Ulawulo oluxhathisayo zokusebenza kunye nezimali. Inqanaba yovavanyo isiphumo factor ifomula eqhinga zokusebenza

Kule ncwadi kwezoqoqosho idla wafumana into efana "leverage" (zokusebenza kunye nezimali).

definition

Ngenxa yoko, izinga lemveliso zimelwe yi-ratio ye iindleko eziguquguqukayo, wayifaka lweshishini, achaphazela ingeniso yokusebenza, nto leyo bubonwa ngaphandle iirhafu kunye nenzala. Xa isixa esikhulu esisigxina ibiza iziko loshishino yokusebenza akumgangatho ezendeleyo kumgangatho ophezulu, nto leyo ekhokelela kunye utshintsho ezincinane imithamo imveliso kwi inguqu ebonakalayo inzuzo.

Ngamanye amazwi, isiphumo ingalo ezinjalo nako kucacile kwisizukulwana utshintsho Iholo obuluqilima naluphi na utshintsho kwingeniso evela kwiintengiso.

Kungekho nto, kunye "leverage" eli gama lisetyenziswe kweli nqaku, ntonye zawo - "lever". Enyanisweni, IsiNgesi izinga lithetha "ingalo".

Ngenxa yoko, izinga lemveliso (yokusebenza - elinye igama layo) sisixhobo solawulo ngempumelelo inzuzo naliphi na iqumrhu loshishino olusekelwe phezu kuphuculo umlinganiselo iindleko eziguquguqukayo kunye ezisisigxina. Ngesi salathisi, kunokwenzeka ukuba ukucwangcisa naluphi na utshintsho iingeniso zenkampani kuxhomekeke kwiintengiso imiqulu kutshintsha. Kulo mzekelo, indawo yoqhawulo-nkqu kungaba ibalwe.

ngezigaba iindleko

A imeko kuyimfuneko, apho lever yokusebenza (akumgangatho), ingasetyenziswa - ukusetyenziswa indlela eludinini ngokusekelwe kokwahlulwa iindleko eziguquguqukayo kunye ezisisigxina.

Ngoko ke, ayanda umlinganiselo Iindleko ezizinzileyo xa iindleko zizonke koshishino, kokukhona ukutshintsha umda ingeniso ngokunxulumene izinga utshintsho kwingeniso lweshishini.

Ukubuyela ukuhlelwa kwenkcitho, kufanele kuqatshelwe ukuba inqanaba labo (umzekelo, iindleko ezizinzileyo) kwingeniso yenkampani inempembelelo ebalulekileyo intsingiselo lotshintsho kwixabiso iindleko okanye inzuzo. Oku kungenxa yokuba isivuno ezongezelelweyo, nto leyo iya kuhlawula iindleko ezizinzileyo eyenziwe yi iyunithi eyongezelelweyo kwimveliso. Ukukhula kwengeniso zizonke kule yunithi eyongezelweleyo igqityiwe imveliso (okanye imveliso) luboniswa kutshintshwe isixa yenzuzo. Akuba ikhefu-nkqu inqanaba ngeniso ibunjiwe, nto leyo uphawu ukukhula ngokukhawuleza ngaphezu yokuthengisa.

Umphumo wokukhuthaza ukusebenza

Le lever yokusebenza yi ngokwaneleyo isixhobo ngempumelelo nangokuzimisela uhlalutyo ukuxhomekeka echazwe apha ngasentla. Ngamanye amazwi, injongo yayo ephambili ukuseka impembelelo yenzuzo kwi naluphi na utshintsho imithamo yokuthengisa.

Undoqo izenzo zakhe - Yandisa yeNgeniso ikhuthaza ukukhula ngakumbi mali yenzuzo. Kulo mzekelo, i izinga lokukhula inokuba zibenze iindleko eziguquguqukayo, zalungiswa. Zezoqoqosho wabonisa ukuba xa ephezulu umlinganiselo Iindleko ezizinzileyo, kungona isithintelo.

Imveliso eqhinga (yokusebenza) ngokwemigaqo ubuninzi luphawulwa Uthelekiso seendleko ezinzileyo kunye neguquguqukayo xa imali yabo lilonke ixabiso izikhombisi zoqoqosho ezifana yemali phambi umdla kunye irhafu. iintlobo ezaziwayo oluxhathisayo: amaxabiso zendalo.

Ukubala imveliso yokusebenza eqhinga, ngokuchanileyo ngokwaneleyo ukuba ukuqikelela naluphi na utshintsho kwemivuzo zotshintsho ezahlukeneyo isixa-mali sengeniso.

Kuba ukuqonda ngcono zesi salathisi kwezoqoqosho kuyimfuneko ukuba siqwalasele indlela yokubala.

eqhinga yokusebenza

Ifomula yokubala ingalo lokuvelisa ilula: umlinganiselo yengeniso kunye nenzuzo evela kwintengiso.

Ukuqwalasela lo ingeniso njengoko isixa iindleko (variable kunye esisigxina) nenzuzo, siyakwazi ukubona ukuba Ngokwefomyula yokubala akumgangatho zokusebenza kuthatha le fomu ilandelayo:

Ol = (IMizekeliso + Rper + Rpost) / P = 1 + Rper / + Rpost Ex / Eks.

Uvandlakanyo wokukhuthaza yokusebenza lwenziwa hayi nje ipesenti, njengoko esi salathisi inikwa ngokunxulumene umda yenzuzo yenzuzo. Ngenxa yokuba lo umda ingeniso, ukongeza ingeniso olubandakanya isixa Iindleko ezizinzileyo, nengalo lemveliso liyakholisa ukuba ngaphezulu kwesinye.

