Ubudlelwane bemali-mali, indleko yemali, kunye nokubuyela kwi-capital
Inkunzi yoshishini elincinci kuphela yimali okanye inkxaso - mali eyenziwa yinkampani ukuxhaswa kwemisebenzi yayo nokuthenga impahla. Ixabiso lentengo limela iindleko zokufumana loo mali okanye inkxaso-mali yoshishini elincinci. Iindleko zentengo- mali zibizwa ngokuba yi-sting rate, ngokukodwa xa ibizwa ngokuba yixabiso leprojekthi ethile.
Nangona ishishini elincinci lifuna imali ukuba isebenze kwaye imali ixabisa into ngaphandle kokuba iphuma ephaketheni lomnikazi.
Iinkampani zijolise ukugcina loo ndleko njengezantsi.
Yiyiphi iNkunzi?
Inkunzi yinkcitho yamashishini esebenzayo ukuxhasa ngemisebenzi yabo. Iindleko zengxowa-mali yenzalo kuphela inzala yoshishino ukufumana imali. Inkunzi yamashishini amancinci angabhalwa nje ngamatyala athengiswa ngabathengisi, njenge-akhawunti kunye nentlawulo efunekayo kwiintsuku ezingama-30. Kwiimashishini ezinkulu, inkunzi ingabandakanya ityala lexesha elide njengemali-mboleko yebhanki okanye amanye amatyala.
Ukuba inkampani iyindawo kawonkewonke okanye ithatha abatyale-mali, isakhiwo sayo esikhulu saso siya kubandakanya inkunzi yemali okanye isitokhwe esifanayo. Amanye ama- akhawunti abalingana afaka i- earnings , i-capital-paid, kunye nekhethi elikhethiweyo.
Kuthetha ntoni "iindleko"?
Iindleko zenkampani yenkcitho yemali nje yindleko yemali eyenziwa yinkampani ukuxhasa imali. Ukuba inkampani isebenzisa kuphela amatyala okwangoku, njengetyala lomthengisi, kunye nexesha elide lokwenzela imali ngemisebenzi yalo, ngoko iindleko zayo zentengo nayiphi na inzala ehlawulwayo kuloo matyala.
Ukuba inkampani iyindawo kawonkewonke kwaye ityala abatyala-mali, ke indleko yenkcitho-mali iya kuba nzima. Ukuba inkampani isebenzisa kuphela iimali ezibonelelwe ngabasomali-mali, ke iindleko zayo zentengo yexabiso liyindleko yokulingana. Le nkampani inokuba nayo kodwa ikhetha ukuxhasa ngemali ngezimali zokulingana ngemali abafakeli-mali abanikezelayo ngokuchishina kwi-stock yenkampani.
Kule meko, indleko yenkampani yexabiso liyinkunzi yerhafu kunye neendleko zobulungisa .
Ukuhlanganiswa kwetyala kunye nokulingana kwemali inkampani ibambe isakhiwo sayo esikhulu .
Ukubuyisela kwi-Investment
Ukubuyela kwixabiso eliyinkunzi yintlawulo yenzuzo oyifumanayo kwishishini okanye iphrojekthi xa kuthelekiswa nomyinge oyinkunzi. Intlawulo yotyalo-mali yenkampani (ukubuyiselwa kwinkunzi) kufuneka ilingana okanye idlulise izinga lokubuyisela imali (indleko yemali-mali) kwenkampani ukuguqula inzuzo.
Inzala kunye nezinye iindleko
Elinye iqela leendleko zexabiso eliyinkunzi yindleko yokuxhaswa kwetyala . Amashishini amakhulu, ityala lidla ngokubhekisela kwimali-mboleko emikhulu okanye izibophelelo zenkampani. Kwiinkampani ezincinane kakhulu, ityala linokuthi ityala lorhwebo . Kungakhathaliseki ukuba, iindleko zetyala ngumyinge wenzala ehlawulwa yinkampani.
