRebT $110 -s. es $110 momavali periodis $100-Tan erTad jamSi SesaZleblobas mogvcems movixmaroT $210 . es aris strategia romelic xelmisawvdomia bazarze (finansuri investiciebiT da kreditebis gareSe). magram bazarze, romelic sesxis aRebis saSualebas iZleva, Cven, rogorc ekonomikis subieqts, SegviZlia aviRoT sesxi momavali Semosavlis giraoTi. anu, Tu Cven gagvaCnia $100 axla da $100 momaval wels, Cven SegveZleba aviRoT sesxi momavali wlis Semosavlis giraoTi da davpirdeT momavali wlis $100-is gadaxdas. am pirobiT visesxoT Tanxis is raodenoba, romelic gadaxdis momentisaTvis, anu momavali wlisTvis gaizrdeba $100-mde, anu $90.91.
$90,91x0,10 + $90,91= $100 sxva sityvebiT rom vTqvaT, Cven SegviZlia visesxoT zemoaRniSnuli Tanxa momavali wlis $100 -is Rirebulebidan. Tu Cven visesxebT $90.91-s, maSin Cven mimdinare wels SegviZlia gamoviyenoT es Tanxa da plus sawyisi Tanxa $100, sul $190.91.
nax. 1.5. moxmarebis SesaZleblobebi finansuri investiciebisa da kreditis aRebis 210 SesaZleblobis pirobebSi 200 finansuri investiciebi da sesxebi
100 mxolod finansuri I
investiciebi
100 190.91 200
1.5 naxazze gamosaxulia moxmarebis SesaZleblobebi investiciebisa da kreditebis gamoyenebiT. I wertils Seesabameba yoveli wlis sawyisi Tanxa - $100. rogorc davrwmundiT, mxolod investiciis SesaZleblobisas maqsimaluri Tanxa, romlis daxarjvac SeiZleba mimdinare wels Seadgens $100-s, rogorc es wrfiT $100-dan I wertilamde. investirebis SesaZleblobis pirobebSi mimdinare moxmareba SeiZleba Semcirdes imisaTvis, rom gavzardoT momavali wlis moxmareba. mag., Tu Cven exla davxarjavT mxolod $50-s da darCenili $50-is investirebas gavakeTebT, maSin Semdeg wels miviRebT $55-s da mTlianad momavali wlis moxmareba gaizrdeba $155-mde.
Tu sesxis aReba daSvebulia, amasTan Cven gagvaCnia sawyisi Tanxa $100 TiToeuli wlisaTvis, Cven SegviZlia gavzardoT moxmarebis SesaZlebloba $190.91 wertilidan I wertilamde. magaliTad, rogorc ukve vnaxeT. momavali wlis Tanxis $100 -is giraos qveS Cven SegviZlia visesxoT Tanxa, raTa movixmaroT $190.91.
sesxebis SesaZlebloba aseve uwyobs xels bazris monawileebis gamdidrebas. davuSvaT, rom Cven gvinda davxarjoT $130 mimdinare periodSi. amisaTvis mogviwevs davxarjoT Cveni sawyisi Tanxa $100 da aviRoT sesxi $30-is odenobiT momavali periodis dabandebis xarjze. momavalSi Cven mogviwevs valis dabruneba romelic $33-is toli iqneba ($30+30x0,1) da Cveni moxmarebis SesaZlebloba momdevno periodSi gaxdeba $67. es SesaZlebeli iqneba mxolod im SemTxvevaSi, rodesac Cven sesxis aRebis ufleba gveqneba. radganac ekonomikuri urTierTobis zogierT monawiles eqneba sesxis survili, ganviTarebuli finansuri bazari sTavazobs arCevanis did SesaZleblobebs, romlebic saboloo jamSi kidev ufro amdidrebs sazogadoebas.
saerTo urTierToba momavali periodis dolarebSi moxmarebasa (C1) da mimdinare periodis moxmarebas (C0) Soris, maTi dabandebis (E1 da E0) da saprocento ganakveTis Sesabamisad, xasiaTdeba Semdegi gantolebiT:
C1=E1+(E0-C0)x(1 + r) (1.1. gantoleba) es gamosaxuleba gviCvenebs, rom 1 periodSi Cven SegviZlia davxarjoT E1 anabris (dabandebis) toli raodenoba, plus 0 periodis dros nebismieri danazogi Tanxa, E0-C0, iseve rogorc danazogi Tanxebidan Semosavali (E0-C0)r. Cvens mier ganxilul magaliTSi, Tu Cven mimdinare periodSi arafers ar davxarjavT, e.i. C0=0, maSin momavalSi Cven SegveZleba davxarjoT mTeli Tanxa - $210.
C1=100+(100-0)x(1 +0.10r)= $210.
amgvarad, Tu Cven ar gvWirdeba momavali periodis moxmarebaze zrunva, Cven SegviZlia gamoviyenoT mimdinare periodSi $190.91.
0 = 100 +(100- C0)(1+0.10)
C0 = 100+ 100/1.1 = $190.91
1.6. realuri investiciebi da klebadi Semosvlebi
Cven ganvixileT ekonomikuri modelebi - erTi, realuri investiciebis ganxorcielebis SesaZleblobiT da meore - finansuri investiciebis SesaZleblobiT. ufro rTul ekonomikur sistemaSi SesaZlebelia rogorc realuri, ise finansuri investiciebi.
wina magaliTebSi Cven davuSviT, rom realur investiciebs moaqvs 20%Semosavali, xolo finansurs - 10%. Tu ekonomikuri modeli gvTavazobs orive tipis investiciebs, maSin ratom ar SeiZleba, rom yvela investorma ganaxorcielos erTi da igive investicia, romelsac SeuZlia maqsimaluri mogebis motana? ra Tqma unda isini asec moiqcevian. investorebs urCevniaT miiRon 20% realuri investiciebidan, vidre 10% - finansuri investiciebidan. imisaTvis rom davinaxoT, sinamdvileSi ekonomikaSi ratom arsebobs rogorc realuri, ise finansuri investiciebi, unda ganvixiloT ufro realuri magaliTi.
warmovidginoT firma, romelic axorcielebs realur investiciebs. davuSvaT iyos es "makdonaldsi", romelic specializirebulia hamburgerebiT vaWrobaSi da realur investiciebs axorcielebs swrafi kvebis restornebis gaxsnis gziT. naTelia, rom firma Tavis restornebisTvis SearCevs iseT adgils, sadac mas eqneba maqsimalurad maRali Semosavali. firma Tavis pirvel restorans ganaTavsebs iseT adgilze, sadac potenciurad yvelaze didi Semosavlebi iqneba. Semdeg restorans ganaTavsebs pirvelTan SedarebiT odnav naklebad xelsayrel adgilze da a.S. Tu ekonomikaSi arsebobs ori saxis investicia - realuri "makdonaldsSi" 20% -iani mogebiT da finansuri - 10%-ianiT, maSin bunebrivia, rom yvela saxsrebi dabandebuli iqneba "makdonaldsSi".
magram, modiT warmovidginoT, ra moxdeba Tu "makdonaldsis" restornebiT gadaivseba bazari. Sedegad restornebis Semosavlebis done unda daeces. absurdul situaciaSi, Tu yovel gzajvaredinze 4 restorani imuSavebs isini ukve ver SeZleben 20%-iani mogebis SenarCunebas. es aris tendencia, roca yoveli Semdegi dabandebuli kapitalis erTeuls moaqvs naklebi Semosavali, vidre winas da mas uwodeben kapitalis zRvruli (marJinaluri) mwarmoeblurobis Semcirebas.
dabandebuli kapitalis yovel Semdeg erTeuls moaqvs ufro naklebi Semosavali, vidre winas, imitom rom, investiciebi pirvel rigSi warimarTeba maqsimaluri mogebis mqone sferoSi. marJinaluri Semosavlianobis es idea kontrastirdeba, anu upirispirdeba momgebianobis koncefcias, romelSic igulisxmeba investirebuli kapitalis erTi erTeulidan miRebuli Semosavlis sidide (erToblivi mogeba gayofili erTobliv investiciebze). cxadia, rom kapitalis zRvruli mwarmoeblurobis SemcirebasTan erTad unda Semcirdes kapitalis momgebianobac, radganac warmoebis procesSi mas dabla eqaCeba kapitalis yvelaze naklebad mwarmoebluri erTeuli. aRniSnuli kanoni kargad Cans nax. 1.6-ze.
nax. 1.6. asaxavs kapitalis marginaluri mwarmoeblurobis Semcirebas. ganvagrZoT Cveni msjeloba da davuSvaT, rom maqsimaluri kapitali, romelic mimdinare periodSia xelmisawvdomi - esaa $190.91(mimdinare periodis Semosavals - 100 dolars, plus momavali periodis Semosavlis qveS aRebuli sesxi - 90.91 dolari). mrudi, romelic gamosaxulia naxazze, gviCvenebs realuri investiciebidan misaReb Semosavlebs. amasTan, rogorc naxazidan vxedavT, realuri investiciebis mrudi mkveTrad daqanebulia, vidre SemdgomSi, rac imas mianiSnebs, rom kapitalis Semosavlianoba klebulobs.
es rom davakonkretoT, davuSvaT, rom Cvens mier investirebuli Tanxa, romelic $40.91-is tolia, iZleva Semosavals 120%-s. Tu investiciis Tanxa aRebulia mocemuli periodis moxmarebis saerTo Tanxidan - $190.91, maSin darCeba $150, romelic SeiZleba moxmarebuli iqnes mimdinare - nulovan periodSi, xolo momavali periodis moxmarebis SesaZlebloba gaizrdeba Semosavlis xarjze. Cvens magaliTSi, romelic 1.6. naxazzea naCvenebi, 120% -Si investirebuli $40.91 gaizrdeba $90 -mde ($40.91 + $40.91 x 1,20 = $90).
exla ganvixiloT investirebis ufro maRali done. vivaraudoT, rom mimdinare moxmareba Seadgens $90-s, rogorc es naxazzea naCvenebi. investirebuli Tanxa toli iqneba $100.91, rac uzrunvelyofs momaval periodSi $160 -is moxmarebas. investiciebidan mogeba iqneba $59.09 (anu $160 - 100.91). Semosavlianoba mocemuli investiciiT Seadgens 59%, anu $59.09/$100.91=0.59. unda mivaqcioT yuradReba imas, rom saprocento ganakveTis kleba warmoebs kapitalis zRvruli mwarmoeblurobis Semcirebis Sedegad, rac niSnavs nakleb mogebas realuri investiciebis TiToeul damatebiT erTeulze.
ra moxdeba, Tu mimdinare periodis moxmarebas SevamcirebT $70-mde, raTa davabandoT $20-iT meti da Cveni saerTo investiciebi gavzardoT $120.91-mde? am SemTxvevaSi Cveni moxmarebis SesaZlebloba mimdinare wels iqneba $70, xolo momaval wels $171, rogorc es naxazzea naCvenebi. mogebam investiciebidan Seadgina $50.09, xolo Semosavlianoba mocemul investiciebze Semcirda 41%-mde.
SevxedoT Tu ra xdeba investirebis donis gazrdiT $100.91 -dan $120.91-mde. $100.91 -is investirebiT Cven SegveZlo dagvexarja momavalSi $160, xolo $120.91-is investirebisas Cveni moxmareba gaizarda imave periodSi $171-mde. Cven mimdinare wels moxmarebisas davzogeT $20 imisaTvis rom momaval periodSi mogvexmara $11. es niSnavs, rom Cveni erToblivi moxmareba Semcirda, rogorc damatebiTi $20-is investirebis Sedegi.
cxrili 1.2.
realuri investiciebidan miRebuli saSualo da marJinaluri Semosavali
investirebuli Tanxa
($) Semosavali
($)saSualo Semosavlianoba
(%)zRvruli Semosavali*
(%)10.912815712020,915013411030.91711309040.91901208050.911071103060.91120972070.91133861080.9114378-1090.9115267-20100.9116059-40110.9116645-50120.9117141-60 130.9117534-
* procentuli Semosavali yovel Semdeg $ 10-ze
kapitalis zRvruli mwarmoeblurobis efeqti SeiZleba sxva xerxiTac warmovadginoT: - esaa $20-ze ukugebis ganxilva, romelic investiciebis moculobis $100.91-dan $120.91-mde gazrdisaTvis gamoviyeneT. $100.91-is investirebisas moxmarebam momavali periodisaTvis Seadgina $160, xolo $120.91-is investirebisas igi $171-is tolia. amgvarad, $20-is investirebisas momavali wlis damatebiTi moxmareba gaizarda $11 -iT. mimdinare periodis moxmarebis Semcirebam mTlianad moxmarebis 9 dolariT Semcireba gamoiwvia. $20-ze ukugebam Seadgina 45% ($9 / $20).
1.2. cxrilSi moyvanilia Semosavlebis done dolarebSi, agreTve saSualo da zRvruli Semosavali investirebis calkeuli donisaTvis. rogorc cxrili gviCvenebs, dabandebul $10.91-s momaval periodisTvis moaqvs $28, riTac uzrunvelyofs Semosavlianobas 157%-iT da marginalur Semosavals 120%-iT. 10,91 dolaridan 20,91 dolaramde realuri investiciebis gazrdisas, Semosavali izrdeba 22 dolariT. e.i. damatebiTi 10 dolaris Semosavlianoba Seadgens 120%-s (22/10-1.100). miaqcieT yuradReba imas, rom zRvruli Semosavali saSualo Semosavalze dabalia. ase xdeba yovelTvis, roca zRvruli Semosavali klebulobs. faqtiurad, $70.91-is Tanxis zeviT investirebisas zRvruli Semosavali uaryofiTi xdeba. es niSnavs, rom yovel damatebiT dabandebul 10 dolarze momaval periodSi dagvibrundeba 10 dolarze naklebi. magram, uaryofiT zRvruli Semosavlis drosac ki saSualo Semosavlianoba darCeba dadebiTi wina investiciebidan miRebuli Semosavlebis wyalobiT.
nax. 1.6. kapitalis zRvruli mwarmoeblurobis kleba 211
200 171
160
90
0 70 90 150 190.91 mocemuli periodis moxmareba ($)
120.91 100.91 40.91 0 investiciebi
1.7. realuri da finansuri investiciebis urTierTqmedeba
ganvixiloT Tu rogor urTierTqmedeben erTmaneTSi realuri da finansuri investiciebi. wina TavSi Cven avRniSnavdiT, rom investorebi yovelTvis maqsimalurad Semosavlian investiciebs amjobineben. Cven vnaxeT agreTve, Tu rogor icvleba zRvruli Semosavali realuri investiciebis sididis mixedviT. amas mivyevarT realur dabandebebsa da finansur bazrebs Soris mniSvnelovan urTierTqmedebebamde. aq Cven gavaerTianebT analizs, romelic wina TavebSi martivi finansuri bazrebis pirobebSi SesaZlebel realur investiciebze gakeTda, sadac Semosavlis saprocento ganakveTi 10%-is toli iyo. 1.7. naxazze gamosaxulia realuri investiciuri SesaZleblobebi, romelic gamosaxuli iyo 1.6. naxazze, da agreTve sawyisi Semosavlebi $ 100-is TanxiT TiToeuli periodisaTvis da pirdapiri, ilustrirebuli samomxmareblo SesaZleblobebi, romelic xelmisawvdomia finansuri bazris arsebobis wyalobiT.
realuri da finansuri investiciebis Sexameba meti moxmarebis saSualebas iZleva, romelic Cndeba realuri investiciebidan maRali sawyisi Semosavlis gamo. mag., Tu Cven viRebT kredits Cveni momavali periodis Semosavlis ($ 100-dan) giraos qveS, maSin Cven miviRebT $ 90.91-s, romlis investirebasac mimdinare (nulovan) periodSive movaxdenT. anu, Cven SegviZlia movixmaroT Cveni sawyisi Tanxa - $ 100 da investirebuli $ 90.91. saSualo Semosavali realuri investiciebidan Seadgens 67%-s (cxrili 1.2), xolo momavali periodis samomxmareblo SesaZlebloba Seadgens $ 152-s. realur seqtorSi investirebiT Cven gavzrdiT momavali periodis (C1) moxmarebas $ 52-iT.
davsvaT aseTi kiTxva: ganxiluli magaliTis mixedviT realur seqtorSi ra Tanxis investireba unda movaxdinoT? radganc Cven SegviZlia finansur bazarze fulis investireba 10%-iani ganakveTiT, maSin Cven ar gavakeTebT iseT realur investiciebs, romelic 10%-ze nakleb Semosavals moitans. 1.2 cxrilidan vxedavT, rom $ 70.91- is realuri investiciebis doneze zRvruli Semosavali Seadgens 10%-s. investiciebis ufro maRali donis pirobebSi ukugeba iqneba 10%-ze naklebi. amgvarad Cveni dabandebebi unda SevzRudoT $70.91 -is TanxiT.
realur seqtorSi 70.91 dolaris investirebisas, mimdinare periodSi Cveni moxmarebisaTvis darCenili Tanxa Seadgens 120 dolars. magram, Tu Cven gvinda rom mimdinare wels movixmaroT 120 dolarze meti? niSnavs es imas, rom Cven 70.91 dolarze naklebi investireba ganvaxorcieloT? gavixsenoT, rom investirebasTan erTad damatebiT, finansur bazarze SegviZlia aviRoT krediti 10%-iani ganakveTiT. es gvkarnaxobs moqmedebis Semdeg strategias: vsesxulobT 10%-iani ganakveTiT imisaTvis, rom investireba movaxdinoT 10%-ze maRali saprocento ganakveTiT. Tu kidev erTxel davxedavT 1.2. cxrils, davinaxavT, rom 70.91 dolaramde yvela investiciis dros zRvruli (marginaluri) saprocento ganakveTis Semosavali 10% -ze metia. es niSnavs, rom Cven zustad 70.91 dolaris investireba unda movaxdinoT, raTa Cveni investiciebis mTel Tanxaze zRvruli Semosavali darCes 10%-ze maRali.
wertili Q - 1.8 naxazze asaxavs realuri investiciebis SesaZleblobebis mrudze realuri investiciebis optimalur moculobas. miaqcieT yuradReba, realuri investiciebis SesaZleblobebi rogor afarToeben samomxmareblo SesaZleblobebs. realurad investirebuli 70.91 dolaris pirobebSi, mimdinare periodis moxmarebisaTvis rCeba 120 dolari, xolo SesaZlo moxmareba Semdgom periodSi Seadgens 133 dolars.
SeiZleba warmovidginoT Q wertili, rogorc Cveni axali dabandebis gamoxatva, romelic xelmisawvdomi iqneba momaval periodSi, Tu Cven realur seqtorSi gavakeTebT investirebas. magram, Tu Cven ar gvawyobs sawyisi dabandebis aseTi moculoba? iqneb Cven ar gvinda davxarjoT 120 dolari mimdinare periodSi da 133 dolari momavalSi? iqneb Cven mimdinare periodSi gamosayeneblad gvWirdeba meti? miaqcieT yuradReba, nax.1.8.-ze Q wertilze gamavali wrfe asaxavs finansuri bazris gamoyenebis Cvens SesaZleblobas, romelic gamoixateba sesxis gacemasa da aRebaSi 10%-iani ganakveTiT. Cven SegviZlia gamoviyenoT finansuri bazari imisaTvis, raTa SevcvaloT Cveni samomxmareblo modeli sesxebisa da anabrebis meSveobiT, magram exla realuri investiciuri SesaZleblobis wyalobiT Cven moxmarebis ufro maRal doneze varT.
Q wertilSi Cveni moxmarebis done mimdinare periodSi 120 dolaria, xolo momavali periodis - 133 dolari. Cven SegviZlia SevcvaloT moxmarebis modeli, Tu Cven mogvindeba mTeli Tanxis momavalSi daxarjva. Cven SegveZleba 120 dolaris investireba finansur bazarze 10%-iani SemosavliT da es mogvcems 132 dolars (120X1.1) momavali periodis damatebiTi moxmarebisaTvis, xolo saerTo Tanxa moxmarebisaTvis iqneba 265 dolari. Tu Cven dagvWirdeboda mTeli Tanxis mimdinare periodSi gamoyeneba, Cven aviRebdiT 10%-ian sesxs momavali periodis moxmarebis (133 dolaris) angariSSi, da miviRebdiT SesaZleblobas mimdinare periodSi damatebiT gamogveyenebina 120.91 dolari (133/1.1). arsebuli 120 dolaris gaTvaliswinebiT Cveni mimdinare moxmarebis maqsimaluri Tanxa iqneba $240.91 (120+ 120.91). Cvens magaliTSi, finansuri bazris arseboba (sadac Sexamebulia mimzidveli investiciebis SesaZleblobebi), ekonomikas kidev ufro aZlierebs, xolo Semosavlianobas maRals. nax. 1.7. realuri da finansuri investiciebis
SesaZleblobebi
C1
210
200
100
90
0 100 150 190.91 C0 90.91 40.91 0 investiciebi
nax. 1.8. realuri da finansuri investiciebis
SesaZleblobis urTierTqmedeba
300
265
210
200
133 Q
100
90
0 100 120 150 190.91 240.91 mimdinare periodis moxmareba ($) 100.91 40.91 0 investiciebi Tema 2. fuladi bazari
am TavSi gamovikvlevT savalo fasiani qaRaldebis bazris instituciur Taviseburebebs. nebismieri savalo instrumentis fasi damokidebulia dafarvis (gadaxdis) zomaze, romelsac emitenti dagvpirda da sabazro pirobebze, romelic gansazRvravs am gadaxdebs. am TavSi ganixileba savalo instrumentebis Sefaseba da vnaxavT obligaciebis fasis gansazRvris formulas, romelSic asaxulia obligaciebze Semosavlebis, fasis da gadaxdis Sesabamisi urTierTkavSiri. es Tanafardoba, romelic safuZvlad udevs obligaciebis faswarmoqmnis formulas, yvela savalo instrumentisaTvis erTia.
marTalia obligaciebis faswarmoqmnis formula gamoiyeneba yvela savalo instrumentisaTvis, tradiciulad mainc miRebulia savalo fasiani qaRaldebis bazris or segmentad dayofa - fuladi bazari da obligaciebis bazari. fuladi bazari Seicavs im savalo instrumentebs, romelic mimoqcevaSi gaiSveba erT wlamde dafarvis vadiT. yvela savalo instrumentebi, romelic Tavdapirvelad gamoiSveba erT welze meti dafarvis vadiT, ganixileba rogorc obligaciebi. miuxedavad imisa, rom es dayofa xdeba ramdenadme damoukideblad, igi mainc mizanSewonilia, ramdenadac fuladi bazris instrumentebs aqvT bevri saerTo, da igive SeiZleba iTqvas obligaciebis bazris instrumentebze.
savalo instrumentebisaTvis damaxasiaTebelia mravali niuansi, romelic maTi Rirebulebis gansazRvraSi garkveul rols TamaSobs. didi gansxvaveba, romelic arsebobs saxelSekrulebo valdebulebebSi, uzrunvelyofs savalo fasiani qaRaldebis bazris instrumentebis nairsaxeobebs da moiTxovs investorebisagan fasiani qaRaldebis mniSvnelovani ganmasxvavebeli Tvisebebis codnas. miuxedavad amisa, nebismieri savalo instrumentis fasi damokidebulia Tanafardobaze, romelic gamosaxulia obligaciebis faswarmoqmnis formulaSi.
obligaciebis fasis gansazRvris saerTo principebi damaxasiaTebelia agreTve fuladi bazris instrumentebisaTvisac. magram fulad bazarze sxvadasxva saxis Semosavlebis gaangariSebis zogierTi specifikuri meTodebi gamoiyeneba, magaliTad, diskonturi Semosavlisa da ekvivalenturi saobligacio Semosavlis meTodebi; fulad bazarze, iseve rogorc obligaciebis bazarze, sxvadasxva instrumentebs riskis sxvadasxva done gaaCniaT da gansxvavebuli instrumentebis mixedviT mosalodneli Semosavlebi asaxaven riskis xarisxSi am gansxvavebas.
2.1. savalo instrumentebis Sefaseba
savalo instrumentebs (valdebulebebs) yofen or kategoriad: diskontur instrumentebad da kuponebian obligaciebad. faswarmomqneli Tanafardobis ideis gasagebad ganvixiloT fasiani qaRaldebis iseTi tipi, rogoricaa diskonturi obligacia. es obligacia iTvaliswinebs momavalSi, garkveul dros (obligaciis dafarvis momentisaTvis) erTjerad gadaxdas da iyideba am Tanxaze ufro iafad - diskontiT (CamofasebiT). am saxis fasiani qaRaldebi Tavisi struqturiT Zalian martivia, magram fasiani savalo qaRaldebis bazarze Zalzed mniSvnelovani instrumentia. magaliTad, fuladi bazris mravali instrumenti, iseTi rogoricaa saxazino veqsilebi (Tamasuqebi) warmoadgens diskontur obligacias. amasTan momavalSi, obligaciis dafarvis (ganaRdebis) momentisaTvis misaReb Tanxas uwodeben obligaciis nominalur Rirebulebas, xolo nominalur Rirebulebasa da gayidvis fass Soris sxvaoba, warmoadgens obligaciis diskonts. aseTi fasiani qaRaldebi warmoadgenen diskontur obligaciebs, ramdenadac obligaciis Tavdapirvel ganTavsebasa da maTi dafarvis vadebs Soris, anu misi nominaluri Rirebulebis gadaxdis TariRamde, Sualeduri gadaxda ar aris gaTvaliswinebuli.
diskonturi obligaciis Rirebuleba (fasi) ganisazRvreba misi nominaluri Rirebulebis, obligaciis Semosavlianobisa da obligaciis dafarvis momentamde darCenili drois meSveobiT: P= Cm/(1+r)t (2.1)
sadac, P - obligaciis mimdinare fasia, Cm - obligaciis nominaluri Rirebuleba(Tanxa rac unda miiRos misma mflobelma m wlis Semdeg)
r - wliuri Semosavlianoba obligaciaze dafarvis momentisaTvis
t - welTa raodenoba obligaciis dafarvis vadamde
magaliTisaTvis ganvixiloT wminda diskonturi obligacia, romelic unda daifaros 5 wlis Semdeg da romlis nominaluri Rirebulebaa $1000. Tu am obligaciis wliuri Semosavlianoba dafarvis momentisaTvis iqneba 12%, maSin formulis Tanaxmad am obligaciis Rirebuleba Seadgens:
P =1000 / (1+ 0.12)5 = $ 567,43 aRniSnuli formula Seicavs yvela im ZiriTad moments, romliTac ganisazRvreba obligaciis Rirebuleba, am formulis gamoyeneba SeiZleba ara mxolod diskonturi obligaciebisaTvis. amasTan unda gvaxsovdes, rom obligaciebis Semosavlianobis sidide (r)( r ) Cveulebriv proporciulia riskis sididisa, romelic dakavSirebulia obligaciis dafarvasTan. anu, rac maRalia riskis xarisxi, miT ufro maRalia mosalodneli Semosavali, romelmac investors unda gauRviZos interesi raTa Tavisi saxsrebi daabandos aseT obligaciebSi. rogorc ukve iTqva, finansur bazrebs yofen fulad bazrad da kapitalis anu safondo bazrad, imisda mixedviT Tu rogoria misi dafarvis vada. amasTan, unda SevniSnoT, rom fuladi bazris zogierTi instrumenti xelmisawvdomia mxolod calkeuli finansuri institutebisaTvis. magram mainc instrumentebis umravlesoba xelmisawvdomia yvela tipis investorisaTvis. mTlianobaSi, finansuri bazris instrumentebs gaaCniaT mravali saerTo Tviseba, kerZod, maTi Semosavlianobis cvlilebebi erTgvarovania, xolo fasebis kotirebis meTodi instrumentebis umravlesobisTvis erTnairia. 2.1.2. Semosavlebis tipebi fulad bazrebze fulis bazarze procentul instrumentebs, romlebsac moaqvs procentuli Semosavali, uSveben mocemuli nominaluri RirebulebiTa da kuponuri saprocento ganakveTiT. amasTan misaRebi kuponuri Semosavlebi gamoiTvleba nominaluri Rirebulebisa da kuponuri saprocento ganakveTebis gamoyenebiT. Cven avRniSneT, rom wminda diskontur fasian qaRaldebs ar gaaCnia kuponuri saprocento ganakveTi, anu, wminda diskonturi fasiani qaRaldi esaa fasiani qaRaldi nulovani ganakveTiT. diskonturi fasiani qaRaldi iyideba diskontiT (CamofasebiT), e.i. mis nominalur Rirebulebaze ufro iafad, da radganac am fasian qaRaldebs ar gaaCniaT kuponebi, amitom isini warmoadgenen obligaciebs nulovani kuponiT. es obligaciebi iyideba fasdaklebiT (diskontiT), maTi dafarva ki xdeba nominaliT (at par) gadaxdis vadis dadgomisas. Semosavals warmoadgens sxvaoba dafarvisa da yidvis fasebs Soris. diskontur fasian qaRaldebs miakuTvneben saxazino Tamasuqebs (veqsilebi), sabanko aqceptebsa da komerciul fasian qaRaldebs. rac Seexeba fuladi bazris procentul instrumentebs, maT miekuTvneba depozituri sertifikatebi da evrodolarebis sertifikatebi. am ori saxis fasiani qaRaldis Semosavlianobis kotirebis gansazRvra da faswarmoqmna gansxvavebulia, amitom es gansxvaveba metad mniSvnelovania.
wina paragrafSi moyvanili zogadi gamosaxulebasTan SedarebiT, romelic SeiZleba gamoviyenoT fasiani qaRaldebis Rirebulebis gansazRvrisaTvis, fulad bazarze gamoiyeneba fasiani qaRaldebis Sefasebis odnav gansxvavebuli modeli. fulad bazarze mimoqcevaSi myofi fasiani qaRaldebis Rirebulebis gansazRvra xdeba diskonturi Semosavlianobis gaTvaliswinebiT. Rirebuleba gaiangariSeba am diskonturi Semosavlidan gamomdinare, magram amis safuZvelze gaiangariSeba agreTve mocemuli instrumentis faqtiuri sadolare fasi. diskonturi Semosavlianoba d, gamoiTvleba martivi formuliT:
d = (360 / t) (DISC /FV) (2.2)
sadac DISC - sadolare diskontis sidide nominalur RirebulebasTan mimarTebaSi;
FV - instrumentis nominaluri Rirebulebaa;
t - dReebis raodenoba, romelic darCenilia instrumentis dafarvamde; aqedan gamomdinare, advilad SeiZleba gamovTvaloT fasiani qaRaldis Rirebuleba.
faqtiuri sadolare fasi - p, damokidebulia sadolare diskontis (DISC) sididesa da nominalur Rirebulebaze:
P = FV - DISC = FV (1 - (d . t) /360) (2.3)
magaliTisaTvis ganvixiloT fuladi bazris instrumenti, romlis dafarvis vada 90 dRea, nominaluri Rirebuleba erTi mln dolari da wliuri diskonturi Semosavlianoba 11%. am instrumentisaTvis diskontis sidide udris:
DISC = ($1 000 000). [(0,11 . 90) / 360)] = $ 27,500
xolo faqtiuri sadolare fasi (gasayidi fasi) iqneba:
P = FV - DISC = $1 000 000 - $ 27,500 = $ 972,5000
wliuri diskonturi Semosavlianobis erT-erTi ganmasxvavebeli niSani isaa, rom misi gamoTvlisas weliwadis dReebis raodenobad varaudoben 360 -s. xolo sxva saxis Semosavlebis gaangariSebisas gamoiyeneben 365 dRes weliwadSi. amasTan unda SevniSnoT, rom maSinac ki Tu CavTvliT, rom weliwadSi 360 dRea, wliuri diskonturi Semosavlianoba mniSvnelovnad gansxvavdeba im Semosavlianobisagan, romelic miiReba obligaciebis Sefasebis zogadi formulis - P= Cm/(1+r)t gamoyenebis bazaze. ase, mag., zemoT ganxilul magaliTSi sxvaoba sakmaod didia, da es sruliad tipiuria: 90 dRiani wminda diskonturi instrumentisaTvis, romlis nominaluri Rirebuleba $1 000 000 -is tolia, xolo diskonturi Semosavlianoba 11%-is tolia. obligaciebis Sefasebis zogadi formulis gamoyeneba iZleva 11,31%-is tol wliur Semosavlianobas. marTlac, am SemTxvevaSi vRebulobT
972500 = 1 000 000 / (1 + 0,1131/4)
ekvivalenturi saobligacio Semosavali. imisaTvis, rom SevadaroT wminda diskonturi instrumentebis Semosavlianoba sxva saxis instrumentebis Semosavlianobas, SemoaqvT ekvivalenturi saobligacio Semosavlebis cneba, romlis arsic SemdegSia: aucilebelia im Semosavlis daangariSeba, romelic asaxavs obligaciis mflobelis SesaZleblobas miiRos da Semdgom reinvestireba gaukeTos 6 Tvian kuponur Semosavals. diskonturi Semosavlebis mqone instrumentebisaTvis, romelTa dafarvis vada ar aRemateba 6 Tves, ekvivalenturi saobligacio Semosavali EBY, gamoiTvleba Semdegi formuliT:
EBY =(365.d) /(360 - dt) (2.4)
zemoT ganxiluli 90-dRiani instrumentisaTvis EBY = (365 . 0.11) / (360 - 0.11 . 90) = 0.11468
im instrumentebisaTvis, romelTa dafarvis vada 6 Tves aRemateba, EBY gamoiTvleba ufro rTuli formuliT. cxrilSi 6.4 naCvenebia, Tu rogor gansxvavdeba diskonturi Semosavali da EBY.
cxrili 6.1
diskonturi da ekvivalenturi saobligacio Semosavali
diskonturi Semosavali ekvivalenturi saobligacio Semosavali (%)30 - dRiani dafarvis vadiT182 - dRiani dafarvis
vadiT364 - dRiani dafarvis
vadiT66.1146.2746.37588.1168.4538.6391010.22710.67910.9791212.29012.95213.3391414.36415.25615.904
rogorc cxrilidan Cans, gansxvaveba diskontur da ekvivalentur saobligacio Semosavals Soris miT ufro metia, rac metia saprocento ganakveTi da dafarvis vada. zog SemTxvevvaSi am ori saxis Semosavlianobas Soris sxvaoba 2% -ia. mag., Tu instruments gaaCnia 14%- iani diskonturi Semosavali da 364 - dRiani dafarvis vada.
