Leverage ratio (eqhinga zemali)

Zonke inkampani ufuna ukwandisa isabelo yayo emarikeni. Kwinkqubo yenkampani lokuqulunqa nokuphuhlisa kudala yaye yakha phezulu ikomkhulu yayo. Kudla kakhulu ukutsiba wokukhula okanye uqale-up kweendawo ezintsha kufuneka ukutsala imali kumazwe angaphandle. Ngokuba kuqoqosho lwale mihla kunye necandelo leebhanki ephuhliswe kakuhle kunye nee-arhente stock ukufumana imvume yokungena kwi ebolekisayo akukho nzima kakhulu.

Imfundiso eseleyo capital

Ukuba ngezimali ityala kubalulekile ukwenza uyondelelwano phakathi izibophelelo kwintlawulo kunye iseti iinjongo. Xa kwenziwe breaking, ungafumana ukuhla kakhulu kwezinga wophuhliso kunye ukuvuthuluka zonke indicators.

Ngokutsho kwithiyori Modigliani-Miller, ubukho ipesenti ethile Ukuhlawulwa kwetyala kubume mali zizonke, leyo nkampani inzuzo yophuhliso zangoku nezekamva nkampani. imali waboleka kwi inkonzo ngexabiso elifanelekileyo ikuvumela baqondise kwimimandla ethembisayo, kulo mzekelo, isiphumo imali wokuphindaphinda kusebenza xa omnye iyunithi olungisiweyo uya kufumana i-unit elongezelelweyo.

Kodwa ukuba kukho inani eliphezulu inkampani mali waboleka niyoyisakala zawo zombini amatyala lwangaphakathi nolwangaphandle ngokwandisa inani zokukhwelisa mboleko.

Ngoko ke, eyona njongo iphambili yale nkampani, etsala inkunzi yomntu wesithathu, ukubala umlinganiselo ngokupheleleyo oluxhathisayo zemali kwaye adale ukulingana lwesakhiwo capital lulonke. Oku kubaluleke kakhulu.

eqhinga Financial (sixhobo), inkcazelo

leverage ratio lulwahlulo phakathi kwezahlulo zemali eyinkunzi ezikhoyo kule nkampani: yayo waboleka. Kuba ukuqonda ngcono, ukuba kunokwenzeka ngenye indlela ukuqulunqa inkcazo. leverage ratio - Isalathisi lomngcipheko, nto leyo ethatha phezu inkampani, ukudala isakhiwo ethile ngemithombo mali, oko kukuthi, esebenzisa njengoko zombini mali kunye ebolekiweyo.

Ukuze siqonde igama elithi "leverage" - IsiNgesi-lwimi, elithetha inguqulelo "lever", ngoko ngokufuthi nangangalo zemali ebizwa ngokuba "leverage yemali". Kubalulekile ukuyiqonda le nto ucinga ukuba la mazwi ezahlukeneyo.

"Linye" amacandelo

leverage ratio kuthathela ingqalelo amacandelo eziliqela, nto leyo eza kuchaphazela izinga layo kunye neziphumo. Phakathi kwazo kukho ezi:

1. Irhafu, ezizezi umthwalo werhafu kwi nkampani ekuqhubeni imisebenzi yayo. irhafu zibekwa ngurhulumente, ngoko inkampani kulo mba uyakwazi ukunyenyisa umgangatho ukutsalwa kwerhafu kuphela ngenxa yotshintsho zeenkqubo irhafu ekhethiweyo.
2. Olubonisa wokukhuthaza zemali. Olu lulwahlulo imali ebolekiweyo ukuba neyakhe. Nakuba eli nani anike ingcamango yokuqala indleko yekhapitali avuswe.
3. njengesixhobo sempembelelo zemali umehluko. Kwakhona, isalathiso lomntu, olusekelwe phezu umahluko inzuzo asethi kunye nenzala, ezihlawulelwa-mboleko ezithathiweyo.

Formula wokukhuthaza zemali

Bala ratio leverage, ifomula ilula, ngolu hlobo lulandelayo.

Ingalo lever = Ixabiso Ukuhlawulwa kwetyala / ixabiso equity

Xa uqala kuqala, yonke into icacile kwaye ilula. Ifomula ibonisa ukuba egxalabeni ratio leverage zemali - umlinganiselo kwamatyala ukuya tye.

Eqhinga imiphumela eqhinga zemali

Eqhinga (zemali) ezinxulumene ne zokuboleka imali, ezo ezijoliswe kuphuhliso nkampani, kunye nenzuzo. Ukuchaza isakhiwo eyinkunzi kunye ekufumaneni ratio, okt yokubala umlinganiselo lizilungiselela, formula lomncono oboniswe, ingahlolwa ukusebenza eyinkunzi (ngamanye amazwi, ROI).

ukusebenza igxalaba unika ingqiqo kwi ukutshintsha indlela ukusebenza equity-zabelo 'ngenxa yokuba kukho ukubandakanyeka capital angaphandle kwi turnover yenkampani. kukho ifomyula eyongezelelweyo oluthathela ingqalelo index ubalwe apha ngasentla ukubala isiphumo.

Ukwahlula phakathi iimpembelelo ezilungileyo nezingalunganga wokukhuthaza zemali.

Lokuqala - xa umahluko phakathi imbuyekezo eyinkunzi iyonke emvakweminyaka kuhlawulwa zonke iirhafu, zingaphezu umyinge wenzala ngenxa yokuthenga ngetyala. Ukuba isiphumo mkhulu kuno-zero, oko kukuthi HIV, izinga okwandayo inzuzo kwaye kutsala ukuboleka olongezelelweyo.

Ukuba ngefuthe umqondiso "thabatha", ngoko ke kufuneka athathe amanyathelo ukuthintela ukulahleka.

utoliko yamaMelika namaYurophu le isiphumo eqhinga

utoliko ezimbini Ukulawula ukusebenza eyakhelwe phezu koko bonganyelwe ugxininiso kuthathelwa ingqalelo kubalo. Oku ngakumbi olunzulu ingqalelo indlela umlinganiselo akumgangatho ibonisa ubungakanani nefuthe kwiziphumo zemali.

imodeli zaseMelika ingqikelelo kuqwalaselwa inkcitho-mali ngokusebenzisa ingeniso kunye yenzuzo emva inkampani wafumana zonke iintlawulo zerhafu. Le modeli uthathela ingqalelo icandelwana yerhafu.

Ingcamango yaseYurophu isekelwe ukusetyenziswa ngokuyimpumelelo kwazo imali ebolekiweyo. Sichaza imiphumo yokusetyenziswa eyinkunzi equity kwaye xa kuthelekiswa kunye nefuthe inxaxheba imali ebolekiweyo. Ngamanye amazwi, le ngcamango azasekelezwa kuvavanyo lwe inzuzo yohlobo ngalunye eyinkunzi.

isiphelo

Nayiphi na inkampani ijonge ukuphumeza ubuncinane yoqhawulo-nkqu ngongoma, kwaye ubuninzi - ukuphumeza inzuzo enkulu. Ukuze kufezekiswe zonke iinjongo musa kusoloko ukulingana ngokwaneleyo. Iinkampani ezininzi kakhulu aze asebenzise eboleka uphuhliso. Kubalulekile ukwenza uyondelelwano phakathi ulingano kwaye zatsala. Kubalulekile ukuqinisekisa ukuba ixesha langoku, intsalela elihloniphekileyo isicelo umlinganiselo wokukhuthaza zemali. Kuyanceda ukuba ukujonga indlela isakhiwo capital yangoku ikuvumela ukuba ukusebenza kunye yemalimboleko ezongezelelweyo.