Umba Bond njengendlela ukutsala utyalo-mali

Iminyaka emininzi umba lethu kwilizwe bond (iibhondi) njengento ngendlela eyayingekaphuhli kutyalo-mali. Kodwa le miba zange kube kudala, yaye namhlanje yenye sesona sixhobo nokhuphiswano ukwandisa imali. inegalelo elikhulu kakhulu: kwingeniso ngohlobo umdla yangoku inzuzo. Kodwa ke kufuna ulwazi olusisinyanzelo-mali evela iingqiqo eziphambili ezingundoqo bokuqonda ezithile neemarike. Malunga koko, yintoni na umba iqhina, ngakumbi intetho.

definition

Bonds - na izibambiso equity ukuba kukhuselwe ilungelo lokufumana ixabiso elifikelelekayo kwiSebe sobunyani ukuba umnini walo waza njengepesenteji eli xabiso. Ukuba oku echasene nomthetho we-Russian Federation, ukuze ziquka ezinye amalungelo nempahla.

umba Bond - isixhobo zorhwebo ukuba amashishini States okanye (benkampani) ukuze ufumane imali efunekayo imali ngokuthengisa ukuba kubatyali-mali. Ithuba lokuba ukwandisa imali yawo esebenzisa neentambo puttable emva kokuba imali elithile kwi par, kwaye kananjalo ngenxa umdla kubo.

Ngokungafaniyo esitokisini

Bond mboleko (bond) lenze ingqiqo efanayo kwizabelo: omabini ukulungiselela intlawulo, kwaye zidweliswe kwi Exchange ezahlukeneyo. Kodwa uhlobo yokuqala yokhuseleko - oku izibophelelo-mboleko kunye yesibini (izabelo) kubandakanya ukuxhamla kule nkampani.

Iintlobo ndisezintanjeni kwi mboleko elithi

Ngokuxhomekeke kwixesha apho umnikeli kufuneka ahlawule kubatyali, kukho iintlobo ezintathu izibambiso:

1. umba bond Long-term - kwiminyaka engaphezu kwe-10 ixesha lentlangulo. Njengomgaqo, abatyali zimali urhulumente okanye iinkampani ezinkulu zemali. Ngokutsho kwakhe, kukho amatikiti ezahlukeneyo, oko kukuthi, inzala ihlawulwa layo.
2. Eliphakathi elide - ukususela kunyaka-1 ukuya kwiminyaka-10. Kujongwe ukuba ngezimali iiprojekthi zotyalo-mali. Umba medium-term iqhina unalo share inkulu bond le.
3. Zexesha elifutshane - ukususela kwiinyanga eziliqela ukuya kunyaka omnye. Ijolise yokugubungela intsilelo mali kunye ukusombulula iingxaki zemali yangoku. Iingozi badla ngaphezulu kubo, nangona kota imfutshane njengoko umnikeli zenkampani kubonakala ezingazinzanga. Kodwa inzuzo yazo uthathwa ukuba eliphezulu ixabiso obungu lentlawulelo. Njengomgaqo, mboleko elifutshane elide a-coupon zero, oko kukuthi, loo nto ayithethi ahlawule inzala kumnini.

Izizathu lokukhupha iibhondi

abatyali zimali abaninzi makhwelo umbuzo ngulo: kutheni imibutho ukuba abe nomnikezi iqhina? Kutheni abalisebenzisi, umzekelo, imali-mboleko ebhankini? Kodwa ke izizathu kungaba ezininzi:

• Umba isibopho mboleko yebhanki kakuhle ngakumbi.
• Ibhanki wala mboleko.
• Kwiziko lamatyala yi-asethi akwanelanga ulwelo, ezifana iiprojekthi ezinkulu zotyalo-mali.
• Amashishini kufuneka imali kangangeenyanga ezimbalwa kunye nabanye.