Ubulungisa kunye neCAPM
Iindleko zentengo-mali ziquka imali yokulingana ukuba unomali-mali kwinkampani yakho enikela ngemali ngokutshintshela inqobo yobunini kwinkampani. Ukubala iindleko zobulungisa kubanzi kunzima, njengoko abatyali-mali banemfuno eyahlukileyo yokubuyela kwabo kwiimali-mali ngokulinganisa nomdla ohlawulwe yibhanki.
Inkampani inokulinganisela ixabiso lentengo yentengo esebenzisa i-Capital Asset Price Model, okanye i-CAPM.
Le fomyula ilandelayo:
I-CAPM = inqanaba lokungabi namngcipheko + (inkampani ye-beta * yengozi ye-premium)
Lapho izinga elingenamngcipheko lilingana nokubuyela kwi-bond yeburhulumenteni ye-10. Ukubala i-beta yenkampani kunokubandakanya inani elifanelekileyo lomsebenzi, ngoko abanye abahlalutyi basebenzisa i-beta efumaneka kwimarike kunoko. I-Beta ibonisa ukungabi nantoni kwexabiso lesitishi esinikwe okanye i-market jikelele, kwaye i-beta ye-Standard & Poor's 500 index isetyenziselwa ukumela i-beta yemarike kwixabiso le-1 kwi-CAPM equation.
I-premium yengozi iqikelelwa ngokuthatha umyinge wokubuya kwimarike, apho abahlalutyi banokulinganisela ngokusebenzisa izinga le-S & P 500 lokubuyela kwaye emva kokukhupha izinga lokungabikho komngcipheko. Oku kufanana nabatyalo-mali beprayimari balindele ukubeka ingozi yokutyalo-mali kwi-stock yekhampani ngokubhekiselele kwindlela ekhuselekileyo yokungena engozini yenkxaso-mali yeminyaka eli-10.
Kwiifama ezincinci kakhulu, indleko yemali ingaba lula. Kukho iingenelo kunye nokuphazamiseka kokubambisa amatyala kunye nokuxhaswa kwemali kwanoma yimuphi umnini-shishini kufuneka acinge ngaphambi kokuwafaka kwi- capital structure yekampani.
Kutheni Imali Ebaluleke Kangako?
Ukuba inkampani ifuna ukwakha izityalo ezintsha, zithenge izixhobo ezintsha, uvelise iimveliso ezintsha, kwaye uphucula ubugcisa beenkcukacha, kufuneka ukuba ube nemali okanye inkunzi. Kuzo zonke zezi zigqibo, umnini-shishini okanye iGosa eliPhezulu lezeMali (CFO) kufuneka anqume ukuba ukubuyiswa kotyalo-mali kukukhulu kunendleko yemali. Ngamanye amagama, inzuzo eprojekthi kufuneka igqithise indleko yemali ethatha ukutyalo kule projekthi.
Abanikazi bezoshishino baza kuzifumana ngokubhankqalaza ngokukhawuleza ukuba abayi kutyalomali kwiiprojekthi ezintsha apho ukubuya kwindlunkulu abayityala ngayo kunkulu okanye ubuncinane bilingana neendleko zemali ebeyayisebenzise ukuxhasa iimali zabo. Iindleko zemali- mali yinto ebalulekileyo malunga nazo zonke izigqibo zoshishino.
Iindleko zemiNdilili yeMali
Xa umnikazi webhishini eqonda iingcamango zentengo kunye neendleko zemali-mali, isinyathelo esilandelayo kukuba kubalwe iindleko eziqhelekileyo zenkampani yexabiso. Icandelo ngalinye lemali lenza ipesenti ezithile zenkampani enkulu . Ukufika kwindleko yonyani yemali kwi-shishini, umnini-mali makandise ipesenti yecandelo lepropati yenkampani ngalinye kwicandelo ngalinye, ityala kunye nokulingana, ngeendleko zaloo candelo kwaye zihlawulele iinxalenye ezimbini.