2.1.3. fuladi bazris ZiriTadi instrumentebi
saxazino valdebulebebis gayidvis saauqciono sistema. yovel kviras aSS-s xazina axorcielebs saxazino veqselebis (Tamasuqebis) gayidvas auqcionebis meSveobiT. ramdenadme iSviaTad xdeba saxazino notebisa(saSualovadiani saxelmwifo valdebulebis erT-erTi saxeoba; gamoSvebulia warmdgenisaTvis) da obligaciebis gamoSveba. auqcionis Catareba Semdegnairad xdeba: fasiani qaRaldebis potenciuri myidvelebi pirvelad gansaTavsebel fasian qaRaldebze adgenen fass, romliTac isini mzad arian SeiZinon es fasiani qaRaldebi, risTvisac isini waradgenen konkurentul (competitive) da arakonkurentul (noncompetitive) ganacxadebs 12-dan erT-erTi federaluri sarezervo bankis meSveobiT. konkurentul ganacxadSi miTiTebulia rogorc Sesasyidi Tamasuqebis raodenoba, aseve maTTvis sasurveli Semosavlianobis done. investorebs SeuZliaT aseve waradginon gansaxilvelad arakonkurentuli ganacxadebi, romelSic fasian qaRaldebs eZlevaT Semosavlianoba, romlebic konkurentuli ganacxadebis saSualo Semosavlianobis ekvivalenturia. msxvili firmebi (romlebic daspecialebulni arian fasiani qaRaldebis garigebebze) da dilerebi obligaciebze Cveulebriv akeTeben konkurentul ganacxadebs, xolo kerZo investorebi TiTqmis yovelTvis akeTeben arakonkurentul ganacxadebs.
federaluri sarezervo bankebi miRebul ganacxadebs gadascemen saxazino departaments, sadac iTvlian arakonkurentuli ganacxadebis raodenobas. Semdgom, xazina akmayofilebs konkurentul ganacxadebs, iwyeben ra maT dakmayofilebsim ganacxadebiT, romelsac yvelaze naklebi Semosavlianoba aqvs(yvelaze meti fasiT). pirebi, romelTac arakonkurentuli ganacxadi aqvT wardgenili, iZenen fasian qaRaldebs miRebuli konkurentuli ganacxadebis saSualo fasiT, xolo konkurentul ganacxadebs akmayofileben iqamde, sanam xazina ar ganaTavsebs yvela fasian qaRalds, romelTa gayidvac maT undaT.
kerZo pirebs ganacxadebis wardgena SeuZliaT uSualod erT-erT federaluri sarezervo bankSi, an fasiani qaRaldebis brokerebis meSveobiT. erTi arakonkurirebadi ganacxadiT SeiZleba SeiZinos fasiani qaRaldebis paketi nominaluri RirebulebiT araumetes 1 mln. dolarisa. ukanasknel wlebSi arakonkurentuli ganacxadebis wili yvela dakmayofilebuli ganacxadebis 10-25%-s Seadgenda.
fuladi bazris instrumentebs Soris, romelic emyareba diskontur Semosavlebs, erT-erT yvelaze metad mniSvnelovnad saxazino Tamasuqebi iTvleba. saxazino Tamasuqebi warmoadgenen aSS-s xazinis valdebulebas, romelsac uSveben yovelkviras 91 da 182 dRiani dafarvis vadiT. xolo saxazino Tamasuqebs, romelTa dafarvis vada 52 kviraa, yidian TveSi erTxel. adgili aqvs agreTve Tamasuqebis aragegmiur miwodebas. Cveulebriv vaWroba tardeba orSabaTobiT, da ganacxadebi vaWrobaze gansaxilvelad gadaecemaT 13.30 saaTamde. Tamasuqebis minimaluri fasi 10000 dolaria, xolo misi Rirebulebis zrdis biji 5000 dolars Seadgens. fasiani qaRaldebiT vaWrobas Ria statusi aqvs, anu nebismier investors SeuZlia miiRos masSi monawileoba.
unda aRiniSnos, rom 2005 wels saxazino Tamasuqebis jamuri Rirebuleba $ 961 miliards aWarbebda, xolo am TamasuqebiT vaWrobis yoveldRiuri moculoba $35 miliards aWarbebs. amas garda, vinaidan mocemuli fasiani qaRaldebis emitentad gvevlineba aSS-s xazina, maT axasiaTebT Semosavlianobis minimaluri done (gamomdinare maTi maRalsaimedoobidan), rogorc es 6.2 cxrilSia naCvenebi:
cxr. 6.2. aSS-s fulad bazarze Semosavlianobis Tanafardoba moklevadiani instrumentebi
maRali Semosavlianoba
dabali Semosavlianoba
grZelvadiani instrumentebi
maRali Semosavlianoba
dabali Semosavlianoba
aSS-s federaluri sarezervo sistemis depozitebi
repo SeTanxmebebi
evrodolarebis sadepozito sertifikatebi
Sidasadepozito sertifikatebi
sabanko aqceptebi
komerciuli fasiani qaRaldebi
saxazino TamasuqebiA A
fulad bazarze vaWrobis Sedegebis Sesaxeb informaciebs aqveyneben sxvadasxva saqmiani Jurnalebi, maT Soris "uolstrit jornali", romelSic fasiani qaRaldebis SemosavlianobasTan erTad, miTiTebulia ekvivalenturi saobligacio Semosavlianobac.
komerciuli fasiani qaRaldebi. fuladi bazris erT-erT mniSvnelovan instruments warmoadgens komerciuli qaRaldebi, romelTa kotirebac diskonturi Semosavlianobis TvalsazrisiT warmoebs. komerciuli qaRaldebi warmoadgens moklevadian valdebulebebs, romlebsac uSveben samrewvelo da finansuri kompaniebi. imisaTvis, rom Tavi aaridon fasiani qaRaldebis komisiaSi daregistrirebis moTxovnas(SEC - Securities and Exchange Commission), emitentma fasiani qaRaldebis dafarvis vada unda SezRudos 270 dRiT. komerciuli qaRaldebi iyideba fasdaklebiT (diskontiT) misi nominaluri Rirebulebis mimarT, da emitenti araviTar uzrunvelyofas ar sTavazobs mis myidvels. ase, rom erTaderT garantias firmis reputacia waroadgens. gasuli saukunis 90-iani wlebSi SeiniSneba komerciuli fasiani qaRaldebis bazris mkveTri zrda. 1995 wlisTvis daufaravi komerciuli fasiani qaRaldebis moculobam 600 mln. aSS dolari Seadgina. komerciuli fasiani qaRaldebis umsxvilesi emitentebi arian avtomobilis msxvili mwarmoebeli kompaniebis Svilobili finansuri kompaniebi (mag."jeneral motorsi) da niu-iorkis umsxvilesi bankebi( mag. siTi banki - Citibank).
bankis aqceptebi. sabanko aqcepti warmoadgens fuladi bazris instruments, romlis fasic dgindeba diskonturi Semosavlis bazaze da gamoiyeneba mxolod da mxolod saerTaSoriso vaWrobis dafinansebisaTvis. sabanko aqcepti - esaa dokumenti (trata), romlis aqceptirebiTac banki iRebs valdebulebas momavalSi gadaixados garkveuli Tanxa gansazRvrul dRes. e.i. rodesac banki Rebulobs valdebulebas da tratas aqceptacia xdeba, warmiSveba sabanko aqcepti banki asrulebs am valdebulebas imitom, rom trasanti (Cekis gamomweri) moelaparaka banks aseTi momsaxurebaze. rogorc ki aqcepti iqmneba, is SeiZleba gayidul iqnas meorad bazarze.
saerTaSoriso vaWrobaSi bevr firmas ar surT saqoneli gadatvirTon Ria angariSis gamoyenebiT, rogorc es qveynisSida garigebebis dros xdeba. ramdenadac firmebi, romlebic sxvadasxva qveyanaSi imyofebian, SeiZleba ar icnobdnen erTmaneTs sakmarisad, da kontragentis uaris SemTxvevaSi dafaron valdebulebebi, maTTvis rTulia amoiRon Tanxebi. amitom, mizanSewonilia am procesSi bankebis CarTva. ucxoeli momwodeblisaTvis bevrad advilia endos amerikuli bankis saxels, vidre patara importior firmas. sabanko aqceptis warmoqmna niSnavs, rom bankma ivaldebula gansazRvruli Tanxis gadaxda, im SemTxvevaSic ki, Tu importiori firma, viszec trata aris wardgenili, ar Seasrulebs valdebulebas.
banki amgvari operaciebidan Rebulobs mogebas sakomisios saxiT, romlis sididec 1/41/4-dan 2%-mdea. ukanasknel wlebSi sabanko aqceptebis bazari mcirdeba sxva finansuri instrumentebis popularobis zrdis gamo. 1995 wels daufaravi sabanko aqceptebis moculoba 30 mlrd. dolars Seadgenda, rac mniSvnelovnad naklebia, vidre wina wlebSi.
depozituri sertifikatebi. depozituri sertifikatebi, warmoadgenen bankebis mier saxsrebis mozidvis erT-erT gavrcelebul xerxs. depozituri sertifikatebi SeiZleba iyos gadacemis uflebiT da gadacemis uflebis gareSe. mcire Tanxis depozituri sertifikatebi, romelic individualuri investorebis xelSia, rogorc wesi warmoadgenen serTifikats gadacemis uflebis gareSe. msxvili depozituri sertifikatebi, TanxiT $100 000 da zeviT, warmoadgenen depozitur sertifikats gadacemis uflebiT da fuladi bazris mniSvnelovan nawils Seadgenen, romelic Tavisi moculobiT saxazino Tamasuqebis moculobasac ki aWarbebs.
diskonturi Semosavlis mqone instrumentebisagan (saxazino Tamasuqebi, komerciuli fasiani qaRaldebi da sabanko aqceptebi) gansxvavebiT depozituri sertifikatebi warmoadgenen instrumentebs, romelTac moaqvT procentuli Semosavali da procentis Tanxa emateba ZiriTadi valis Tanxas. ase magaliTad, Tu investori depozitur sertifikats nominaliT $1000 000 SeiZens 3 TviT 1 000 000 dolarad, 3 Tvis Semdeg emitentma-bankma investors unda gadauxados ZiriTadi Tanxa(1 000 000 dolari) da masze damatebuli procenti.
evrodolarebi. evrodolarebs uwodeben sabanko depozitebs, romlebic nominirebulia dolarebSi da inaxeba evropis bankebSi. Sesabamisad, evrodolaruli depozituri sertifikatebi - es aris sertifikatebi, romlis Rirebulebac dolarebSia gamoxatuli da gamoSvebulia aSS-s gareT arsebuli bankebis mier. evrodolarebis garda, Cven xSirad gvesmenia agreTve aziur dolarebsa da navTobdolarebze. zemoT moyvanili gansazRvrebis Tanaxmad, isinic agreTve gvevlinebian evrodolarebis bazris komponentebad. aziuri dolarebi - es aris sadolare depozitebi, romelic inaxeba aziur bankebSi, xolo navTobdolarebad ki iTvleba navTobis mompovebeli qveynebis sadolare depozitebi. evrodolarebis bazris mniSvnelovan nawils warmoadgens depozituri sertifikatebis seqtori, romelic depozituri sertifikatebis Sida amerikuli bazris daaxloebiT 50-60%-is tolia. bevri ucxouri banki uSvebs evrodolarul depozitur sertifikatebs dolarebSi gamoxatuli resursebis mozidvis mizniT. bevri investori upiratesobas aniWebs evrodolarul depozitur sertifikatebs, vidre erovnuls, vinaidan evrodolaruli depozituri sertifikatebi ufro sariskoa da amitom masSi ufro maRal procentebs ixdian.
evrodolaruli depozituri sertifikatebis SedarebiT maRali riskianoba ganpirobebulia imiT, rom maT emitent-bankebs ise mkacrad ar aregulireben, rogorc aSS-is bankebs. Sesabamisad emitentma-bankebma unda gadaixadon ufro meti safasuri moziduli sadolare saxsrebisaTvis. ramdenadac maTi regulirebis danaxarjebic dabalia amerikuli bankebis danaxarjebTan SedarebiT, maT gaaCniaT SesaZlebloba gadaixadon SedarebiT maRali procenti, rogor amas bazari moiTxovs.
mniSvnelovani xarisxiT, aSS-Si sabanko saqmianobis arsebuli regulireba gaxda evrodolarebis warmoSobisa da ganviTarebis mizezi. faqtiurad, aSS-Si yvela sabanko depoziti dazRveulia depozitebis dazRvevis federaluri kompaniis (Federal Deposit Insuranse Corporation - FDIC) mier, romelic aSS-s mTavrobis agents warmoadgens. dazRvevis safasurs ixdian emitenti bankebi. im bankebisaTvis, romlebic ganlagebuli arian aSS-s sazRvrebs gareT, depozitebis dazRvevis moTxovnebi mniSvnelovnad gaiolebulia, amitom ucxour bankebs SeuZliaT aicilon aseTi danaxarjebi.
aSS-Si sabanko regulirebis sxva Tavisebureba, romelic xels uwyobs evrodolarebis bazris ganviTarebas, warmoadgens savaldebulo rezervebze moTxovna. amerikulma bankebma moziduli depozitebis garkveuli nawili unda Seinaxon aqtivebis im formaSi, romelsac ar moaqvs Semosavali, magaliTad naRdi fulis saxiT seifebSi. Tu ar iarsebebda aranairi sarezervo moTxovnebi, bankebs SeeZlebodaT erTi depozitis bazaze SeuzRudavi moculobis sesxebis gacema. rac ufro maRalia sarezervo moTxovnebi depozitze procentis formiT, miT ufro SezRudulia bankebi sesxebis gacemaSi.
SeTanxmebebi ukugamosyidvis Sesaxeb(repo operaciebi). SeTanxmeba ukugamosyidvis Sesaxeb ("repo"), warmoiSoba maSin, rodesac erTi mxare miyidis meore mxares fasian qaRaldebs, imavdrouli SeTanxmebiT, gamoisyidos isini ukan garkveuli drois Semdeg dadgenili fasiT. sxvaoba gasayid fassa da gamosyidvis fass Soris ganisazRvreba saprocento ganakveTiT. amgvarad, SeTanxmeba ukugamosyidvis Sesaxeb gulisxmobs gayidvas da Semdgom imave fasiani qaRaldebis gamosyidvas, magram gansxvavebuli fasiTa da angariSsworebis ganxorcielebis TariRiT.
repo ZiriTadad gamoiyeneba moklevadiani dafinansebisaTvis. faqtiurad, umravlesoba repo SeTanxmebebisa ZiriTadad erTdRiania. amitom maT xSirad erTdRian repod moixsenieba. ufro xangrZlivi vadian ukugamosyidvis SeTanxmebebs vadian repos uwodeben. bevr korporacias drodadro uCndeba Warbi naRdi fuli, romlis investirebac SeiZleba mokle droiT. yidulobs ra fasian qaRaldebs im valdebulebiT, rom SedarebiT maRali fasiT momdevno dRes kvlav gayidos isini, korporacia amiT sakuTar Warb Tanxebs amuSavebs damatebiT Semosavlis motanis mizniT. aseTi operaciebis ganxorcielebis survilma repo bazris warmoqmna gamoiwvia, romlis moculobam gasuli saukunis bolos 750 mlrd dolars gadaaWarba. fasiani qaRaldebis umravlesoba, romlebic gamoiyeneba repo bazris uzrunvelyofis mizniT, aSS-s saxelmwifo fasian qaRaldebs warmoadgens. federaluri sarezervo saxsrebi. moklevadiani bazris instrumentebis magaliTia agreTve federaluri sarezervo saxsrebis bazari. rogorc ukve avRniSneT, federaluri sarezervi sistemis mmarTveloba moiTxovs, rom komerciulma bankebma Seinaxon darezervebuli naSTebis garkveuli Tanxebi, magaliTad naRdi fulis salaro rezervebis formiT. am salaros rezervebs ar moaqvT Semosavali, amitom bankebi, bunebrivia miiswrafian Seamciron Warbi rezervebi, romlebic darezervebuli iqna limitebis zeviT. Sedegad, zogierT banks damatebiTi rezervebi esaWiroebaT, im dros, roca zogierT banks aqvT Warbi rezervi da surT gaasesxon.
regulirebis aseTma struqturam misca biZgi federaluri sarezervo saxsrebis bazris ganviTarebas. am bazris monawileTa umravlesobas warmoadgens komerciuli bankebi ( maTi ricxvi 10 aTass aWarbebs). repos msgavsad federaluri rezervebis saxsrebis umravlesoba sesxad gaicema erTi dReRamiT da bazris saSualo yoveldRiuri moculoba aWarbebs 130 mlrd dollars. aRniSnul bazarze monawileoba yvelas ar SeuZliaT, anu arsebobs garkveuli SezRudvebi. imdenad, ramdenadac bankebs ekrZalebaT arasabanko institutebidan miRebuli erTdReRamian depozitebze procentebis gacema, bazris gavrcelebis sfero SezRudulia. am mizeziT, agreTve imitom rom federaluri rezervebs ar gaaCniaT uzrunvelyofa, maTi Semosavlianoba aRemateba repo operaciebis Semosavlianobas. 2.2. fulis msoflio bazari
fulis msoflio bazris mimoxilvisas Cven SevexebiT mokle da saSualovadiani dakreditebis nairsaxeobebs. aq Cven ganvixilavT sesxebis sxvadasxva saxeebs, romlebic Warbadaa mokle da saSualovadian msoflio bazrebze, ganvixilavT agreTve bazris zomebsa da struqturebs. sindicirebuli kreditebi da dakreditebis sxva formebi ar akmayofilebs msoflio bazarze arsebul pirobas imis Sesaxeb, rom instrumentis dafarvis vada ar unda aRematebodes erT wels. miuxedavad imisa, rom es wesebi SeiZleba daculi iqnes aSS-s bazarze, saerTaSoriso dakreditebis mraval formas gaaCnia dafarvis pirveladi vadebi erT welze meti, da mainc isini ar SeiZleba miakuTvno obligaciebis bazars.
sindicirebuli sesxebi. sindicirebuli sesxebi fulis msoflio bazarze sabanko kreditis yvelaze gavrcelebuli formaa. ase ewodeba sesxs, romelsac bankebis konsorciumi gascems erT msesxebelze. sindicirebuli sesxebi dominireben msoflio moklevadian savalo instrumentebis bazarze. sindicirebuli kreditebis meSveobiT dakreditebis wliuri moculoba aWarbebs 100 mlrd dolars. misi fasi (saprocento ganakveTi) ganiszRvreba rogorc "liboris" ganakveTze garkveuli danamati(spredi), sadac libori (LIBOR - London Interbank Offered Rate) warmoadgens saprocento ganakveTs, romliTac londonis bankTaSoris birJaze moklevadiani sesxebi gaicema (igi umniSvnelovanesi saorientacio maCvenebelia sasesxo kapitalis msoflio bazarze. es ganakveTi gaiangariSeba dilis 11 saaTze arsebuli londonis wamyvani bankebis jgufis individualuri ganakveTebis saSualo ariTmetikulis saxiT). aqedan gamomdinare, sindicirebuli sesxebis umravlesoba warmoadgens sesxs mcuravi saprocento ganakveTiT, vinaidan igi liboris mimdinare ganakveTzea damokidebuli. mTlianobaSi, sindicirebuli sesxebi ar warmoadgens fasian qaRaldebs, radgan kreditors ar SeuZlia aseTi sesxis sxva investorze miyidva. miuxedavad amisa, isini mniSvnelovan rols asruleben msoflio fulad bazarze.
sindicirebul sesxze saSualo danamatis (spredis) sidide, rogorc wesi Seadgens saSualod 50 sabaziso punqts (procentis 1/100) liboris ganakveTis zeviT. dafarvis saSualo vada daaxloebiT 6 Tves Seadgens. liboris ganakveTze danamatis garda, kreditorebi Cveulebriv iReben agreTve sakomisios momsaxurebaze, romelic warmoadgens im danaxarjebis kompensacias, romelic Tan axlavs sakredito garigebebisa da garkveuli vadisaTvis saxsrebis darezervebas.
sindicirebuli sesxebis upiratesoba kreditorebisaTvis imaSi mdgomareobs, rom dakreditebis aseTi forma saSualebas iZleva monawileoba miiRos dakreditebaSi, da Tan Tavis kapitalis mcire nawiliT gaswios riski. faqtiurad, Tavisi sakredito portfelis diversifikacias aRweven sindicirebuli dakreditebis gziT. sindicirebuli sesxebis bazarze msesxeblis rolSi gvevlinebian msxvili korporaciebi da ganviTarebadi qveynebis mTavrobebi. maT ricxvs bolo aTwleulSi Seemata aRmosavleT evropis qveynebi. ynda aRiniSnos aucileblad, rom sindicirebuli sesxebis umravlesoba (2/3) nominirebulia aSS-s dolarebSi.
evrokomerciuli qaRaldebi. evrokomerciul qaRaldebs miekuTvneba fasiani qaraldebi, romlebzec garigebebi ideba msoflio bazarze da romlebic nominirebulia aSS-s dolarebSi. evrokomerciuli qaRaldebis emisiis moculoba yovelwliurad Seadgens 50 mlrd dolars. evrokomerciulma qaRaldebma mniSvnelovanwilad Seaviwroes sindicirebuli kreditebi, radgan zogierTi msxvili korporaciis reitingi bankebis sakredito reitings gauTanabrda, xSirad ki gadauswro kidec. ase rom, am firmebs Tavad SeuZliaT ganaTavson TavianTi valdebulebebi fulis bazarze da dazogon sabanko dakreditebasTan dakavSirebuli xarjebi.
sanoto saemisio valdebuleba (NIF). sanoto (nota - moklevadiani an saSualovadiani fasiani qaRaldi gamoSvebuli kompaniis an saxelmwifo organos mier, banknoti, sakredito bileTi) saemisio valdebulebebi warmoadgenen saSualovadiani dakreditebis formas, sxvadasxva instrumentis meSveobiT, romelTagan Cveulebriv gamoiyeneba veqsilebi (Tamasuqebi) mcuravi saprocento ganakveTiT. msesxebeli aformebs SeTanxmebas komerciuli bankebis sindikatTan, romlis Tanaxmadac am ukanasknelT evalebaT iyidon am msesxeblis Tamasuqebi, an gamouyon mas sesxi. Cveulebriv, sesxebis vada 3-dan 10 wlamdea da bankebi am momsaxurebaSi iReben sakomisios im SemTxvevaSic ki, Tu es sesxebi ar iqneba gamoyenebuli. gasuli saukunis 90-iani wlebis bolos sanoto saemisio valdebulebebis moculoba Semcirda 80-iani wlebis moculobasTan SedarebiT da Seadgina 5 mlrd dolari, rac ZiriTadad gamowveuli iyo sabanko riskebis zrdasTan. amasTan firmebma miiRes ra kapitalis bazarze pirdapiri gasvlis saSualeba, ukve naklebad iyeneben sabanko garantiebiT uzrunvelyofil NIF-s D garantirebuli da damzRvevi instrumentebi. sanoto saemisio valdebulebebi (NIF) mniSvnelovanwilad warmoadgenen garantirebuli momsaxurebas(committed facility), anu momsaxurebis mimwodebeli ivaldebulebs Tavs msesxebelTan miRweuli SeTanxmebis Tanaxmad uzrunvelyos saxsrebiT. amasTan, kreditorebis sindikats SeuZlia SesTavazos sadazRvevo momsaxureba - gamoxatos survili, magram valdebulebebis gareSe, gaasesxos garkveuli pirobebiT. aseT arasavaldebulo momsaxurebas saerTaSoriso sabanko arenaze ar gaaCnia principuli mniSvneloba da misi wliuri moculoba Seadgens daaxloebiT 20 mlrd dolars. 3. obligaciebis bazari
wina TavSi ganxiluli iyo saobligacio faswarmoqmnis safuZvlebi. mocemul TavSi ki naCvenebi iqneba, Tu rogor vrceldeba es principebi kuponian obligaciebze. Semdeg ganvixilavT obligaciebis bazris struqturas.bazris organizaciis ganxilvisas yuradReba gamaxvilebuli iqneba aSS-s bazarze, romelic Sedgeba federaluri sesxebis bazris, korporatiuli obligaciebis barebisa da municipaluri obligaciebis bazrisagan.ganvixilavT ra obligaciebis bazaars, Cven ganvixilavT agreTve ipoTekur bazaars. analizis safuZvelze naTeli gaxdeba, rom sacxovrebeli saxlis yidvis dros ipoTekuri krediti unda ganvixiloT rogorc obligaciis gansakuTrebuli saxe, romelic SeiZleba sarfianad iqnes gamoyenebuli.
roca emitenti gvTavazobs Tavis obligaciebs, amas yovelTvis Tan sdevs sakontraqto valdebulebebi, romlis meSveobiTac emitenti cdilobs daainteresos investori, raTa am ukanasknelma asesxos mas garkveuli Tanxa. xSirad es kontraqti Seicavs gansakuTrebul pirobebs, romliTac kompania cdilobs obligacia mimzidveli gaxados.
aSS-s obligaciebis bazris ganxilvis Semdeg, ganxiluli iqneba saerTaSoriso obligaciebis bazari. mTlianobaSi, saerTaSoriso bazarze gamoyenebuli instrumentebi mniSvnelovnad gansxvavdebian aSS-s bazarze gamoyenebuli instrumentebisagan. magaliTad, saerTaSoriso obligaciebis emitireba warmoebs sxvadasxva valutaSi da isini Cveulebriv farTod iyeneben mcurav saprocento ganakveTebs.
3.1. obligaciebis Sefaseba
fulad bazarze mraval instruments gaaCnia diskonturi obligaciis struqtura, magram grZelvadiani savalo instrumentebisaTvis es normas ar warmoadgens. aq ufro tipiuria suraTi, rodesac obligaciaze mravaljeradi (kuponuri) gacemaa gaTvaliswinebuli. ase rom, gamoSvebuli obligaciebis umravlesobas gaaCnia nominaluri Rirebuleba, romelic gaicema obligaciis mflobelze dafarvis vadis dadgomisas. rogorc wesi, obligaciis gamoSvebis TariRsa da misi dafarvis vadis dadgomamde regularulad warmoebs Sualeduri gadaxdebi, romelsac kuponebs uwodeben. umravles SemTxvevaSi kuponuri gacemebi warmoebs eqvs TveSi erTxel. aseTi obligaciebisaTvis saobligacio faswarmoqmnis formula gamoiyureba Semdegnairad: m C t (3.1)
P= Σ t =1 (1+ r) t
sadac, P - obligaciis mimdinare fass aRniSnavs, Ct - Tanxas, romelic SeTanxmebisamebr unda miiRos obligaciis mflobelma t - momentisaTvis, xolo r - rogorc viciT, aRniSnavs Semosavlianobas.
rogorc vxedavT, es formula waagavs wina TavSi naCveneb diskontur obligaciaTa fasdadebis zogad formulas ( P= Cm/(1+r)t ), Tumca ufro garTulebulia, radgan masSi ufro meti gacemebia kuponuri gacemebis Sesabamisad. amis sailustraciod warmodginoT obligacia, romlis nominaluri Rirebulebaa 1000 dolari,Semosavlianoba - 13%, xolo eqvsTviani kuponuri gasacemebis sidide - 60 dolari (e.i. wliuri kuponuri saprocento ganakveTi 12%-ia); dafarvis vada - erTi weli. Cveulebriv, kuponis bolo gacema emTxveva obligaciis dafarvis vadas, ase rom dafarvis dRes gaicema obligaciis nominaluri Rirebuleba plus bolo kuponis gacema. amis safuZvelze Cven SegviZlia obligaciis faswarmoqmnis formula Semdegnairad gamoviyenoT: P = {$60 / (1+0,13/2)} + {$1060 / (1+ 0,13/2)2 = $56,34 + $934,56 = $990,90
am formulis gamoyenebisas unda gaviTvaliswinoT ori mniSvnelovani momenti. jer erTi, sakupone ganakveTi - 12% Seexeba obligaciis nominalur Rirebulebas($1000). amgvarad, wliuri gacema Seadgens $120-s, romelic or kuponad iyofa. meorec, ramdenadac gacema eqvs TveSi erTxel warmoebs, aucilebelia gaviTvaliswinoT eqvsTviani gadaxdebis Rirebuleba droSi. amgvarad, gancxadebuli saprocento ganakveTi - 13% - iyofa Suaze, ramdenadac obligaciebze gacema warmoebs eqvs TveSi erTxel. gaangariSebaSi moyvanili obligaciis fasi iangariSeba 6,5% -iani eqvsTviani ganakveTiT. unda aRiniSnos, romobligaciebis fasebisa da fasebis gaangariSebis cxrilebi yovelTvis aseT gaangariSebas emyareba.
3.1.1. paritetuli, premialuri da diskonturi obligaciebi
rogorc zemoT moyvanili magaliTidan Cans, obligaciis nominalur da sabazro fasebs Soris mcire gansxvavebaa. sinamdvileSi, obligaciis sabazro fasi xSirad gansxvavdeba nominalurisagan da es gansxvaveba xSirad sakmaod didia. Tu sabazro fasi metia nominalur fasze, maSin amboben, rom es obligaciebi iyideba fasnamatiT anu premiiT. Tu obligaciis sabazro fasi nominaluri fasis tolia, maSin aseT obligacias uwodeben paritetul obligacias. xolo, Tu obligaciis sabazro fasi naklebia nominalur Rirebulebaze, maSin obligacia warmoadgens diskonturs. unda aRiniSnos, rom arsebobsgansxvaveba dikontur obligaciasa da wminda diskontur obligacias Soris. kuponuri gadaxdis obligaciebs SeiZleba sabazro fasi nominaluri fasze dabali qondes, da maSin isini diskontur obligaciaa warmoadgenen. diskontur obligaciebs sabazro fasi yovelTvis dabali aqvT, vidre nominaluri fasi (dafarvis momentis garda). diskonturi obligaciis unikalur Taviseburebas warmoadgens kuponuri gacemis ararseboba.
3.1.2. Semosavlianobis miaxloebiTi Sefaseba
xSirad, obligaciebis emitireba warmoebs 30 wliani dafarvis vadiT. eqvsTviani kuponi niSnavs, rom gacema 60-jer moxdeba. aseTi obligaciis Rirebulebis gamoTvla, Tundac cnobili iyos Semosavlianobis ganakveTi, kompiuteris gamoyenebis gareSe Zalzed rTuli procesia. Cven romc vicodeT yvela gadaxdis dro da Tanxa, agreTve obligaciis Rirebuleba, Zalzed rTuli iqneba saprocento ganakveTis gansazRvra, radganac gamoTvlebi unda vawarmooT xeliT. Tu Cven Semosavlianobis daangariSebas am xerxiT movaxdenT, maSin unda visargebloT cdisa da cdomilebis meTodiT. Cven obligaciebis diskontirebas vaxdenT mocemuli ganakveTiT da miRebul Sedegs vudarebT sabazro fass. Tu miRebuli Tanxa aWarbebs sabazro fass, maSin gaangariSebisas gamoyenebuli saprocento ganakveTi Zalzed dabalia. Cven koreqtireba unda gavukeToT saprocento ganakveTs da xelaxla unda movaxdinoT nakadebis diskontireba da es procesi unda gavagrZeloT iqamde, vidre miRebuli fasi ar daemTxveva sabazro fass. mxolod maSin iqneba napovni saZiebeli saprocento ganakveTi.
sabednierod, arsebobs Semosavlebis kalkulaciis alternatiuli varianti, romelTagan zogierTis gamoyenebiT SesaZlebelia obligaciis Semosavlianobis miaxloebiTi gamoTvla. Tu Cven ar viciT obligaciaze zusti Semosavali da SeiZleba davkmayofildeT miaxloebiTi SefasebiT, maSin Cven CegviZlia gamoviyenoT miaxloebiTi Sefasebis formula, romelic zust mniSvnelobasTan kargad miaxloebul Sedegs iZleva:
miaxloebiTi Semosavlianoba dafarvis momentisaTvis = {C +(FV-P)/n}/{(FV+P)/2} (3.2)
sadac C - wliuri kuponuri gacemaa
FV - obligaciis nominaluri Rirebuleba
P - obligaciis sabazro fasi
n - obligaciis dafarvis TariRamde darCenili wlebis raodenoba
am formulis azri martivia - OBLam obligaciisgan misaRebi wliuri Semosavali iyofa investiciis saSualo sidideze obligaciis darCenili periodisaTvis. am formulaSi miaxloebiTi Semosavlianobis gaangariSebisaTvis mricxvelSi naCvenebia wliuri Semosavali obligaciaze da Sesdgeba ori nawilisgan: jer erTi, mflobeli Rebulobs wliur kupons (C). obligaciis dafarvis vadis moaxloebasTan erTad, obligaciis fasi unda uaxlovdebodes nominalur fass, radgan swored es Tanxa gadaexdeba obligaciis mflobels. meore, mricxvelis meore nawili (FV-P)/n romelic gviCvenebs obligaciis fasis saSualo wliur cvlilebas nominalur Rirebulebis mimarT. formulis mniSvneli - (FV+P)/2 gviCvenebs gviCvenebs obligaciaze gasaSualebul investiciis sidides mocemuli momentidan dawyebuli, roca obligaciis sabazro fasi P -s tolia, misi dafarvis TariRis dadgomamde, roca myidveli iRebs obligaciis nominalur Rirebulebas (FV). rom davrwmundeT mocemuli formulis efeqtianobaSi, ganvixiloT obligacia, romlis dafarvis vada 5 welia, wliuri sakupone gacema 10%-is tolia (obligaciis kuponuri periodi 1 welia), xolo nominaluri Rirebuleba Seadgens $1000-s. Tu obligacia eRireboda $1,059,12, maSin dafarvis momentSi misi Semosavlianoba iqneboda 8,5%, rogorc es gaangariSebaSia:
P= (100/1.085)+(100/1,0852)+(100/1.0853)+(100/1.0854)+(1100/1.0855)=$1059,12 miaxloebiTi Semosavlianobis gaangariSebis formulis gamoyeneba GvaZlevs Semdeg Sedegs:
miaxloebiTi Semosavlianoba
dafarvis momentisaTvis = {100+(1000-1059,12 / 5)} / {(1000+1059,12)/2} = 0,0856
Semosavlis ganakveTebis miaxloebiT gamoTvlas grZeli istoria aqvs, romlis mcdelobac mudmivad grZeldeba, raTa Seqmnan SedarebiT zusti formula. Sedagad miRebul iqna aseTi formula, romelic ufro zust Sefasebas iZleva:
miaxloebiTi Semosavlianoba dafarvis momentisaTvis ={C +(FV-P)/n} / {(FV+2P)/3} (3.3)
Cvens mier ganxilul magaliTze es formula gvaZlevs Semdeg Sedegs: miaxloebiTi Semosavlianoba
dafarvis momentisaTvis ={100 +(1000-1059,12)/5} /{1000 + 2x1059,12} / 3 = 0,0848
% e nax.3.1. miaxloebiTi Semosavlianobis gamoTvlis
4.0 - formulis cdomilebebi
Cveulebrivi meTodi
3.0 -
2.0 - srulyofili meTodi
1.0 - 0 n 5 10 15 20 25 30 - 1.0 -
mocemuli Sedegi ufro axloa Semosavlianobis namdvil ganakveTTan (08,5%). am ori meTodis gamoyenebisas daSvebuli uzustoba kargad Cans naxazze (3.1), romelSic naCvenebia maTi gamoyenebisas miRebul cdomilebaTa damokidebuleba dafarvis vadisagan 1000 dolaris Rirebulebis obligaciis SemTxvevaSi, romlis kuponuri Semosavlianoba 10%-ia, xolo realuri Semosavlianoba 8%. miaxloebiTi gaangariSebisas realuri ganakveTidan gadaxris procenti naCvenebia vertikalze, xolo horizontalze - dafarvis cvalebad TariRi. rogorc naxazidanac Cans, (3.3) formula ufro zust Sefasebas iZleva dafarvis nebismieri vadisaTvis.E 3.1.3. daricxuli procentebi
obligaciebis bazris erT-erT Tavisebureba, romelic moumzadebel investors elis, esaa obligaciebis fasebis kotirebis uCveulo meTodi. obligaciebis umravlesobis Rirebuleba ar asaxavs im fass, rac masSi sinamdvileSi unda gadavixadoT. sinamdvileSi Cven unda gadavixadoT dadgenili fass plus daricxuli procenti - momavali kuponuri gadasaxdelis nawili, romelic ekuTvnis obligaciis mflobels, magram jer kidev ar miuRia. mivmarToT isev Cvens magaliTs, sadac obligaciis dafarvis vada 5 welia, obligaciis dafarvis momentSi gaicema $1100, anu saboloo kuponur gasacemis sidides plus nominaluri Rirebuleba. dafarvis momentamde cota xniT adre, obligaciis Rirebuleba mxolod odnav unda gansxvavdebodes dapirebuli 1100 dolarisgan. amasTanave, obligaciis mocemuli fasi iqneba 1000 dolari, magram mas eqneba agreTve daricxuli procenti, romelic daaxloebiT 100 dolaris toli iqneba. myidvelma unda gadaixados dadgenili fasi plus daricxuli procenti, romelic advilad gamoiTvleba Semdegi formuliT:
daricxuli procentebi =kuponuri gasacemebi x (dReebis raodenoba bolo kuponuri gadasacemis gadaxdidan /kuponur gadasaxdelebs Soris dReebi) (3.4)
Sefasebis es martivi formula SeiZleba gamoyenebul iqnes nebismieri obligaciis Sefasebisas.
