Bond nyaya senzira kukwezva upfumi

Kwemakore akawanda kwedu nyaya nyika chisungo (zvisungo) kwainzi chinyakare nzira bhizimisi. Asi mamiriro ezvinhu aya haana kugara kwenguva refu, uye nhasi zviri chimwe chezvinhu yemakwikwi chokushandisa kuwedzera mari. Its zvinogona hwakakura kwazvo: kubva mari iri muchimiro ano mubereko kuti guta achawana. Asi kunoda fanira kuziva investor kubva huru dzinokosha pfungwa kune chaidzo nuances ari pamisika. About kuti, chii chisungo nyaya, zvimwe kutaura.

tsananguro

Bonds - ndiko Nokutendeka kuchengetedzeka kuti rugare nokuda kwayo wokuisira kodzero yokugamuchira aizviti ukoshi kubva issuer uye akapa chikamu ukoshi ichi. Kana ichi hachisi zvinopesana nomurayiro Russian Federation, ivo zvingasanganisira mamwe pfuma kodzero.

Bond nyaya - a yokutengesa nayo kuti unobvumira mabhizimisi States kana (issuers) kuti vawane inodiwa mari nokutengesa kuti makambani. With mukana kuwedzera rayo guru pachishandiswa puttable zvisungo pashure imwe nguva yakawanda panguva ndima, uye nokuda mubereko pamusoro pavo.

Kusiyana mumatanda

Bond chikwereti (chisungo) ane zvakafanana pfungwa kuti migove; vose anopa muripo, uye vari dziri exchanges siyana. Asi chokutanga mhando kuchengeteka - ichi chikwereti sungiro uye wechipiri (migove) rinosanganisira padanda iri kambani.

Types kusungwa pamusoro zvikwereti izwi

Zvichienderana nguva panguva iyo issuer anofanira kuripa kuna makambani, pane mhando nhatu kuchengetedzeka:

1. Long-rokuti chisungo nyaya - makore anopfuura 10 nguva rokudzikinurwa. Kazhinji, vanoita vari hurumende kana guru Makambani zvemari. Maererano naye, pane Coupons siyana, kureva, mubereko iri akabhadharwa ayo wokuisira.
2. Svikiro-izwi - kubva 1 gore makore 10. Mwari akaronga kuti mari inivhesitimendi muzvirongwa. Svikiro-rokuti chisungo nyaya ine kupfuura mugove wakasungwa pamusika.
3. Pfupi - kubva wandei mwedzi gore rimwe. Anokanda kufukidza bhajeti dhefisiti uye kugadzirisa zvinetso zvemari ano. Ngozi sevanonyanya yepamusoro kwavari, kunyange zvazvo pfupi izwi sezvo issuer wekambani kuonekwa kugadzikana. Asi zvakavanakira anoonekwa kuva mukuru chezita ukoshi wokugara nhaka. Kazhinji, pfupi chikwereti ari razero-coupon, kureva, hapana mari mubereko kuti anaro.

Zvikonzero achivaratidza zvisungo

Vazhinji ruzivo vanoita mubvunzo ndewokuti: sei masangano kuve issuer wemurandakadzi? Wadii kutora mukana Somuenzaniso, mubhengi chikwereti? Asi zvikonzero aigona kuva dzakawanda:

• The chisungo nyaya iri nani. pamahombekombe chikwereti.
• Mubhengi akaramba chikwereti.
• Ari chikwereti sangano hazvikwani emura yesangano, akadai mari huru zvirongwa.
• Mabhizimisi vanoda mari kwemwedzi mishoma uye nevamwe.

