Eyona eziphambili ze kwiimalike zemali. Iintlobo kwiimalike zemali jikelele

Area apho wabona asethi zemali kunye nobudlelwane nezoqoqosho zakhiwa phakathi abathengi nabathengisi ezi mpahla, kodwa imarike zemali, ogama indima buyanda lonke ixesha, ngenxa yokuba indlela lwentshukumo free of capital phakathi kwabemi, amashishini, amashishini kunye imimandla. Iintlobo kweemarike zemali kwaye ziza kuthathwa kweli nqaku.

definition

Iingcali ziye kude ngazo isakhiwo kweemarike zemali kwaye uzame ukwenza eziphawula ngokupheleleyo le nkcazelo nesenzeko. Ingakumbi oluninzi amathandabuzo kwisakhiwo. Markets wabuyisa ngezizathu imicimbi engxamisekileyo, lo mgaqo yengingqi, ukuba ukusetyenziswa kwezixhobo ezithile zemali, amacandelo kwemiba zombutho, ngokutsho iintlobo ukusebenza njalo njalo. Iintlobo kweemarike zemali eRashiya ukususela ngo-2010 ziyahluka malunga nezixhobo ezisetyenziswayo, kwaye yahlulwe phezu izibambiso kwiimarike, pension kunye inshorensi neemveliso, imali kunye nezakhi.

Izixhobo eziphambili mali lokuthenga izahlulo ukholelwa umthetho oyilwayo, izabelo utyalo-mali, iziqinisekiso mboleko, iinketho umnikeli kaThixo, bonds, izabelo, izibambiso uthengiso kunye kwiibhondi zikarhulumente. Kwi-inshorensi kwicandelo ukusebenza ezinye iintlobo kweemarike zemali, kukho imfuneko kuphela isivumelwano,-inshorensi kunye inshorensi. Ahlobene ezisetyenziswa kwezi marike, kukho izivumelwano - ikamva, iinketho kunye neminye imigangatho, ukongeza - iinketho, phambili kunye nezinye iintengiselwano enxulumene kota. market Imali usebenzisa izixhobo ezifana mboleko, imali kunye nezinye kwamatyala.

Imisebenzi namathemba

oluneenkcukacha kwi unikezelo kunye nemfuno kwezibonelelo zemali, ukuyilwa amaxabiso ezi imisebenzi zinika ulwazi kuzo zonke iintlobo kwiimalike zemali. Apha zonke iinkcukacha kubalulekile, kwaye umgangatho lo msebenzi kuxhomekeke kutshintsho, ukukhula kunye nasekusungulweni kwale nxalenye zezinto ezenziwa luluntu, kunye nophuhliso loqoqosho ehlabathini. A indima enkulu ukudlala kwezi misebenzi jikelele kunye nombutho yemarike bezimali behlabathi. Le nkqubo ngokuthe ngcembe kakhulu, kodwa, ngokwendlela iziphumo zezinto ezenziwa komnotho womhlaba, uqala ngokuthe chu.

Ucalulo neendidi kwiimalike zemali ngokufuthi yaye sisetyenziswa ngokubanzi ngolwimi ngemihla, ukuba ambiguity ngokukhawuleza ikhula capitalisation ngokoqobo esikhawulezileyo. Ingcinga kakhulu ngokubanzi, kodwa emva ayifihli iinkcazelo ezininzi ezimele iingcali kokuqamba yonke indlela, isiqalelo ngasinye leyo zihlelwe ngokungqinelana ezahlukeneyo zokuhlola. Xa version zakudala zohlelo kunye neendidi kwiimalike zemali na ukuva kuphela, kodwa kwinkonzo zonke engaphangeliyo, njengoko kwimali eyinkunzi, nokuba ezincinane, kufuna ulwazi ethile.

yokwahlukanisa jikelele

Okokuqala kuyimfuneko ukuqonda kweekhrayitheriya zokwahlulwa yokuhlela. uhlobo olunganeno ngalinye kwiimalike zemali iye ingqiqo yayo kunye neendidi kwiimalike zemali ejolise kwimisebenzi eyahlukileyo ngokupheleleyo. Kwezi nkqubo ebaluleke kakhulu ukwahlulwa zilandelayo.