3.2. obligaciebis bazari aSS - Si
aSS-is fasiani qaRaldebis bazari emitentebis tipebis mixedviT SeiZleba daiyos sam ZiriTad kategoriad - AaSS-is mTavroba, korporaciebi da municipalitetebi. emitentebis TiToeul jgufs gaaCnia misTvis damaxasiaTebeli niSnebi, romlebiTac SesaZlebelia obligaciebis gansxvaveba.d es maxasiaTeblebi moicaven dafarvis vadas, dabegvris reJims da riskebis dones.
3.2.1. saxelmwifo fasiani qaRaldebis bazari
aSS-Si terminSi -"mTavrobis fasiani qaRaldebi"( Government securities) federaluri sarezervo sistema gulisxmobs xazinis fasian qaRaldebs (finansTa saministros)(treasuries securities, an treasuries) an federaluri saagentoebis fasian qaRaldebs (agency securities). es ukanaskneli Tavis mxriv Seicavs fasian Semdeg qaRaldebs: 1) saxelmwifo an kvazisaxelmwifo sakredito organizaciebis, romelic ZiriTadad dakavSirebulia ipoTekasTan(mag. saxelmwifo nacionaluri ipoTekuri asociaciis - Government National Mortgage Accociation - GNMA, federaluri sabinao administraciis - Federal Housing Administracion - FHA, tenesis velis( seobis) administraciis (Tennessee Valley Authority - TVA, da sxva)- Government-sponsored enterprises; 2) amave dawesebulebis mier gamoSvebuli specialuri fasiani qaRaldebi, uzrunvelyofili uZravi qonebiT -Federally related mortgage pools; da 3) sabiujeto saagentoebis fasiani qaRaldebi - budget agencies. 2005 wlis bolosTvis yvela saxis samTavrobo fasian qaRaldebze davalianeba Seadgenda 10,4 trilion dolars.
cxrili 7.1 aSS-s mTavrobis fasiani qaRaldebi (mlrd dolari)
fasiani qaRaldebi1990 w1995 w1997 w2000 w2002 w2003 w2004 w2005 wsabazro35395665628876758665968310 20510 443saxazino valdebulebebi treasuries securities20933260344029933122357539444166federaluri saagentoebis fasiani qaRaldebi14462405284846825531610862616277saxelmwifo da kvazisaxelmwifo sawarmoebis obligaciebi (GSE)39480799518252346259426942575fasiani qaRaldebi, uzrunvelyofili sagiravno pulebiT10201570182628303158348935433678sabiujeto saagentoebis fasiani qaRaldebi3228272727252424arasabazro11181690196826293139318533343321wyaro: Flow of funds Accounts of the united States 1995-2005. Board of the Federal Reservs System. Wadhington.D.C., 2006. p.79-80
xazinis valdebulebebi. federaluri mTavrobis fasiani qaRaldebs yofen aSS-s mTavrobis pirdapir valdebulebebad, romelsac Cveulebriv uwodeben saxazino fasian qaRaldebs (treasuries securities, treasuries), da federaluri saagentoebis valdebulebebad.
Tavad saxazino savalo vadebulebebs yofen or jgufad: sabazro da arasabazrod. unda gaesvas xazi imas, rom aSS-s federaluri mTavrobis vals qmnis mxolod xazinis fasiani qaRaldebi da sabiujeto saagentoebis qaRaldebi (federaluri saagento - ufro farTe mcnebaa, vidre sabiujeto saagento). amitom mcnebebi "federaluri mTavrobis qaRaldebi" da "federaluri valis qaRaldebi" erTi da igive ar aris. Sesabamisad saerTo federaluri vali 2005 wlisaTvis Seadgenda 7,5 trln dolars
fasiani qaRaldebis gamoSveba kongresis mier aSS-s xazinazea (finansTa saministro) delegirebuli. kontinentalurma kongresma saobligacio sesxi pirvelad damoukideblobisaTvis mimdinare omis dafinansebisaTvis gamouSva 1776 wels. davalianebis SedarebiTi da absoluturi zomebi rCeboda zomieri XIX saukunis pirvel naxevarSi da mkveTrad gaizarda samoqalaqo omis wlebSi, xolo Semdgom pirveli msoflio omis periodSi. saomari xarjebis dafinansebisaTvis amerikis mTavrobam ori wlis ganmavlobaSi 21,5 mlrd dolaris obligaciebi gamouSva, im dros, rodesac wina 10 wlis ganmavlobaSi korporatiuli obligaciebis emisiis moculobam Seadgina 16,6 mlrd dolari. imisaTvis, rom gayiduliyo aseTi didi raodenobis qaRaldebi, komerciul da sainvesticio bankebs unda moecvaT adamianebi, romlebic adre arasdros yidulobdnen fasian qaRaldebs. da es maT srulad gamouvidaT: 1917-1919 wlebSi saxazino obligaciebSi invetorTa raodenobam 300 aTasidan 21 milions miaRwia. didi depresiis periodSi umniSvnelo Semcirebis Semdeg saxelmwifo valis SefardebiTi zoma samjer gaizarda da Semdeg miaRwia maqsimalur SefardebiT sidides 1940-ian wlebSi (mSp-is 120%). ekonomikis mSvidobian relsebze gadayvanas Tan sdevda federaluri valis SefardebiTi Semcireba. 1979 wels saxelmwifo valisa da mSp-is Sefardebam miaRwia omisSemdgomi periodisTvis minimalur sidides -35%-s. 1980-ian wlebSi, r. reiganis mTavrobis administraciaSi mosvlisTanave daiwyo saxelmwifo valis zrda, da maqsimums miaRwia b. klintonis periodSi - 1990-ian wlebSi mSp-is 70%.
arasabazro fasiani qaRaldebi, maTi gamoSvebis Taviseburebebis gamo, investorebis ar iCenen did interess (gamonaklisis Semnaxveli obligaciebi). arasabazro saxelmwifo davalianebis saerTo moculoba aSS-Si 2005 wlis bolosTvis Seadgenda 3,3 trln dolars(cxrili 7.1).
aSS-s saxazino fasiani qaRaldebi warmodgenilia ZiriTadad sami saxis instrumentebiT: saxazino Tamasuqebi (treasury bills), saxazino notebi(treasury notes) da saxazino obligaciebi (treasury bonds). 2005 wels davalianebis naxevarze meti modioda saSualo vadian qaRaldebze (notebi); 23% - moklevadianze da 15% - grZelvadianze. 1997 wlidan xazinam daiwyo indeqsirebuli obligaciebis gamoSveba (inglisuri index-linked-is msgavsi), 2005 wlis bolos maTi wili sabazro saxazino qaRaldebSi Seadgina 8%.
cxrili 7.2.
obligaciebis ZiriTadi saxeebi da aSS-s federaluri xelisuflebis davalianeba maTze (mlrd dolari)
sabazro obligaciebis saxeebi
1990 1995 1997 2000 2002 20032004 2005 moklevadiani obligaciebi- saxazini Tamasuqebi (treasury bills)4827427026168689291001961saSualovadiani obligaciebi - saxazino notebi (treasury notes)12181980212216111522190621572360grZelvadiani obligaciebi - saxazino obligaciebi (treasury bonds)377523576635593564539516indeqsirebuli obligaciebi (indez-linked bonds and notes)--24115139176246329sul (maT Soris danarCeni) 20933260344029933122357539444156wyaro: Flow of funds Accounts of the united States 1995-2005. Board of the Federal Reservs System. Wadhington.D.C., 2006. p.79-80
sabazro saxazino valdebulebebi 1980 -ian wlebSi gamodioda mxolod angariSze Canawerebis formiT; myidveli iRebda amonawers, da ara gravirebul sertifikats. am fasiani qaRaldebidan miRebuli Semosavali eqvemdebareba yvela saxis federaluri gadasaxadebisT dabegvras (Semosavalze, kapitalis zrdaze, qonebaze da Cuqebaze)
saxazino Tamasuqebi (treasury bills)- es aris savalo instrumenti, romlis dafarvis vada ar aRemateba 1 wels. aSS-s mTavrobam pirvelad misi gayidva daiwyo 1929 wels. aSS-s mTavroba, rogorc zemoT avRniSneT, regularulad axorcielebs saxazino Tamasuqebis emisias vadiT 3 Tvemde (13 kvira), 6 Tvemde (26 kvira) da 1 wlamde (52 kvira). yvela Tamasuqi iyideba diskontiT, anu investoris Semosavals warmoadgens sxvaobas gasayid fassa da mis nominalur Rirebulebas Soris.
biujetis deficitis swraf zrdasTan dakavSirebiT, 1980-ian wlebSi da 1990-iani wlebis pirvel naxevarSi saxazino Tamasuqebis gamoSvebis moculoba SesamCnevad gaizarda. 1990-iani wlebis bolos aSS-s finansuri mdgomareobis gaumjobesebam Seamcira saxelmwifos sesxebze moTxovna, rac pirvel rigSi saxazino Tamasuqebs Seexo - Semcirda maTi gamoSveba. saxazino Tamasuqebi aSS-s fuladi bazris yvelaze popularul instrumentis warmoadgens. maTi popularoba maTi unikaluri TvisebebiT aixsneba. pirveli is, rom saxazino Tamasuqebi riskisgan Tvisufalia. meore, isini maRallikviduria vinaidan maTTvis arsebobs udidesi da Zalzed efeqturi meoradi bazari, romelic naRd fulSi swrafad gacvlis saSualebas iZleva. mesame, saxazino Tamasuqebidan miRebuli Semosavlali ar ibegreba Statisa da adgilobrivi xelisuflebis mier. da bolos, Tamasuqebi iyideba minimaluri nominaliT 10 000 dolari, rac maT xelmisawvdoms xdis rogorc msxvili, ise SedarebiT wvrili investorisaTvis.
imisTvis, rom saxazino Tamasuqebis msxvili partiebiT gamoSvebisxarjebi Semcirdes, maTi gamoSveba xorcieldeba dokumentgareSe formiT angariSze Canawerebis saxiT. myidvelebi ar Rebuloben sertifikatebs. sakuTrebis forma fiqsirdeba specialur reestrSi, romelsac awarmoebs xazina, xolo investori iRebs mxolod amonawers rogorc nasyidobis damadasturebels. saxazino Tamasuqebis gamoSvebis dokumentgareSe sistema warmoadgens depozitarebis mravaldonian sistemas, romlis drosac sakuTrebis ufleba dafiqsirebulia am organizaciebis angariSze. es sistema xazinis garda moicavs federalur sarezervo bankebs, sadepozito dawesebulebebs da saboloo mesakuTreebs.
investorebs, romlebsac surT iyidon Tamasuqebi auqcionis garda sxva gziT, agreTve visac surs gayidos vadis gasvlamde, SeuZliaT advilad gaakeTon es meorad bazarze. saxazino Tamasuqebis meoradi bazari warmoadgens yvelaze msxvils da yvelaze efeqturs mTel msoflioSi arsebul moklevadiani instrumentebis yvela bazars Soris. misi efeqtianobis erT-erT maCvenebelia viwro spredi(marJa) yidvis fassa da gayidvis fass Soris. es spredi Seadgens Cveulebriv araumetes 2-4 sabaziso punqts (xolo dilerTaSoriso bazarze - 1 sabaziso punqts), anu 200-400 dolari 1 mln dolaris Rirebulebis Tamasuqze.
saxazino Tamasuqebze Semosvlianobis norma dabalia, vidre fuladi bazris iseT instrumentebze, rogoricaa sadepozito sertifikatebida komerciuli qaRaldebi. es imiT aris ganpirobebuli, rom saxazino Tamasuqebi gamoricxavs emitentis gakotrebis risks. saxazino Tamasuqebisa da sxva instrumentebs Soris saprocento ganakveTebSi sxvaoba ar warmoadgens mudmivs, is meryeobs ekonomikuri koniunqturazea damokidebuli. ukanaskneli ramodenime aTwleulis manZilze saprocento ganakveTebSi sxvaoba izrdeboda 200-mde da mcirdeboda 30 sabaziso punqtamde.
saxazino notebi(treasury notes). aSS-s mTavrobis procentiani obligaciebis mimoqcevis saSualo vadaa 1 wlidan 10 wlamde (es ukanaskneli parametri Seicvala 1976 wels - manamde iyo 7 weli).
saxazino notebi mimoqcevaSi gamoiSveba minimaluri nominaliT 5000 dolari, romlis mimoqcevis vadaa 4 welze naklebi da 1000 dolaris nominaliT, romlis mimoqcevis vada 4 welze metia. zogierTi gamoSvebebi iyo 10 000, 100 000 da 1 000 000 dolaris nominaliT. saprocento ganakveTi dgindeba calkeuli gamoSvebebis mixedviT. 1982 wlidan yvela notebi gamodis mxolod angariSebze Canawerebis formiT. procenti gaicema weliwadSi orjer.
xazinis emisiis programis Tanaxmad, saSualovadiani obligaciebis gamoSvebis optimaluri reJimi Semdegnairia: orwliani notis gamoSveba - yoveli Tvis dasrulebamde erTi kviriT adre, xuTwliani notis - yoveli kvartlis meore Tvis SuaSi. samwliani notebi drodadro gamoiyeneba davalianebis refinansirebisaTvis da uSveben Sua kvartalSi, 10 wliani notebi gamoiyeneba imave mizniT da uSveben imave periodulobiT. amgvari yovelkvartaluri refinansirebiT xazina windawin miuTiTebs naRd fulze mis moTxovnas da maTi dafarvis saSualebebze. es praqtika bazris mowerigebis saSualebas iZleva da uzrunvelyofs investiciuri dagegmvis SesaZleblobas. E
saxazino obligaciebi (treasury bonds). saxazino obligaciebi mimoqcevaSi gamodis 1000, 5000, 10 000, 100 000 da 1 000 000 dolaris nominaliT. 500 dolaris nominalze uari Tqves 1971 wels. saprocento ganakveTebi damokidebulia obligaciis gamoSvebasa da vadebze. yvela obligacia gamodis 10 welze meti vadiT. mimoqcevis maqsimaluri vadaa 30 weli. procenti gaicema weliwadSi orjer.
1982 wlidan saxazino obligaciebi mimoqcevaSi gamodis dokumentgareSe formiT angariSebze Canawerebis saxiT (book-entry form).
Tu obligaciebis gamoSvebis pirobebi iTvaliswinebs, SesaZlebelia misi vadaze adre dafarva 4 TviT adre Setyobinebis Semdeg.
sxvadasxva federaluri emisiebis kotireba yoveldRiurad qveyndeba "uol strit jornalSi" da sxava solidur gazeTebSi. kotirebis pirveli sami sveti gansazRvravs instrumentebs. pirvelis gviCvenebs wliur sakupone ganakveTs, rogorc procents nominalidan. 10 000 dolaris nominalis obligaciis 10%-iani ganakveTi niSnavs, rom obligaciaze wliuri gacema iqneba 1000$. Cveulebriv es wliuri sakupone Tanxa gaicema Tanabari wiliT eqvs TveSi erTxel. Semdegi ori sveti gviCvenebs dafarvis wels da Tves. radganac es bolo naxevarwliuri sakupone gadaxda yovelTvis obligaciis dafarvis dros moxdeba, maSin pirveli sami svetis monacemebiT SeiZleba ganisazRvros gadaxdebi, romelic iwarmoebs obligaciebze. mafaliTad, obligacia, romelic identificirebulia rogorc "10 1997 maisi" mikuTvnebuli iqneba "aTi oTxmocdaCvidmets". radganac notebs da obligaciebs gaaCniaT erTnairi struqtura, maTi kodireba moyvanilia erT cxrilSi. fasiani qaRaldebi, romelic Tavdapirvelad emitirebulia rogorc notebi, ganisazRvreba aso "n" obligaciis identifikatoris Semdeg.
zogierT obligaciebs gaaCniaT dafarvis ori TariRi. magaliTad, obligaciias dafarvis TariRiT - 1997 -2002 w.w., meore TariRi iTvleba dafarvis faqtiur vadad. pirveli gviCvenebs TariRs, rodesac SeiZleba obligaciis gamoxmoba. obligacia iTvleba gamoxmobilad, rodesac igi emitentis gadawyvetilebiT ifareba dafarvis vadaze adre. normalur situaciaSi obligacia SeiZleba iqnes gamoxmoxmobili mxolos maSin, rodesac gavrcelebuli saprocento ganakveTi sakupone ganakveTze dabalia.
listingis dasawyisSi rogorc iTqva, miTiTebuli fasebi - es aris niu-iorkis federaluri bankis SuadRis kotirebebi, romelic gaTvaliswinebulia 1 mln dolaridan zeviT garigebebze. es ar aris savaldebulo fasebi, romliTac Cven SegviZlia vivaWroT, magram mainc isini asaxaven mocemul momentSi gavrcelebul sabazro fasebs. kotireba Tavis Tavad gviCvenebs procents obligaciis nominaluri Rirebulebidan. magram aTwiladis mZimis gamoyenebam SeiZleba dagvabnios. cifrebi aTwiladis marjvniv gviCvenebs wilis odenobas ara aTidan, aramed 32-dan. sxva sityvebiT rom vTqvaT, fasi 97,16 aRniSnavs, rom obligaciis kotireba Seadgens 97 mTels da 16/32-s, an 97,50%-s nominaluri Rirebulebidan. obligaciisaTvis, romlis Rirebulebacaa 10 000$, es kotireba Seadgens 9759$-s. rogorc yvela bazarze, aqac warmodgenilia da kotireba xdeba moTxovnisa da miwodebis fasebi. svetSi - "Bid Chg" - naCvenebia moTxovnis fasebis cvlilebebi wina kotirebasTan SedarebiT. svetSi "Ask YId" asaxulia obligaciis Semosavlianoba dafarvis momentisaTvis. miuxedavad imisa, rom yvela obligacias Tavisi emitenti yavs da gaaCniaT SeubRalavi kreditunarianoba, arsebobs seriozuli gansxvaveba sxvadasxva gamoSvebis obligaciebis Semosavlianobas Soris miuxedavad maTi riskianobis erTi donisa.
ukanaskneli 70 wlis ganmavlobaSi fasian qaRaldebSi investiciebze xazina daaxloebiT erTnair Semosavals iZleoda, Tumca riskis done sxvadasxva iyo, romelic ganisazRvreboda Semosavlebis standartuli gadaxrebis, an dispersiis meSveobiT. 1926 wlidan 1994 wlamde saxazino Tamasuqebze valis dabruneba daaxloebiT 1%-iT dabali iyo, vidre saxazino obligaciebze, magram saxazino Tamasuqebs hqondaT riskis mniSvnelovnad dabali done. investori, romelic abandebda fuls saxazino TamasuqebSi, faqtiurad am wlebis ganmavlobaSi arasdros uzaralia da isini yovelTvis ifareboda droulad. magram investori, romelic fuls abandebda saxazino obligaciebSi, xandaxan zaralobda. miuxedavad imisa, rom saxazino obligaciebze yvela dafarva xorcieldeboda dapirebisamebr, investors SeiZleba ganecada zarali am periodSi. saxazino obligaciebis flobidan fuladi Semosavlebi am periodSi Sedgeboda miRebuli kuponuri gacemidan plus nebismieri cvlileba TviTon obligaciis fasSi. zaralian wlebSi, obligaciis Rirebulebis dacema aWarbebda kuponur Semosavlebs, rac iwvevda saxazino obligaciebis mflobelTa wminda zarals.
cxrili 7.2.
Semosavlebi saxazino Tamasuqebsa da obligaciebSi ganxorcielebuli investiciebidan
(1926 - 1994)
TamasuqebiobligaciebisaSualo ariTmetikuli Semosavali3,7%5,2%Semosavlebis standartuli gadaxra3,38,8saSualo geometriuli Semosavali3,74,8realuri geometriuli Semosavali
0,551,65%1926 wels $1000 - sTvis investiciebi
Semajamebeli(saboloo) Rirebuleba
Semajamebeli(saboloo) msyidvelobiTi unari
$12,186
1,459
$25, 856
3,096
wyaro: Ibbofson Associates, Stocks, Bonds, Bills, and inflation: 1995 yearbook, Chicago: Ibbofson Associates. 1995
cxrilSi 7.2. moyvanilia Semosavlebi saxazino obligaciebsa da Tamasuqebis investiciebze 1926 wlidan 1994 wlamde. inflaciis gaTvaliswinebis Sedagad realuri Semosavali sakmaod mcirea. es SeiZleba davinaxoT Tavdapirveli investiciis - 1000 $-is msyidvelobiTi unaris cvlilebis magaliTze. Tu Cven 1000 $ -s davabandebT saxazino TamasuqebSi da am dabandebas gavagrZelebdiT, maSin mTeli am wlebis ganmavlobaSi syidviTunarianoba gaizrdeboda mxolod 0,55%-iT. xolo, vinc daabandebda saxazino obligaciebSi, is miiRebda msyidvelobiTi unarianobis zrdas 1,65%-iT. cxadia, rom saxazino fasian qaRaldebze Semosavlis ganakveTi mxolod odnav aRemateba inflacias.
saxazino valdebulebebis dafarvis saSualo vada. rogorc ukve vnaxeT, saxazino valdebulebebi Sedgeba Tamasuqebis, notebisa da obligaciebisgan, romlebic gamoSvebis momentSi erTmaneTisgan gansxvavdebian dafarvis vadiT. saxazino valdebulebebis dafarvis vadebis saerTo struqtura damokidebulia am sami instrumentis Sexamebaze, agreTve wina emisiis notebsa da obligaciebze, romelTa dafarvis vada jer ar damdgara. droTa viTarebaSi es Tanafardoba sakmaod mkveTrad icvleboda. ukanaskneli 50 wlis ganmavlobaSi saxazino valdebulebebis dafarvis vada iyo rogorc 10 weli, ise xamokle - 2,5 weli. meore msoflio omis Semdeg dafarvis saSualo vada iyo sakmaod maRali, romelic wlebis ganmavlobaSi mcirdeboda da minimums miaRwia 1975 wels, xolo XXsaukunis miwuruls dafarvis saSualo vada gaizarda daaxloebiT 6,5 wlamde.
saxelmwifo fasiani qaRaldebis safuZvelze gamoSvebuli safondo faseulobebi.(STRIPS). saxazino obligaciebi da notebi Sedgebian kuponuri gadaxdebis nakadebisa da finaluri gadaxdisgan, rodesac ubrundeba investors obligaciis nominaluri Rirebuleba. kuponuri stripingi (danayofi) warmoadgens obligaciaze kuponis calke gamoyofas, gancalkevebas da calkeuli gadaxda ganixileba rogorc damoukidebeli fasiani qaRaldi, xolo stripsi - es aris warmoebuli fasianio qaRaldi, romelic warmoiqmneba kuponiani obligaciis stripingis Sedegad. aqedan miRebuli finansuri instrumentebi iwodebian obligaciebad nulovani kuponiT, radganac TiToeuli warmoadgens erTdroul gacemas, romelic gansazRvrul vadaSi xorcieldeba. magaliTad, obligacia, romlis dafarvis vada 20 welia da nominaluri Rirebuleba $ 100 000, agreTve kuponuri ganakveTi 10%-a, SeiZleba warmodgenili iyos 41 nulovani kuponiani instrumentis saxiT. erT instruments eqneba nominaluri Rirebuleba $ 100 000 da eqvemdebareba dafarvas 20 wlis SEmdeg. sxva 40 instrumenti Sedgeba calkeuli kuponuri gacemis TariRis Sesabamisad 6 TveSi erTxel 40 naxevarwliuri periodis ganmavlobaSi.
aseTi gamoyofili fasiani qaRaldebis bazari warmoiSva 1982 wels, roca "meril linCma" (Merrill lynch) gayo fasiani qaraldebi komponentebad da ganaTavsa isini "TIGR"-is saxeliT rogorc zrdis saxazino investiciuri sertifikatebi" (Trasury Investment Growth Certificates). maTma konkurentma kompaniam "salomon brazers"-ma (Salomon Brothers), warmoadgina msgavsi finansuri instrumenti "CATS" - saxazino fasian qaRaldebze daricxvis sertifikati (Certifikates of accrual on Treasury Securities). male, "CATS" - is mere "leman brazers"-ma (Lehman Brothers) gamouSva LIONS, da Seqmna amiT ukve mesame msgavsi (gamoyofili) instrumenti, romelic dafuZnebuli iyo xazinis valdebulebebze. am saxis obligaciebs xatovnad uwodes "cxovelebi" "Animals). rogorc sabrokero firmebis, aseve investorebisaTvis xelsayreli iyo kuponebis gancalkeveba. sabrokero firmebma aRmoaCines, rom nawilebis erToblivi Rirebuleba iyo ufro meti mTelis Rirebulebaze, radganac obligaciebis TiToeuli nawili SeiZleba mieyidaT investorebisaTvis fasnamatiT. investorebi imiT iyvnen kmayofili, rom Seqmnili iyo likviduri urisko fasiani qaRaldebis bazari.
aSS-is xazinam dagvianebiT gaacnobiera kuponebisgan gancalkevebuli saxazino obligaciebisadmi daintereseba. mxolod 1985 wels iqna SemuSavebuli programa saxelwodebiT STRIPS (Separate Trading of Registered interest and Principal of Securities). es programa saSualebas aZlevs saxazino fasiani qaRaldebis mflobelebs, rom TavisTvis daitovon adre miRebuli Semosavlebi kuponebidan, xolo darCenili kuponebi gayidon. gancalkevebuli obligaciebi aRiricxeba federaluri sarezervo sistemis kompiuterSi (The book entry system), agreTve gadasaxdelebi mis mixedviT daericxeba eleqtronuli formiT. nebismier safinanso institutes, romelic registrirebulia federaluri sarezervo sistemis kompiuterSi, SeuZlia monawileoba miiRos programa STRIPS. sabrokero firmebma male aRmoaCines, rom ukopono obligaciebis gamoSveba gaciloebiT iafia STRIPS -is programiT, vidre bankebis meSveobiT. STRIPS-is saerTo Rirebulebam, romelic mimoqcevaSi iyo, 1995 wlisaTvis Seadgina 500 mln aSS dolari da mniSvnelovnad Seaviwrova "katisebrTa ojaxis" analogiuri produqtebi.
mogvianebiT, 1987 wels aSS-is xazinam neba darTo Catarebuliyo operacia, romelic aris stripingis Sebrunebuli - rekonstruqcia. am operaciis Catarebisas calkeuli obligaciebisgan iqmneba mTliani fasiani qaRaldi. sikvdili da gadasaxadebi: "yvavilovani" (Flower) obligaciebi. "yvavilovani" obligaciebi - es aris AaSS xazinis mier specialurad SemuSavebuli obligaciebi, romelic gamoisyideba nominalur fasSi misi mflobelis sikvdilis Semdeg da mas emateba qonebis memkvidreobiT gadacemisTvis dawesebuli federaluri gadasaxadis daricxuli procenti. ase, Tu obligacia, roelsac sabazro fasi aqvs 90$, SeiZleba 100 dolarad daifaros memkvidreobaze gadasaxadis CaTvlis gziT. es obligaciebi gamoSvebul iqna 1966 wlisaTvis da Cveulebriv maT gaaCniaT dabali sakupone ganakveTi, 2-4%-is farglebSi. miuxedavad amisa, isini Zalian mimzidvelia investorTa mcire jgufisTvis. YTavisi gansakuTrebuli sagadasaxado pirobebis gamo isini Cveulebriv iyideba ufro maRali fasiT da ufro dabali saSemosavlo ganakveTiT, vidre sxva obligaciebi. faqtiurad isini unda ganvixiloT rogorc Cveulebrivi saxazino obligaciebi da sicocxlis dazRvevis polisis kombinacia.
federaluri saagentoebis vali: xazinis garda, aSS-Si arsebobs mravali federaluri saagento, agreTve saagentoebi romlebic finansirdebian mTavrobis mier da romlebic aseve uSveben savalo valdebulebebs. federaluri saagentoebi warmoadgenen aSS-s mTavrobis aRmasrulebel organoebs. es saagentoebi, rogorc aseTi, TviTon ar axorcieleben valdebulebebis emisias, magram maTi finansuri moTxovnilebebisdakmayofileba xorcieldeba federaluri finansirebis bankis meSveobiT. am federalur saagentoebSi Sedian Tavdacvis departamenti, eqsport-importis banki, federaluri sabinao administracia da mravali sxva saagento. saagentoebi, romlebic saxelmwifoebis mier finansirdeba, piriqiT, warmoadgens kerZo organizaciebs, romlebic bazarze moizidaven saxsrebs. amis magaliTia sabinao dakreditebis federaluri banki, soflis meurneobis dakreditebis banki, sabinao ipoTekis federaluri korporacia da ndobiTi dafinansebis korporacia (daarsda 1989 wels sasesxo-saSemnaxvelo krizisTan sabrZolvelad). federaluri saagentoebisa da saxelmwifos mier dafinansebuli saagentoebis valis moculoba 1994 wels, mTlianobaSi aRemateboda 675 mlrd dolars.
fermerebis dakreditebis finansuri mxardaWeris korporaciis gamoklebiT, am saagentoebis fasian qaRaldebze federalur garantiebs ar iZlevian. miuxedavad amisa, arsebobs imis rwmena, rom federaluri mTavroba ar dauSvebs am fasian qaRaldebze defolts. Sedegad, am saagentoebis fasian qaRaldebze Semosavlianobis ganakveTi ramdenadme maRalia, vidre xazinis analigiur emisiebze, magram ramdenadme dabali, vidre korporaciebis analogiur valdebulebebze.
aramimoqcevadi saxelmwifo obligaciebi. arsebobs aseve aramimoqcevadi saxelmwifo obligaciebi. es obligaciebi ar eqvemdebareba yidva-gayidvas, gadacemas da ar SeiZleba iqnes gamoyenebuli sesxebis uzrunvelsayofad. aseTs warmoadgens saSemnaxvelo obligaciebi, romelic aris saxelobiTi. saSemnaxvelo obligaciebi ((savings bonds):
1. "EE seriis" obligaciebi (series EE bondsi) - gamoiSveba 1980 wlidan (1941 wlidan 1979 wlamde uSvebdnen "E seriis" obligaciebs). es obligaciebi iyideba 50%-iani fasdaklebiT da maTi dafarva xdeba nominaliT. obligaciebs uSveben 50 $-dan 10000 $ - mde nominaliT. dafarvis vada 8 welia, magram SeiZleba warmodgenili iqnes gasanaRdeblad gamoSvebidan 6 Tvis Semdeg nebismier momentSi. maTi dafarvisaTvis SemoRebulia mcocavi Skala. rac ufro didxans aqvs investors obligacia, miT ufro metia misi Semosavali. 1982 wlis noembridan "EE seriis" im obligaciebis dafarva, romelic SeZenilia 5 da meti wlis win, warmoebs mcocavi ganakveTiT, romelic mibmulia imave periodSi gamoSvebuli saxazino fasiano qaRaldebis saSualo Semosavlis maCvenebelTan.
mravali sxva diskonturi obligaciisgan gansxvavebiT, procenti, romelic daericxeba "EE seriis" obligaciebis mflobelebs, obligaciis dafarvamde aranairad ar ibegreba. mxolod maSin, rodesac obligaciis dafarvis vada dadgeba, procentebi eqvemdebareba dabegvras federaluri sasemosavlo gadasaxadebis mixedviT. magram Semosavali ar ibegreba adgilobrivi kanonmdeblobiT (Statebis, municioaluri).