Nzira mari uye neruregerero kubhadhara

Kune mhando dzakawanda maererano nzira mutsividzo nezvisungo:

• Discount zvisungo - rudzi chikwereti umo mubereko haisi rwakabhadharwa kuna investor. Asi chezita mutengo wayo kwakakwirira zvikuru kupfuura chaicho, iyo akaripira, saka zita kubva pashoko "dhisikaundi" - kubva dhisikaundi.
• Coupon zvisungo - rudzi chikwereti umo kufarira iri kubhadharwa pamwedzi, iyo vanoumba mubereko kuti investor. The chezita Ruregerero ukoshi, sezvinoita mutemo, iri pakutanga vapera.
• Bonds aine Mini-kopani - kwakadai chikwereti umo kushandisa dhisikaundi maitiro, uye Coupons. Ndiko kuti kubhadhara chikamu chiduku kuti investor uye aizviti ukoshi chete pamusoro vapedzwa uwandu.

Mukutanga 90-ies. remakore yokupedzisira, mitengo munyika kwave saka nezvimwewo kuti chisungo chikwereti kuenzaniswa siyana zveupfumi zviratidzi: misika kukosha Real Estate, mwero goridhe, etc ...

Zvinhu kukanganisa musika kukosha zvisungo

Nyaya zvisungo - ndiyo nyaya kuchengetedzeka, izvo kutengeswa pamusoro misika wemari. Ndiko, zvisungo dzinotengeswa uye kuzodzosera achitengeswa nevaichinja, vanoita, nevaya vanofungidzira, uye zvichingodaro. D. Kana investor vakatenga chisungo, hazvirevi kuti chete ane kodzero kubva pachiso kukosha issuer. Vane, munhu uyo panguva kukarukureta pakati zvisungo vakatenga kodzero kuti kuverenga.

zvisungo zvose zviri kutengwa pamusoro Stock Exchange. Dzavo musika ukoshi kunobva zvinhu zvinotevera:

• The zvoupfumi zvinomboitika indasitiri, nyika, nyika. Panguva dzakasiyana-siyana nematambudziko vanoita havadi pangozi uye vanosarudza kuva "shiri muruoko". Saka vanotanga kutengesa zvisungo kuchengeta mari yavo. Uyezve, issuers vakawanda ugokandwa itsva batch mangé musika kusungwa. Kazhinji, izvi pfupi kuti agare yerera, kwete kuti kukundikana inonetsa zvoupfumi ezvinhu.
• The pakunamata zvisungo.
• The chikamu kopani riri.

State chisungo nyaya

Vaya vagere Soviet Union, vanowanzotambura atarisana pfungwa T-mabhiri kana pfupi hurumende zvisungo. Izvi hazvishamisi, zviremera kazhinji rubatsiro kubva kuvanhu avo. Panguva iyoyo akanga rinenge chete kunobva chepamutemo inivhesitimendi. Private pfuma zvaishaikwa, saka, uye kuchengetedzeka, kusanganisira chero marudzi mumatanda uye zvisungo. Chokwadi, mubereko prices musi T-zvikwereti vakanga duku, asi, zvakadaro, vakanga yepamusoro sberbankovskogo (bhengi aivawo chete munyika yacho penguva).

Nhasi, hurumende chisungo zvikwereti haasi chinhu chekare. Power, kunyanya mune dambudziko, uye kwereta mari kubva yevagari. The chikuru zviri hurumende kusungwa:

• The pasi pamwero mari kwavari, kufananidzwa private zvekutepfenyura zvisungo.
• High garandi. Hurumende haigoni kufamba kusauka, asi zvakaitika 1998 Somuenzaniso, kuti vaparidze munhu default, kureva kukundikana kubhadhara zvikwereti, uye zvamazvirokwazvo zvimwechete.
• Low mari, mune zvimwe zviitiko, nemichina nokuda zvikomborero pauzima mari mutero (mutero pamusoro mari inoitika vanhu). Kutoti Chokwadi, mutero mugari ndiko yepamutemo yokuwana nayo mari.

