Bala Iindleko zeMali eziPhakamileyo

Ixabiso eliqhelekileyo lokuxhaswa kwenkampani: Yintoni ehlawula ityala kunye nokulingana?

Xa iinkampani ziphakamisa imali yokwandiswa kunye nezinye iiprojekthi, kufuneka zihlawule ukusetyenziswa kwezi mali. Ukuba inkampani iphakamisa imali kubanikezeli-zimali okanye ifumana isamba semali evela kubarhwebi abazimeleyo, oku kubonwa njengobulungisa. Ukukhulisa imali ngokuboleka kwibhankini okanye ukukhupha izibophelelo kufanelana netyala. Lezi ndlela zineendleko zaso, ezinokuthi zichazwe ngokwemigangatho yerhafu.

Ukuchaza iWACC

Inkcitho yexabiso eliqhelekileyo lenkampani (WACC) ngumyinge wenzala yemyinge kufuneka ihlawule ukuxhasa iimpahla zayo, ukukhula kunye nemali yokusebenza.

I-WACC nayo iyona nqanaba eliphantsi lokubuyisela limele lifumane kwiimpahla zalo zangoku ukuze liyanelise abanini-mali okanye abanini-mali, abatyali-mali kunye nabathengi bayo.

I-WACC isekelwe kwisakhiwo-mali senkampani kwaye iqulethwe ngamabhanki amatyala kunye nokuxhaswa kwemali . Iindleko zengxowa-mali ingumxholo oqhelekileyo ngokumalunga nexabiso eliqinileyo elihlawulela ukuxhasa ngemisebenzi yalo ngaphandle kokucacileyo malunga nokubunjwa kwesakhiwo sayo semali (ityala kunye nokulingana).

Amanye amafemu amashishini amancinci asebenzisa kuphela imali yokuhlawula ityala kwimisebenzi yabo. Ezinye iinkwenkwezi ezincinane zisebenzisa kuphela imali yokulingana , ngokukodwa xa zixhaswa ngemali ngabalingani-mali abanjengabalinganisi -mali . Njengoko la mafama amancinci akhula, mhlawumbi baya kusebenzisa inhlanganisela yetyala kunye nezimali zokulingana .

Amatyala kunye nokulingana kwakha isakhiwo esiphezulu senkampani, kunye namanye ama-akhawunti kwicala lasekunene kwiphepha lokulinganisela kwenkampani efana nesitokhethi esikhethiweyo.

Njengoko iinkampani zikhula, zinokufumana inkxaso-mboleko kwimithombo yamatyala, ukulingana okuqhelekileyo (ukugcinwa kweengeniso okanye imithombo eseleyo), kunye nemithombo yolondolozo.

Ukubala iindleko ezenziwe lula kwenkampani, qalisa ukuhlaziywa kwesakhiwo senkxaso-mali yangoku kunye nokubala inani lalo matyala kunye nokulingana.

Emva koko ulinganise indleko yetyala kunye neendleko zokulingana ngamaphesenti eziphumo xa kubalwa iindleko zemali. Emva koko, zibale iindleko ezilinganisiweyo zexabiso elikhulu kunye netyala ukuze ufumane i-WACC.

Ukubala Iindleko zeTyala

Iindleko zesikhwama soshishino ngokuqhelekileyo zithengisa ngaphezu kweendleko zentengo-mali. Oku kungenxa yokuba indleko yenzalo kwi-matyala yerhafu echithwe yerhafu ye shishini. Yingakho amafama amaninzi amashishini ngaphandle kokuba abatyala-mali, basebenzise imali yokuxhaswa kwetyala.

Amancinci amashishini angasebenzisa ityala lexeshana nje kuphela ukuba athenge ipahla zawo. Ngokomzekelo, bangasebenzisa isikweletu somthengisi ngendlela ehlawulwa ngayo. Baya kusebenzisa iikhredithi zexeshana zoshishino , ezivela kwibhankini okanye enye imithombo yokuxhasa imali .

Amashishini amakhulu angasebenzisa iimali-mboleko zexesha eliphakathi okanye elide okanye angabhapha iibhondi zokunyusa imali yokuxhasa imali.

Sebenzisa le fomula elandelayo ukubala iindleko zeenkampani zentlawulo yemali :

Iindleko zetyala = Iindleko zangaphambili zerhafu zeebhanki zenkampani okanye ityala lexeshana elifutshane (1 - isantya seerhafu esezantsi)

Ngokomzekelo, i-XYZ, Inc. isebenzisa isikweletu sexesha elifutshane kwimisebenzi yayo ngokusebenzisa umgca wekhredithi kwi-bhanki yayo. Umgca wekhredithi unomyinge wenzala ochanekileyo ngokusekelwe kwiimeko zeemarike kodwa umyinge wesantya wamanani kunyaka owedlule ube yi-9.0 ekhulwini.

Inkampani yenza inzuzo malunga needola ezingama-20 ngonyaka odlulileyo. Ukujonga iiteyibhile zerhafu zenkampani , sebenzisa ireyithi yentela engaphantsi kwama-35 ekhulwini.