2. "HH seriis" obligaciebi (series HH bonds). "EE seriis" obligaciebisgan gansxvavebiT "HH seriis" obligaciebi iyideba nominaliT, magram maTi gamoSvebis mTeli periodis manZilze, weliwadSi orjer mflobelebs daericxebaT procentebi. obligaciebi gamoiSveba nominaliT 500-da 10 000 $-mde. obligaciebis dafarvis vadaa 10 weli. "HH seriis" obligaciebic SeiZleba dafaruli iqnes vadamde, magram nominalze dabali fasiT. 1983 wlis noembridan am seriis obligaciebis SeZena SesaZlebelia mxolod "EE seriis" Oobligaciebze an 500 $-iani nominalis "E seriis" obligaciebze gadacvliT.
3. 3. korporatiuli obligaciebis bazari
korporaciuli obligaciebis saxeebi. korporaciebis mier obligaciebis gamoSveba regulirdeba mTeli rigi normatiuli dokumentebiT. ZiriTad normatiul aqtebs warmoadgens erTgvarovani savaWro kodeqsi (Uniform Commercial Code) da 1939 wlis kanoni ndobis kontraqtis Sesaxeb (Trust Indenture Act).
dargobrivi klasifikaciis TvalsazrisiT aSS-Si korporatiuli obligaciebi (bonds ) iyofa xuT ZiriTad saxed: 1) komunaluri meurneobis sawarmoebis obligaciebi (public utilities); 2) satransporto kompaniebis obligaciebi(transportation companies); 3)samrewvelo kompaniebis (industrial corporation); 4)safinanso kompaniebis (financial companies); 5) konglomeratebis obligaciebi (conglomerates).
vadebis mixedviT moklevadian obligaciebs miekuTvneba instrumentebi 5 wlamde dafarvis vadiT, saSualovadians - 5-dan 12 wlamde da grZelvadiani dafarvis vadiT 12 weli da zeviT.
uzrunvelyofis mixedviT korporaciuli obligaciebi iyofa uzrunvelyofil (secured) da arauzrunvelyofil (unsecured) obligaciebad. pirvel SemTxvevaSi, Tu korporacia aRmoCndeba iseT mdgomareobaSi, rom mas ar SeuZlia Seasrulos Tavisi valdebulebebi investorebis winaSe, maT SeuZliaT (investorebs) Tavisi moTxovnebi wamoayenon korporaciis konkretuli qonebis mimarT, romelic uzrunvelyofas (giraos) emsaxureba.
korporaciis gakotrebis SemTxvevaSi obligaciis mflobelTa saxeliT ndobiT aRWurvili piri eufleba dagiravebul aqtivebs. ndobiT aRWurvili piris movaleobaSi Sedis dagiravebuli aqtivebis gayidva da amonagebi Tanxis obligaciis mflobelTa Soris ganawileba.
aSS-Si uzrunvelyofili obligaciebis klasificireba miRebulia konkretuli saxis aqtivebis safuZvelze, romelic emsaxureba uzrunvelyofas.
obligaciebi, romlebic uzrunvelyofilia uZravi qonebiT (mortgage bonds). es obligaciebi uzrunvelyofilia miwiT da Senoba - nagebobebiT. korporacias SeuZlia gamouSvas obligaciebi pirveladi giravnobis sigeliT da meoradi giravnobis sigeliT, romlebic imave qonebiT arian uzrunvelyofili. Sesabamisad investorebs SeuZliaT hqondeT pirveli, anu ufrosi, ufleba qonebis dakavebisa (lien) da meore, anu umcrosi, ufleba. investorebis dacvis mizniT gatvaliswinebulia, rom gamoSvebuli obligaciebis Rirebuleba ar unda aRematebodes giraos Rirebulebas. aseTi obligaciebs xSirad uSveben komunaluri meurneobis kompaniebi (utilities).
korporatiuli obligaciebi, romelTa uzrunvelyofa xdeba mowyobilobebiT, uwodeben eguipment trust certificates . Cveulebriv amgvar obligaciebs uSveben satransporto kompaniebi da uzrunvelyofilia moZravi rkinigzis SemadgenlobiT an TviTmfrinavebiT. es obligaciebi iTvleba maRalsaimedo investiciebad, ramdenadac obligaciebis dafarva xdeba ufro adre, vidre am mowyobilobebis amortizireba moxdeba. amiT nebismier momentSi, emitentis gakotrebis SemTxvevaSi, mowyobilobebis Rirebuleba obligaciebis mflobelTa kompensaciisaTvis sakmarisi iqneba.
zogierT SemTxvevaSi obligaciebis uzrunvelyofa xdeba emitentis mflobelobaSi arsebuli sxva kompaniebis fasiani qaRaldebiT (Cveulebriv aqciebiT). aseTi obligaciebi iwodebian collateral trust bonds. rogorc wesi, uzrunvelyofaSi ideba Svilobili kompaniebis aqciebi. korporaciebis obligaciebi, romelTac aranairi uzrunvelyofa ar gaaCniaT, aSS-Si uwodeben debentutes.
korporatiuli obligaciebis kotirebebi. korporatiuli obligaciebis ganxilva mniSvnelovania arasaxelmwifo grZelvadiani valebis sxva saxeobebTan urTierTkavSirSi.
erT-erT yvelaze xelmisawvdom wyaros korporatiuli obligaciebis kotirebebis Sesaxeb warmoadgens gazeTi "uol-strit jornali", romelSic gamoqveynebulia niu-iorkis birJaze mbrunavi obligaciebis kotirebebi. (ix. cxrili 7.11.). ZiriTadSi, kotirebis es sistema analogiuria imisa, romelic gamoiyeneba saxazino obligaciebisTvis, magram aris zogierTi mniSvnelovani gansxvaveba. identifikatori arsebiTad igivea rac saxazino obligaciebis bazrisaTvis. Semdegi sveti gviCvenebs mimdinare Semosavlianobas, romelic tolia dolarebSi kuponebis yovelwliuri Sejamebuli Rirebulebisa, gayofils maT mimdinare sabazro Rirebulebaze:
mimdinare Semosavali = wliuri kuponuri gadasaxadi / obligaciis mimdinare sabazro fasze zogierT SemTxvevaSi mimdinare Semosavlis svetSi aris aRniSvna "cv", romelic imaze mianiSnebs, rom obligacia aris konvertirebadi, anu SeiZleba obligaciis mflobelis survilisamebr misi sxva fasian qaRaldSi gardaqmna, ZiriTadad - Cveulebriv aqciebSi.
iSviaT SemTxvevaSi mimdinare Semosavlis svets SeuZlia gviCvenos "f", rac imaze metyvelebs, rom am obligaciiT vaWroba warmoebs miTiTebul fasSi. aseTi obligaciebis myidveli Tavisufldeba obligaciis Rirebulebaze damatebuli procentebis gadaxdisagan. faswarmoqmnis es xerxi gamoiyeneba im SemTxvevebSi, rodesac obligacia defoltis mdgomareobaSia an Semdgomi kuponuri gadaxda saeWvoa.
Semdegi sveti uCvenebs dRiur savaWro brunvas, romelic izomeba obligaciebis raodenobiT. radganac TiTqmis yvela korporatiuli obligaciis nominaluri Rirebuleba $1000, amitom moculobis maCveneblebi warmodgenas gviqmnian mocemul dReSi calkeuli fasiani qaRaldis mixedviT vaWrobis moculobaze. obligaciebze kotirebebi miTiTebulia rogorc nominalze procenti. magaliTad, obligaciaze nominaluri RirebulebiT $1000 da sabirJo kotirebisas - 80 3/8, faqtiuri fasi dolarebSi iqneboda 80.375 procenti $1000 -dan, anu $803.75. imisaTvis, rom iyido obligacia am sabirJo kursiT, myidvelma aseve unda gadaixados dagrovili procenti. ukanaskneli sveti uCvenebs obligaciis fasis cvlilebas winadRis vaWrobis daxurvis momentidan mimdinare dRis vaWrobis daxurvamde.
cxrili 7.3.
niu-iorkis safondo birJaze obligaciebiT vaWroba
weliwliuri brunva
$ mlnsaSualo dRiuri brunva $ mlngarigebaTa ricxviobligaciaTa raodenobaze garigebaTa saSualo sidide19815,733.122.7636,5729.0119827,155.428.3686,18610.4319837,572.329.9712,87710.6219846,982.327.6620,54711.2519859,046.535.9726,27912.46198610,464.141.4774,89013.5019879,727.138.4659,23114.7619887,702.130.4522,17314.0019898,836.335.1492,92016.90199010,892.743.1516,32820.30199112,698.150.2611,79420.20199211,629.045.8550,52621.1219939,743.038.5439,47822.1719947,197.228.6383,54218.77
wyaro: NEY York Stock Exchange Fact Book,1995.
Tumca "uol-strit jornalis" es gverdi yoveldRiuri kotirebebis yvelaze xelmisa-wvdomi wyaroa, is bevr SemTxvevaSi mainc SezRudulia. miuxedavad imisa, rom niu-iorkis safondo birJaze (NYSE) sadolare moculoba xSirad dReSi 30 mln dolars aWarbebs, am birJaze iyideba Se.darebiT cota obligaciebi. es cxadi gaxdeba, Tu gamovikvlevT zogierTi instrumentis dRiuri vaWrobis moculobebs. iSviTad, rom erTi tipis obligaciebis yoveldRiuri vaWrobis moculobam 100 erTeuls gadaaWarbos1. cxrili 7.3. axasiaTebs NYSE- Tvis obligaciebiT vaWrobis statistikas. faqtiurad am cxrilidan Cans, rom NYSE arasabirJo bazarTan SedarebiT obligaciebis SedarebiT mcire raodenobiT vaWrobs.
korporatiuli obligaciebis arasabirJo bazari. arasabirJo bazari (Over The counter Market - OTC) - movaWreTa Tavisufali bazari gaurkveveli organizaciis an fizikuri adgilmdebareobis gareSe. mniSvnelovanwilad OTC-is monawileebs erTmaneTan kavSiri aqvT sakuTari ofisebidan eleqtronuli kavSiris meSveobiT. marTalia Zalian cota sarwmuno statistikuri monacemebia obligaciebis bazarze ganxorcielebuli vaWrobis moculobisa, magram mainc aris SesaZlebloba davakvirdeT maT yovelwliur emisias. 1995 wlisTvis yovelwliurad gamoSvebuli korporatiuli obligaciebis Rirebuleba miuaxlovda 700 mlrd dolars.
axdens ra obligaciis emitirebas, korporacia iRebs valdebulebas daTqmul vadebSi gansazRvruli sididis gadaxdebis ganxorcielebaze. obligaciis myidvelisaTvis yvelaze sasurvels warmoadgens emitentis mier dapirebulis Sesruleba. dapirebulze metis gadaxdaze ki fiqric ar SeiZleba. rogorc Sedegi, obligaciis mflobelTa umravlesobisaTvis emitentis mier dapirebulis Sesrulebis albaToba Zalzed mniSvnelovania.
imisaTvis, rom investorebs daexmaron garkveuli obligaciebis gadaxdisunarianobis SefasebaSi, sareitingo saagentoebis afaseben maT xarisxs. yvelaze metad gavrcelebulia kompaniebis - stendard end furz" (Standart & poor's) da mudiz (Moody's) reitingi, romelic motanilia cxrilSi 7.4. obligaciebs, romlebsac aqvT reitingi BBB -dan AAA -mde ("Standard & Roor's" -ismixedviT) da Baa-dan Aaa -mde ("Moody's Investors Service"-is mixedviT), ewodeba sainvesticio klasis ( investment grade") obligaciebi, xolo im obligaciebs, romlebsac aqvT ufro dabali reitingi, ewodebaT spekulaciuri (speculative), maT Soris aris e.w. gadasayreli obligaciebi (junk bonds) anu "makulatura" rac ufro dabalia reitingi, miT metia gadauxdelobis riski, xolo rac ufro maRalia reitingi, miT naklebia obligaciebis Semosavali. arsebobs "gadasayreli obligaciebis" ori saxeoba: Tavdapirveladve finansurad aramdgradi emitentebis mier gamoSvebuli da soliduri emitentebis mier gamoSvebuli obligaciebi,, romelTac SemdgomSi gaufuWdaT finansuri mdgomareoba ("dacemuli angelozebi" -fallen angels). "makulaturas" miekuTvneba magaliTad obligaciebi, romelic gamoSvebulia sxva korporaciis gadaylapvis mizniT. zogierTi SefasebiT, aSS-Si aseTi obligaciebis wili korporaciuli obligaciebis saerTo davalianebaSi Seadgens 6%-s, rac orjer metad aRemateba evropis obligaciebis analogiur segments.
"gadasayreli obligaciebiT" vaWrobis swrafi zrda modis 1980-ian wlebze. am instrumentebis popularobis zrdas xSirad ukavSireben kompania Drexel Bernar Kambert-is specialistis maikl milkenis - junk bonds bazris yvelaze warmatebuli opratoris saxels. misi saxeli dakavSirebulia safondo bazarze omisSemdgomi periodis yvelaze gaxmaurebul skandalTan. 1990 wels "fasiani qaRaldebze" kanonis darRvevebis gamo igi dapatimrebuli iqna da miesaja 10 wliT patimroba da 600 mln aSS dolaris jarima.
1990 -ian wlebSi sareitingo momsaxurebis bazarze mniSvnelovnad gaiZliera poziciebi kompania Fitch-ma, romelic aTwleulis bolos Seerwya evropul sareitingo saagentos IBCA (Fitch-IBCA), xolo am saukunis dasawyisSi - amerikul Duff and Phelps -s. mTlianobaSi am sami saagentos Sefasebebi rogorc wesi emTxveva erTmaneTs.
amJamad korporaciebis aqciebsa da obligaciebs Soris TandaTan iSleba gansxvaveba erTis mxriv xdeba "xmis armqone aqciebis" (nonvoting stock) dakanoneba, meores mxriv ki warmoiqmnebian "xmis uflebis obligaciebi" (voting bonds). maT Soris gansxvavebis gaqrobas xels uwyobs agreTve konvertirebadi obligaciebisa da e.w. hibriduli fasiani qaRaldebis (hybrid securities) gamoSveba. hibridul fasian qaRaldebs aqvT sxvadasxva safinanso instrumentebis maxasiaTeblebi.
cxrili 7.4.
sareitingo Sefasebebis saxeebi
Moody'sStandart & poor'sFitch Ratings Sefasebasainvesticio reitingiAaa Aa A Baa AAA AA A BBB AAA AA A BBBumaRlesi xarisxi
umaRlesi xarisxi
saSualoze maRali
saSualosainvesticioze dabali reitingi (spekulaciuri)Ba B BB B BB Bnawilobriv spekulaciuri
spekulaciuriCaa Ca C C CCC - CC
CC C
D CCC - CC
CC
C
D maRalspekulaciuri
Zalian spekulaciuri
emitenti gakotrebis zRurblzea
bankrotia
hibriduli fasiani qaRaldebis magaliTebi:
- 5-wliani obligacia fiqsirebuli saprocento ganakveTiT or valutaSi - procentebi - dolarebSi, ZiriTadi Tanxa - ienebSi.
- 2 - wliani Tamasuqi mcuravi saprocento ganakveTiT - ZiriTadi Tanxis gadaxda efuZneba St & P-500 indeqsis Rirebulebas.
safondo "hibridi" ruseTis fasiani qaRaldebis bazarze
moskovis bankTaSoris savaluto birJaze 1996 w. 29 Tebervals gamoCnda safondo "hibridi" - ruseTis saaqcio sazogadoeba "visokoskorostnie magistralis_ - korporaciuli obligaciebi, romelTac imavdroulad aqvT ruseTis federaciis(rf) sasesxo valdebulebebis statusi. pirveli tranSis moculoba 120 mlrd rubls Seadgenda. aRsaniSnavia, rom am sasesxo valdebulebebisaTvis ruseTis federalur biujetSi 1996 w. gaTvaliswinebuli iyo saxelmwifo garantiebi 615 miliardi maneTis odenobiT, rac iZleoda obligaciebis oTxi tranSis gamoSvebis SesaZleblobas. obligaciis ZiriTadi maxasiaTeblebia:
fasiani qaRaldis tipi: saxelobiTi cvalebadi sakupone SemosavliT;
nominali: 100000 rubli;
pirveli tranSis gamoSvebis moculoba (nominaluri RirebulebiT): 120 miliardi rubli;
mimoqcevis vada: 12 Tve;
sakupone Semosavlis gadaxdis reJimi: weliwadSi 4-jer;
gamoSvebis forma: aramaterializebuli, depo-angariSze Camoweris
saxiT;
mflobelebi: fizikuri da iuridiuli pirebi(rogorc rezidentebi, aseve ararezidentebi).
saxelmwifo gamodis aRniSnuli obligaciebis nominaluri Rirebulebisa da procentebis gadaxdis garantad im SemTxvevaSi, Tu saaqcio sazogadoebas ar aRmoaCndeba saTanado saxsrebi, agreTve misi gakotrebisa da fors-maJoruli situaciis SemTxvevebSi. obligaciebs eZlevaT iseTive sagadasaxado SeRavaTebi, rogoric gaaCnia saxelmwifo fasian qaRaldebs. yovelkvartaluri sakupone Semosavlis garda, romelic tolia federaluri sesxis obligaciebis sakupone Semosavlisa, gaTvaliswinebulia agreTve premia 10%-is odenobiT. amrigad, rogorc ar unda daeces saxelmwifo ukupono moklevadiani obligaciebisa da federaluri sesxis obligaciebis realuri Semosavlianoba, saaqcio sazogadoebis obligaciebi mainc iqneba investorTaTvis saintereso. 3. 4. municipaluri fasiani qaRaldebi
korporaciebisa da federaluri xelisuflebis fasiani qaRaldebis garda, arsebobs agreTve Statebis an sxva saxelmwifo dawesebulebebis mier gamoSvebuli fasiani qaRaldebi. es saxelmwifo dawesebulebebia: saqalaqo municipalitetebi, TviTmarTvelobis adgilobrivi organoebi. maT mier gamoSvebuli fasiani qaRaldebi iwodeba municipalurad (municipals). isini iTvleba saimedo sasesxo instrumentad da am maCvenebliT Camouvardeba mxolod federalur fasian qaRaldebs.
yvelaze saimedod miCneulia obligaciebi, romelsac uSvebs saqalaqo municipalitetebi da TviTmarTvelobis saolqo organoebi, radgan isini uzrunvelyofilia gadasaxadebiT uZrav qonebaze (real estate taxes). ufro naklebad saimedod iTvleba obligaciebi, romlebic Statebis mieraa gamoSvebuli. isini uzrunvelyofilia brunvis an sxva gadasaxadebiT, romelTa raodenobac SeiZleba icvlebodes. amasTan, Statebis obligaciebis SemTxvevaSi investorebi ufro SezRuduli arian samarTlebrivi dacvis TvalsazrisiT. obligaciiis gaunaRdelobis SemTxvevaSi maT SeuZliaT Seitanon sarCeli sasamarTloSi saqalaqo municipalitetis mimarT, magram ar aqvT amis ufleba Statis administraciis mimarT.
rogorc yvela sasesxo instrumenti, municipaluri obligaciebi gamoiSveba saxsrebis mobilizaciis mizniT - sazogadoebrivi sargeblobis obieqtebis mSeneblobis an SekeTebisaTvis. am mizniT maT aqvT ufleba gamouSvan mxolod sasesxo instrmentebi; aqciebis gamoSvebis ufleba maT ar aqvT. rogorc investoris, aseve emitentisTvis yvelaze mniSvnelovania is, rom Semosavlebi am obligaciebis mixedviT Tavisufldeba federaluri dabegvrisagan. amas garda, zogierTi municipaluri obligacia Tavisufldeba mTlianad an nawilobriv Statebisa da adgilobrivi dabegvrisagan.
municipaluri fasian qaRaldebs miekuTvneba:
1. moklevadiani Tamasuqebi (short-term notes), romelic gamoSvebulia erTi Tvidan erT wlamde vadiT; 2. moklevadiani obligaciebi (short-term bonds), dafarvis vadiT 1-dan 6 wlamde; 3. saSualovadiani obligaciebi (intermediate bonds), dafarvis vadiT 6-dan 9 wlamde;
4. grZelvadiani obligaciebi (long-term bonds), dafarvis vadiT 20 da meti weli.
gamoSvebis dros municipaluri fasiani qaRaldebi iyideba auqcionis sistemiT (competitive bidding).
uzrunvelyofis mixedviT municipaluri fasiani qaRaldebi iyofa kategoriebad:
1. obligaciebi saerTo valdebulebebiT (general obligation bonds).
arsebiTad eseni aris obligaciebi uzrunvelyofis gareSe. e.i. maT amagrebs mxolod emitentis keTilsindisiereba da raime sagiravno valdebulebebs emitenti ar kisrulobs. ramdenadac emitentis rolSi gamodis marTvis organo, romelsac Tavis teritoriaze dabegvris ufleba aqvs, arapirdapir garantad gamodis swored es gadasaxadebi (saSemosavlo, brunvis, uZravi qonebis da a.S.). obligaciebi saerTo valdebulebiT gamoiSveba im proeqtebis dasafinanseblad, romelsac mogeba ar moaqvs.
2. obligaciebi, romlebic uzrunvelyofilia SemosavlebiT proeqtebidan (revenue bonds)
aseTi obligaciebi ifareba im proeqtis Semosavlidan, romlis dafinansebisTvisac aris gamoSvebuli. am kategoriis obligaciebis nairsaxeobas warmoadgens obligaciebi, romlebic uzrunvelyofilia SemosavlebiT samrewvelo obieqtebidanE(industrial revenue bonds). obligaciebi gamoiSveba saxsrebis mobilizaciisTvis samrewvelo sawarmoTa asaSeneblad, romlis ijariT gacema SemdgomSi navaraudevia romelime korporaciisTvis.
3. obligaciebi specialuri gadasaxadiT (special tax bonds)
am saxis obligaciebi ifareba raime konkretuli gadasaxadis xarjze. amis magaliTia gadasaxadi benzinze, romelsac axdevineben saavtomobilo gzebis mSeneblobis dasafinanseblad gamoSvebuli obligaciebis dasafaravad. aseTi tipis obligaciebi uzrunvelyofilia sami tipis gadasaxadiT: aqcizuri gadasaxadebiT, uZrav qonebaze gadasaxadebiT da specialuri sagadsaxado mosakreblebiT. gadasaxadebs axdevineben maT, visTvisac aris gankuTvnili aseTi obligaciebiT dafinansebuli proeqtebi.
municipaluri obligaciebi SeiZleba iyos saxelobiTi (registered bonds) da warmomdgenze (bearer bonds). warmomdgenze obligaciebi dRevandel pirobebSi Semcirda, radganac 1983 wlis 1 ivlisidan aSS-Si savaldebuloa yvela im obligaciis registracia, romlebic gaTavisuflebulia gadasaxadebisgan.
municipaluri obligaciebis umravlesobis gamoSvebisas gaTvaliswinebulia ukan gamoxmobis ofcioni. gamoxmobis ufleba fiqsirdeba obligaciis emisiis SeTanxmebaSi (saobligacio SeTanxmebaSi).
municipaluri fasiani qaRaldebis kotireba da reitingi. municipaluri obligaciebis kotireba xdeba ara dolarebSi an procentebSi nominalis mimarT, aramed e.w. "dafarvis vadamde Semosavlis" bazaze (yield to maturity). am kotirebis monacemTa gadasaangariSeblad fulad gamosaxulebaSi gamoiyeneba specialuri kotirebis cxrilebi.
municipaluri obligaciebiTvis arsebobs myari bazari (rogorc pirveladi, ise meoradi). es ganpirobebulia maTi sakmaod maRali saimedoobiT, da imiTac, rom mravali maTgani gaTavisuflebulia gadasaxadebisgan. isini SeiZleba gamoyenebuli iqnes sagiravnodac. tradiciulad municipaluri obligaciebis ZiriTad mflobelebad gvevlinebian ara saqvelmoqmedo organizaciebi, an sapensio fondebi, aramed bankebi, sadazRvevo kompaniebi, savaWro da sxva korporaciebi.
Cveulebriv, municipaluri obligaciebis nominali Seadgens 5000 $-s, Tumca SeiZleba gamoSvebuli iyos obligaciebi nominaliT 1000 $ an 10000 $. srul lotad iTvleba obligaciis nakrebi 100000 $-is moculobiT (mag. 20 obligacia nominaliT 5000 $). municipaluri obligaciebiT operaciebis didi nawili meorad bazarze xorcieldeba arasabirJo brunvis sistemaSi, brokerebis, dilerebis an msxvili bankebis meSveobiT.
municipaluri obligaciebis umetesobasac aqvs reitingi, romelsac adgenen damoukidebeli firmebi (stendard end furz" da "mudiz"). municipaluri obligaciebis dabegvris reJimi. federalur xelisuflebasTan ormxrivi xelSekrulebis Tanaxmad, Statebisa da marTvis adgilobrivi organoebis mier gamoSvebuli fasiani qaRaldebisgan miRebuli Semosavali gaTavisuflebulia federaluri dabegvrisagan, xolo saxazino da federaluri saagentoebis fasiani qaRaldebisgan miRebuli Semosavali - Statebisa da adgilobrivi organoebis mier dabegvrisagan. Semosavlebis dabegvris msgavsi wesi dadgenilia moklevadiani da grZelvadiani valdebulebisaTvis, romlebic Tavidanve diskontur fasian qaRaldebs warmoadgenen ( mag. obligaciebi nulovani kuponiT).
sxva sagadasaxado reJimia dawesebuli kuponiani obligaciebisTvis, romlebic gamoSvebisas realizdeba nominaluri RirebulebiT, xolo Semdeg bazarze iyideba fasdaklebiT nominalisadmi. am fasiani qaRaldebis mixedviT, romelTac ewodeba diskonturi sabazro obligaciebi (Market discount bonds) investori iRebs Semosavals ara marto kuponisagan, aramed sxvaobiT nominalur Rirebulebasa da yidvis fass Soris. am obligaciebis kuponebi ar ibegreba, xolo aRniSnuli sxvaoba iTvleba dabegvris obieqtad.
municipaluri obligaciebis dabegvris saintereso momentad iTvleba is faqti, rom Tu investori cxovrobs StatSi, sadac emitenti imyofeba, maSin misi saprocento Semosavali, miRebuli am obligaciebidan, Tavisufldeba dabegvrisagan ara marto federaluri, aramed Statis kanonmdeblobiT. garda amisa, Tu investori cxovrobs qalaqSi da ixdis saSemosavlo gadasaxads, maSin mis mier SeZenili adgilobrivi municipaluri xelisuflebis mier gamoSvebuli fasiani qaRaldebidan miRebuli Semosavali Tavisufldeba municipaluri dabegvrisagan. mag. Tu niu-iorkSi mcxovrebi SeiZens adgilobrivi municipalitetis mier gamoSvebul fasian qaRaldebs, maSin procentebidan miRebuli Semosavali ar daibegreba arc federaluri, arc Statis da arc municipaluri kanonmdeblobiT. magram Tu is SeiZens kaliforniaSi gamoSvebul municipalur fasian qaRaldebs, maSin igi gadaixdis saSemosavlo gadasaxads rogorc niu-iorkis Statis, aseve qalaq niu-iorkis mixedviT. 41 StatSi Semosavlebi municipaluri obligaciebisagan, romlebic mocemuli Statis farglebs gareTaa gamoSvebuli, ibegreba am Statis kanonmdeblobiT.
1986 wels kongresis mier sagadasaxado reformis miRebis Semdeg gamoCnda municipaluri fasiani qaRaldebi, romlebic eqvemdebareba dabegvras (taxable Municipals); aRniSnuli fasiani qaraldebi gamoiSveba iseTi proeqtebis dasafinanseblad, romlebic sagadasaxado kanonmdeblobiT ar ganixileba, rogorc mniSvnelovani da aucilebeli. aseTi saxis obligaciebis xvedriTi wili Seadgens 2-3%-s Statebisa da municipalitetebis mier gamoSvebuli fasiani qaRaldebis mTliani moculobidan. amis tipur magaliTs warmoadgens e.w. ekonomikuri ganviTarebis obligaciebi, romelTa meSveobiTac municipalitetebi exmarebian kerZo firmebs. aseTi obligaciebidan miRebuli Semosavlebi ibegreba federaluri gadasaxadebiT, xolo Statebis gadasaxadiT ar ibegreba. amasTan, Statebs da municipalitetebs kanonmdeblobiT eZlevaT SesaZlebloba, gaaTavisuflon sxva gadasaxadebisgan is kompania, romelsac daexmaren obligaciis gamoSvebaSi. is, rom fasiani qaRaldebidan miRebuli Semosavlebi Tavisufldeba federaluri gadasaxadisagan, dainteresebis obieqts xdis maT rogorc SeZlebuli kerZo investorebisaTvis, aseve korporaciebisTvisac. saerTod ki, municipaluri fasiani qaRaldebis Semosavlianoba ramdenadme ufro mcirea im fasian qaRaldebTan SedarebiT, romlebic dabegvris obieqtebi arian.
3. 5. saobligacio kontraqti
saobligacio kontraqti, anu xelSekruleba, warmoadgens kanonier dokuments, romelic zustad gansazRvravs emitentis valdebulebebsa da obligaciis mflobelis uflebebs. yvela korporatiuli obligaciisaTvis, romelic gamoSvebulia saxelmwifoTaSoriso biznesSi da aWarbebs 5 milion dolars, sesxze mrwmunebelis Sesaxeb aqti (the Trust indentures Act) moiTxovs, rom gansazRvruli iyos Tavdebi. obligaciis gamoSvebaze Tavdebi obligaciis mflobelTa uflebebis dacvazea pasuximgebeli da akontrolebs emitentis saqmianobas, raTa micemuli dapirebebis Sesruleba garantirebuli iyos. Tavdebad Cveulebriv dgeba emitenti bankisgan finansurad damoukidebeli piri(fizikuri an iurudiuli). saobligacio xelSekruleba dgeba TavdebisaTvis, romelic moqmedebs rogorc obligaciis mflobelis agenti, saobligacio xelSekrulebis miTiTebebis ganxorcielebis mizniT.
obligaciis mflobelebze garkveul droSi garkveuli Tanxebis gacemis garda, saobligacio xelSekruleba mraval valdebulebas uwesebs emitents.
maT Soris yvelaze mniSvnelovania punqtebi, romelic gansazRvravs obligaciebis uzrunvelyofas da mimoqcevidan misi amoRebis procesebs.
obligaciis mflobelebs, rasakvirvelia sxva Tanabar pirobebSi surT maTi SesaZlo investiciebis saukeTesod uzrunvelyofa. amas iqiTken mivyavarT, rom zogierTi emitenti sTavazobs iseT obligaciebs, romlebic gamagrebulia Tavisi korporatiuli aqtivebis giraoTi. magaliTad, emitents SeuZlia obligaciis uzrunvelyofaSi investors SesTavazos satransporto saSualebebis parki an qarxana. defoltis SemTxvevaSi Tavdebs gaaCnia am aqtivebis gamoyenebis saSualeba, raTa aunazRauros obligaciis mflobels investiciebi. amgvari obligacia SeiZleba iyos an pirveli sagiravno (furclis) obligacia, an gaaCndes SedarebiT naklebi, magaliTad meore an mesame sagiravno obligaciis statusi. pirveli sagiravno obligacia obligaciis mflobels aZlevs uflebas pirvel rigSi moiTxovos aqtivebi, romelic giravnobiT aris gansazRvruli. defoltis an gakotrebis SemTxvevaSi es aqtivebi obligaciis mflobelebis zaralis anazRaurebisaTvis gamoiyeneba, ase rom, pirveli sagiravno furceli - investorebisaTvis qonebrivi giravnobis saukeTeso saSualebaa.
zogierTi firma, obligaciis sagiravno furcelTan erTad damatebiT sTavazoben sxva saxis uzrunvelyofasac. im firmebisaTvis, romelTac qonebrivi giraosaTvis ar gaaCniaT sakmarisi fizikuri aqtivebi, miRebulia fasiani qaRaldebis gamoyeneba. finansuri aqtivebiT uzrunvelyofili obligaciebi cnobilia, rogorc uzrunvelyofili satrasto (trastuli) obligaciebi. rkinigzis industriaSi, rkinigzis vagonebi da moZravi Semadgenloba xSirad gamoiyeneba rogorc uzrunvelyofis saSualeba. uzrunvelyofis am tips uwodeben mowyobilobis trastis(ndobis) sertifikats. uzrunvelyofis am formis dros emitenti faqtiurad ar flobs mowyobilobas vidre ar daifareba obligaciis mTeli gamoSveba, rac defoltis SemTxvevaSi obligaciis mflobelisaTvis amartivebs aqtivebis gamoTxovisa da gankargvis process. marTalia uzrunvelyofis es tipi rkinigzis industriaSi warmoiSva, magram is mravali satransporto firmebis, magaliTad aviakompaniebisa da sazRvao gadamzidavebis mierac gamoiyeneba.
obligaciebis umravlesobas, romelic korporaciebis mieraa gamoSvebuli, ar gaaCniaT uzrunvelyofa. obligaciebis es saxeoba cnobilia, rogorc arauzrunvelyofili obligaciebi. isini xSirad gamoiyeneba iseTi korporaciebis mier, romelTac Zlieri finansuri poziciebi gaaCniaT da aranairi ipoTekuri obligaciebi ara aqvT gamoSvebuli. magram iSviaTad, isini gamoiSveba qonebiT uzrunvelyofili valdebulebebis emisiis Semdeg. aseT SemTxvevaSi, korporaciebis aqtivebze defoltis dros moTxovnebi SedarebiT dabali donis iqneba. Cveulebriv savalo valdebulebebze damatebiT, arsebobs aseve valdebulebebi, romlebic warmoadgenen arauzrunvelyofil obligaciebs, romelTac sxva emitirebul savalo subordinirebul valdebulebebTan SedarebiT qveda donis moTxovnis ufleba gaaCniaT. subordinirebuli savalo valdebulebebi iTvleba "umcros fasian qaRaldad", "ufros fasian qaRaldebTan", ubralo savalo xelwerilebTan SedarebiT.
