Ukuzimela kwezemali (FSS)

Ukuzimela ngokwezemali (FSS) ilinganisela ukuba iziko lenza ingenisomali eyaneleyo kwimisebenzi yalo ukuze lihlawule zonke iindleko zalo — kubandakanywa neendleko ebelinokujongana nazo ukuba belisebenza ngokupheleleyo ngaphandle kwenkxaso-mali, ngokwemigaqo yemarike yorhwebo. Iboniswa njengepesenti: kwi-100% okanye ngaphezulu, iziko liyakwazi ukuzimela ngokwezemali.

I-FSS yeyona ingqongqo kwiilinganiselo ezimbini eziqhelekileyo zozinzo ezisetyenziswa kwimicrofinance. Iphendula umbuzo othile:

Ukuba yonke inkxaso-mali ibinokurhoxiswa ngomso — inkxaso-mali ngeemeko ezilula, iinkonzo ezinikelweyo, ingeniso yesibonelelo — kwaye iziko kufuneka lizixhase ngokwemali ngokorhwebo ngelixa ligcina ixabiso lokwenene le-equity yalo, ngaba lisenako ukuhlawula iindleko zalo?

Iziko linokuba nenzuzo ephepheni kodwa lisilele kolu vavanyo, kuba inzuzo exeliweyo inokuxhomekeka kwigalelo iziko elingalihlawuliyo ngexabiso lemarike.

FSS vs OSS: Iilinganiselo eziMbini zoZinzo

Ukuzimela ngokokusebenza (OSS)

OSS = Ingeniso yezemali / (Indleko yezemali + Ilahleko yokuncipha kwexabiso + Indleko zokusebenza) × 100

OSS isebenzisa amanani angahlengahlengiswanga. Kwi-100% okanye ngaphezulu, iziko lihlawula iindleko zokusebenza, iindleko zenkxaso-mali kunye neelahleko zemboleko ngengeniso yokusebenza njengoko ithe yenzeka ngokwenene. Linqanaba lokuqala lozinzo kwaye lingumlinganiselo olula ukuwubala.

Ukuzimela ngokwezemali (FSS)

FSS = Ingeniso yezemali ehlengahlengisiweyo / (Indleko yezemali ehlengahlengisiweyo + Ilahleko yokuncipha kwexabiso ehlengahlengisiweyo + indleko zokusebenza ehlengahlengisiweyo) × 100

FSS isebenzisa uluhlu lohlengahlengiso oluhlaziya iiakhawunti ngokungathi iziko lisebenza ngokwemigaqo yorhwebo ngokupheleleyo. Ngenxa yokuba uhlengahlengiso luphantse luhlale lunyusa iindleko kwaye lunokunciphisa ingeniso, I-FSS iqhele ukuba ngaphantsi kune-OSS. Iziko eline-OSS engaphezulu kwe-100% kunye ne-FSS engaphantsi kwe-100% liyakwazi ukusebenza kodwa lisaxhomekeke kwinkxaso-mali — imeko eqhelekileyo kakhulu.

• Isiseko: I-OSS isebenzisa amanani axeliweyo; I-FSS isebenzisa amanani ahlengahlengisiweyo ngenkxaso-mali.
• Umbuzo ophendulwayo: I-OSS ibuza "Ngaba siyazihlawula iindleko zethu zokwenene?" ngelixa I-FSS ibuza "Ngaba singakwazi ukuhlawula iindleko ngaphandle kwenkxaso-mali?"
• Ingeniso yesibonelelo: Ayifakwanga kwingeniso kuwo omabini amalinganiselo.
• Iindleko zeengxowa-mali: I-OSS isebenzisa iindleko njengoko zihlawulwe ngokwenene; I-FSS ihlengahlengisa iindleko ngokwamaxabiso emarike.
• Inflation kwi-equity: Ayihoywa kwi-OSS; ibalwa njengendleko kwi-FSS.
• Iimpahla neenkonzo ezinikelweyo: Azihoywa ukuba zisimahla kwi-OSS; zibalwa njengeendleko ngexabiso lemarike kwi-FSS.
• Ubudlelwane obuqhelekileyo: I-OSS iqhele ukuba ngaphezulu; I-FSS iqhele ukuba ngaphantsi.

Uhlengahlengiso oluSemgangathweni lwe-FSS

Kukho uhlengahlengiso olune olusetyenziswa ngokwesiqhelo. Isigama sahluka kancinci phakathi kweearhente zokulinganisa kunye neenkqubo zengxelo, kodwa umxholo uyafana.

1. Uhlengahlengiso lweindleko zeengxowa-mali ezixhaswayo

Amaziko ahlala eboleka kumaziko ezemali ophuhliso okanye koorhulumente ngamaxabiso athotyiweyo. Uhlengahlengiso lubiza umahluko phakathi kwexabiso elihlawulwe ngokwenene kunye nexabiso ebeliya kulihlawula iziko kwimali-mboleko yorhwebo enexesha elilinganayo nenqanaba elifanayo.