Iindlela yengeniso kunye nentlawulelo iintlawulo

Kukho iintlobo ezininzi ngokutsho indlela buyiselo neentambo:

• iibhondi Isaphulelo - uhlobo lwe mboleko apho inzala engahlawulwanga-mali. Kodwa ixabiso layo wesiqhelo iphezulu kakhulu wokwenene, ehlawulwa, kungoko ke gama elithi "isaphulelo" - isaphulelo.
• iibhondi itikiti - uhlobo lwe mboleko apho inzala kuhlawulwa qho ngenyanga, eyenza le ingeniso-mali. Ixabiso kwetu ngegama, njengokuba umthetho, eqale ziphele.
• Iibhondi ne mini-coupon - olu hlobo lwe-mboleko apho inkqubo isaphulelo, kunye amatikiti isicelo. Loo nto ukuhlawula ipesenti encinane-mali kunye ixabiso eliyimali ngasentla nje imali osetyenzisiweyo.

Ekuqaleni nenani-90. khulu lokugqibela, ukunyuka kwamaxabiso kweli lizwe iye akucingeleki, kangangokuba mboleko bond kubalwe iintlobo-ntlobo zoqoqosho, ixabiso lemakethi indawo, izinga igolide, etc ...

Imiba echaphazela ixabiso lemarike neentambo

Issue imixokelelwane - na umba izibambiso, leyo ithengiswa kwiimarike stock. Oko kukuthi, imixokelelwane zithengiselwa kwaye kwakhona wathengisa ngayo ngabasebenzi, abatyali, beyifuna, njalo njalo. D. Ukuba mali bathenga iqhina, oko akuthethi akuthethi ukuba kuphela unelungelo lokufuna kuyo ebusweni ixabiso umnikeli. Baye, nawuphi na umntu ngexesha ekubaleni Iimbophelelo bathenga ilungelo lokwenza ukubala.

Zonke iibhondi ithengelwe kwaye ithengiswa istock exchange. ixabiso lweentengiso kuxhomekeke zinto zilandelayo:

• Imeko yezoqoqosho kweli shishini, ilizwe, ihlabathi. Ngexesha ngeentlekele ezahlukeneyo abatyali abafuni lomngcipheko baze bakhethe ukuba i "intaka esandleni". Ngoko ke ukuqala ukuthengisa Iibhondi ukuya ku ukugcina imali yabo. Ukongeza, benkampani abaninzi baphoswa nebhetshi omtsha kwimarike izitropu. Ngokuqhelekileyo, oku elifutshane elide ukuze ahlale lezimali, kungekhona ukuze aphumelele kwimeko yezoqoqosho enzima.
• Bokudlala izitropu.
• Ipesenti ye-coupon dibaniso.

udaba bond State

Abo owayehlala eSoviet Union, badla ngokujongana ingqikelelo T-amatyala okanye kwiibhondi zikarhulumente elifutshane. Oku akothusi: abasemagunyeni badla wacela uncedo kubantu zabo. Ngelo xesha kwakunzima umthombo kuphela mali esemthethweni. Impahla Private unyamalele, ngoko, kwaye kananjalo izibambiso, kuqukwa naziphi na iintlobo ezitokisini kunye neentambo. Kakade, izinga lenzala kwi T-mithetho encinane, kodwa, nangona kunjalo, baba sberbankovskogo ephakamileyo (kwaba kuphela kweli lizwe kwithuba hlengiso bank).

Namhlanje, iimali-mboleko bond karhulumente aba yinto elidlulileyo. Power, ingakumbi xa kukho ingxaki, kwaye uboleke imali evela labemi. Ezona mpawu ziphambili kwiibhondi zikarhulumente:

• Inqanaba ephantsi wengeniso ngabo, xa kuthelekiswa iibhondi labucala.
• iwaranti High. Urhulumente akakwazi siyabhanga, kodwa amava ka-1998, umzekelo, ukuba angayimisela olungagqibekanga, ithetha ukusilela ukuhlawula amatyala, kwaye nguwe kanye yinto enye.
• imivuzo ephantsi, kwezinye iimeko, zincitshiswe iingenelo irhafu yengeniso (rhafu kwimivuzo abantu zendalo). Ngaphandle kokuba, kakade, ngumhlali irhafu ngumthombo esemthethweni wengeniso.