7.6 cxrilSi warmodgenilia kompaniebis emitirebuli valdebulebebze moTxovnis rigiToba. pirveli sagiravno furclis obligaciebs gaaCniaT yvelaze Zlieri poziciebi aqtivebTan mimarTebaSi, maSin roca Cveulebrivi aqciebis mflobelebs aqvT yvelaze susti pozicia.
cxrili 7.6
moTxovnaTa rigisoba fasiani qaRaldebis tipebis mixedviT
umaRlesi prioritetulobapirveli sagiravno furclis obligaciebi
meore sagiravno furclis obligaciebi
arauzrunvelyofili obligaciebi
subordinirebuli arauzrunvelyofili obligaciebi
dabali prioritetulobaprivilegirebuli aqciebi
ubralo aqciebi
arauzrunvelyofili obligaciebi, romelTac aranairi uzrunvelyofa ar gaaCniaT, SeiZleba investiciebis Zalian riskian saxeobad mogveCvenos. imisaTvis, rom movaxdinoT am riskis kompensireba, kontraqtebi arauzrunvelyofil obligaciebze, iseve rogorc sagiravno furclebi, xSirad Seicaven garkveul pirobebs, romlebic emitentis moqmedebis SezRudviT icaven mflobelebs. magaliTad, kontraqtiT SeiZleba dauweson emitents, rom firmam unda SeinarCunos mimdinare aqtivebis done mimdinare valdebulebebTan mimarTebaSi, an firmas SeiZleba aekrZalos damatebiTi valdebulebebis gamoSveba, vidre ar daifareba mimdinare emisiiT gamoSvebuli savalo valdebulebebi. aseTi xelSekrulebis sxva tipia - im dividendebis moculobis SezRudva, romelic SesaZlebelia gaices aqcionerebze. yvela es SezRudva mogonilia imisaTvis, rom amaRldes obligaciebSi dabandebebis usafrTxoeba. emitentis mier xelSekrulebis pirobebis Sesrulebis uzrunvelyofaze pasuxismgebelia Tavdebi.
saobligacio kontraqti aseve gansazRvravs, rogor unda iqnas amoRebuli obligacia mimoqcevidan da arsebobs misi anazRaurebis mravali wesi. bevri korporatiuli obligacia, iseve rogorc amerikis xazinis mravali obligacia, warmoadgens gamoxmobad obligacias. am SemTxvevaSi emitents aqvs ufleba gamoixmos obligacia ukan dafarvis vadamde da gaanaRdos isini gansazRvruli fasiT, romelic kontraqtiTaa gaTvaliswinebuli. emitentebs aqvT stimuli gamoixmon gamoSvebuli obligaciebi, Tu saprocento ganakveTi maT mier gacemuli sakupone ganakveTebze dabalia. Cveulebriv emitents ar aZleven obligaciis gamoxmobis uflebas emisiis Semdeg garkveuli periodis ganmavlobaSi. amas garda, fasi, romliTac emitentma unda dafaros obligacia, anu gamoxmobis fasi, Cveulebriv Seicavs nominaluri Rirebulebis zeviT premias. es gamoxmobis fasi Cveulebriv ufro maRalia obligaciis nominalur Rirebulebaze da mcirdeba nominaluri Rirebulebis sididemde rac ufro axlovdeba dafarvis vada. xSirad mxolod emisiis nawili gamoixmoba da gamoxmobili obligaciebi SemTveviTi saxiT SeirCeva, safinanso presaSi SerCeuli obligaciebis seriuli nomrebis gamoqveynebiT.
gamoxmobadi obligaciebi xSirad amoiReba mimoqcevidan dafarvis fondis daxmarebiT. kontraqtSi dafarvis fondis arseboba niSnavs dafarvis vadamde mimoqcevidan obligaciebis sistemur amoRebas. dafarvis fondis funqcionirebis ori ZiriTadi wesi arsebobs. Tavdebs SeuZlia gamoiyenos dafarvis fondis saxsrebi Ria bazarze obligaciebis SesaZenad, an fonds SeuZlia gaiTvaliswinos obligaciebis gansazRvruli nawilis dadgenil droSi amoReba. aseT SemTxvevaSi gansazRvruli obligaciebi gamoixmoba dadgenil vadaSi.
zogjer obligaciebis dafarvas varaudoben winaswar ganzraxul vadebSi. aseT obligaciebs uwodeben seriul obligaciebs. es investors aZlevs SesaZleblobas airCios valdebulebis dafarvis vada, romelic yvelaze ukeT Seesabameba mis sainvesticio gegmebs.
obligaciebis mimoqcevidan amoRebis sxva meTodia - konvertaciis meSveobiT. konvertirebadi obligaciebis mflobelebs aqvT ufleba daabrunon obligaciebi da sanacvlod miiRon garkveuli raodenobis Cveulebrivi aqciebi da amgvarad obligaciebi gadaiyvanon aqciebSi. aqciebis raodenoba, romelsac miiReben TiToeul obligaciaSi uwodeben konversiis koeficients. sakonversio fasi - es aris fasi, romelic gadaxdilia TiToeul aqciaSi aqcioneruli kapitalidan, sadac navaraudebia, rom obligacia konvertirebulia da utoldeba konvertirebadi obligaciis sabazro fass, gayofils konversiis koeficientze.
sakonversio premia - es aris damatebiTi anazRaureba aqcioneruli kapitalis aqciaze, romelic gadaixdeba obligaciis konvertaciis gziT aqciis miRebis SesaZleblobis gamo. magaliTisaTvis ganvixiloT konvertirebuli obligacia, romlis nominalia $1000 da sabazro fasia $940. Cveulebrivi aqcia, romelsac uSvebs kompania iyideba 40 dolarad. obligaciis kontraqti saSualebas aZlevs mis mflobels moaxdinos obligaciis konvertireba 20 Cveulebriv aqciaSi. am SemTxvevaSi konvertaciis koeficienti iqneba 20.
Tu obligacia konvertirebulia, obligacia romelic Rirs $940, gacvlilia aqcioneruli kapitalis Rirebulebis $800-ze (20 aqcia, TiToeulis Rirebuleba $40. radganac $940-is obligacia icvleba aqcioneruli kapitalis 20 aqciaze, aqciebis konverversiuli fasi toli iqneba $940/20 anu $47. konvertaciis gziT aqciis SeZenis fasi aWarbebs aqciis fass $7-iT, anu konversiul fass gamoklebuli aqciis sabazro fasi. es 7 dolari aris swored sakonversio premia.
obligaciis aqciaSi konvertireba mniSvnelovan uflebas warmoadgens. mflobeli ganagrZobs gadaxdebis miRebas, magram aqvs SesaZlebloba moaxdinos obligaciis konvertireba aqciaSi, Tu es ufro mimzidveli iqneba. yovelTvis ar SeiZleba iTqvas, rodis aris konvertireba ukeTesi, magram zogjer swori strategia aSkaraa. Tu wina magaliTs gavagrZelebT, davuSvaT, rom obligaciis sabazro fasi darCa $940, magram aqciebis fasi gaizarda $50-mde. Tu es ase iqneba, Semdegi strategia uzrunvelyofs urisko mogebas investiciebis gareSe - arbitraJis SesaZleblobas (arbitraJi es aris SesaZlebloba miiRos mogeba riskis an investiciis gareSe. rogorc Semdgomi msjelobidan gaxdeba naTeli, rom arbitraJuli SesaZleblobis arseboba arRvevs riski/Semosavlianoba Tanafardobis sabazo princips). Cven SegveZleba obligaciis yidva bazarze $940-ad, Semdgom misi konvertireba 20 aqciaSi, romlis sruli Rirebulebaa $1000, Semdgom gavyidiT aqciebs da gveqneba $1000. es mogvitanda Cven swraf mogebas $60-s, tranzaqciuli xarjebis gamoklebiT.
es magaliTi gviCvenebs, rom konvertirebuli obligaciisa da aqciis fasi urTierTdakavSirebulia. 3. 6. obligaciebis saerTaSoriso bazari
saerTaSoriso obligaciebis bazari SeiZleba warmovidginoT, rogorc ori seqtoris: ucxouri obligaciebis bazrisa da sakuTriv saerTaSoriso obligaciebis bazris erToblioba.
saerTaSoriso obligacia - aris obligacia, romelic iyideba emitentis qveynis gareT. mag., Tu amerikulma firmam gamouSva obligacia, romelic iyideba rogorc aSS-Si, ise sazRvargareT, maSin aRniSnuli obligacia aris saerTaSoriso obligacia. aseve, Tu amerikuli firma sxva qveynis teritoriaze uSvebs obligacias, romelic nominirebulia am qveynis valutaSi da mxolod am qveyanaSi gasayidadad, ewodeba ucxouri obligacia (Foreign bonds). ucxouriobligaciebi, romlebic gamoSvebulia amerikis Sida bazarze, dolarebSia nominirebuli, xatovnad iwodeba "obligacia-iankad" ("yanke bonds"). analogiurad, obligaciebi, romlebic gamoSvebulia iaponiaSi ararezidentebis mie, iwodeba "obligacia-samuraebad". ucxouri obligaciis magaliTad gamogvadgeba "jeneral motorsis" mier emitirebuli obligaciebi, romelic nominirebuli iyo italiur lirebSi da gayidul iqna italiaSi.
sagareo obligacia - es aris saerTaSoriso an ucxouri obligacia. 1944 wels emitirebulma sagareo obligaciebis moculobam 426 mlrd dolar gadaaWarba. saerTaSoriso bazarze mimoiqceva sxvadasxva saxis obligaciebi, maT Soris Cveulebrivi obligaciebi, obligaciebi mcuravi saprocento ganakveTiT, konvertirebadi obligaciebi da evroobligaciebi.
Cveulebrivi obligaciebi. Cveulebrivi (anu martivi) obligaciebi warmoadgenen obligaciebs gadaxdebis dadgenili grafikiT, romlebsac ar axasiaTebT aqciebSi konvertirebadoba an mcuravi saprocento ganakveTi, magram mas gaaCnia emitentis mier gamosyidvis vadamde dafarvis SesaZlebloba. Cveulebriv obligaciebs saerTaSoriso savalo bazaze udidesi wili ukavia - saerTo emisiis moculobam 1994 wels 290 mlrd dollars Seadgenda., amasTan 29%-mde nominirebuli iyo aSS dolarebSi.
notebi mcuravi ganakveTiT. es aris obligacia, romelTa sakupone Semosavlianobis ganakveTi icvleba bazris saerTo donis mixedviT. amerikis obligaciebis Sida bazarTan SedarebiT, mcuravi ganakveTis mqone notebs obligaciebis saerTaSoriso bazarze gacilebiT meti wona aqvs. 1994 wels aseTi obligaciebis emisiam Seadgina 96 mlrd dolari, aqedan 2/3 aSS-s dolarSi iyo nominirebuli.
aqcionerul kapitalTan dakavSirebuli obligaciebi. aqcionerul kapitalTan dakavSirebuli obligaciebi moicavs konvertirebul obligaciebs da obligaciebs aqciebze varantiT. konvertirebadi hqvia obligacias, romlis mflobelsac SeuZlia obligaciis moqmedebis mTeli vadis ganmavlobaSi gadacvalos isini Cveulebriv an provilegirebul aqciebze. konvertirebas aqvs dadebiTi da uaryofiTi mxareebi, rogorc emitentisTvis, ise investorisTvis.
emitentisTvis konvertireba xelsayrelia, radganac:
- es aZlevs mas SesaZleblobas Seamciros obligaciebis saprocento ganakveTi, iyenebs ra stimulatorad obligaciis mflobelTa (obligacionerTa) uflebas am korporaciis aqciebis SesaZenad; - mcirdeba emitentisaTvis aqciebis paketebis swrafi "gajerebis" riski aqciebis Cveulebriv emisiasTan SedarebiT;
- konversia saSualebas aZlevs emitents gayidos Tavisi aqciebi xelsayrel fasSi, radganac obligacionerebi Tavisi obligaciebis konvertirebas axorcieleben mxolod maSin, rodesac korporacia-emitentis aqciebis kursi izrdeba;
- obligaciebis gamoSveba ar iwvevs korporaciis aqciebis sabazro fasis Semcirebas, rac Cveulebriv xdeba aqciebis axali gamoSvebis dros; konversiis naklovanebebia:
- marTalia nela, magram mainc xdeba saaqcio kapitalis "gajereba";
- mcirdeba dividendis sidide (radganac konversiis Sedegad axali aqciebis gaCenis gamo gamocxadebuli dividendebis sidide iyofa meti raodenobis aqciaze);
- obligaciis procentebi ar ibegreba, xolo aqciebis dividendebidan emitenti valdebulia gadaricxos gadasaxadi. investorisaTvis konversia xelsayrelia, radgan konvertirebad obligaciebSi Sexamebulia obligaciebis saimedoba da Rirebulebis zrdis SesaZlebloba, romelic aqciebisTvisaa damaxasiaTebeli.
investorisTvis uaryofiTi mxarea is, rom konvertirebad obligaciebs aqvT ufro dabali saprocento ganakveTi da maT xSirad uSvebs emitenti, rodesac mZime finansur mdgomareobaSi imyofeba.
Tu ra raodenobis aqcia unda miiRos obligacionerma konversiis dros, amas gviCvenebs konversiis koeficienti (conversion rate). magaliTad, konversiis koeficienti 20 niSnavs, rom erTi obligacia icvleba emitentis 20 aqciaze. am koeficientis safuZvelze gamoiangariSeba konversiis fasi (conversion price) - obligaciis nominali ($1000) iyofa konversiis koeficientze, rac tolia $50-is.
varanti aqciebze(xelmoweriTi sertifikati) - es aris gansakuTrebuli saxeoba fasiani qaRaldisa, romelic gamoiSveba privilegirebul aqciebTan an obligaciebTan erTad da mis mflobels aniWebs uflebas SeiZinos kompaniis mier axlad gamoSvebuli Cveulebrivi aqciebi daTqmul fasSi da drois ganszRvruli periodis ganmavlobaSi. axali gamoSvebis aqciebis upiratesi Sesyidvis uflebisgan gansxvavebiT, varantebi (xelmoweriTi sertifikatebi) iTvaliswinebs aqciis mimdinare kursTan SedarebiT ufro maRal kurss. varanti aZlevs korporaciebs SesaZleblobebs Seamciron gamoSvebuli obligaciebis saprocento ganakveTi, iyeneben ra stimulatorad am korporaciebis aqciebis yidvis dros sertifikatiT miniWebul privilegiebs. xolo sertifikatis mflobelebs eZlevaT SesaZlebloba miiRon mogeba kursebs Soris sxvaobiT. magaliTad, davuSvaT korporacia uSvebs obligaciebs wliuri 8%-iT, TiToeul obligaciaze TiTo xelmoweriTi sertifikatis darTviT. xelmoweriTi sertifikati mflobels uflebas aZlevs iyidos imave korporaciis 100 aqcia 10 wlis ganmavlobaSi, TiTo aqcia $12-ad. korporaciis Cveulebrivi aqciebis mimdinare sabazro fasi Seadgens 10 dolars. Tu am 10 wlis ganmavlobaSi aqciis kursi gaizrdeba 12 dolarze metad, varantis mflobels SeuZlia gamoiyenos Tavisi ufleba da SeiZinos am korporaciis 100 aqcia 12 dolarad. Tu mocemul momentSi korporaciis Cveulebrivi aqcia iyideba 20 dolarad, maSin is dauyovnebliv moaxdens am 100 aqciis realizacias bazarze da miiRebs mogebas 800 dolaris odenobiT (2000 -1200). Tavisi arsiT varanti Zalian waagavs ofcions, romelsac Cven mogvianebiT ganvixilavT. 1994 wels gamoSvebulo konvertirebadi da varantiani obligaciebis moculobam Seadgina Sesabamisad 21,7 da 9,9 mlrd dolari.
evrodolaris obligaciebi (Euro-bonds). evrodolaris obligaciebi anu evroobligaciebi esaa obligaciebi romlebic nominirebulia sesxis amRebi qveynis valutaSi, magram emitirebulia sxva qveyanaSi. magaliTad, britanuli metalurgiuli kompaniis mier britanul funtebSi nominirebuli obligacia, romelic iyideba didi britaneTis gareT (msoflio bazarze). evroobligacia SeiZleba iyos Cveulebrivi obligacia, noti(Tamasuqi) mcuravi ganakveTiT an aqcionerul kapitalTan dakavSirebuli obligacia. mag. 1994 wels gamoSvebuli evroobligaciebis moculoba Seadgenda 150 mlrd dolars da masze modioda am wels gamoSvebuli sagareo obligaciebis saerTo moculobis TiTqmis 30%, romelTagan TiTqmis naxevari Cveulebrivi obligacia iyo. ucxouri obligaciebis yvela gamoSveba faqtiurad Tavmoyrilia oTxi qveynis -aSS-is, germaniis, Sveicariisa da iaponiis nacionalur bazrebze. ucxouri obligaciebis SeZenis erT-erTi umTavresi upiratesobaa portfelSi Tavmoyrili obligaciebis mixedviT gadauxdelobis riskis diversifikacia. mag. amerikelma investorma SeiZleba SeiZinos kompania romelime kompania "toiotas" obligaciebi, romelTa nominali gamoxatulia iaponur ienebSi. magram investori mudmivad iqneba damokidebuli ienis kursze dolaris mimarT, radganac ZiriTadi valise da kuponis mixedviT procentebis gadaxda ganxorcieldeba ienebSi, romlis konvertacia dolarebSi SemdgomSi moxdeba mimdinare kursiT; cxadia, ienis kursi dolaris mimarT obligaciis dafarvis momentSi ucnobia. im SemTxvevaSi, Tu investori SeiZenda kompania "toiotas" obligacias, romlis nominali gamoxatuli iqneboda dolarebSi, aRniSnuli problema aRar iarsebebda.
ucxouri obligaciebi amerikis bazrebze gamoiSveba yvelaze xangrZlivi vadiT - 30 wliT, rac gacilebiT metia dasavleT evropis qveynebSi gamoSvebul ucxour obligaciebis vadianobaze. ucxouri obligaciebis gamoSveba amerikis bazarze 10-15 wliT Cveulebrivi movlenaa.
obligaciebis saerTaSoriso bazris Semadgenloba. ganvixiloT axlaobligaciebis saerTaSoriso bazris struqtura, maTi tipebisa da valutis mixedviT, romelSic isini arian nominirebuli. cxrili 3.1 cxadyofs 1994 wels axlad gamoSvebuli sagareo obligaciebis Semadgenlobas. rogorc vxedavT, am obligaciebis 70%-mde modis Cveulebriv obligaciebze. notebi mcuravi saprocento ganakveTiT Seadgenen 20 procentze mets, sxva kategoriebis obligaciebis wili ki umniSvneloa.
cxrili 3.1
sagareo obligaciebis emisia, 1994 w.
instrumentebi Rirebuleba (mlrd $) xvedriTi wili
(%)Cveulebrivi obligaciebi288.868.4notebi(Tamasuqebi) mcuravi saprocento ganakveTiT96.322.6konvertirebadi fasiani qaRaldebi21.75.1obligaciebi aqciebis varantebiT9.92.3obligaciebi nulovani kuponiT5.71.3
cxrilSi 3.2 naCvenebia 1994 wels gamoSvebuli obligaciebis struqtura valutis mixedviT. rogorc vxedavT, obligaciebis 37,3% nominirebuli iyo aSS dolarSi,.miaqcieT yuradReba imas, rom mxolod umniSvnelo procents Seadgenda imroindel evrovalutaSi nominirebuli obligaciebis moculoba. ar aris agreTve gamoyofili ganviTarebadi qveynebis mier warmatebiT ganTavsebuli sagareo obligaciebi, romelic imave wels 37,5 mlrd dolars Seadgenda.
cxrili 3.2.
1994 wels sagareo obligaciebis emisia valutis mixedviT
qveynebis valutaxvedriTi wiliaSS dolari37.3iaponuri iena13.7britanuli funti sterlingi8.9germanuli marka7,8franguli franki7.0italiuri lira 5.6Sveicariuli franki4.8kanaduri dolari3.6holandiuri guldeni3.0luqsemburgis franki2.6evropuli savaluto erTeuli (ekiu)2.0avstraliuri dolari1.8espanuri peseta0.5sxva1.7
4. aqciebis bazari
am TavSi saubaria Cveulebriv aqciaTa flobasTan dakavSirebul uflebebsa da valdebulebebze, agreTve safondo bazris Taviseburebebze, anu aSS-s aqciebis bazarze. mocemul TavSi ZiriTadad ganxilulia mimoqcevaSi ukve gamoSvebuli aqciebis bazari, magaliTad yvelaze cnobili iseTi bazari, rogoricaa niu-iorkis safondo birJa. amasTan gaxsnilia brokerTa muSaobis principebi. adamianTa umravlesobisaTvis aqciebis bazari ganasaxierebs fasiani qaRaldebis mTel bazars. saRamos axal ambebSi xSirad gadaicema cnobebi safondo bazridan, magram Zalian iSviaTad moixsenieba fasiani qaRaldebis romelime sxva saxeebi. sazogadoebis mxridan farTo aRiarebasTan erTad, aqciebis bazari mudmivad imyofeba profesiuli mimomxilvevTa yuradRebis centrSi. Sedegad amisa, fasiani qaRaldebis bazrebs Soris safondo bazris muSaoba yvelaze srulad aris gamokvleuli.
imis gamo, rom aSS-s sabirJo listingebSi aTasobiT aqciebis kotireba warmoebs, safondo bazris fasebis tendenciebis gasagebad, mizanSewonilia ganzogadebuli maCveneblebis gamoyeneba. es maCveneblebi, an sabazro indeqsebi, warmoadgens aqciebis bazarze ganviTarebuli procesebisTvis Tvalismidevnebis moxerxebul saSualebas. radganac es indeqsebi Zalian xSirad moixsenieba masobrivi informaciebis saSualebebSi, maT Soris yvelaze mniSvnelovans Cvenc gavecnobiT.
aqciebis bazris organizaciis TvalsazrisiT aSS-Si ukanaskneli 15 wlis ganmavlobaSi radikaluri cvlilebebi moxda, da evoluciis gagrZelebis yvela niSnebi saxezea. bazris uaxlesi istoria magaliTia imisa rom, erTis mxriv damaxasiaTebelia misTvis Zlieri fragmentacia, da meore mxriv gaZlerebuli integracia. magaliTad, ZiriTadi birJebis gareT sabazro operaciebis aqtiurma gaZlierebam gamoiwvia iseTi wamyvani institutebis Sesusteba, rogoricaa niu-iorkis safondo birJa, da gavrcelda aqciebiT vaWroba didi raodenobis konkurentul birJebze. eleqtronuli kavSiris miRwevebma da kompiuteruli teqnologiebis ganviTarebam aseve xeli Seuwyo integracias. sxva qveynebSi fasiani qaRaldebis bazrebis ganviTarebam, gansakuTrebiT ki iaponiaSi, Seasusta AaSS-s safondo bazris mniSvneloba da a.S.
4.1. Cveulebrivi aqciebis mflobelTa ufleba-movaleobebi
Cveulebrivi aqciebi, rogorc cnobilia, aZlevs maT mflobelebs kompaniis qonebaze wilis uflebas. kompaniis menejmentis amocanaa marTon kompania imgvarad, rom aamaRlon aqciebis Rirebuleba da amiT daicvan aqcionerTa interesebi. am TvalsazrisiT, menejerebi aqcionerTa agentebad gvevlinebian, marTaven ra bizness imgvarad, rogorc amas TviTon aqcionerebi gaakeTebdnen, Tu TviTon iqnebodnen menejerebi. am urTierTobebSi problemebi warmoiSveba imis gamo, rom agenti-mmarTvelebis interesebi yovelTvis ar emTxveva aqcionerTa interesebs. magaliTad, menejerebs xSirad undaT Zviri saofise avejis SeZena, magram es Tanxebi aqcionerTa jibidan midis, xolo komfortiT mxolod menejerebi tkbebian.
rogorc kompaniis mflobelebs, aqcionerebs gaaCniaT zogierTi privilegiebi da movaleobebi. ramdenadac aqcia warmoadgens sakuTrebis nawilze uflebis damadasturebel dokuments, igi agreTve warmoadgens narCen aqtivebze da kompaniis Semosavlebze moTxovnas, anu moTxovnas kompaniis Rirebulebis nawilze yvela sxva pretenziis dakmayofilebis Semdeg. ase mag., emitenti kompaniis gamoSvebuli obligaciebis mflobelebs aqvT ufleba miiRon Sepirebuli Tanxebi aqcionerebze win, anu aqcionerebi rigSi yvelaze bolos arian sarCelebis dakmayofilebis dros.
miuxedavad amisa, narCen aqtivebze moTxovna Tavis Tavad Zalzed mniSvnelovania. aqcionerebi, marTalia Tavisi moTxovnilebebis dakmayofilebaze rigSi sul bolos arian, samagierod maT SeuZliaT dasabuTebulad moiTxovon kompaniis mTeli qoneba mas Semdeg, roca yvela sxva moTxovnebi dakmayofildeba.
am mimarTebiT, Cveulebrivi aqcia warmoadgens yvelaze riskian dabandebas. rogorc Semdgom cxadi gaxdeba, gaweul dabandebaze did ukugebis miReba did riskTan aris dakavSirebuli. miuxedavad Cveulebrivi aqciis riskianobisa, mas gaaCnia riskis SezRudvis mniSvnelovani Tvisebebi. aSS-Si aqciebis floba gulisxmobs mflobelTa SezRudul pasuximgeblobas. individualuri mewarmeebi kreditorebis winaSe pasuxs ageben ara marto sawarmos, aramed sakuTari qonebiTac. magaliTad, maRaziis mflobelma Sesabamisi dazRvevis gareSe SeiZleba dakargos sakuTari saxli da avtomobili, Tu myidvels mis maRaziaSi miadgeba garkveuli zarali, da Tu is maRaziis mflobelze Seitans sarCels sasamarTloSi. principSi, indmewarmisaTvis pasuxismgebloba ar aris SezRuduli.
magram, saaqcio sazogadoebaSi aqcioners ar SeuZlia dakargos Tavisi investiciis Rirebulebaze meti. yvelaze cudi, rac SeiZleba moxdes, - es aris aqciebis sruli gaufasureba. am SemTxvevaSi danakargi aqciebis Rirebulebis toli iqneba. magaliTad, qimiuri sawarmos mier dabinZurebuli garemosagan dazaralebulebma kompensaciis saxiT SeiZleba miiRon sawarmos mTel aqtivebi, magram ar SeuZliaT aiZulon aqcionerebi gadauxadon maT damatebiTi kompensaciebi piradi saxsrebidan.
Cveulebrivi aqciebis mflobelebi abandeben sakuTar saxsrebs kompaniaSi da imedovneben, rom miiReben arsebiT mogebas. sakuTari investiciebidan aqcionerebi ukugebas Rebuloben ori saxiT: jer erTi, aqciebis fasi SeiZleba gaizardos da amiT gaizardos kapitali, da meore, kompaniam SeiZleba gadauxados dividendi. Sesabamisad, Cveulebrivi aqciebis mflobelTaTvis Semosavlis zrdis maCvenebeli (Wealth Relative-WR) SeiZlebaEgamoiTvalos Semdegnairad:
WR =(aqciebis mimdinare fasi + miRebuli dividendebi) / aqciis Sesasyidi fasi (4.1.)
cxadia, rom aqciebis flobis periodSi aqcioneris erTaderTi fuladi Semosavali - aqciebidan miRebuli dividendia. mravali kompania, gansakuTrebiT axlad Seqmnili kompaniebi, an romlebic ganicdian finansur siZneleebs, saerTod ar gascemen dividendebs. mravali firma gascems dividendebs yovelkvartalurad, Tumca SesaZloa sxva variantebic.
Wrigley,Inc - romlis ZiriTadi qoneba batoni riglis sakuTrebas warmoadgens - erT im mcire kompaniaTagania, romelic dividends yovelTviurad gascems. Cveulebrivi aqciebisTvis dividendebs imdenad didi mniSvneloba aqvs, rom igi gadamwyvet faqtors warmoadgens am aqciebis sabazro fasis gansazRvrisas. dividendze uflebis garda, Cveulebrivi aqciebis mflobelebs gaaCniaT xmis ufleba aqcionerTa yovelwliur krebaze firmis saqmianobasTan dakavSirebul mniSvnelovani sakiTxebis gadawyvetis dros. amasTan, aqcionerTa umravlesobisaTvis, gansakuTrebiT didi kompaniis aqcionerebisTvis, es ufleba Tavis mniSvnelobas kargavs. Cveulebriv aqcionerebs uxdebaT xmis micema sakiTxebze, romlebic iseTi saxiTaa Camoyalibebuli firmis xelmZRvanelobis mier, rom miRebul iqnes maTTvis sasurveli gadawyvetileba. mag., aqcionerebs xSirad sTavazoben direqtorTa sabWos axali wevris arCevas kandidatTa im siidan, romelic firmis xelmZRvanelobis mier aris Sedgenili. magram, zogierT SemTxvevaSi xmis ufleba SeiZleba iyos aseve Zalian mniSvnelovani, magaliTad kompaniis wamyvani menejerebis daniSvnisas.
rogorc wesi, aqcionerebis gadawyvetilebaTa umravlesobis kurss swored firmis mmarTvelebi gansazRvraven, romlis ganxorcielebisTvisac erT-erT umniSvnelovanes instrumentad mindobilobebs iyeneben. vinaidan gadawyvetilebeze kenWisyra warmoebs mxolod aqcionerTa krebaze, aqcionerTa umravlesoba ver axerxebs masSi monawileobas. amitom isini xmis micemis uflebas mindobilobiT sxvas gadascemen. aseTi mindobilobebis miReba firmis mmarTvelebs SeuZliaT im aqcionerebisgan romlebic ar arian dainteresebuli firmis saqmianobiT, an imaTgan, romelTac ar SeuZliaT daswreba. kenWisyris dros es xmebi menejments realur Zalas matebs. zogierT firmaSi ki, mmarTvelebi floben aqcionerTa xmebis sakuTar xelSi Tavmoyris ufro efeqtian saSualebebs: im aqcionerTa mindobilobebi, romlebic winaswar ar iyo gadacemuli vinmeze, iTvleba rogorc mmarTvelebze gadacemuli. Tu gaviTvaliswinebT zogierTi aqcioneris inertulobas, aseTi SeTanxmeba mmarTvelebis mxridan faqtiurad uzrunvelyofs kenWisyris Sedegebze efeqtian kontrols.
unda iTqvas, rom drodadro warmoiSveba davebi, romlebic seriozul uTanxmoebas iwveven, da maSin kenWisyris procedura ukiduresad mniSvnelovani xdeba. im aqcionerebs, romlebic ar iziareben mmarTvelTa poziciebs, SeuZliaT Seecadon mmarTvelTa Secvla an radikalurad Secvalon kompaniis politika. amisaTvis maT dasWirdebaT sxva aqcionerebidan mindobilobebis miReba. amas ki, bunebrivia mivyavarT "mindobilobebisTvis brZolamde", anu brZola midis imaTi mindobilobebis xelSi Casagdebad, romlebic krebas ar eswrebian.
amasTan, zogierT firmaSi aqciebi dayofilia klasebad, Cveulebriv A da B klasebad. rogorc wesi es gansxvaveba klasebSi, mdgomareobs kenWisyris dros sxvadasxva uflebebSi. A klasis aqciebs aqvT xmis ufleba, xolo B klasis aqcias - ara. es gansxvaveba bunebrivia iwvevs maT fasebSic umniSvnelo gansxvavebas, amasTan xmis mqone aqciebi ufro Zviri Rirs.
Cveulebrivi aqciebis mflobelebi, dividendebs zogjer Rebuloben aqciebiT, rasac uwodeben aqciebis danawevrebas, daqucmacebas ("split"). maT ar moaqvT fuladi Semosavlebi da amitom maTi mniSvneloba mcirea vidre dividendebisa. dividendebi aqciebiT gaicema im SemTxvevebSi, roca mimoqcevaSi gamoiSveba damatebiTi aqciebi da romelic nawildeba aqcionerebze. aqciebis am tipiT ganawileba iwodeba "dividendebi aqciebiT", es im SemTxvevaSi, rodesac damatebiTi aqciebis raodenoba ar aRemateba 25%-s. xolo im SemTxvevaSi, rodesac gamoSvebul aqciaTa raodenoba zrdis aqciaTa saerTo raodenobas 25%-ze metad, maSin adgili aqvs aqciebis danawevrebas "splitis" formiT. "spliti" dividendebi pirvelad 1682 wels gamoCnda, rodesac aRmosavleT-indoeTis kompaniam (East India Company) gamoacxada dividendebis gacema sqemiT ori erTTan.
imisaTvis, rom ukeT gavigoT am meqanizmis muSaoba, davuSvaT, rom investori flobs 100 aqcias, romelTa sabazro fasia $80, da kompaniam miiRo gadayvetileba 20%-iani dividendebis aqciebiT gacemaze. maTi gacemis Semdeg aqcionerebs eqnebaT 120 aqcia. ibadeba kiTxva, ra Rirs es aqciebi? sxva Tanabar pirobebSi, dividendebis aqciebis saxiT gacema firmisaTvis ar qmnis axal fulad nakadebs. amitom ar unda imoqmedos man firmis Rirebulebaze, rac niSnavs aqciebis Rirebulebis vardnas dividendebis saxiT gamoSvebuli axali aqciebis raodenobis proporciulad. 100 aqciis nominaluri Rirebuleba iyo $ 8000. dividendebis gacemis Semdeg investors 120 aqcia gauxda. Tu gaviTvaliswinebT Cvens daSvebas, rom araferi ar momxdara iseTi, rac Secvlida kompaniis fulad nakadebs, maSin aqcionerTa qoneba ucvleli darCa. es niSnavs imas, rom 120 aqciis saerTo Rirebuleba Seadgens $8000-s, anu $66,67-s aqciaze.
dividendebis aqciebiT gacemaze gadawyvetilebis miRebas TavisTavad ar SeuZlia zemoqmedeba moxdinos firmis ZiriTad operaciebze an fulad nakadebze momavalSi, amdenad es ar imoqmedebs aranairad kompaniis Rirebulebaze. dividendebis danawevrebuli formiT gacemis mizniT axali aqciebis gamoSveba rogorc wesi xorcieldeba sqemiT "ori erTTan" ( investori erT arsebul aqciaSi iRebs or aqcias) an "xuTi oTxTan" da ase Semdeg. unda SevniSnoT, rom aqciebis dividendebis saxiT gacema an danawevreba, firmis mxridan aqciaze mudmivi fuladi dividendebis politikis gamoyenebis dros niSnavs, rom investori momavalSi ufro maRal Semosavals miiRebs. es cxadi xdeba wina magaliTidan, rodesac 100 aqciisaTvis proporcia iyo "xuTi oTxTan" da erTi aqciis fasi iyo $80. davuSvaT, rom daricxuli dividendebma Seadgina 20 centi aqciaze. es niSnavs, rom 100 aqciisgan Semdgar portfelze Seadgina $20 weliwadSi. Tu dividendi aqciaze kvlav 20 centi darCeba, xolo aqciis raodenoba 120 -de gaizrdeba, maSin wliuri dividenduri Semosavali portfelze gaizrdeba $24-mde.