Ukusebenzisa iindleko zefomula yeemali, zibalo ngolu hlobo lulandelayo:

Iindleko zetyala = 9.0 ekhulwini * (1 - .35) = 5.85 ekhulwini

Iindleko ze-XYZ zexabiso lemali li-5.85 ekhulwini.

Ngokuqhelekileyo akukho zindleko zokubhala phantsi okanye iindleko zokujikeleza ezihambelana nokuxhaswa kwetyala kwinkampani.

Ukubala Iindleko ze-Capital Capital

Iindleko zentengo-mali ingabakho kancinci ngakumbi ekubalweni kwayo kuneendleko zemali-mali. Kungenzeka ukuba ifayili ingasebenzisa isisitye esesifanayo kunye nesitokhethi esikhethiweyo ukunyusa imali kwimisebenzi yayo. Uninzi lwamafemu alisebenzisi isitokhethi esikhethiweyo. Lo mzekeliso ubona iindleko zesitokhwe esifanayo kuphela.

Uninzi lwentengo elinganayo elitsha eliza kumashishini liphakanyiswa ngokubuyisela imali eqhubekayo .

Nokuba imali eqhubekayo yokufumana imali inexabiso, elibizwa ngokuba yindleko yelithuba. Le mivuzo ingasetyenziswa ngenye indlela. Ngokomzekelo, bebakhokhelwa njengezabelo kubanini-nxaxheba.

Kunzima ukuqikelela iindleko zesitokisi esifanelekileyo (imali egcinweyo) ngaphezu kweendleko zetyala. Uninzi lwamashishini zisebenzisa i-Capital Asset Price Model (CAPM) ukuqikelela iindleko zobulungisa. Nazi iindlela zokuqikelela iindleko zokufumana imali:

1. Linganisa izinga lokungabi nengozi loqoqosho.

   Umyinge ongenazo umngcipheko ngokuqhelekileyo umyinge wokubuyela kwii-bhulo-mali ze-US.

2. Linganisa izinga lokuthengiswa kwamasheya okwangoku.

   Uyakwazi ukujonga inkcazo ebanzi yemakethe ye-stock, njengeWilshire 5000 kwaye usebenzise isantya sokubuyiswa kwelo lathisi njengommeleli wenani lemarike yokubuyisela.

3. Linganisa umngcipheko wesitokisi senkampani xa kuthelekiswa nemarike. Lo mlinganiselo ubizwa ngokuba yi-beta.

   I-beta (umngcipheko) weemarike ichazwe njenge-1.0. Ukuba ingozi yenkampani inkulu kuneemarike, i-beta yayo inkulu kune-1.0 kwaye ngokulandelelana. Ungasebenzisa ulwazi lwexabiso lempahla yezithuthi ukulinganisela i-beta. Unokutshintshela i-beta yeembali ngezizathu eziphambili kwiinkampani. Ngokuqhelekileyo, kuyinxeba yomgwebo kwi-management management company.

4. Faka iinguqu kwi-CAPM equation.

   Iindleko ze-Equity = Izinga lokungabikho komngcipheko + kwi-Beta (Ixabiso leMarike yokubuyiselwa - Inani elingenabungozi)

Umzekelo: Ukuba izinga lokungabi namngcipheko kwiibhondi ze-Nondyebo li-2 ekhulwini kwaye ixabiso lexabiso lemarike langoku libuyisela kwi-5% kwaye i-beta ye-stock yekampani iqikelelwa ukuba yi-1.5, ukubala iindleko zeenkampani (ukugcinwa kwemali).

Iindleko ze-Equity = iipesenti ezi-2 + 1.5 (iipesenti ezi-5 - iipesenti ezimbini) = 6.5 ekhulwini

Bala iindleko zeMithwalo ebunzima beNkunzi

Emva kokuba ubale iindleko zemali kuyo yonke imithombo yamatyala kunye nokulingana oyisebenzisayo, ngoko ke ixesha lokubala iWACC kwinkampani yakho. Ulinganisela isakhiwo esikhulu ngokusebenzisa ipesenti kumthombo ngamnye wetyala kunye ne-equity capital.

Iindleko zemali-mali yayingama-5.85 ekhulwini kunye neendleko zexabiso-mali li-6.5 ekhulwini. Ukuba nganye iyenziwe ngamaphesenti ama-50 enkqutyana-mali yenkampani, ukubalwa kwe-WACC kulandela njengoko:

WACC = .50 (5.85) + .50 (6.5) = 6.175 ekhulwini

Ukuba inkampani yakho isebenzisa amatyala kunye nezimali zokulingana ngendlela ephakanyisiwe ngasentla, i-WACC yenkampani iya kuba ngu-6.175 pesenti. Ukuba ungeze ezinye iimithombo zenkxaso-mali, kuya kufuneka udibanise iindleko zecandelo lawo, njengaleyo yokulingana esitsha okanye ikhefu ekhethiweyo .

Oku kubalwa ngokubanzi kweWACC isebenzisa kuphela amanyathelo aqhelekileyo amatyala kunye nokuxhaswa kwemali. Ifom ye-WACC inokwandiswa ukuba ifake enye imithombo yemali njengoko kuchaziwe ngasentla.