1. Ii-asethi kunye neemeko zonyango lwabo; isebenze kwiimalike zemali lokuqala okanye ezenqanaba lesibini.

2. Ngomhla iqondo mbutho umahluko iOTC kakuhle nemibutho kwaye kakuhle equity markets.

3. Intengiselwano kunye ukungxamiseka ukuphunyezwa zabo: indawo ekhethiweyo okanye ikusasa iimarike.

4. Ukubizwa asethi kunye neentlobo zabo; inshorensi ingasetyenziswa okanye imali ngayo kwimarike, lekhredithi yemakethi, izibambiso okanye amatye anqabileyo.

5. Xa indawo nokusasazwa kwiimalike zemali kukho amanqanaba ahlukeneyo: zamazwe ngamazwe nezesizwe, kumasebe nasekhaya.

6. isibaluli yokuqingqa ingqiqo kunye neentlobo kwiimalike zemali, ixesha apho kukho asethi. Kunokuba imarike capital ixesha elide, okanye nje imali.

Eziziiprayimari neziziisekondari

kwiimalike zemali Primary ikhona-asethi zemali athe wathengisa okokuqala, apha kulapho kukho wokuqala abathengi zabo, nto leyo ibangwa ngegama. Intengiso kunye nokuthenga landulelwa okanye ukukhutshwa kwe-asethi ngokulandelelana, okanye umba. Iimarike zezimali, ubunjani bawo kunye neentlobo uncedo cash flow nezibambiso ngendlela echanekileyo kakhulu kufanelekile. Abathengisi zotyalo-mali (underwriters) sisebenza kwimarike zaseprayimari, apho uxanduva likhuphe ezi zibonelelo zemali.

Bethenga mhlawumbi lonke okanye inxalenye ebalulekileyo umthamo lwamaphepha ukhutshiwe na, ngoko kuthengiswa abantu bangaphandle, yaye, ke, yenza zakutshanje qho reimbursable. asethi Ezinye zemali (ngokohlobo kuzizibambiso okanye ngenye indlela) kusenokuba intengiselwano ezilandelayo ukuba zenzeke sele kwimarike zasesekondari, kungakhathaliseki into, nto leyo iqela ku yingisela. lets Market Primary ejikelezayo nokuphuma kwemali imisebenzi yayo. Iintlobo kweemarike zemali zilindela intshukumo elide esemgangathweni eyinkunzi. Imarike secondary uye buyafuneka ngokupheleleyo kuba kukho eziqatshelwe iimpawu ezibalulekileyo kwezixhobo zemali ezifana amatyala okanye umngcipheko-ukuthatha. Ezi ntlobo ezingundoqo kwiimalike zemali.

History of Stock Market

Securities waqala ukujikeleza yayo ambalwa eminyaka eyadlulayo. ngaphezu kwenkulungwane elinesihlanu luphawulwa ekudalweni izibambiso iimarike zikawonke-wonke. Ukuze bagubungele intsilelo kwemali, amazwe ahlukeneyo ndiqalile ukuvelisa ukubeka nje kuphela elo lizwe, yaye nangaphaya kwemida izibambiso zayo. Ngoko ke, ngo-1556 oku kwimarike yavulwa Antwerp. Kodwa ngenkulungwane yeshumi sele ikhona eziliqela ezisebenza Stock Exchange, kuquka i-international (Club Brugge). imisebenzi exchange indlela ephuculiweyo, nokunika ingqwalasela eyodwa basemzini.