Tu Cven vnaxavT dividendebis aqciebis danawevrebis gziT gacemis ukanaskneli 30 wlis monacemebs, davinaxavT rom niu-iorkis safondo birJaze aseTi aqciebis gamoSvebis ricxvi Zlier meryeobs: 80-ian wlebis dasawyisamde zrdiT xasiaTdeboda, 1983 wlis Semdeg axasiaTebs ryevebi, xolo 90 -iani wlebisTvis ukve damaxasiaTebelia klebis tendencia.
ramdenadme gaugebaria, Tu ratom rCeba dividendebis aqciebis saxiT gacema ase popularuli. amis ramdenime versia arsebobs. pirveli is, rom kompaniis zogierTi mmarTveli am sferoSi Catarebuli kvlevebis Sedegebs an ar icnobs, an ar sjera misi. rodesac saaqcio sazogadoeba ixdis dividendebs, aqciiebis sabazro fasi unda asaxavdes amas bijiT - $0,125. amis da sabazro meqanizmis sxva naklovanebebis gamo, aqciebis fasma SeiZleba sakmarisad zutad ar moaxdinos reagireba dividendebis danawevrebuli aqciebis saxiT gacemaze. amasTan, Yjer kidev gavrcelebulia firmebis mxridan imis mcdeloba, rom gaaumjobeson firmis aqciebis RirebulebiTi maCveneblebi aqciebis daqucmacebis gziT. meore versiiT, damatebiTi aqciebis ganawilebis zogierTi momxre miiCnevs, rom investorebi aRiqvamen amas rogorc garkveul sargebels. faqtiurad ki aman SeiZleba araviTari upiratesoba ar moitanos. amasTan, aqciebTan muSaobis danaxarjebi naklebia e.w. standartuli garigebebis SemTxvevaSi - anu paketisaTvis, romelSic 100 aqciaa an 100-is jeradia. Tu dividendebis gacemis Semdeg investors gamouva arastandartuli loti, anu 100-is arajeradi raodenoba, maSin tranzaqciuli xarjebi procentulad gaizrdeba. amgvarad, dividendebis aqciebis saxiT gacemam SeiZleba gazardos investoris xarjebi. da bolos mesame versia, dividendebi aqciebis danawevrebis saxiT SeiZleba gaxdes aqciebis ufro popularul savaWro rangSi gadayvanis erT-erTi saSualeba. ukanaskneli gamokvlevebi gviCvenebs, rom dividendebis aqciebiT gacemis yvelaze mniSvnelovani mizezi SeiZleba swored es iyos. bazris zogierT mimomxilvels sjera, rom aqciebi fasiT $20-dan $40-mde yvelaze metad popularulia investorebs Soris. Tu ki, dividendebi aqciebiT xels uwyobs aqciebis fasis ufro xelsayrel rangSi ayvanas, maSin aqciebis gazrdilma popularobam unda gazardos maTi fasi. samwuxarod, ar arsebobs firmebis mxridan aranairi monacemebi am mosazrebis mxardasaWerad.
4.2. safondo bazris saerTo organizacia
ukanasknel wlebSi safondo bazari viTardeboda ramdenime mimarTulebiT. am TavSi Cven ganvixilavT meorad bazars, e.i. arsebuli fasiani qaRaldebis bazars. arsebobs, cxadia pirveladi bazari, romelzedac xdeba axali emitirebuli fasiani qaRaldebis ganTavseba. bazris ganviTarebam warmoSva mesame da meoTxe bazari. meoradi bazari Sedgeba organizebuli birJebisagan (iseTis rogoricaa niu-iorkis safondo birJa-NYSE, amerikuli safondo birJa-AMEX) da sadilero bazrisgan (arasabirJo bazari), xolo mesame da meoTxe bazrebi - es aris vaWrobis Zalian msxvil monawileebs Soris araformaluri savaWro SeTanxmebebi. aqciebis bazris am saxeebs qvemoT ufro dawvrilebiT ganvixilavT. 4.2.1. organizebuli vaWroba
bevrisaTvis, aqciebis bazari - es ubralod niu-iorkis safondo birJaa, romelic yvelanairi gagebiT realurad dominirebs bazarze. magram, mis garda arsebobs mravali sxva organizebuli safondo birJa, rogorc aSS-Si, ise sxvaganac. organizebuli safondo birJa - es aris aqciebis bazari, romelsac gaaCnia centralizebuli savaWro farTi, sadac aqciebiT vaWroba mimdinareobs mTavrobisa da mocemuli birJis mier dadgenili wesiT. aSS-Si organizebul birJebs aqvT msgavsi wesebi, rac ganpirobebulia imiT, rom ufro patara birJebma gadaiRes niu-iorkis safondo birJis (NYSE) wesebi. es ki saSualebas gvaZlevs yvela birJis erTobliobaSi ganvixiloT saerTo maxasiaTeblebi.
safondo birJa - es aris nebayoflobiTi organizacia, romelic Camoyalibebulia pirTa jgufis mier aqciebiTa da sxva fasiani qaRaldebiT vaWrobis pirobebis uzrunvelyofis mizniT. Cveulebriv safondo birJa arakomerciuli organizaciaa, romelic arsebobs misi monawileebisTvis finansuri moTxovnebis dakmayofilebis mizniT. birJis wevrebs aqvT wevrobis damadasturebeli dokumenti da gaaCniaT adgili birJaze. birJa ayalibebs vaWrobis wesebs da avalebs Tavis wevrebs mis Sesrulebas. birJaze gamarTul vaWrobebSi monawileobis miRebis ufleba aqvs mxolod birJis wevrebs da maT warmomadgenlebs. amgvarad isini privilegirebul mdgomareobaSi arian, vinaidan yvela davaleba fasiani qaRaldebis yidvasa da gayidvaze mxolod maTi meSveobiT xorcieldeba.
birJaze vaWrobis erT-erTi umTavresi garantiaa is, rom aq mxolod Semowmebul pirebs SeuZliaT awarmoon saqme. birJaze moqmedi broker-dilerebi unda akmayofilebdnen Semdeg pirobebs:
- unda hqondeT specialuri ganaTleba, rac unda dasturdebodes Sesabamisi dokumentebiT da registrirebuli iqnes rogorc birJaze, aseve maragulirebel organoSi;
- brokerebs da dilerebs unda hqondeT sakuTar angariSze Tanxa, riTac isini adastureben gadaxdisunarianobas.
birJaze vaWrobis erT-erTi umniSvnelovanesi wesi exeba adgilisa da drois SezRudvas, romelSic SeiZleba vaWroba ganxorcieldes. yvela safondo birJa nebas aZlevs ivaWron mxolod birJis savaWro darbazSi da mxolod dadgenil saaTebSi. birJis savaWro darbazi - adgilia, sadac gadaicema davalebebi Sesasasruleblad. igi aRWurvilia eleqtronuli kavSiris mravali saSualebebiT, romelic gamoiyeneba gankargulebebisa da SemkveTisaTvis davalebis Sesrulebaze dasturis gadasacemad. amasTan, es esaWiroebaT savaWro darbazSi momuSave Treiderebs, raTa maT gare samyarodan mudmivad miiRon informaciebi, vinaidan nebismier axal informacias SeuZlia imoqmedos fasebis cvlaze. agreTve, savaWro darbazSi myof adamianebs regularulad esaWiroebaT axali ambebi imis Sesaxeb Tu ra xdeba qveyanasa da msoflioSi, saqmiani informaciebi. es sainformacio moTxovnebi kmayofildeba axali ambebis saagentoebis mier, magaliTad asoSieited press(Associated Press -AP ), da saqmiani axali ambebis saagentoebis mier, rogorebicaa "roiteri'(Reuters) da "dou-jonsi"(Dow Jones).
birJis savaWro darbazSi momuSaveni ramdenime jgufad iyofian. erT jgufs birJa qiraobs savaWro darbazSi samuSaod, raTa maT Tvalyuri adevnon vaWrobas da mudmivad miawodon informacia. birJaze aseTi informaciebis gadasacemad gamoiyeneba kavSirgabmulobis eleqtronuli saSualebebi. meore jgufi adamianebisa, romlebic savaWro darbazSi arian, esaa birJis wevrebi, romlebic vaWroben sakuTari saxeliT, anu pirebi romlebic abandeben sakuTar kapitals mogebis misaRebad. birJis wevrebis mTavari privilegia, rogorc zemoT avRniSneT, aris mocemul birJaze vaWrobis ufleba. mesame jgufs Seadgenen brokerebi, romlebic vaWroben klientebis davalebiT (yiduloben an yidian fasian qaRaldebs) da amaSi iRenen gasamrjelos sakomisios saxiT. sabrokero firmebis yvelaze msxvili warmomadgenlebia "meril linCi"(Merrill Lynch) da "pein ueber"-i (Paine Webber). birJis monawileTa meoTxe jgufi Sedgeba specialistebisgan, romlebic fasiani qaRaldebis calkeul saxeobebze arian daspecialebulni. yvela saxis fasian qaRaldze, romliTac vaWroben birJaze, aris specialisti da is yovelTvis mzad aris garigebis SesrulebisTvis sul cota mocemuli saxeobis 100 aqciaze mainc. amas garda, specialisti aRricxavs mocemul fasian qaRaldze yvela davalebas, romlis Sesrulebasac birJaze elian.
specialisti - es aris is pirovneba, romelic yovelTvis birJazea da "akeTebs bazars" misTvis mindobili fasiani qaRaldebisTvis. es niSnavs imas, rom birJaze ganxorcielebuli TiToeuli garigeba specialistis meTvalyureobis qveS mimdinareobs. rogorc qvemoT vnaxavT, specialists gaaCnia privilegiebi da Sesabamisi valdebulebebi. specialists aqvs ori ZiriTadi funqcia: pirveli is, rom igi zogierT SemTxvevaSi asrulebs brokeris funqcias - debs garigebebs da iRebs amaSi sakomisioebs; meore funqciaa is, rom mas SeuZlia imoqmedos rogorc dilerma, iyidos da gayidos fasiani qaRaldebi Tavisi Sexedulebis mixedviT. kanonmdebloba da birJis wesebi uwesebs specialists am funqciebis Sesrulebis wess. Cven jer ganvixilavT specialistis moqmedebas dileris rolSi, Semdeg ki - rogorc brokeris rolSi.
specialisti rogorc dileri. rogorc ukve avRniSneT, specialisti yovelTvis mzad aris iyidos da gayidos fasiani qaRaldebi birJis wevrebis da sxva klientebis davalebiT. es moiTxovs aqciebSi mniSvnelovani Tanxebis dabandebebis qonas, rac gulisxmobs agreTve aqciebTan dakavSirebuli riskebis Tavis Tavze aRebas. am investiciebisa da gariskvis sakompensaciod igi cdilobs miiRos mogeba garigebis TiToeuli aqciidan. dileris rolSi specialisti yidulobs da yidis ra aqciebs, gamodis bazris monawile. NYSE-is bazarze ganxorcielebuli mTeli garigebebis daaxloebiT 15-20%-Si specialisti warmoadgens mxares.
moqmedebs ra rogorc dileri, an market-meikeri ("bazris mkeTebeli"), specialisti cdilobs SeinarCunos sxvaoba moTxovnasa da miwodebas Soris (spredi) - sxvaoba fasSi, romliTac sTavazoben aqciebis yidvas da gayidvas. amasTan, specialisti sTavazobs yvelaze dabal fasSi yidvas da gayidvas moTxovnis fasSi. magaliTad, davuSvaT, rom specialisti Tvlis rom aqcia Rirs $100. specialists SeuZlia ixeiros, Tu iyidis aqciebs namdvil fasze ($100) ramdenadme iafad, da gayidos Semdeg ramdenadme Zvirad. am magaliTisTvis miwodebis fasi SesaZloa iyos $99,875, xolo moTxovnis fasi SesaZlebelia iyos $100,125. amgvarad, sxvaobam moTxovnasa da miwodebas Soris Seadgina $0,25 da aris is Semosavali, romlis miRebasac cdilobs specialisti vaWrobidan.
rogorc wmindad market-meikeri, specialists SeuZlia scados moTxovnisa da miwodebis fasebis imgvarad dadgena, rom SekveTebis raodenoba yidvaze Seesabamebodes SekveTebis raodenobas gayidvaze. es SeunarCunebda specialistis safondo portfels erT mudmiv dones, da misi mTliani mogeba iqneboda moTxovnisa da miwodebis fasebs Soris spredis toli.
magram, specialistis samuSao arc ise advilia, rogorc SeiZleba mogveCvenos. bazris monawileebTan axali informaciebi midis sxvadasxva dros da sxvadasxvanairad aRiqvamen mas, rac gavlenas axdens aqciaTa fasebze. specialisti, romelic ar reagirebs axal informaciaze da ganagrZobs garigebebs moTxovnisa da miwodebis Zveli fasebiT, male miiRebs SekveTebs bazris mxolod erTi mxridan (mxolod yidvaze, an mxolod gayidvaze). Tu siaxleebi xelsayrelia aqciebis mocemuli saxisTvis da specialistma amis gaTvaliswinebiT ar daaregulira moTxovnisa da miwodebis fasebi, maSin SekveTebi yidvaze ufro meti iqneba vidre gayidvaze. SekveTebis es nakadi male amowuravs specialistis mTel marags da mas ar eqneba market-meikeris funqciis Sesrulebis unari. amas garda, specialisti dazaraldeba Tuki igi gayidis aqciebs Tavis portfelidan iafad realur fasTan SedarebiT. specialisti mzad unda iyos Secvalos moTxovnisa da miwodebis fasebis done axali informaciebis Sesabamisad. Zalze konservatul specialistsac ki, romelic cdilobs gamoimuSavos mxolod moTxovnisa da miwodebis fasebis spredis xarjze, esaWiroeba umaRlesi ostatoba, raTa SeinarCunos wonasworoba moTxovnasa da miwodebas Soris cvalebad sabazro pirobebSi.
moTxovnasa da miwodebas Soris spredi Seadgens specialistis mTlian Semosavals; amitom, sxva Tanabar pirobebSi, rac ufro farTea es spredi, miT ufro metia specialistis mogeba. magram, birJa Tavis mxriv akontrolebs specialistis saqmianobas, raTa uzrunvelyos spredis viwro diapazonSi moqceva. magram am SemTxvevaSic specialists aqvs garkveuli Tavisufleba fasebis donisa da fasTasxvaobis dadgenisas. im periodebSi, rodesac aqciebis bazarze gaurkvevlobaa, romelic gamowveulia bazris saerTo mdgomareobiT, an movlenebiT romelic mxolod specialistis fasian qaRaldebze axdens gavlenas, specialists SeuZlia spredis gafarToeba.
drodadro arasabirJo Treiderebi SeiZleba flobdnen met informacias aqciebis momaval fasze, vidre specialisti. amgvari informaciebis mqone Treiderebs uwodeben informirebul Treiderebs. maTgan sapirispirod arseboben likviduri Treiderebi - Treiderebi, romlebic yiduloben fasian qaRaldebs mxolod imitom, rom maT gaaCniaT investirebisaTvis Tavisufali saxsrebi, da yidian imitom, rom esaWiroebaT naRdi fuli. Tu specialisti waawydeba informirebul Treiders, maSin man SeiZleba izaralos vaWrobis dros informaciis naklebobis gamo. maSasadame, vaWrobis uCveulo mimdinareobisas xSirad specialistis pirveli reaqciaa moTxovnisa da miwodebis fasebs Soris sxvaobis gazrda. spredis farTo diapazoni zrdis "usafrTxoebis zRurbls" specialistisTvis, radgan es zrdis mis Semosavals.
amasTan, unda aRiniSnos, rom specialisti ufro metadaa informirebuli, vidre TreiderTa umravlesoba. informaciis erT-erTi saukeTeso wyaros warmoadgens is, rom specialisti awarmoebs limitirebuli davalebebis wigns, romelSic Cawerilia klientebis yvela SekveTebi, romlebic elian Sesrulebas. limitirebuli SekveTa - es aris davaleba aqciebis garkveul fasad yidvis an gayidvis Taobaze, rodesac es xelmisawvdomi iqneba. aseTi wignis warmoeba uzrunvelyofs specialistis privilegirebulobas aqciebze moTxovnisa da miwodebis Sesaxeb informaciis miRebaze da es informacia SeiZleba iyos metad Rirebuli. magaliTad, warmovidginoT situacia, roca aqciebis fasi $30, xolo limitirebuli SekveTebis wignSi daregistrirebulia didi raodenobis davalebebi aqciebis gayidvaze fasiT $30,50. Sesabamisad, specialistma icis, rom gasayidad gamotanili didi raodenobis aqciebi Tavidan aacilebs fasebis Zlier matebas. es miuTiTebs specialists imaze, rom ar aris aqciebis maragebis gazrdis saWiroeba fasebis mkveTri zrdis imediT.
sxva mniSvnelovani gadawyvetileba, romelsac specialisti Rebulobs, Seexeba aqciebis maragis aucilebel moculobas. specialists unda gaaCndes aqciebis garkveuli maragi myisieri moTxovnis dakmayofilebis mizniT. magram, Tu specialisti varaudobs, rom uaxloes momavalSi aqciebis fasi moimatebs, maSin man unda gazardos Tavisi maragi. es SeiZleba gakeTdes fasebis donis mcire koreqtirebiT an moTxovnisa da miwodebis fasebis spredis cvlilebiT. spekulatiuri mogebis miRebis SesaZlebloba, privilegirebuli informirebulobis safuZvelze, warmoadgens specialistisTvis Semosavlis mniSvnelovan potenciur wyaros, romlis ignorirebac ar SeiZleba.
specialisti rogorc brokeri. rogorc zemoT iTqva, specialisti cdilobs miiRos mogeba spredis saxiT yvela garigebidan, romelSic is monawileobs. magram aqciebTan dakavSirebul garigebaTa umravlesobaSi is monawileobs ara sakuTari interesebidan, aramed klientis interesebidan gamomdinare. specialistisTvis tipuria brokeris roli, rogorc es garigebaTa 80-85%-is dros xdeba. amgvar garigebebSi specialistebi exmarebian garigebis dadebaSi sxvebs. birJis wesebi reglamentis CarCoSi aqceven specialistebis savaWro saqmianobas.
limitirebuli davalebebis (SekveTebis) wignSi specialisti akeTebs Canawers klientebis mzadyofnis Sesaxeb iyidon an gayidon aqciebis garkveuli saxeobebi. rogorc wesi, wignSi aris mravali SekveTa sxvadasxva fasebSi yidvasa da gayidvaze. analizi rom ufro konkretuli gavakeToT, davuSvaT rom vaWroba axlaxan Catarda fasiT $40 - erT aqciaze, xolo specialists aqvs limitirebuli SekveTa gayidos aqciebi $40,25 da $41, da iyidos aqciebi $39,75 da $39. specialists ki am dros urCevnia iyidos aqciebi $39,50-ad da gayidos $40,50-ad. amgvarad, specialisti ar sTavazobs arc moTxovnis yvelaze maRal fass da arc miwodebis yvelaze dabal fass. specialisti valdebulia aCvenos potenciur klients moTxovnis yvelaze maRali da miwodebis yvelaze dabali fasebi, romelic Cvens SemTxvevaSi iqneboda $39,75 da $40,25 Sesabamisad. am situaciaSi klients SeuZlia iyidos aqcia $40,25-ad, xolo gayidos - $39,75-ad, da am SemTxvevaSi specialistis moqmedeba iqneboda brokeris moqmedebis Sesabamisi. amgvarad, imisaTvis rom garigebaSi miiRo monawileoba rogorc myidvelma an rogorc gamyidvelma, specialistma unda SesTavazos meti fasi vidre es miTiTebulia limitirebul SekveTaSi yidvaze, da unda moiTxovos ufro naklebi fasi, vidre es nebismier SekveTaSi gayidvaze aris miTiTebuli.
meore wesi, romlis gamoc xSirad specialisti garigebaSi monawileobisagan ikavebs Tavs, imaSi mdgomareobs, rom Tanabari fasebis pirobebSi birJis sxva monawileTa SekveTebs eniWeba upiratesoba vidre specialistis davalebas. raTa naTeli iyos am wesis moqmedeba, davuSvaT rom aris SekveTa garkveuli saxis aqciebis yidvaze fasiT - $40. es SekveTa unda aisaxos limitirebuli SekveTebis wignSi. da manam, sanam es SekveTa wignSia, specialists ara aqvs ufleba TviTon iyidos aqciebi $40 -ad. am situaciaSi specialistma unda Seasrulos mocemuli SekveTa da miiRos sakomisio gasamrjelo dadebuli garigebidan (Cveulebriv, specialistis sabrokero sakomisio Seadgens daaxloebiT 2 cents aqciaze). es wesi gamoiyeneba gayidvaze limitirebuli SekveTis drosac.
niu-iorkis safondo birJis wesebiT arsebobs 4 tipis specialisti: regularuli (regular), damxmare (relief), asocirebuli (associate), droebiTi (temporary). damxmare specialisti regularuli specialistis aryofnis periodSi Tavis Tavze iRebs maT funqcias. asocirebuli specialistebi exmarebian regularul specialistebs operaciebis ganxorcielebaSi, magram ar acxadeben kotirebas da ar atareben operaciebs Tavisi xarjiT. droebiT specialistebs niSnavs birJis administracia sagangebo situaciebis dros.
specialistis movaleobebi. rogorc ukve vnaxeT, specialists miniWebuli aqvs birJisgan mniSvnelovani savaWro upiratesobebi. magram am upiratesobebTan dakavSirebulia zogierTi movaleobebic. upirveles yovlisa, specialisti valdebulia "akeTos aqciebis bazari da ganaxorcielos vaWroba 100 aqciis Semcveli lotebiT. specialists ar SeuZlia ganze dgoma. im SemTxvevaSic ki, Tuki mas ara aqvs damatebiTi SekveTebi klientebisgan, specialisti mainc unda vaWrobdes specialistis meore movaleobaa mxari dauWiros fasebis Tanmimdevrobas (memkvidreobas). magaliTad, Tu aqciebze bolo garigebis fasi iyo $50, xolo moTxovnisa da miwodebis fasebis mimdinare spredi Seadgens $45 da $55-s, birJa moiTxovs specialistisagan awarmoos vaWroba ufro viwro diapazonSi. im aqciebisTvis, romlebzec ufro xSirad ideba garigebebi, spredi Seadgens $0,125-dan $0,25-mde. da bolos, specialistis mesame movaleobaa fasebis stabilizacia. anu, uzrunvelyon aqciebis likviduroba da bazris stabiluroba, e.i. fasebis zrdis SemTxvevaSi - gayidon aqciebi, xolo fasebis dawevis SemTxvevaSi - SeiZinon isini. isini moqmedeben bazris sawinaaRmdegod da amiT icaven fasebis mkveTri dacemisagan.
daskvna. specialistis mdgomareoba safondo birJaze unikaluria. yvela garigeba xorcieldeba specialistis meSveobiT, romelic moqmedebs an rogorc brokeri, an rogorc calkeuli garigebebis damoukidebeli monawile. limitirebuli davalebebis wignis warmoeba specialists aZlevs privilegias bazris Sesaxeb informaciis miRebaSi, rac Zalze mniSvnelovania. amasTan erTad, specialisti SeiZleba Seejaxos ufro sruli informaciis mqone Treiders, da masTan vaWrobisas SeiZleba mniSvnelovani zarali ganicados. birJis mier specialistisaTvis miniWebuli monopolisturi mdgomareobis sanacvlod, man unda "akeTos bazari", daicvas spredi da izrunos fasebis stabilizaciaze. savaWro darbazis brokeri. marTalia yvela SekveTa saboloo angariSiT specialistTan midis, romelsac is asrulebs, savaWro darbazis brokerebic mniSvnelovan rols TamaSoben. rogorc wesi, isini aioleben msxvili SekveTebis Sesrulebas. savaWro darbazis brokerebi SeiZleba iyos msxvili sabrokero firmis TanamSromeli, magaliTad, meril linCis. an davaleba SesaZlebelia daamuSaos damoukidebelma brokerma, romelic gamoimuSavebs imiT, rom exmareba gankargulebis SesrulebaSi, romelic modis savaWro darbazSi. yvela SemTxvevaSi, savaWro darbazis brokeri gadascems SekveTebs specialists da Tvals adevnebs mis Sesrulebas.
magram savaWro darbazis brokeri bevrad ufro metia, vidre ubralo Sikriki. ramdenadac savaWro darbazis brokerebi amuSaveben did SekveTebs, davalebebis Sesrulebisas maT gaaCniaT manevris Tavisufleba da isini cdiloben es gaakeTon saukeTeso fasiT. magaliTad, Tu aris davaleba didi odenobis aqciebis Sesyidvaze, SeiZleba araswori iyos misi dauyovnebliv Sesruleba. SesaZloa, brokerma miiRos ufro dabali fasi Tuki is gankargulebis nawils Seasrulebs exla da meore nawils cota xnis (ramdenime wuTis) Semdeg.
ramdenadac savaWro darbazis brokeris Semosavali damokidebulia dadebuli garigebebis raodenobaze, isini dainteresebulni arian garigebebi rac SeiZleba swrafad dadon. aseve maT ician, rom sabrokero firma, romelic maT gadascems SekveTas, aseTive warmatebiT SeeZlo es SekveTa vinme sxvisTvis gadaeca. ase rom brokers aqvs stimuli garigeba awarmoos saukeTeso fasiT.
davalebebis moZraoba. exla Cven ganvixilavT davalebebis moZraobas klientidan savaWro darbazamde, rogor muSavdeba igi da informacia garigebaze rogor miewodeba klients. davaleba SeiZleba Semovides praqtikulad nebismieri mxridan. warmovidginoT, magaliTad klienti maiamiSi, florida, romelsac surs iyidos IBM -is aqciebi, romelic kotirebs niu-iorkis safondo birJaze (NYSE). radganac klienti ar aris NYSE -is wevri, man unda awarmoos vaWroba birJis wevris meSveobiT, magaliTad sabrokero firmis meSveobiT.
angariSis gaxsna. bevr sabrokero firmas, mag., "pein uebber"-i da "meril linCi", aqvT ofisebi yvela did qalaqSi. imisaTvis, rom klientma SeZlos vaWrobis dawyeba sabrokero firmis meSveobiT, man aucileblad unda gaxsnas sabrokero angariSi. raime specialuri moTxovnebi angariSis gaxsnisaTvis Cveulebriv ar aris, Tu ar CavTvliT ramdenime formis Sevsebis aucileblobas. Tumca zogierTi saxis angariSis gaxsnisaTvis SeiZleba moiTxovon depozitis gaxsna sabrokero firmaSi da gadaxdisunarianobis damadasturebeli dokumentebi. angariSis gaxsnis Semdeg iniSneba angariSis warmoebisaTvis rwmunebuli piri. angariSis warmoebaze rwmunebuli - es aris ZiriTadi piri, visTanac klientma unda gadawyvitos yvela sakiTxi. am rwmunebuls aseve uwodeben brokers, magram misi funqciebi sruliad sxvaa, vidre savaWro darbazis brokerisa, romelzec zemoT visaubreT. davalebis ganTavseba da gadacema. rodesac angariSi gaxsnilia, klients SeuZlia daukavSirdes brokers telefoniT da misces davaleba. davuSvT, rom gacemulia davaleba IBM -is 100 aqciis yidvaze. klientis angariSis rwmunebuls Sehyavs davaleba sabrokero firmis kavSiris sistemaSi da is gadaecema sabrokero firmis warmomadgenlebs birJis savaWro darbazSi.
davalebis Sesruleba. birJaze Semosvlis Semdeg davaleba SeiZleba Sesruldes ori principulad gansxvavebuli xerxidan erT-erTiT: 1) Tu davaleba did moculobisaa an moiTxovs specialur damuSavebas, maSin is gadaecema savaWro darbazis brokers Sesasruleblad, razec zemoT iyo saubari. 2) Tu davaleba mcire zomisaa da ar moiTxovs specialur damuSavebas, maSin is SeiZleba damuSavdes eleqtronuli sistemis "superdot"-is (Designated Order Turnaround - DOT) meSveobiT. am SemTxvevaSi davaleba eleqtronuli saxiT gadaecema specialists da dauyovnebliv, savaWro darbazis brokeris yovelgvari monawileobis gareSe sruldeba. Cveni davaleba IBM -is 100 aqciis yidvaze - es aqtiurad movaWre aqciebisTvis mcire Tanxis garigebaa, ase rom is albaT damuSavdeba superdot-is meSveobiT. orive SemTxvevaSi brZaneba midis specialistTan.
fasiani qaRaldebis calkeul saxeobasTan muSaobisTvis birJebi awyoben Tavis savaWro darbazebs, risTvisac gamoyofen specialur savaWro wertilebs an postebs (ormoebs). specialisti imyofeba masze gapirovnebuli fasiani qaRaldis savaWro postze. savaWro posti - es aris yvela komunikaciebis e.w. nervuli centri, romelic saWiroa mocemuli fasiani qaRaldebiT garigebisaTvis. yvela brZaneba fasiani qaRaldebis yidvasa da gayidvaze, saboloo jamSi unda moxvdes mocemuli saxis fasiani qaRaldebis savaWro postze.
angariSi dadebuli garigebis Sesaxeb. rogorc ki garigeba daideba, mis Sesaxeb unda ecnobos klients, klientis sabrokero firmas da aseTi informaciis gareSe momxmarebels. amasTan, Tu davaleba Sesrulebulia savaWro darbazis brokeris mier, mas Seaqvs fasi da garigebasTan dakavSirebuli sxva informacia specialur ruqaze da gadascems mas savaWro darbazSi ganTavsebul sabrokero firmis kabinaSi. Tu brZaneba damuSavebuli iyo "superdot"-is meSveobiT, maSin specialisti ugzavnis informacias dadebuli garigebis Sesaxeb sabrokero firmis kompiuteris meSveobiT. nebismier SemTxvevaSi, sabrokero firma awarmoebs yvela informaciebis Canawerebs, romelic garigebebs Seexeba da acnobebs masze klientis angariSis rwmunebuls, xolo mas es informacia klientamde dahyavs. Cvens magaliTSi angariSze rwmunebulma pirma maiamiSi unda miiRos IBM -is aqciebis Sesyidvis damadasturebeli informacia da Seatyobinos klients maTi Sesyidvis fasis Sesaxeb.
garigebis Sesaxeb informacias birJis TanamSromlebi awvdian sazogadoebas. birJis klerks Sehyavs garigebebis monacemebi kompiuterSi, saidanac gadaecema satelegrafo lentiT es monacemebi xelismomwerebs mTel msoflioSi. garigebis dasrulebidan erT wuTSi es informacia ukve satelegrafo lentazea, rac saSualebas aZlevs yvela dainteresebul pirs gaigos am garigebis Sesaxeb.
daskvna. zemoT aRwerili yvela operacia grZeldeba ramdenime wuTi. Cveulebriv klients SeuZlia SekveTis micema da garigebis Sesaxeb informaciis miReba erTi orwuTiani satelefono saubris ganmavlobaSi.
aqciebze ganxorcielebuli garigebebze saboloo angariSsworeba warmoebs garigebis dadebis Semdeg sami samuSao dRis Semdeg. am droisTvis SemkveTma unda gadaricxos Tavis sabrokero angariSze sabrokero firmis sakomisios CaTvliT.
4.2.2. niu-iorkis safondo birJa
kanoni safondo birJebs aniWebs mniSvnelovan uflebebs rac saSualebas aZlevs maT Seqmnan mkacri sistema investorTa interesebis dasacavad. amitom birJebi TviTon amuSaveben listingis proceduras, adgenen kapitalis minimalur odenobas da '"qcevis" standartebs im kompaniebisaTvis, romelTac survili aqvT CarTon Tavisi aqciebi birJis safondo instrumentTa siaSi.
listingi (listing) - aris kompaniis aqciebis Setana mocemul birJaze kotirebuli aqciebis siaSi. amave dros sityva "listingis" qveS igulisxmeba birJaze korporaciis fasiani qaRaldebis daSvebis mTeli procedura. bevri kompania listings gadis ara marto erT birJaze. am SemTxvevaSi kompaniis fasian qaRaldze amboben, rom maT gaiares ormagi listingi.
listingis procedura Semdegnairia: birJaze registraciisTvis savaldebuloa birJis direqciisadmi konfidencialuri TxovniT mimarTva. amave dros korporacia avsebs didi moculobis anketas, romlis saSualebiTac birJa iRebs detalur informacias korporaciaze da mis operaciebze. korporacia valdebulia gamoaqveynos informacia misi biznesis Sesaxeb. amis Semdeg birJa aseve konfidencialurad pasuxobs Tanaxmaa Tu ara, rom moaxdinos aqciebis kotireba. konfidencialurad miRebuli Tanxmobidan oficialur mimarTvamde unda gavides garkveuli periodi. winaaRmdeg SemTxvevaSi procedura meordeba Tavidan.
kompaniis mier gamoSvebuli fasiani qaRaldebis listingSi Setana:
- amaRlebs kompaniis prestiJs investoris TvalSi;
- zrdis fasiani qaRaldebis reitings;
- qmnis kreditis misaRebad karg pirobebs.
amave dros fasiani qaRaldebis listingSi SetaniT kompanias:
- uCndeba damatebiTi kontroli;
- emateba valdebulebebi;
- ezrdeba xarjebi. niu-iorkis safondo birJa (NYSE) mTavar rols asrulebs aSS-s safondo bazarze da SeuZlia metoqeoba gauwios msoflios nebismier birJas. qveynis SigniT NYSE - ze mimoiqceva aqciebis mTeli moculobis 50% da fulad gamosaxulebaSi 64%; es gansxvaveba ganpirobebulia NYSE - ze aqciebis SedarebiT maRali saSualo fasiT. Tu Cven yuradRebas gavamaxvilebT mxolod qveynis Sida organizebul birJebze da gamovricxavT arasabirJo bazars, Cven gveqneba aseTi monacemebi: NYSE -is angariSebze aqciebis gayidva Seadgens mTeli moculobis 80%-s da 86%-s - fulad gamosaxulebaSi.