Indlela yokuqhuba ishishini eqhinga njenge ngesalathisi lenkampani

Ixabiso le salathisi kucingwa ukuba ukubonisa kuphela Umngcipheko iqumrhu loshishino, kodwa ke uhlobo lweshishini apho ukwenza. Oku kungenxa yokuba i-Umlinganiselo isakhiwo iindleko zizonke iindleko - zibonisa kuphela iimpawu lweshishini kunye nemigaqo-nkqubo yayo accounting, kodwa ke iinkalo zesebe ngamnye womsebenzi kwazo kwezoqoqosho.

Zezoqoqosho wabonisa ukuba inqanaba eliphezulu iindleko ezisisigxina iindleko zizonke iziko loshishino akusoloko isenzeko esibi. Oku kungenxa yokuba ixabiso elililo lwe ingeniso litheni akunakwenzeka. Ukwandisa izinga wokukhuthaza yokusebenza sibonisa ngokubanzi ikhulise-up amandla emveliso, yotshintsho, ukwanda kwemveliso yabasebenzi. Inzuzo ushishino kwinqanaba eliphezulu kwimveliso ye sixhobo olubuthathaka kakhulu naluphi na utshintsho kwexabiso yemali. Ngenxa yokuhla elibukhali kwiintengiso lweshishini ngokukhawuleza "uwa" ngezantsi umda breakeven. Ngamanye amazwi, inkampani kunye ixabiso eliphezulu kakhulu akumgangatho - kunokuba yingozi.

Iimpawu nezinye iintlobo kwezixhobo zoqoqosho

Kule ncwadi kwezoqoqosho kukho ukusetyenziswa ngaxeshanye iziphawuli ezifana zokusebenza kwinkcitho mali. Kulo mzekelo, ukuba sokunqika ukusebenza ubonakalise Dynamics imivuzo ngenxa yotshintsho isixa-mali sengeniso yenkampani, inkcitho-mali sele ubonakalise utshintsho kwixabiso ingeniso net iintlawulo inzala kwimali-mboleko kunye credits ukuziqhelanisa notshintsho kwi inzuzo.

Kukho nenye sisalathisi kwezoqoqosho - izinga zidityanisiwe, yona ethi inxulumanise oluxhathisayo zokusebenza kunye nezimali, kwaye kubonisa indlela (zingaphi ipesenti amanqaku), apho kuya kubakho utshintsho ingeniso emva kokuba kuhlawulwe umdla utshintsho elinye ekhulwini wengeniso.

Credit (Financial) eqhinga

Esi salathisi kwezoqoqosho lulwahlulo eyinkunzi kunye waboleka lweshishini, kwakunye nefuthe layo ngumvuzo. Ngenxa yokwanda ngokomlinganiselo Ukuhlawulwa kwetyala zasinciphisa yenzuzo. Oku kungenxa yokwanda kweendleko ukuba ukuhlawulwa kwenzala kwimali-mboleko.

Umlinganiselo kwamatyala ukuya ratio equity ibonisa inqanaba lomngcipheko (uzinzo kwezemali). Le nkampani kunye namaqondo aphezulu wokukhuthaza - ukuxhomekeka yemali yenkampani. Ukuba inkampani ngemali imisebenzi yayo ishishini lakhe kuphela ngeendleko equity, kusenokuba ezinokuhlelwa neenkampani ezizimeleyo ngokwezimali.

Intlawulo yokusetyenziswa kwemali ebolekiweyo kudla alithe gangqa ingeniso, irisithi yayo ukongeza kuzo. Uthe ingeniso ezongezelelweyo inokushwankathelwa kunye ingeniso efunyenweyo kusetyenziswa ubulungisa, oko kwandisa inzuzo factor.

imisebenzi

Kuba uhlalutyo epheleleyo izikhombisi zoqoqosho kuyimfuneko ukutshintshela ingxaki ekufuneka isonjululwe ngoncedo izinga ukusebenza:

• Isiphumo zemali kwishishini liphela, kunye neentlobo ezithile iimveliso ngokusebenzisa inkqubo "Iindleko - umthamo - inzuzo";
• ukubala lwemveliso emaxongo ukusebenzisa ngayo ekwenzeni izigqibo ezithile zolawulo, ngokunjalo kunye nokusekwa iindleko imisebenzi;
• ekwenzeni izigqibo malunga nokuphunyezwa kwe-odolo ezongezelelweyo kunye ingqalelo labo libe ukunyuka kunokwenzeka ixabiso ngokubhekiselele kwiindleko ezizinzileyo;
• ingqalelo ngenxa yokuyekiswa kwezinto ezithile xa ixabiso iwela ngaphantsi kwenqanaba iindleko eziguquguqukayo;
• nokukhulisa inzuzo ngenxa ukuncitshiswa relative iindleko ezizinzileyo;
• ukusetyenziswa inqanaba inzuzo kunye nophuhliso lweenkqubo zemveliso, ukusekwa amaxabiso emveliso.

isiphelo

Ngamafutshane, kufuneka kuqatshelwe ukuba sokunqika isebenza lingaba kwandiswe ngokusebenzisa yokuboleka. A akumgangatho ophezulu kakhulu kwimveliso kungenziwa neyalo ngokusebenzisa eqhinga. Ngazo kweli nqaku zomculo kuqoqosho igalelo ekuphumezeni ngoku ukubuyela kuyimfuneko kutyalo kwinqanaba yolawulo lomngcipheko.