Ngoko kukho yala magama: izinga lotshintshiselwano, ingxelo market stock. Noko ke, iintlobo kwiimalike zemali jikelele iye lalingekabunjwa. Ukupapashwa ixabiso uluhlu le utshintshiselwano izibambiso bathengisa yaba sisiqalo ubukho istock exchange njengombutho eneemfuno ezizodwa ezizimeleyo. Weli Exchange ngenkulungwane iziko yorhwebo sentsimbi eNetherlands, apho, ukongeza kuboleko ekhaya, waya izibambiso British.

abe

inyathelo Non-karhulumente ngelo xesha - kwi-Amsterdam stock exchange, xa East India Company isaziso umrhumo inxaxheba iinzuzo, ngaloo ndlela achaphazela iintlobo kwaye ukuyilwa kwiimarike zemali. Ngoncedo yale nkampani yorhwebo zabelo iminyaka emakhulu mathathu, amazwe kwaye wathengisa phantse zonke izinto ebe zizezakho eIndiya. Amsterdam nithi, ngokulandelelana, njengoko umlamleli, eqhuba izabelo kuphela zorhwebo ngemali, kodwa iintengiselwano phambili kuqhutywa kanjalo zakha market lokuqala ngumyinge stock. Kwinkulungwane elinesibhozo eNgilani abamba inyathelo, ukongeza yokuvulwa istock exchange kunye market iOTC, kwathiwa esitratweni. London ngabasebenzi wenza ngezivumelwano iivenkile zekofu kunye ekunene wamatye.

Iintlobo, isakhiwo kweemarike zemali ngaloo mihla kakhulu ophazamisekileyo ngengqondo. E France, oko kwenziwa kancinane ngokwahlukileyo. Ekupheleni kwenkulungwane elinesibhozo eParis wavula amanqaku market promissory, apho intengiselwano abarhwebi ezisemthethweni kuphela wenziwe. Kangangexesha elide, nkqu amaxabiso awaziswanga ngokuphandle, kunye nenkqubo urhwebo kwi istock exchange wayengazi esidlangalaleni. Kuba Exchange ezaziphethe urhulumente, ukulawula zonke neentshukumo izibambiso. Ekuhambeni kwexesha, imarike sele kuyo yonke indawo, yaye bazilungisa ke nsimbi okuvulwa ukutshintshiselana zemali okanye yorhwebo okukhethekile.

Exchange and iOTC kwiimarike: iiyantlukwano

Kumazwe ahambele phambili exchange iindlela zorhwebo ifana: kuqala, kwabakho orhwebo ezintanjeni kamasipala, urhulumente, iinkampani kaloliwe, izabelo zaba lwepaki. Noko ke, kwinkulungwane yeshumi elinesithoba, uhlobo joint-stock zaqala ukuvela. Zenkulungwane yamashumi amabini wanika Stock Exchange kuphela ubuninzi kodwa umgangatho kurhwebo, njengoko kukho ubuchwepheshe obutsha. Phakathi kwayo kwakukho i iOTC kwimarike eququzelelweyo, isiseko leyo yekhompyutha. Noko ke, exchange-zithengiswe iOTC nangoku zahluke kakhulu enye kwenye, kuquka imisebenzi zabo kwiimalike zemali.

Kuyimfuneko ukuqwalasela umsebenzi ngalinye kula maziko kwaye ukuqhuba inkcazo lothelekiso ukuze ukuchonga bonke umahluko nokufana. market Exchange, njengoko kuchasene iOTC, uye kuhlu kunye yoxinaniso ophezulu ukuze kwaneliswe nemfuno. Apha, imithetho engqongqo kakhulu urhwebo kunye abhalwe ngokupheleleyo yonke imicimbi, neqondo lomngcipheko ngenxa yoko phezulu kangako. Ukongeza, onke bidders kufuneka nakanjani abe nephepha-mvume. IOTC akukho udweliso yemarike zezimali, kukho yobonelelo esinyusiweyo imfuno, akukho ngokobungqongqo imithetho kunye nokubhaliswa transactions mvume bidders musa ukubuza, ngoko ke inqanaba lomngcipheko iphezulu kakhulu. Yiyo leyo uhlobo, iintlobo kunye nemisebenzi kwiimalike zemali.