NYSE -is saqmianobis dasawyisad iTvleba 1792 wlis 17 maisi, rodesac aSS-Si 24 brokerma daarsa aqciebis pirveli organizebuli bazari. es Sexvedra moewyo Zveli Wadris xis qveS, im adgilze, sadac dRes uol-stritis #68-Si dgas saxli. 1817 wels uwodes "aqciebisa da gacvliTi operaciebis niu-iorkis sabWo" (New York Stock and Exchange Board), xolo 1863 wlidan birJas mieniWa saxeli, romelic dRemde hqvia.
Tavisi ganviTarebis dasawyisidan NYSE kolosalur zomamde gaizarda. es aisaxeba misi vaWrobebis moculobaSi. birJis istoriaSi Yyvelaze cud dRed 1830 wlis 16 marti iTvleba - am dRes gaiyida mxolod 31 aqcia. miuxedavad aseTi periodebisa, NYSE - ze mudmivad izrdeboda vaWrobis moculobebi. dRes, normaluri saSualo dRiuri navaWri 100 milion aqcias aWarbebs. 1987 wlis ianvarSi NYSE -ze vaWrobis dRiurma moculobam pirvelad 300 milion aqcias miaRwia. korporaciam, romelsac pretenzia aqvs, rom Tavisi aqciebis kotireba moaxdinos niu-iorkis safondo birJaze, unda daakmayofilos is minimaluri raodenobrivi maCveneblebi, romlebic daadgina birJam (ix. cxrili 4.2.)
cxrili 4.2.
NYSE -ze listingisaTvis sawyisi moTxovnebi 1mimdinare wliuri Semosavali ( dabegvramde) - $ 2,5 mln2wina or weliwadSi MmiRebuli Semosavali - $ 2,0 mln3wminda materialuri aqtivebi - $ 18,0 mln4mimoqcevaSi arsebuli aqciebis sabazro Rirebuleba - $ 18,0 mln5brunvaSi gamoSvebuli aqciebis raodenoba - 1,1 milioni6minimum 2000 aqcioneri, romelTac TiToeuls gaaCniaT 100 da meti aqcia, an 2200 aqcioneri 100000 aqciis erToblivi Tviuri brunviT
wyaro: New York Exchange Fact Book, April 1994, p.26
garda am raodenobrivi maCveneblebisa, niu-iorkis safondo birJa kotirebis survilis mqone korporaciebis SerCevisas xelmZRvanelobs kidev oTxi kriteriumiT: 1. korporaciis direqtorTa sabWoSi ara nakleb ori kacisa unda iyvnen "gareSe" direqto-
rebi. "gareSe" direqtori ar unda warmoadgendes am korporaciis, misi ganyofilebebis da Svilobili sawarmoebis mmarTvels an momsaxures, umaRlesi administraciuli Tanamdebobis piris naTesavs, konsultants an mrCevels, romelic iRebs regularul anazRaurebas, im firmis wevrs, romlis konsultaciebsac regularulad iyenebs korporacia. 2. direqtorTa sabWos struqturaSi aucilebelia iyos auditoruli komiteti, romelic Sedgeba mxolod korporaciis mmarTvelobisgan damoukidebeli direqtorebisgan. 3. korporacias ara aqvs iseTi moqmedebebis Cadenis ufleba, romlebsac SeuZliaT gamoiwvion mis mier gamoSvebul aqciebze xmis uflebis SezRudva an maTi anulireba. 4. korporaciis direqtorTa upirvelesi movaleoba unda iyos aqcionerTa interesebis dacva. ar SeiZleba direqtorTa piradi interesebis dakmayofilebisas Seilaxos aqcionerTa interesebi. korporaciam Tavisi aqciebis listingSi Sesatanad birJis direqcias unda warudginos agreTve Semdegi dokumentebi: firmis wesdeba, aqciis sertifikatis nimuSi, bolo sami wlis angariSi, emisiis prospeqti da yvela im dokumentis asli, romlebsac fasiani qaRaldebis komisia iTxovs. garda amisa, birJa korporaciisgan iTxovs dokumentebs, romlebSic asaxulia direqtorTa Semadgenloba da xelfasebi, direqtorTa da maTi naTesavebis mier kontrolirebadi aqciebis raodenoba. korporaciaSi daqiravebul mosamsaxureTa raodenobas, romlebic ar warmoadgenen mmarTvel personals da arian korporaciis aqcionerebi.
korporacias mis mier gamoSvebuli aqciebis kotirebisTvis niu-iorkis safondo birJa axdevinebs "Sesasvlel Senatans". jamuri Senatani Sesdgeba ori nawilisagan:
- fiqsirebuli - yvela korporaciisTvis saerTo sabazo Tanxa.
- cvalebadi, romelic gamoSvebuli aqciebis raodenobasTanaa dakavSirebuli. rac metia aqcia, miT metia gadasaxadi. SemdgomSi korporaciebi, romelTa aqciebi agrZeleben kotirebas birJaze, valdebulni arian gadaixadon yovelwliuri gadasaxadi.
birJis direqtorTa sabWo afasebs agreTve korporacias im kuTxiT, Tu ramdenadaa cnobili qveynis masStabiT, dargis masStabiT, aseve misi ganviTarebis saerTo mdgomareobiT da perspeqtivebiT, korporaciis produqciis konkurentunarianobiT gare bazarze, misi finansuri politikiT, SemosavlianobiT, gadaxdisunarianobiT.
ucxoeTis firmebs, romelTac survili aqvT, rom maTi aqciebi CarTul iqnen niu-iorkis safondo birJis siaSi, birJa uyenebs Semdeg moTxovnebs:
1. jamuri Semosavali gadasaxadebis gadaxdamde, romelic miRebulia bolo 3 wlis ganmavlobaSi unda Seadgendes araumetes $100 000 000 im pirobiT, rom 3 wlis ganmavlobaSi Semosavali weliwadSi ar iyo $25 000 000 -ze naklebi ; 2. aqciebis Rirebuleba unda iyos minimum $100 000 000;
3. aqcionerTa sakuTrebaSi unda imyofebodes ara nakleb 2 500 000 aqcia, romelTa jamuri sabazro Rirebuleba unda iyos aranakleb $100 000 000;
delistingi - anu fasiani qaRaldebis kotirebis Sewyveta xdeba or SemTxvevaSi: birJis sabWos gadawyvetilebebiT an TviT kompaniis moTxovniT. delistingi xdeba Tu:
- emitenti gamocxadebulia bankrotad an misi finansuri mdgomareoba miCneulia aradamakmayofileblad;
- fasiani qaRaldebis ganTavseba aRwevs Zalze mcire masStabebs da ar akmayofilebs listingis minimalur moTxovnebs;
- emitenti akeTebs werilobiT gancxadebas maTi fasiani qaRaldebis kotirebidan moxsnaze;
- emitentis fasiani qaRaldebi gamoxmobili arian ukan Casabareblad an gasacvlelad axalze, dayofis, Serwymis da sxva SemTxvevaSi;
- darRveulia SeTanxmeba listingze; mravali aqcia, romlis kotirebac NYSE -ze warmoebs, kotirdeba aseve sxva birJebzec. yvela aqciaze Catarebuli operaciebi, romelic NYSE -is listingSi Sedis, naCvenebia fasian qaRaldebze dadebuli garigebebis (maTi dadebis adgilis miuxedavad) informaciebis gaerTianebul sistemaSi. sxva organizaciebi, romlebic monawileoben informaciebis gaerTianebul sistemaSi, warmoadgenen amerikul, wynari okeanis, CrdilodasavleTis, bostonis, filadelfiis safondo birJebs, birJa cincinatSi; fasiani qaRaldebis dilerebis nacionaluri asociacia; da instineti (es ukanaskneli ori organizacia warmoadgens arasabirJo bazris nawils). NYSE awvdis gaerTianebul sistemas mTeli informaciis moculobis 80-85%-s, Semdeg modis Crdilo-dasavleTis da wynari okeanis birJebi. amerkuli safondo birJa (AMEX) informaciis gaerTianebul sistemaSi umniSvnelo rols TamaSobs, vinaidan Zalian mcire raodenobis kompaniebis aqciebi kotirdeba rogorc NYSE -ze, ise AMEX-ze.
birJaze wevroba adgilis mflobels mniSvnelovan uflebebs aniWebs. specialists, magaliTad limitirebuli SekveTebis wignis mniSvnelovan informaciebze gaaCnia monopoliuri ufleba. sabrokero firma iRebs uflebas Seasrulos klientis SekveTa da momsaxurebisTvis miiRos sakomisio. amitom birJis wevroba warmoadgens Zvirfas aqtivs, romliTac aqtiurad vaWroben bazarze. informacia NYSE ze fasiani qaRaldebiT yoveldRiuri garigebebis Sesaxeb, farTod Suqdeba finansur presaSi. The Wall Street Journal - i aqveynebs gaerTianebuli sistemis konsolidirebul cnobas saTauriT "informacia niu-iorkis safondo birJaze dadebuli garigebebis Sesaxeb"(NYSE-Composite Transactions).
4.3. meoradi bazari: arasabirJo bazari arasabirJo bazars mniSvnelovani adgili uWiravs fasiani qaRaldebis brunvis sferoSi. igi warmoadgens erTdroulad safondo birJis konkurents da mis organul danamatsac. magaliTad, obligaciebiT vaWrobaSi arasabirJo bazari avsebs safondo birJas, xolo aqciebiT vaWrobaSi isini erTmaneTis konkurentebi arian.
ZiriTadi gansxvaveba birJasa da arasabirJo bazars Soris mdgomareobs SemdegSi:
1. arasabirJo brunvis dros ar arsebobs erTiani fizikuri centri operaciebis gansaxorcieleblad (anu ar arsebobs misTvis gankuTvnili adgili, saoperacio darbazi da a.S.), garigebebi fasiani qaRaldebis yidva-gayidvaze xorcieldeba satelefono da kompiuteruli qselis daxmarebiT;
2. Tu birJebi moqmedeben auqcionis principiT ("ormagi auqcioniT") da operaciebis regulireba xdeba wesebiT, romelsac adgens birJis xelmZRvaneloba, arasabirJo bazarze fasebi dgindeba molaparakebis gziT da wesebiT, romelsac aregulirebs arasabirJo bazari.
3. sabirJo procesis monawileebi moqmedeben viwro specializaciis farglebSi(brokerebi, specialistebi da a.S.), arasabirJo bazarze ki Suamavlebi erTmaneTs uTavseben brokeris da specialistis funqciebs. swored am gansxvavebebma ganapiroba arasabirJo bazrebis dasaxeleba (Over-the-counter: pirdapiri TargmaniT "daxlis meSveobiT vaWrobas" niSnavs). igi warmoiSva imis gamo, rom am vaWrobis monawileni aRiqmebodnen, rogorc sacalo vaWrobis monawileebi, romlebic aqciebs iseve yiddnen, rogorc qsovilebs maRaziaSi. amas garda, arasabirJo bazari warmoiSva rogorc sabirJo brunvis alternativa, ramdenadac bevrma axalma kompaniam, romelic acxadebda xelmoweras aqciebze da gaxda sakmaod cnobili, ver SeZlo birJaze gamosvla, radgan maTi parametrebi ar Seesabamebodnen im kriteriumebs, romlebic wardgenili iyo maT mimarT fasiani qaRaldebis birJaze registraciisaTvis. aseTi mdgomareoba SenarCunebulia dResac: amJamad AaSS-Si mimoqcevaSia 20 aTasi sxvadasxva firmis fasiani qaRaldi, magram AaSS-s yvela birJaze erTad daregistrirebulia 3 aTasi saxis aqciaze naklebi. danarCeni kompaniebi iZulebulni arian gamonaxon alternativa safondo faseulobebze operaciebis Casatareblad. is faqti, rom romelime korporaciis aqciebi ar aris daregistrirebuli safondo birJaze, jer kidev ar niSnavs, rom misi fasiani qaRaldebisaTvis ar aris sasargeblo bazari (mag., kompania "enl kompiuter"-is birJaze dauregistrirebeli aqciebi ufro gasavliania, vidre kompania "uoles kompiuter"-is aqciebi, romlebic daregistrirebulia birJaze).
ufro metic, ukanasknel wlebSi bevri kompania, romlebic pasuxoben birJaze registraciis kriteriumebs, mainc ar axdenen TavianTi aqciebis kotirebas birJaze. maT surT gamoiyenon arasabirJo bazari imdenad, ramdenadac, arasabirJo brunvis ganStoebuli sistema, romelSic CarTulni arian dilerebi, metad sargebliania vidre birJebis mkacri da centralizebuli sistema, sadac yvela operacia xorcieldeba specialistebis daxmarebiT. amis miuxedavad, aSS-Si (da ara marto aSS-Si) sayovelTaod cnobili kompaniebi mainc arCeven safondo birJas, vinaidan maTi moTxovnebis simkacresTan erTad iZleva ufro garantirebul sivrceSi, anu organizebul bazarze moqmedebis saSualebas. amgvarad, arasabirJo brunvaze warmodgenili fasiani qaRaldebi araerTgvarovania, isini SeiZleba daiyos ramdenime jgufad:
- mcire firmebis aqciebi, romlebic moqmedeben ekonomikis tradiciul dargebSi da ar gaaCniaT zrdis perspeqtivebi; - msxvili sakredito-safinanso dawesebulebebis -gansakuTrebiT bankebis aqciebi, romlebic tradiciulad SemosazRvraven TavianTi aqciebis moZraobis sferos arasabirJo bazriT; - kompaniebis aqciebi, romlebic dafuZndnen ekonomikis axal da uaxles dargebSi da potenciurad SeuZliaT gardaiqmnan msxvil korporaciad; - mcire kompaniebis aqciebi, romlebic awarmoeben navTobis da gazis sadazvervo burRvebs; - saxelmwifo fasiani qaRaldebi, municipaluri organoebis da korporaciebis obligaciebi; - ucxo qveynis safondo fasiani qaRaldebi da amerikuli depozituri xelwerilebi; - aqciebis axali gamoSveba. aSS-Si arasabirJo brunva eyrdnoba komunikaciur sistema NASDAQ-s, romelic Seqmnilia aSS-s safondo dilerebis nacionaluri asocoaciis(National Association of Securities Dealers - NASDAQ) mier da amoqmedda 1971 wels. sistema NASDAQ -ma Tavisi Seqmnidan sul raRac ori aTeuli wlis ganmavlobaSi SeZlo aSS-s safondo bazarze mZlavr Zalad gadaqceuliyo. am sistemis farglebSi amJamad kotirebs amerikis da ucxoeTis kompaniebis aqciebis ufro meti raodenoba, vidre amerikis yvela birJaze erTad aRebuli. arasabirJo bazris SesaZlebloba - Tavisi arxebiT gaataros miliardobiT aqcia, gviCvenebs rom organizaciuli TvalsazrisiT igi metad maRalganviTarebulia. ufro metic, sistema NASDAQ-is teqnikuri SesaZleblobebi saSualebas iZleva CarTos yvela is aqciebic, romlebic kotireben birJebze. am sistemaSi fasiani qaRaldebis dilerebad gamodian 360 firmaze meti.
NASDAQ - is sistemaSi mosaxvedrad, kompaniam unda daaregistriros Tavisi fasiani qaRaldebi fasiani qaRaldebis kanonis an sainvesticio kompaniebis Sesaxeb kanonis Sesabamisad. maT unda gaaCndeT minimum rogorc 100 aTasi aqcia ganTavsebuli sajaro xelmoweriT da aerTianebdnen rogorc minimum 300 aqcioners.
NASDAQ - is sistemaSi moqmedeben rogorc brokerebi, aseve dilerebi, romlebic Rebuloben mogebas ara sakomisios(commission) formiT, aramed fasnamatis (markup) formiT aqciis realizaciisas.
NASDAQ - is gamoCenamde arasabirJo bazari iyo wminda satelefono an arsebobda "vardisferi furclebis"(pink sheets) formiT. pirvel SemTxvevaSi brokeri, romelsac surda Seesrulebina klientis davaleba ama Tu im fasiani qaRaldebis yidvaze, romelic ar iyo birJis listingSi, ubralod ukavSirdeboda telefoniT am fasiani qaRaldis romelime market-meikers da amoarCevda ukeTes kotirebas; meore SemTxvevaSi igi ecnoboda "vardisfer furclebSi" warmodgenil kotirebebs, xolo Semdeg isev ukavSirdeboda telefoniT dilers.
NASDAQ - is sistemam mniSvnelovnad gaamartiva da daaCqara ukeTesi fasis SerCevis procedura. market-meikerebs SeaqvT TavianTi kotirebebi kompiuterSi, rac SesaZleblobas iZleva momentalurad Sefasdes situacia da SeirCes ukeTesi kotireba.
NASDAQ - i xelmisawvdomia ramodenime donis momxmareblisaTvis:
pirveli done - wminda sainformacio sistema, romelic iZleva gayidvisa da yidvis saukeTeso fasebis Sesaxeb monacemebs; meore donis sistemis momxmarebels aqvs SesaZlebloba gaecnos yvela market-meikeris kotirebebs, mesame done - xelmisawvdomia mxolod im market-meikerebze, romlebic cvlian TavianT kotirebebs.
NASDAQ - Si aqciebidan 2900-ze meti Sedis nacionalur sabazro sistemaSi - NMS (national market system) - es aris yvelaze soliduri emitentebis aqciebi. Sesrulebul garigebasa da mis Sesaxeb Setyobinebas Soris Sualedi ar unda aRematebodes 90 wams. titoeul fasian qaRalds unda hyavdes rogorc minimum 4 market-meikeri.
aRsaniSnavia, rom dReisaTvis NASDAQ - is prestiJi imdenad maRalia, rom zogierTma kompaniebma, romelTa aqciebi am sistemaSi kotireben, miaRwies ra niu-iorkis safondo birJaze kotirebisaTvis sakmaris parametrebs, amjobinebs NASDAQ - Si darCenas (mag. "intel", "maikrosoft", "eppl, "emsiai", "nisan").
4.3.1. kotirebis tipebi arasabirJo bazarze
arsasabirJo bazarze kotireba SeiZleba iyos saorientacio an myari. saorientacio kotirebis ("subject quotes") SemTxvevaSi kotirebuli fasi moiTxovs dasturs. brokers (dilers) SeuZlia Seisyidos an gayidos aqciebi am fasiT, SeuZlia aseve uari ganacxados amis gakeTebaze. kerZo SemTxvevaSi saorientacio SeiZleba iyos kotireba, romelic moiTxovs "dasrulebas" ("work out"qoute). masSi miTiTebulia yidvis an gayidvis SesaZlo fasi im pirobiT, rom brokers(dilers) aqvs dro brZanebis SesrulebisaTvis. aseTi kotireba warmoebs im SemTxvevaSi, roca brokers (dilers) daugrovda imdenad bevri brZaneba fasiani qaRaldebis gansazRvruli jgufis yidvasa da gayidvaze, rom man unda "daasrulos" Tavisi pozicia brZanebis Sesrulebaze. myari kotirebis ("firm quotes") dros mieTiTeba faqtiuri fasi, romelic wardgenilia konkretuli saxis fasiani qaRaldis gayidvis an yidvisaTvis. dileri, romelic iZleva myar kotirebas, mzad unda iyos ganaxorcielos gayidva an yidva miTiTebuli fasiT, rogorc minimum, erTi saoperacio erTeuliT (Cveulebriv 100 aqcia an 5 obligacia).
brokers (dilers) Seaqvs kompiuterSi fraza "moTxovna-winadadeba yidvaze" an "moTxovna-winadadeba gayidvaze" ("bid wabted" or "offer wanted"): Tu mas magaliTad surs gayidos romelime korporaciis fasiani qaRaldi, magram ar Rebulobs SekveTebs an piriqiT, Tu mas surs Seisyidos romelime korporaciis qaRaldebi, ar aqvs winadadebebi. am SemTxvevaSi fasi ar mieTiTeba.
arasabirJo bazarze SeiZleba ganxorcieldes operaciebi fasiani QqaRaldebis sabiTumo da sacalo yidva-gayidviT(wholesale and reteil trading). biTumad movaWreebad (wholesale traders, wholesalers) iTvlebian brokerebi (dilerebi), romlebic axorcieleben operaciebs sxva dilerebTan an msxvil institucionalur investorebTan. dilerebi, romlebic yidian fasian qaRaldebs individualur investorebze, moqmedeben e.w. sacalo arasabirJo bazarze(retail OTC market).
4. 4. fasiani qaRaldebis mesame da meoTxe bazrebi
fasiani qaRaldebis bazrebze garigebebis moculoba meryeobs erTi aqciidan uzarmazari raodenobis aqciebamde. arastandartuli lotebiT vaWroba SeiZleba xandaxan iyos ufro ZviradRirebuli, radgan SeiZleba gadaeces brokers arasruli lotiT Sesrulebis brZaneba. meores mxriv, zogierTi operaciebi warmoebs didi odenobis aqciebiT. 10 000 da meti aqciiT warmoebul operaciebs uwodeben - vaWroba fasiani qaRaldebis msxvili paketebiT anu blokebiT. amgvari vaWroba warmoebs milionobiT, xandisxan ki miliardi dolaris Rirebulebis fasian qaRaldebze, da igi xorcieldeba iseTi msxvili instituciuri Treiderebis mier, rogoricaa sapensio fondebi, saqvelmoqmedo organizaciebi. blokebiT vaWroba organizebuli birJebis saqmianobis mniSvnelovani Semadgeneli nawilia, gansakuTrebiT ki niu-iorkis safondo birJaze - NYSE-ze. me-20 saukunis bolos organizebuli vaWrobis birJaze blokebiT vaWrobas mTliani aqciebiT vaWrobis 55% ekava, rac saSualod 6000 aseT operacias gulisxmobda. blokebad gayiduli aqciebis saerTo raodenoba weliwadSi 35 miliards aWarbebs. wlis yvelaze didi garigeba daido 14,1 milion aqciaze.
miuxedavad imisa, rom blokebiT vaWroba NYSE-ze daaxloebiT mTeli garigebebis naxevars Seadgenda, saukunis bolos misi mniSvneloba Semcirda. NYSE am metad momgebiani paketebisaTvis konkurencias uwevs mesame da meoTxe bazrebs. maT es saxeli daerqvaT imis gamo, rom isini warmoiSvnen pirveladi (axali gamoSvebis aqciebis bazris) da meoradi (organizebuli birJebi da arasabirJo bazrebi) bazrebis Semdeg.
mesame bazari es aris bazari, romelzec tardeba operaciebi aqciebis did paketebze organizebuli birJebisa da arasabirJo bazrebis gareT. am bazarze ZiriTadi Treiderebia msxvili finansuri institutebi, romelTac xSirad esaWiroebaT aqciaTa msxvili blokebis gadaadgileba. mesame bazarze brokerebis saqmianobas warmoadgens gamyidvelebisa da myidvelebis Sexvedris organizeba. rogorc mesame bazarze, aseve meoTxe bazarze praqtikulad erTaderT monawiles warmoadgens instituciuri investorebi, romelTa rolic bazarze ukanaskneli 20 wlis ganmavlobaSi sul ufro izrdeba.
mesame bazari warmoiSva gasuli saukunis 60-iani wlebis bolos da 70-iani wlebis dasawyisSi organizebuli birJebis, gansakuTrebiT ki NYSE-is sakomisio struqturebis dasabalanseblad (sapirwoned). rogorc cnobilia, NYSE-s gaaCnda sakomisio Tanxebis fiqsirebuli cxrili, romelic savaldebulo iyo misi wevrebisaTvis. mocemuli cxrili msxvili, standartuli lotebiT vaWrobisaTvis iTvaliswinebda proporciul sakomisio Tanxebs. magaliTad, 50000 aqciaze sakomisio Tanxa Seadgenda 500-jer mets, vidre 100 aqciaze Semdgari garigebis dros. Sesabamisad, msxvili garigebebi did danaxarjebTan iyo dakavSirebuli. imisaTvis, rom Tavi aeridebinaT NYSE-ze maRali sakomisio danaxarjebisgan, msxvilma finansurma institutebma, sakomisio Tanxebis ekonomiis mizniT daiwyes garigebebis dadeba mesame bazarze, NYSE-is gverdis avliT.
am praqtikis daxvewis Semdgomi etapi gaxda meoTxe bazari. rogorc mesame, aseve meoTxe bazaric Sedgeba ZiriTadad instituciuri Treiderebisgan, romlebic miiltvian sakomisio xarjebis minimizaciisken. gansxvaveba mxolod imaSia, rom meoTxe bazarze finansuri institutebi erTmaneTSi vaWroben brokerebis Suamavlobis gareSe.
garkveulwilad, am ori bazris warmoqmnas xeli Seuwyo NYSE-ze fiqsirebuli sakomisio struqturis arsebobam. fiqsirebuli sakomisio ganakveTebis arsebobas wertili dausva fasiani qaRaldebisa da birJebis komisiis (SEC) Carevam, romelmac birJis wevrebs misca ufleba sakomisio Tanxebi ganesazRvraT maTi Sexedulebisamebr. es politika ZalaSi Sevida 1975 wlis 1 maiss, romelic dRes "maisis dRis" saxeliTaa cnobilia. am kanonis miRebis Semdeg, brokerebs, romlebsac survili qondaT SeTanxmebuliyvnen aqciebis msxvili paketebiT vaWrobis sakomisio Tanxaze, kvlav gadmoinacvles savaWrod NYSE-ze, razec metyvelebs yovelwliuri vaWrobis maCveneblebi dawyebuli 1975 wlidan. sxva mniSvnelovani Sedegi, romelic mohyva "maisi dRes", iyo revoluciuri cvlilebebi brokerTa saqmianobaSi. 4.5. safondo bazris indeqsebi fasiani qaRaldebis sabazro indeqsebi warmoadgenen fasiani qaRaldebis yidva-gayidvisgan miRebuli uzarmazari informaciis gaazrebisa da ganzogadebis sasargeblo instruments. amave dros, indeqsebis gamoyeneba axal problemebsac warmoSobs. jer-erTi, investoris yuradRebisTvis mravali indeqsi erTmaneTTan konkurireben, meore kidev is, rom indeqsebi erTmaneTisgan gansxvavdebian Tavisi konstruqciiTa da interpretaciiTac SeiZleba mniSvnelovnad gansxvavdebodnen erTmaneTisgan. unda aRiniSnos, rom indeqsebi yvela saxis fasiani qaRaldisaTvis arsebobs. magram obligaciebis, ofcionebis, fiuCersebis da sxva fasiani qaRaldis indeqsebi, garda aqciebis indeqsebisa, arc ise kargadaa cnobili da arc Tu ise xSirad gamoiyeneba. amitom, qvemoT yuradReba upiratesad aqciebis bazris indeqsebze iqneba gamaxvilebuli. aSS-Si yvelaze farTod iyeneben iseT sabazro indeqsebs, rogoricaa dou-jonsis indeqsi, Standard & Poor's 500 indeqsi da niu-iorkis safondo birJis naerTi indeqsi. 4.5.1. dou-jonsis indeqsi
indeqsi Seqmnes 1884 wels Carlz doum da eduard jonsma (aqedan SemoklebiTaa dou-jonsi). indeqsi modernizebuli iqna 1928 wels. igi ganisazRvreba dRis ganmavlobaSi yovel saaTSi.
arsebobs dou-jonsis oTxi indeqsi, romelic qveyndeba kompania "dou-jons end kompani"-s mier.
1. dou-jonsis saSualo samrewvelo indeqsi (Thee Dow Jones industrial Average -DJIA) - aris 30 msxvili samrewvelo korporaciis aqciebis kursis cvlilebis saSualo maCvenebeli (maT Soris ori kompania -"ameriken eqspres" da ""ameriken telefon end telegraf" - ar SeiZleba CaiTvalon samrewvelod, magram isini mainc Sedian am indeqsSi). dou-jonsis samrewvelo indeqsi warmoadgens safondo bazrebis yvelaze Zvels da yvelaze gavrcelebuls. misi Semadgenloba ar aris ucvleli, misi komponentebi SeiZleba Seicvalos AaSS-s ekonomikis da bazarze arsebuli samrewvelo korporaciis mier dakavebuli poziciidan gamomdinare, Tumca Tanamedrove pirobebSi aseTi SemTxvevebi iSviaTia.
2. dou-jonsis satransporto indeqsi (the Dow Jones Transportation Average-DJTA) - aris saSualo maCvenebeli, romelic axasiaTebs 20 satransporto korporaciis aqciebis fasebis moZraobas. 3. dou-jonsis komunaluri indeqsi (the Dow Jones Utility Average - DJUA) - saSualo maCvenebeli, romelic axasiaTebs gazisa da eleqtromomaragebis 15 kompaniis aqciebis kursebis cvlilebas.
4. dou-jonsis krebsiTi indeqsi (the Dow Jones Composite - cnobilia agreTve dasaxelebiT indeqsi - 65) - maCvenebeli, romelic dgeba samrewvelo, satransporto da komunaluri indeqsebis bazaze.
garda amisa, kompania "dow-jons end kompani" aqveynebs or sakmaod gavrcelebul indeqss obligaciebze: "dou-jonsis saobligacio indeqsi-40" (The SDow Jones 40 Bond Average) da dou-jonsis municipaluri obligaciebis Semosavlianobis indeqsi (The Dow Jones Municipal Bond Yield Average). rogorc aRvniSneT, dou-jonsis saSualo samrewvelo indeqsi yvelaze citirebadi indeqsia. erovnuli satelevizio arxebi yoveldRiurad gadmoscemen dou-jonsis indeqsis cvlilebebze informacias, da roca amboben, rom bazari gaizarda 12 punqtiT, igulisxmeba rom dou-jonsis indeqsi gaizarda 12 punqtiT. miuxedavad amisa, rogorc safondo bazris indikatori, dou-jonsis indeqsi Zalian SezRudulia, radgan is mxolod 30 yvelaze msxvili samrewvelo koncernis aqciebis fasebis cvlilebas asaxavs, romelTa kotirebac NYSE -ze xdeba. am kompaniebis ricxvSi Sedis iseTi didi kompaniebi, rogoricaa Exxon da IBM. dou-jonsis saSualo samrewvelo indeqsSi CarTuli kompaniebis CamonaTvali icvleba bazarze arsebuli mdgomareobis mixedviT, magram yovelTvis es 30 kompania warmoadgens yvelaze msxvil kompaniebs, romelTac "cisfer koWebs" uwodeben.
dou-jonsis indeqsi gamoiTvleba 30 saxis aqciis fasebis jamis SefardebiT specialur gamyofTan.
(4.1.)
sadac Pn aRniSnavs n- saxis aqciis fasia.
gamyofi- DJIA-s specialuri gamyofia.
am formulidan gamomdinare DJIA warmoadgens fasebis mimarT Sewonil indeqss, sadac TiToeuli aqcias Seaqvs Tavisi fasis Sesabamisi wvlili. radganac indeqsi damokidebulia yvela fasebis jamze, amitom DJIA ar asaxavs erTi aqciis procentul cvlilebas. magaliTad, davuSvaT, rom erTi saxis aqciebis fasi gaormagda $1 -dan $2-mde, maSin roca sxva aqciebis fasi gaizarda $100 -dan $102-mde. pirvel SemTxvevaSi aqciebi gaizarda 100%-iT, xolo meore SemTxvevaSi - mxolod 1%-iT. DJIA-s sidideze orive saxis aqciebze fasebis cvlileba erTnair gavlenas moaxdens, radgan indeqsi damokidebulia mxolod fasebis sidideze da ara maT procentul cvlilebaze.
imisaTvis, rom indeqsma zustad asaxos bazarze arsebuli fasebis done, erTi aqciis ubralod Secvlam meoreTi ar unda moaxdinos gavlena indeqsze. es principi daculi unda iyos dividendebis aqciebiT gacemisa da aqciebis danawilebis (daqucmacebis) drosac. maSasadame, indeqsis gamyofi unda icvlebodes aqciebis cvlilebebis an dividendebis aqciebis saxiT gacemisa da aqciebis daqucmacebis SesabamisobisaTvis. imisaTvis, rom ganvixiloT Tu rogor muSaobs indeqsis gamyofi, davuSvaT, rom aqciebis fasebis jami $1,689,375-is tolia, xolo indeqsis gamyofis mimdinare mniSvneloba Seadgens 0,889-s. aqedan vRebulobT DJIA-s mniSvnelobas: $1,689,375 / 0,889 = 1,900,31. exla davuSvaT, rom miRebulia gadawyvetileba DJIA-dan $6 -is Rirebulebis aqciis $ 47-ad Rirebuli aqciiT Secvlaze. cvlilebis ganxorcielebis Semdeg, aqciebis saerTo Rirebulebis jami gaxdeba $1,730,375. Tu Cven gamyofs ar SevcvliT, maSin indeqsis axali mniSvneloba 1,946,43 -is toli iqneba. amitom, erTi aqciis Secvla meoreTi, Tu am dros ar gakeTda gamyofis koreqtireba, gamoiwvevs DJIA-s zrdas 46 punqtiT. cxadia, rom aseT SemTvevaSi indeqsi ar iqneba sabazro fasebis kargi barometri.
am magaliTSi, rodesac erTi aqcia Seicvala meoreTi, gamyofic ise unda Seicvalos, rom aqciebis axali jamuri fasis - $1,730,375-is drosac SenarCunebuli iqnas indeqsis mniSvneloba 1,900,31 farglebSi. amgvarad, axalma gamyofma unda daakmayofilos Semdegi Tanafardoba:
1,900,31 = 1,730,375 / axali gamyofi
axali gamyofi = 1,730,375 / 1,900,31 = 0,9106
amitom, indeqsis mniSvnelobis ucvlelad SesanarCuneblad, gamyofi unda iyos 0,9106-is toli. am magaliTis ganzogadebiT axali gamyofis mniSvneloba Semdegnairad gamoisaxeba:
axali gamyofi = fasebis axali jami : indeqsis mniSvneloba
erTi kompaniis aqciebis meoreTi Secvlisas, axali gamyofis sapovnelad saWiroa aqciebis axali fasis dajameba. Semdeg am Tanxas vyofT indeqsis Tavdapirvel mniSvnelobaze.
dou - jonsis indeqsis mimzidvelobis erT-erTi yvelaze mniSvnelovan Taviseburebas xelmisawvdomoba warmoadgens. garda imisa, rom dou-jonsis indeqsi yvelaze citirebadia, misi indeqsis mniSvnelobas yoveldRiurad aqveynebs "uol strit jornali".
dou-jonsis indeqsis mniSvneloba 3000-s aWarbebs, maSin roca sxva indeqsebis mniSvneloba daaxloebiT 200-is tolia. TavisTavad, indeqsis done sulac ar aris arsebiTi, arsebiTia mxolod misi fardobiTi meryeoba.