Ukusebenza imarike bond karhulumente

Imarike yanamhlanje GKO kunye OFZ (iibhondi mboleko federal) yaqalisa ukusebenza ukususela kowe-1993. Ukuze wenze oku, wadalwa yonke izibonelelo, iinkalo eziphambili zezi:

• I-Ofisi yoMphathiswa wezeMali (umkhuphi- OFZ).
• CBR - owenza imisebenzi yokubeka neyolawulo. Ubeke ngotyefezo, kwetu, ilungiselela amaxwebhu ezahlukeneyo. I-Central Bank izama ukugcina umgangatho T-amatyala Iimpawu zorhwebo: nenzuzo, amatyala, njalo-njalo ..
• kubathengisi abagunyazisiweyo. Le neebhanki ezahlukeneyo zorhwebo, iifemu labarhwebi, abo bathanda imali iimarike kwaye imali abathengi zabo yemarike.
• I Moscow Overnight Currency Exchange (MICEX). iqonga Trading owenza imisebenzi apho zenzeke zonke iintengiselwano.

Ukutyala kwixesha elizayo

Ke kaloku, malunga nomba iqhina ixesha elide. "Long-term okanye elide elifutshane ngcono?" - cela abatyali-mali abaninzi abo basandula kuqalisa. Umbuzo, Kakade, akulungile, ekubeni bonke oko kuxhomekeke zinto zilandelayo:

• rates eliyimali.
• level ukuzithemba.
• Percent coupon.

Kukho amaxesha xa inzuzo ngakumbi ukutyala kwiiprojekthi investment zexesha elide ze bafumane amatikiti ubomi umdla kunokuba ukutyala imali mboleko elifutshane elide, nto leyo mgama uvelise ukuya isivuno.

Ukuhlelwa umba mabophe ngomhla ngesihloko amalungelo

Ngomhla mxholo amalungelo kwiqhina zihlelwa ngolu hlobo:

• ubhaliswe;
• umthwali.

Ikhutshwe yi Umnikeli ebhalisiweyo ngabanye, kunye nenzala phezu kwabo kwiiakhawunti zabo abatyali-mali. Umphathi imixokelelwane, benkampani ukuba ayikalungiswa, ezifana kwemfuyo. zidweliswe kwi-stock kwaye zonke iintengiselwano phezu kwabo sithimba abarhwebi ezithile.

Uqikelelo izibopho grade investment

Ngaphambi-mali ukuba utyalomali kwiibhondi, kufuneka ukuba wenze uvavanyo lwe nkalo zilandelayo:

1. ukuthembeka abazimisele inkampani ukuphumeza intlawulo inzala. Kufuneka wazi isixa yenzuzo yonyaka kwaye zonke iintlawulo inzala. Ukuba ke amaxesha 2-3 incinane ingeniso lweshishini, unako ukumthemba njengento nomnikezi neentambo. Loo urhulumente kubonisa imeko ezinzileyo kule nkampani. Loo analysis kungcono ukwenza iminyaka embalwa. Ukuba mkhuba liyenyuka (ipesenti oluntlawulo liyehla kunyaka ngamnye), emva koko inkampani enjalo kwandisa amandla ayo xa koko, ipesenti ntlawulo likhula, ngoko ke uya lalahlekelwa.
2. Ngokusekelwe ubuchule inkampani ukuba uhlawule ityala kuyo nayiphi na isizathu. Ukongeza kwemixokelelwano, siqinise kusenokuba amanye amatyala zemali, ezifana mboleko.
3. Uvavanyo ukuzimela yemali yenkampani. Kukholelwa ukuba inkampani akaxhomekekanga kwimithombo yangaphandle, ukuba ityala ayidluli-50 ekhulwini.

ingozi

Lomngcipheko - yindlela yelahleko okanye intsilelo yenzuzo kulindeleke. Imali - hayi leloto, apho ithuba ka-50 ukuya ku-50 Le elungeleleneyo, izisombululo kokwenzekayo. Kodwa ngamanye amaxesha kuyenzeka ukuba nkqu iinkampani ezininzi oluzinzileyo nempumelelo siyabhanga.

Ukuthintela iimpazamo nokunciphisa imingcipheko lweenkqubo zovavanyo ezahlukeneyo nezilinganiso ezisetyenziswa imali eninzi:

• A ++ - uvavanyo ukhuseleko ubuninzi.
• A + - inkampani elihle kunene.
• Kwaye - inkampani elungileyo, kodwa indawo yayo ibe ezingazinzanga.
• B ++ - avareji esemgangathweni.
• B + - ngezantsi avareji.
• V - quality abahluphekayo.
• C - izibopho ngumyinge.