Iimarike Yahlula-level, olulodwa, kwikota kunye indawo

iimarike zemali angxamisekileyo luphawulwa yi Ulwandiso elithile phakathi ngexesha lokuqukunjelwa kunye nokwenziwa intengiselwano, amagama adla kuphela ukuya kwiintsuku ezintlanu. Kukho amaninzi baphathwe yezabelo - iinketho ulingano yorhwebo kunye bazisebenzise, aphakathi izixhobo ezinkulu zezimali esukela. Kwi market ibala lo deal kubandakanya ukwenziwa ngoko nangoko kulo. Iintlobo kunye kwiimalike zemali ziquka okukhethekile kunye kakhulu elula ukuqonda. Kuyacaca isihloko, yintoni imisebenzi imarike ezizodwa: yobuciko kwimarike lwemali lwemali, inshorensi - imigaqo-inshorensi, njalo-njalo. Apha ilawulwa kuphela market stock: kuphuhliswa uqoqosho kwilizwe lethu ngakumbi, kungona umlinganiselo izibambiso iimarike, xa siqwalasela ngumthamo opheleleyo zentengiselwano.

Iimarike zezimali Multilevel ane- 'umgca "babo - a jikelele, kuzwelonke, izithili needolophu, sele ikhankanyiwe kuhlu iintlobo. Iimarike National bebonke alungiselele kwiimalike zemali ehlabathini. Ngasinye yesizwe ugcina luqulathe zonke yengingqi, njengoko ngobulukhuni kwicandelo lolawulo-indawo. Kwi-regional wahlanganisa zonke iimarike zemali zendawo. Yinto elula. Xa umgangatho wobudlelwane emarikeni yasekuhlaleni efunde inani elikhulu kwemisebenzi kunye nabarhwebi izibambiso ngamnye, i-inshorensi kunye namaziko zebhanki kwelinye icala kunye nabatyali-mali esebenza ngasese, kwelinye icala. Loo nto ingqalelo phantse yonke amabini aphambili, iintlobo kwiimalike zemali.

Mali zeemarike market capital

Le iintlobo ezibalulekileyo kwiimalike zemali. Nezikhalazo emali yonke ezinokuthi ezinxulumene nemali kunye ikheshi iintlawulo, yaye ukongezelela, zonke iintengiselwano ezisebenzisa izixhobo zexeshana zemali (iinyanga ukuya kwezilishumi elinambini lokuvuthwa). Imarike capital iquka inani elikhulu yentengiselwano yokusebenza zorhwebo ngokunxulumene asethi kunye nezixhobo zemali ixesha elide, apho ixesha umda isithuba esingaphezu konyaka. Le umahluko ophambili phakathi kwiimarike zenkunzi kunye nemali. capital Real kule mihla ukanti ukubaluleka kwayo, kodwa ilawulwa iminyaka emininzi nemali, leyo ngokohlobo izibambiso kunye nemali. Ngoko Uqoqosho yokuhlalisana amacandelo amabini njengenkunzi lokwenene yaye zemali musa idibane nenye. Icandelo zemali isekelwe ngqongqo eyinkunzi lwemali kunye neenkonzo kwenza ngendlela efanayo, kunye necandelo lokwenene esekelwe kwi eyinkunzi lenene, ivelise impahla athengise ngeento neenkonzo ezingezizo-mali.

Iimarike eziyinkunzi ziqwempu ezithengisa asethi zemali, isakhiwo sayo kakhulu ramified kwaye ibandakanya iimarike ngetyala kunye neemali zangaphandle, avela iimarike, iinkonzo inshorensi kunye promotions. Hi ndlela leyi, imarike stock kwi ukuhlanganiswa ngetyala eyinxalenye ye imali eninzi. Imarike capital iphawulwa ezahlukeneyo enkulu imisebenzi ehambelana amacandelo yayo engundoqo. Le lwemali transaction, avela, iinkonzo-inshorensi, mboleko ebhankini, bonds nezibambiso karhulumente kunye zonke iintengiselwano kwi imali eninzi. Stocks kunye nezibopho indlela uthandwayo izimali, ngenxa yokuba ngexesha elithile nga kotaka ukuba athengise imarike securities (stock).