4.5.2. naerTi indeqsi Standard & Poor's es indeqsi qveyndeba damoukidebeli kompaniis "sTendart end furzis" mier. igi dgeba or variantad:
1. indeqsi "sTendart end furz - 500" (Standard & Poor's 500 - S&P 500) - warmoadgens 500 kompaniis aqciebis sabazro Rirebulebis saSualo Sewonils. kompaniebi warmodgenilia masSi Semdegi proporciiT: 400 samrewvelo kompania, 20 satransporto kompania, 40 safinanso da 40 komunaluri kompania. masSi CarTulia ZiriTadad niu-iorkis safondo birJaze daregistrirebuli aqciebi, Tumca Sesulia agreTve amerikis safondo birJaze da arasabirJo bazarze kotirebuli zogierTi kompaniis aqciebi. igi ufro rTuli indeqsia vidre dou-jonsis indeqsi, magram igi iTvleba aseve ufro zustad, radganac masSi warmodgenilia ufro meti raodenobis kompaniis aqciebi. indeqsi S&P 500 -Si Sedis aqciebi, romlebic niu-iorkis safondo birJaze kotirebadi aqciebis saerTo Rirebulebis 80%-ze mets Seadgens.
rogorc zemoT aRvniSneT, am indeqsis damaxasiaTebel Taviseburebas warmoadgens is, rom indeqsi warmoadgens 500 kompaniis aqciebis sabazro Rirebulebis saSualo Sewonils. magaliTad, IBM indeqsSi "iwonis" TiTqmis 4%-s, im dros, roca General Cinema Corporation -is wona mxolod 0,05%-a. es im faqtze miuTiTebs, rom IBM -is aqciebis sabazro Rirebuleba 80-jer metia General Cinema Corporation -is aqciebis Rirebulebaze.
S&P 500-is indeqsis mniSvneloba iangariSeba 1941-1943 wlebis saSualo mniSvnelobis mimarT, roca indeqsis mniSvneloba 10-is tolad iyo miCneuli. indeqsis gaangariSebis gamartivebuli magaliTisaTvis davuSvaT, rom indeqsi Sedgeba sami saxis fasiani qaRaldisagan - ABC, DEF da GHI. cxrili 4.3.
S&P 500 -is indeqsis gaangariSeba
mimoqcevaSi arsebuli fasi Rirebuleba
aqciebikompania ABC 100 x $ 50 = $ 5000
kompania DEF 300 x $ 40 = $ 12000
kompania GHI 200 x $10 = $ 2000Tu 1941-1943 wlebSi Rirebuleba Seadgenda $ 2000 -s, maSin $ 19000 $ 2000-s miekuTvneba rogorc X - 10-s.
bazris mimdinare Sefaseba $ 19 000 = X
1941-1943 wlebis bazris Sefaseba $ 2000 10
$ 190,000 = $2,000 X
$ 95,00 = X
cxrilSi 4.2. naCvenebia, rogor iqneba samive kompaniis aqciebis Rirebuleba Sewonili indeqsis gaangariSebisaTvis. fasiani qaRaldis yoveli saxisaTvis gaiangariSeba emitentis saerTo kapitalizacia. cxrilSi samive kompaniis aqciebis saerTo Rirebuleba Seadgens $19 000-s. Tu 1941-1943 wlebSi es Rirebuleba toli iyo $2 000-is, maSin indeqsis mimdinare done gaiangariSeba rogorc es naCvenebia cxrilSi, sadac X - indeqsis mimdinare mniSvnelobaa, romelic 95-is tolia. indeqsis maTematikuri gaangariSeba Semdegnairad gamoisaxeba:
S&P =( )10, (4.3.)
sadac O. P. - 1941-1943 wlebis sawyisi mniSvnelobaa;
Ni - I kompaniis mier gamoSvebuli aqciebis raodenoba
Pi - I kompaniis aqciebis fasi TiToeuli kompaniis wona icvleba imisda mixedviT, izrdeba Tu qveiTdeba aqciebis fasi indeqsSi Semaval sxva kompaniebis aqciebis fasebTan mimarTebaSi. iseTi firmebi, rogorebicaa Exxon, IBM, mniSvnelovan zemoqmedebas axdenen indeqsze, maSin roca sxva firmebs ZlivZlivobiT SeuZliaT Secvalon isini. indeqsi gaiangariSeba mudmivad, mTeli savaWro dRis ganmavlobaSi da qveyndeba sajarod.
ofcionebiT operaciebi am indeqsiT xorcieldeba Cikagos savaWro birJaze, xolo fiuCersebi da ofcionebi fiuCersul kontraqtebze iyideba Cikagos sasaqonlo birJaze. 2. indeqsi "sTendart end furz - 100" - aseve warmoadgens saSualo Sewonil maCvenebels, magram igi Sedgeba im 100 kompaniis aqciebisgan, romelTa ofcionebi daregistrirebuli arian Cikagos ofcionebis birJaze. esenia ZiriTadad samrewveloo korporaciebi, romlebmac daaregistrires TavianTi aqciebi niu-iorkis safondo birJaze, magram masSi warmodgenilia aseve zogierTi satransporto, komunaluri da safinanso korporacia.
"sTendart end furz - 100" A indeqsze ofcionebis kotireba xdeba Cikagos birJaze, xolo fiuCersebis - Cikagos sasaqonlo birJaze. ofcionebi fiuCersebze am indeqsiT ar gamoiwereba. 4.5.3. niu-iorkis safondo birJis naerTi indeqsi
niu-iorkis safondo birJis naerTi indeqsi S&P500-ze ufro farTea, radgan igi moicavs niu-iorkis safondo birJaze kotirebad yvela aqcias. am aqciaTa ricxvi 2400 aWarbebs da Sesabamisad yvela es aqcia gamoiyeneba indeqsis gaangariSebis dros. 50 umsxvilesi kompania Seadgens NYSE-s kapitalizaciis 40%-s, xolo danarCenebze modis darCenili 60%.
indeqsSi TiToeuli kompaniis aqciebis wona misi Rirebulebis proporciulia, iseve rogorc S&P 500 indeqSi. amgvarad, NYSE -s indeqsi - saerTo Rirebulebis mimarT Sewonili indeqsia. indeqsebi NYSE da S&P 500 gaiangariSeba analogiuri wesiT. magram, niu-iorkis safondo birJis naerTi indeqsis sawyis TariRad iTvleba 1965 wlis 31 dekemberi. am indeqsis mniSvneloba gaiangariSeba Semdegi formuliT: NYSE =( ) 50, ( 4.4 )
sadac O. V. - 1965 wlis 31 dekembris mdgomareobiT NYSE- -s yvela aqciis sawyisi Rirebulebaa.
es gantoleba (4.4.) gviCvenebs, rom NYSE-is indeqsis mniSvneloba utoldeba NYSE-is yvela aqciis mimdinare Rirebulebas gayofils aqciebis 1965 wlis 31 dekembris sabazo Rirebulebaze da Semdeg gamravlebuli 50-ze masStabisaTvis. es gvaZlevs indeqsis sabaziso mniSvnelobas romelic $50-is tolia. 1974 wlis bolosaTvis indeqsis mniSvneloba, romelic 32,89 niSnulze iyo, 1980 wlisaTvis gaizarda 81,02-mde da gadaaWarba 170-s 1987 wels. 1994 wlisaTvis indeqsis mniSvneloba 300-mde gaizarda. 4.5.4. amerikis safondo birJa
amerikis safondo birJa aqveynebs or ZiriTad indeqss, romlebic gaiangariSeba sruliad gansxvavebul sawyisebze.
1. amerikis safondo birJis ZiriTadi sabazro indeqsi (AMEX - Major market index) warmoadgens 20 wamyvani samrewvelo korporaciis aqciebis fasis cvlilebis ubralo saSualo maCvenebels. igi dadgenili iqna amerikis safondo birJaze, rogorc dou-jonsis samrewvelo indeqsis Taviseburi Semcvleli, Tumca igi gaiangariSeba da qveyndeba amerikis safondo birJis mier, magram mis SemadgenlobaSi Sedis niu-iorkis safondo birJaze daregistrirebuli korporaciebis aqciebi. aRsaniSnavia, rom maTgan 15 warmodgenen dou-jonsis samrewvelo indeqsis komponentebs.
fiuCersebiT operaciebi am indeqsis mixedviT xorcieldeba Cikagos savaWro birJaze.
2. amerikis safondo birJis sabazro Rirebulebis indeqsi -(Amex Market Value Index) -warmoadgens maCvenebels, romelic ganisazRvreba masSi komponentebis saxiT CarTuli korporaciebis mier gamoSvebuliyvela aqciis sabazro Rirebulebis mixedviT. pirvelad igi gamoqveynebul iqna 1973 wels. 1983 wlis ivlisamde misi pirveldawyebiTi done iTvleboda sabazisod da utoldeboda 100 punqts. 1983 wlis ivlisSi moxda misi koreqtireba. igi moicavs komponentebis saxiT 800 gamoSvebis aqciebs, romlebic warmoadgenen amerikis safondo birJaze daregistrirebuli yvela msxvili korporaciis fasian qaraldebs, Cveulebrivi aqciebis, amerikuli depozituri xelwerilebis da xelmoweriTi sertifikatebis CaTvliT. teqnikuri TvalsazrisiT es indeqsi iTvleba unikalurad imis gamo, rom misi gaangariSebisas gaiTvaliswineba, rom mis SemadgenlobaSi Semaval aqciebze dividendebi naRdi formiT ganicdian reinvestirebas rac gamoixateba indeqsSi.
ofcionebis kotireba am indeqsiT xdeba amerikis safondo birJaze.
4.5.5. sxvadasxva qveynebis indeqsebi
inglisis ZiriTadi sabirJo indeqsebia:
"ft-30" (FT-30-share index, Financial times industrial ordinary Index) - warmoadgens inglisSi uZveles indeqss (1935 w.) da iangariSeba 30 emitentis (samrewvelo da savaWro kompaniebi) aqciis kursidan, 10 sT-dan 15sT-mde da 17 saaTze birJis daxurvisas.
"ft-100" (FT-SE100 - futsi -100) - yvelaze popularuli indeqsia inglisSi da iangariSeba 100 kompaniis aqciis kursidan. am 100 kompaniis aqciebi Seadgens britaneTis bazris kapitalizaciis 70%-s. 100 aqcias sazRvravs komisia, romelSic Sedian profesionali finansuri organizaciebi, agreTve gazeTi "fainenSl Taimsis" warmomadgenlebi. es indeqsi gamoiyeneba safuZvlad londonis saerTaSoriso finansur fiuCersebis birJaze (LIFFE).
"ft-250" (FT-SE Mid 250) - gamoiTvleba saSualo sididis kompaniebis aqciebis kursidan. am kompaniebis aqciebi Seadgenen didi britaneTis bazris kapitalizaciis 20%-s. es is Semdegi 250 kompaniaa, romlebic "ft-100" -Si Semaval kompaniebs mosdevs.
"ft-350" (FT- SE Actuaries 350) aerTianebs indeqss "ft-100" da "FT-250";
saerTo indeqsi ft (FT-Actuaries All Share Index) did britaneTSi yvelaze ufro momcveli indeqsia. igi iangariSeba 750 kompaniis aqciis kursis mixedviT dReSi erTxel. indeqsi iyofa 8 dargis da 32 qvedargis indeqsebad.
iaponiis ZiriTadi indeqsebia:
nikei (Nikkei Doq jones Average) iangariSeba tokios birJis 1 seqciis 255 aqciis bazaze dou-jonsis indeqsis msgavsad 1950 wlidan.
klasikuri indeqsi TOPIX - iangariSeba 1968 wlidan tokios birJis 1 seqciis yvela aqciidan.
germania:
germaniaSi ZiriTadi safondo indeqsia DAX, iangariSeba 30 aqciis bazaze.
iangariSeba agreTve kompozituri indeqsi CDAX, 320 aqciis bazaze. safrangeTi:
ZiriTadi safondo indeqsi safrangeTSi aris CAC-40 Dda generaluri indeqsi CAC General igive SBF 250 .
CAC-40 iangariSeba safrangeTis birJebis sazogadoebis mier 40 umsxvilesi emitentis aqciebis bazaze.
yvela nacionaluri safondo indeqsi asaxavs adgilobrivi emitentebis aqciaTa kursis dinamikas, aqvT sxvadasxva baza, gaiangariSebian sxvadasxva meTodiT da amitom erTmaneTTan araSewyobilia. msoflios safondo bazrebis internacionalizaciam da msxvili investorebis portfelSi ucxo qveynis aqciaTa wilis gazrdam, gaaCina moTxovnileba iseTi indeqsis SEqmnisa, romelic asaxavda saerTo dinamikas, eqneboda saerTo bazris da gaangariSebis meTodi - e.w. globaluri indeqsi (global indexes).
aseTi saxis yvelaze popularul, avtoritetul da farTod gamoyenebad indeqss warmoadgens - ft-lfb (FT - SE Actuaries world indexes) - da amerikis sainvesticio bankis "morgan sTenlis" indeqsi (Morgan Starley Capital International ).
ft-lfb indeqsi Seqmnilia gazeT "faineSnl Taims", sainvesticio bank "goldman saqs", kompania "vud makenzi end kompani", londonis aqtuariis institutes mier. angariSi xdeba 24 qveynis 2212 aqciiT. am aqciebze modis yoveli am qveynis kapitalizaciis araumetes 70%.
indeqsi "morgan sTenli" - gaiangariSeba 1375 kompaniis aqciebidan, romlebic kotirdebian 19 sxvadasxva qveynis birJaze. maTze modis am qveynebSi saerTo kapitalizaciis 60%.
4.6. msoflio safondo bazari
meore msoflio omis Semdeg, mravali wlis ganmavlobaSi aSS-s aqciebis bazars Tavisi moculobiT msoflio bazarze dominirebuli pozicia ekava (70-ian wlebSi misi moculoba danarCeni msoflio bazris moculobis toli iyo). 1980-ian wlebSi situacia mkveTrad Seicvala. am TavSi swored araamerikuli safondo bazris mzard mniSvnelobas ganvixilavT.
4.6.1. vaWrobis alternatiuli xerxebi. aSS-s safondo bazari - mudvivmoqmedi bazaria, sadac saqoneli (aqciebis) xelmisawvdomia vaWrobisaTvis savaWro sesiis nebismier dros. misgan gansxvavebiT, sxva bazrebze gamoiyeneba vaWrobis sxva sistemebi. "qol" bazarze TiToeuli saxis fasiani qaRaldiT vaWrobisaTvis gamoyofilia dro da am fasiani qaRaldiT vaWroba sxva dros SeuZlebelia. magaliTad, frankfurtisa da ciurixis bazrebi warmoadgens "qol" bazars. "qol" bazari muSaobs Semdegi sqemiT: birJis TanamSromeli asaxelebs aqciis fass, romliTac mocemul momentSi mimdinareobs vaWroba. aqciebze moTxovna da miwodeba ganisazRvreba dasaxelebuli fasiT. davuSvaT, rom mimdinare fasi warmoqmnis aqciebze moTxovnis metobas aqciebis miwodebasTan SedarebiT, anu mimdinare fasiT am aqciebis yidvis msurveli ufro metia, vidre gayidvis msurveli. am SemTxvevaSi birJis TanamSromeli asaxelebs ufro maRal fass, rac gamoiwvevs moTxovnisa da miwodebis cvlilebas. es procesi grZeldeba iqamde, vidre ar dadgindeba gawonasworebuli fasi. amis Semdeg yvela garigeba dadgenili fasiT xorcieldeba.
am saxis bazrebze SesaZlebelia TiToeuli saxis aqciebiT dReSi ramodenime vaWrobi Catareba. mxolod erTi saxis aqciiT erTi da imave dros vaWrobisas, birJaze mTeli yuradReba mipyrobilia am aqciebze. es procesi bazris yvela xelmisawvdomi likvidurobis koncentrirebas mocemul aqciebze akeTebs, da aman SeiZleba aamaRlos faswarmoqmnis efeqtianoba. es mniSvnelovania bazrebisaTvis, romelsac dabali likviduroba axasiaTebT. unda aRiniSnos, rom msoflios sxvadasxva birJebze vaWrobis wesebi SeiZleba gansxvavebuli iyos, amasTan mravali birJa iyenebs "qol" sistemis calkeul elementebs.
Zalia swrafad izrdeba kompiuterizebuli vaWrobis popularoba. aSS-Si arasabirJo vaWroba praqtikulad kompiuterizebul savaWro garemos warmoadgens. zogierTi birJebis kompiuterizebis done kidev ufro maRalia. magaliTad, torontos birJam SeimuSava vaWrobis kompiuterizebuli sistema (Compute Assisted Trading System -CATS), romelsac msoflios mravali birJa iyenebs.
4.6.2. msoflio sabazro kapitalizacia
aq ganvixilavT msoflios safondo bazrebis fardobiT kapitalizacias da daviwyebT amas msoflios im umsxvilesi safondo bazrebis ganxilviT, rogoricaa iaponia, aSS, didi britaneTi, germania da safrangeTi. Semdeg SevCerdebiT evropis SedarebiT mcire zomis birJebze da ganviTarebadi qveynebis zogierT bazrebze. rogorc vnaxavT, ramdenime ZiriTadi bazris kapitalizaciis done bevrad aRemateba erTad aRebuli yvela danarCeni bazris kapitalizaciis dones.
msoflios umsxvilesi safondo bazrebi. aTwleulebis ganmavlobaSi aSS-s safondo bazars gaaCnda yvelaze meti Rirebuleba nebismier sxva bazarTan SedarebiT, magram dRes es ukve ase aRar aris. cxrilSi 4.4. warmodgenilia xuTi umsxvilesi bazris kapitalizacia da maTi wliuri zrdis done 1984-1993 wlebSi. rogorc cxrilidan Cans, aSS-s gaaCnia sabazro cxrili 4.4.
msoflios umsxvilesi bazrebis kapitalizacia
qveyanasabazro kapitalizacia
($ mlrd) wliuri zrda
1984-1993
(%)kotirebuli erovnuli
firmebis raodenobaaSS5,223.812,47,607iaponia3,000.018,182,155didi britaneTi1,151.618,891,646germania463.521,83426safrangeTi456.130,66472
wyaro: International Finance Corporation, Emerging Stock Markets Factbook 1994
kapitalizaciis yvelaze maRali done. Tumca, ase ar iyo mTeli periodis ganmavlobaSi. 1989 wels, magaliTad iaponiis sabazro kapitalizacia iyo msoflioSi yvelaze maRali. 1990 wels iaponiam dakarga Tavisi sabazro Rirebulebis TiTqmis naxevari. cxrilidan Cans agreTve, rom sxva qveynebs gaaCniaT ufro maRali zrdis tempi, vidre aSS-s, amitom aSS-s kapitalis bazris SedarebiTi dominirebuli mdgomareoba droTa ganmavlobaSi klebulobs. amave cxrilSi asaxulia agreTve aqciebis raodenoba, romelic kotirebulia am ZiriTad bazrebze.
mcire evropuli safondo bazrebi. praqtikulad evropis TiToeul qveyanas gaaCnia sakuTari safondo bazari. cxrilSi 4.5. naCvenebia evropis calkeuli safondo birJis sabazro kapitalizaciis done 1992 wlis bolos mdgomareobiT, agretve zrdis tempebi da im kompaniebis raodenoba, romelTa aqciebic kotirebulia am bazrebze.
cxrili 4.5.
evropis mcire safondo bazrebis kapitalizacia qveyanasabazro kapitalizacia
($ mlrd) wliuri zrda
1984-1993
(%)kotirebuli erovnuli
firmebis raodenobaholandia181,921,68245italia136,220,35210espaneTi119,327,71376Svecia107,417,22*belgia78,122,90165dania41,820,85257avstria28,438,67*luqsemburgi19,312,60*
wyaro: International Finance Corporation, Emerging Stock Markets Factbook 1994
* aRniSnavs 124 kotirebul firmaze naklebs
safondo bazrebi ganviTarebad qveynebSi. cxrilSi 4.6. moyvanilia zogierTi ganviTarebadi qveynis safondo bazrebis monacemebi maTi sabazro kapitalizaciis, misi zrdis tempebisa da kotirebuli aqciebis raodenobis Sesaxeb. am bazrebidan zogierTebma ukanaskneli 10 wlis manZilze (igulisxmeba 1984-1993 wlebi) ganicades Zalian maRali tempiT zrda. miuxedavad amisa, sabazro kapitalizaciis done mainc rCeba dabali, iseve rogorc vaWrobis moculoba. savaraudoa, rom uaxloes wlebSi CineTis bazari Zalian swrafi tempiT gaizrdeba. axali saxelmwifoebi, romlebic adre sabWoTa kavSiris SemadgenlobaSi Sediodnen, amuSaveben axal ekonomikur gegmebs da cdiloben Seqmnan sicocxlisunariani finansuri bazrebi. Tu ganvixilavT tendenciebs globalur masStabSi, albaT kapitalis bazris mniSvnelovani zrda miRweuli iqneba mcire bazrebisa da ganviTarebadi qveynebis bazrebis xarjze. Sedegad, ganviTarebuli qveynebis bazrebi droTa ganmavlobaSi nakleb mniSvnelovani gaxdebian. es tendenciebi, savaraudod neli tempiT ganviTardeba. ganviTarebuli da ganviTarebadi bazrebis saerTaSoriso finansuri korporaciis klasifikaciis Tanaxmad 1983 wels ganviTarebuli bazrebi moicavdnen msoflio sabazro kapitalizaciis 97,5%-s. 1994 wels ganviTarebuli bazrebi jer kidev flobdnen msoflio kapitalis 88%-s. ganviTarebuli qveynebis investorebisaTvis mcire da ganviTarebad bazrebSi kapitalis dabandeba SeiZleba gaxdes maTi portfelis diversifikaciis mniSvnelovani instrumenti.
cxrili 4.6.
zogierTi ganviTarebadi safondo bazris kapitalizacia qveyanasabazro kapitalizacia
($ mlrd) wliuri zrda
1984-1993
(%)kotirebuli erovnuli
firmebis raodenobameqsika200,765,14190korea139,441,27693taivani195,239,29285malaizia220,330,99410indoeTi98,035,486,800tailandi130,561,77347brazilia99,414,67550Cili44,640,30263CineTi40,6monacemebi ar aris183
wyaro: International Finance Corporation, Emerging Stock Markets Factbook 1994
4.6.3. ormagi listingi da amerikuli depozitaruli xelwerili
zogierTi aqciebis kotireba SeiZleba moxdes sxvadasxva qveynis ramdenime birJaze. magaliTad, multinacionaluri farmacevtuli da navTobis kompaniebis aqciebi SEiZleba mimoqcevaSi iyos msoflios sxvadasxva birJebze. rogorc NYSE-s magaliTiT vnaxeT, aqciebis listingis win birJebi garkveul moTxovnebs ayeneben. es wesebi sxvadasxva qveyanaSi gansxvavdebulia, magram AaSS-Si es wesebi yvelaze mkacria. magaliTad, ucxouri kompanias, romelsac surs sakuTari aqciebis kotireba awarmoos amerikul birJaze, unda daregistrirdes fasiani qaRaldebisa da birJebis komisiaSi (SEC) da waradginos detaluri finansuri angariSiAaSS-is buRaltruli aRricxvis wesebis Sesabamisad. yvelafer amas emateba is, rom kompaniam unda gaxsnas yvela aucilebeli informacia aSS-s kanonmdeblobis Sesabamisad. bevri qveynis wesebi ki moiTxovs SedarebiT naklebi informaciis gaxsnas, ris gamoc bevri kompanias ar uRirs sruli informaciis gacema mxolod imitom rom misi aqciebi aSS-s birJebze kotirebdes.
yvela am SezRudvebis Tavidan acilebis mizniT Seiqmna amerikuli depozituri xelwerili (American Depository Receipt - ADR). es aris dokumenti, romelic adasturebs depozitaris rolSi myof bankSi aqciebis deponirebas. banki inaxavs ucxour aqciebs da ADR-iT vaWroba asaxavs am aqciebze uflebiT vaWrobas. ADR-is myidveli flobs bankSi deponirebuli garkveuli raodenobis aqciebze moTxovnis uflebas. kompania, visi aqciac inaxeba bankSi, uxdis mas dividendebs Tavisi qveynis valutaSi. depozitari bankebi ucxour valutas cvlian dolarebze da uricxaven investorebs dividendebs dolarebSi.
gasuli saukunis bolos ucxouri kompaniebis 800-ze meti saxis aqcia iyideba aSS-Si ADR-is saxiT. zogierTi maTganis kotireba warmoebs NYSE-ze an NASDAQ-ze. ADR-is moculoba NYSE-ze 3,674 miliard aqcias utoldeboda (romlis Rirebuleba $142 miliard- ze meti iyo), maSin roca ADR-iT vaWrobis moculoba NASDAQ-ze 4,4 miliardi aqcia iyo ( daaxloebiT $73 miliardi). amerikeli investorisaTvis ADR warmoadgens ucxour aqciebSi investirebis mniSvnelovan instruments. xelwerili, romelic mimoiqceva erTze met qveyanaSi (rogorc wesi, evropulSi), ewodeba globaluri depozituri xelwerili - GDR (Global Depository Receipt). am ukanasknelis bazari naklebad tevadia, vidre ADR-is bazari. GDR-is nominali SeiZleba gamosaxuli iyos ramdenime sxva valutaSi.
depozituri xelwerilebi pirvelad gamoCnda amerikaSi 1927 w. es moxda mas Semdeg, rac inglisis xelmZRvanelobam akrZala adgilobrivi kompaniebis aqciebis gatana gasayidad sazRvargareT. amis sapasuxod amerikelebma moigones swored depozituri xelwerilebis gamoyenebis sqema. ADR/GDR-is bazarma aqtiurad daiwyo ganviTareba 70-80-ian wlebSi. 90-ian wlebSi ki depozituri xelwerilebis bazarma ganicada namdvili bumi, rac gamowveuli iyo saprocento ganakveTis vardniT da amerikeli investorebis dainteresebiT ganviTarebadi qveynebis bazrebiT. 1990 wlidan 1995 wlis CaTvliT depozituri xelwerilebis raodenoba gaizarda 44,6%-iT, rac adasturebs am fasiani qaRaldis ganviTarebis perspeqtiulobas.
amerikuli depozituri xelwerilebi iyofa arasponsorulad da sponsorulad.
arasponsoruli ADR gamoiSveba mxolod mimoqcevaSi arsebul aqciebze. misi gamoSveba xorcieldeba ara aqciebis emitentis mier, aramed kompaniis romelime msxvili aqcioneris mier. amerikis fasiani qaRaldebisa da birJebis komisia SEC(Securities and Exchange Commision) arasponsoruli depozituri xelwerilebis gamoSvebis dros iTxovs dokumentebs, romelic adasturebs, rom emitentis saqmianoba da mis mier aqciebis gamoSveba srul SesabamisobaSia emitentis qveynis kanonmdeblobasTan. arasponsoruli ADR-iT vaWroba xorcieldeba mxolod arasabirJo bazarze. safondo bazris dilerTa nacionaluri asociaciis biuletenis "Bulletin Board" -is meSveobiT, agreTve yovelkvireuli biuletenis "vardisferi furclebis" (Pink Sheets) meSveobiT. aRniSnuli fasiani qaRaldi ar kotirebs aSS-is birJebze. arasponsoruli amerikuli depozituri xelwerilebiT vaWroba mimdinareobs telefonis meSveobiT informaciis gacvliT da garigebis dadebiT.
sponsoruli ADR-is gamoSveba xorcieldeba TviT emitentis iniciativiT (aseTive gziT xorcieldeba GDR-is gamoSvebac), rogorc ukve gamoSvebul aqciebze, aseve axali emisiis aqciebze. sponsoruli ADR-is pirveli donis SemTxvevaSi depozituri xelwerilebi gamoiSveba emitentis qveynis bazarze mimoqcevad aqciebze. aRniSnuli ADR-is gamosaSvebad aSS-is fasiani qaRaldebisa da birJebis komisia iTxovs dokumentebs minimaluri odenobiT (iseve rogorc arasponsoruli ADR-is SemTxvevaSi). pirveli donis ADR-iT vaWroba SesaZlebelia mxolod arasabirJo bazarze. am fasiani qaRaldebis kotireba ar xdeba arc aSS-is birJebze, arc safondo bazris dilerTa nacionaluri asociaciis avtomatizebul savaWro sistemaSi(NASDAQ).
arasponsoruli ADR-isa da pirveli donis sponsoruli ADR-isTvis damaxasiaTebelia:
- arsebobs SesaZlebloba, rom gaizardos maTi done im SemTxvevaSi, Tu moxdeba maTi xelmeore registracia amerikis fasiani qaRaldebisa da birJebis komisiaSi; - Tu SEC moaxdens kompaniis ufro maRali donis ADR-is registracias, rac aZlevs emitents birJaze misi gatanis SesaZleblobas, maSin am fasian qaRaldebze fasebi aiwevs;
- aSS-is bazarze ucxouri emitentebis aqciebis gamosvla ADR-is gamoSvebis gazrdas, agreTve maTi sakurso Rirebulebis Zrdas Sida bazarze;
- momavalSi ADR-is meSveobiT axali emisiebis gamoSvebis SesaZlebloba niSnavs emitenti kompaniis mier axali investiciebis mozidvas. sponsoruli ADR-I meore done iTxovs SEC-Si emitentis sabuRaltro aRricxvis sxvadasxva formis wardgenas aSS-Si miRebuli standartebiT - US GAAP(General Accepted Accounting Principles). aRsaniSnavia, rom moTxovnebi SEC -Si warsadgeni dokumentebis mimarT ufro mkacria da iTxovs emitentebis mier informaciis ufro metad gaxsnilobas, vidre esevropis qveynebSia miRebuli. SEC -is mier moTxovnil standartebTan kompaniebis sabuRaltro aRricxvis SesabamisobaSi moyvana dakavSirebulia sakmao xarjebTan, magram meore donis sponsorul ADR-s is upiratesoba gaaCnia, rom isini SesaZlebelia Setanili iqnes NASDAQ- is listingSi, agreTve kotirebdes niu-iorkis safondo birJaze (NYSE) da amerikis safondo birJaze(AMEX).
meore donis ADR gvxvdeba SedarebiT iSviaTad, vinaidan is moTxovnebi, romelsac SEC-I uyenebs emitents maTi registraciis dros, didad ar gansxvavdeba moTxovnebisgan mesame donis ADR-is registraciisas. garda amisa, kompaniis danaxarjebi meore da mesame donis ADR-is registraciisas praqtikulad erTnairia, amitom Tu kompanias surs ADR-is gazrda, is waradgens pirdapir mesame donis ADR-is registraciisTvis.
mesame donis sponsoruli ADR-is SemTxvevaSi SesaZlebelia depozituri xelwerilebis gamoSveba pirveladi ganTavsebis aqciebze. sakuTari aqciebis ganTavsebisas kompaniebi iReben investiciebs myar valutaSi, rasac depozituri xelwerilebis pirveli da meore donis SemTxvevaSi adgili ar aqvs.
mesame donis sponsoruli ADR iyofa "sajarod ganTavsebulad"(public offerring) da "kerZo ganTavsebulad" (private placement), rodesac ganTavseba xdeba investorTa SezRudul wreSi. am ukanasknelebs sxvanairad uwodeben "SezRudul" ADR-s, anu RADR (Restricted ADR).
"sajarod ganTavsebuli" ADR kotirebs rogorc amerikis safondo birJebze, aseve NASDAQ- is savaWro sistemaSi. maT SeZenaze araviTari SezRudva ar arsebobs - SeZena SXeuZlia nebismier dainteresebul investors. mesame donis "sajaro" ADR-is gamosaSvebad aucilebelia SEC-Si kompaniis mTliani safinanso angariSis wardgena, romelic Seesabameba US GAAP_is standartebs; amitom maT aqvT TiTqmis igive uflebebi, rac nebismier amerikul aqcias.
"kerZo ganTavsebis" SemTxvevaSi investorebs unda hqondeT statusi QIB (Quilified Institutional Buyer). eseni arian maRalkvalificiuri investorebi, romelTa analitikur samsaxurebs SesaZlebloba aqvT damoukideblad Caataron ama Tu im emitentis gamokvleva. aSS-is es statusi amJamd gaaCnia 4000-mde institucionalur investors, romlebic vaWroben PORTAL-is kompiuteruli qselis meSveobiT. PORAL-is qseli Seqmnilia safondo bazris dilerTa nacionaluri asociaciis mier specialurad RADR-iT vaWrobis uzrunvelsayofad da warmoadgens vaWrobis daxurul eleqtronul sistemas. aRsaniSnavia, rom RADR bazarze gamocnda mxolod 1990 wlidan da RADR-is registraciisTvis SEC-is moTxovnebi emitentisadmi minimaluria. 
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