Kushanda hurumende chisungo musika

The ano pawaitengesa GKO uye OFZ (yeUnited chikwereti zvisungo) vakava operative kubva mid-1993. Kuti aite izvi, wose kwezvivako akasikwa, huru zvinoriumba ndiwo:

• Bazi Finance (issuer OFZ).
• CBR - anoita supervisory uye pamutemo mabasa. Iye akabata Auktionen, kudzikinurwa, rinogadzirira zvinyorwa zvakasiyana-siyana. The Central Bank ari kuedza kuramba pachiyero T-mabhiri pamusika zviratidzi: profitability, liquidity, uye zvichingodaro ..
• Mvumo dealers. Ichi zvokutenga akasiyana mabhanga, brokerage yemakambani, vari kukwezvwa pachake mari kumusika uye mari yavo nemakasitoma pamusika.
• The Moscow Interbank Currency Exchange (MICEX). Trading kuchikuva anoita mabasa apo kwema zvose zvaitika.

Bhizimisi mune ramangwana

Zvino zvakawanda pamusoro refu chisungo nyaya. "Long-rokuti kana pfupi nani?" - kumbira ruzivo vanoita zhinji. The mubvunzo, Chokwadi, kwakarasika, sezvo zvose zvinoenderana zvinhu zvinotevera:

• Chezita prices.
• chivimbo pamwero.
• Muzana kopani.

Pane nguva apo nani vanopedzisira-refu mari zvirongwa uye kugamuchira upenyu mubereko Coupons pane mari iri zvikwereti pfupi-rokuti, vari kure ichabereka kune zvibereko.

Kupatsanura wemurandakadzi nyaya panyaya kodzero

Panyaya kodzero zvisungo dzinoiswa se:

• inyoreswe;
• mutakuri.

Nekanzuru Issuer vakanyorwa nomumwe, uye mubereko pamusoro pavo yavo nyaya makambani. Mutakuri zvisungo, issuers vari usatsungirira, zvakadai hunde. Vari dziri wemari exchanges uye kwema zvose pamusoro pavo andobata zvakananga nevaichinja.

Uchimutarira kuti inivhesitimendi giredhi zvisungo

Pamberi investor mari muzvisungo, unofanira kuita kuti tinyatsonzwisisa zvinotevera:

1. Kutsunga rakavimbika boka kuti pave kufarira mari. Unofanira kuziva uwandu ayo gore negore purofiti uye zvose kufarira mari. Kana vari 2-3 nguva duku pane mari yacho zvebhizimisi, unogona kuvimba naye ive issuer kusungwa. mamiriro akadaro anoratidza mudanga mamiriro wekambani. Kwakadaro kuongorora zviri nani kuti makore mashoma. Kana muitiro uyu kuwedzera (the payout kubva muzana iri kudzikira ose gore), ipapo yakadaro kambani anowedzera kwayo zvinogona kana kudaro, chikamu vachibhadhara riri kukura, zvino ruchapinda muruoko kusauka.
2. Zvichienderana nekambani kukwanisa kubhadhara chikwereti chero chikonzero. Kuwedzera pazvisungo, zvakasimba kungava nedzimwe munataisireva zvemari, zvakadai zvikwereti.
3. Tinyatsonzwisisa mari rusununguko wekambani. Zvinofungidzirwa kuti kambani hakutsamiri zvokunze zvinyorwa, kana chikwereti asingadi pfuura 50 muzana.

ngozi

Risk - ndiwo mukana kurasikirwa kana vanodzishayiwa mu kutarisirwa zvisingabatsiri. Bhizimisi - kwete rotari, apo mukana 50 kusvika 50. Ichi pakati nepakati, pragmatic zvingaitwa. Asi dzimwe nguva zvinoitika kuti kunyange yakatsiga uye vakabudirira makambani kuenda zvachose.

Kudzivisa zvikanganiso uye kuderedza njodzi dzakasiyana gadziriro Mutengo uye ratings zvinoshandiswa pamusika wemari:

• A ++ - kunonyanyisa kuchengeteka kupima.
• A + - boka rakanaka chaizvo.
• Uye - kambani zvakanaka, asi nzvimbo yaro kungava kugadzikana.
• B ++ - avhareji unhu.
• B + - pazasi avhareji.
• V - chenhando.
• C - dzokufungidzira zvisungo.