market currency International

Ubudlelwane kurhwebo exchange angaphandle athe asekwa phakathi kwizifundo - amaziko zebhanki kunye non-zebhanki, iinkampani, abantu njalo njalo. Injongo yemarike kwemali yamazwe ngamazwe yi naziphi na iimfuno kwemali, nto leyo zibonakaliswa ezinkozo kunye imali yelinye ilizwe. Ngaphambili, imali zorhwebo kuphela kwiimarike exchange ethile, yaye kwaqhubeka de bade baqalisa ukuba ukuphuhlisa ulwalamano off-exchange. Ukuba umsebenzi lwemali kwenzeka ngokusebenzisa eziliqela: utshintsho kwinkqubo ngamazwe yemali, ulawulo lwemali, yorhwebo, ukuphuhliswa zobuchwepheshe obutsha, ezintsha ezoqoqosho ithiyori kwaye aluncedo.

Ngokuqhelekileyo, imarike kwemali yamazwe ngamazwe yahlulwe kubini - apho bathengise nemali ngamnye nalapho kwiimarike nganye esetyenzisiweyo. Abathathi-nxaxheba kwakhona yahlulwe iindidi eziliqela esekelwe umsebenzi.

1. Ukuphunyezwa ukutshintshwa kwemisebenzi ngamazwe.

2. Ngoko nangoko wenze utyalo-mali ngqo capital - utyalo ezitokisini, bonds kunye like.

3. Ukuhlala ukusebenza kwiimalike zemali kwaye asebenza kwiintengiselwano zexesha elifutshane.

Inzuzo ephambili imarike kwemali yamazwe ngamazwe na amatyala layo eliphezulu, kunye nesabelo enkulu zonke iintengiselwano accounted for kwimarike iOTC (asithoba ekhulwini). Amalungu - iibhanki ezincinci nezinkulu, abathengisi, iinkampani utyalo-mali, imali ezahlukeneyo, iiBhanki ezingoovimba lamazwe awohlukeneyo kunye brokers. Ezi mpawu ezikhethekileyo kwimarike exchange angaphandle ngamazwe ekunokuthiwa ukukhula kumazwe ahlukeneyo kwiimarike lwemali kunye jikelele zabo, ukuqhubeka izivumelwano, elihamba ngokukhawuleza icandelo likaxakeka, ubunye ubuchwepheshe kunye nokuphuculwa kwintengiselwano angaphandle, kunye nokukhula ngokukhawuleza umthamo imingcipheko inshorensi.

Imarike stock ngamazwe

Le element yemarike eyinkunzi, apho umsebenzi eziphambili enxulumene umba izibambiso kunye ukuthenga nokuthengisa imisebenzi kuyo inxaxheba. Kukho ikhutshwa phandle ngokurhweba lokugxininisa ezahlukeneyo stockbroking, leyo zibonakaliswa ezahlukeneyo zemali zehlabathi. Formation yokuya ngokusebenzisa uphuhliso lweenkqubo ukuhlanganiswa, umbutho ka iibhanki kunye nemisebenzi zotshintshiselwano kumazwe ahlukeneyo, ukusetyenziswa asebenzayo kwemali kunye nozinzo ezaneleyo kwezinga lotshintshiselwano.

Imarike stock ngamazwe ifuna ubunjani parameters lamazwe anoqoqosho ezixhomekeke ngqo kwinqanaba kwetheknoloji ezoqoqosho, kwakunye-sikhokelo esemthethweni ezinzileyo kunye nezinye iimpawu ezininzi. Izinga lotyalo-mali iya kuxhomekeka ekubeni isebenza kakuhle kanjani na inkqubo kwemithetho ngokubhekiselele kwiimarike zemali kunye nempahla nabo imithetho ezibalulekileyo apho kwezokwakha eziqhutywa, kunye nokufumaneka wokhuseleko karhulumente amalungelo obunini zombini abatyali zasekuhlaleni kunye amazwe.