Uhlengahlengiso = Umndilili weemali-mboleko ezinemeko ezilula × (Ixabiso lemarike − Ixabiso elihlawulwe ngokwenene)

Ukukhetha ireyithi yereferensi yemarike sisigqibo esifuna ingqiqo kwaye kufuneka kubhalwe phantsi — ngokuqhelekileyo ireyithi yokubolekisa yebhanki yorhwebo yasekuhlaleni, ireyithi yediphozithi engumgangatho kunye nesongezelelo, okanye ireyithi yeziko yokuboleka yorhwebo engaphezulu.

2. Uhlengahlengiso lokunyuka kwamaxabiso kwi-equity

Ukunyuka kwamaxabiso kunciphisa amandla okuthenga okwenene e-equity. Ukuze kugcinwe ukukwazi ukubolekisa ngomlinganiselo wokwenene ofanayo, iziko kufuneka lifumane umvuzo owaneleyo ukuze ligcine i-equity ngokwexabiso lokwenyani. Uhlengahlengiso luthatha iindleko ezilingana nereyithi yokunyuka kwamaxabiso esetyenziswa kwi-equity ephakathi, edla ngokuncitshiswa yiyo nayiphi na inzuzo yokunyuswa kwexabiso le-asethi ezizinzileyo.

Uhlengahlengiso = (I-equity ephakathi × Ireyithi yokunyuka kwamaxabiso) − Ukunyuswa kwexabiso le-asethi ezizinzileyo

Olu lolona hlengahlengiso kuxoxwa ngalo kakhulu kwezi zine. Kusisenzo esiqhelekileyo kuhlalutyo lwe-microfinance kodwa akusobhaliso lwencwadi phantsi kwe-IFRS, kwaye ubukhulu balo benza i-FSS ivakalelwe kakhulu kwireyithi yokunyuka kwamaxabiso ecingelwayo — nto leyo ebaluleke kakhulu kuqoqosho olunokunyuka kwamaxabiso okuphezulu.

3. Uhlengahlengiso lwenkxaso engeyiyo imali

Iimpahla neenkonzo ezinikelwayo ebeziya kuthengwa — indawo yeofisi yasimahla okanye enexabiso elingaphantsi kwelemarike, abasebenzi abathunyelweyo, izithuthi okanye iinkqubo ze-IT ezinikelwayo, uncedo lobuchule lwasimahla — zibhalwa njengeendleko ngexabiso lazo lemarike elifanelekileyo.

4. Uhlengahlengiso lwengeniso

Izibonelelo, iminikelo kunye nolunye ungeniso olungelulo olokusebenza ziyakhutshelwa ngaphandle kwingeniso yezemali. Kuphela yingeniso eveliswa yimisebenzi yezemali yeziko ngokwayo ebalwayo: inzala, imirhumo kunye neekhomishini kwi-potifoliyo yemali-mboleko, kunye nengeniso evela kutyalo-mali lwezemali.

Abanye abahlalutyi basebenzisa uhlengahlengiso lwesihlanu, belungisa ulwabiwo lwelahleko yemali-mboleko ngokomgaqo-nkqubo oqhelekileyo ofanayo, ukuze amaziko anokwabela ngendlela eyekelelayo angabonakali engcono xa kuthelekiswa namaziko angabalingane abanobungcathu.

Umzekelo Osebenzayo

Iziko linika ingxelo elandelayo ngonyaka:

• Ingeniso yezemali: 1,000,000
• Iindleko zezemali: 180,000
• Ilahleko yokuncipha kwexabiso (i-net): 90,000
• Iindleko zokusebenza: 700,000
• Iindleko zizonke: 970,000

OSS = 1,000,000 / 970,000 × 100 = 103.1%

Iziko libonakala lizinzile ngokokusebenza. Ngoku sebenzisa uhlengahlengiso:

• Iindleko zeemali ezixhaswayo: 180,000 (ityala elinemiqathango ethambileyo le-2,000,000 nge-3% xa kuthelekiswa ne-12% yereyithi yemarike)
• Ukunyuka kwamaxabiso kwi-equity: 100,000 (i-equity ephakathi eyi-1,500,000 × 8%, kuthabathwa 20,000 yokunyuswa kwexabiso le-asethi ezizinzileyo)
• Inkxaso-mali engeyiyo imali: 50,000 (Uncedo lobuchwepheshe olunikelweyo kunye nabasebenzi ababolekisiweyo ngexabiso lemarike)
• Uhlengahlengiso lulonke: 330,000

Inkcitho iyonke ehlengahlengisiweyo = 970,000 + 330,000 = 1,300,000
FSS = 1,000,000 / 1,300,000 × 100 = 76.9%

Iziko liyazihlawula iindleko zalo zokwenyani kodwa livelisa kuphela malunga ne-77% yemali ebeliya kuyidinga ukuze lisebenze ngaphandle kwenkxaso-mali. Umsantsa omalunga ne-300,000 lixabiso lonyaka lenkxaso-mali ekuxhomekeke kuyo ngoku.

Le ndlela — ingaphezulu ngokukhululekileyo kwe-100% kwi-OSS, ingaphantsi kakhulu kwi-FSS — yimeko eqhelekileyo kumaziko axhaswa kakhulu ngemali yophuhliso.

Indlela yokutolika isiphumo

• Ngaphantsi kwe-100%: Kuxhomekeke kwinkxaso-mali. Imisebenzi ayinakugcinwa kumlinganiselo wangoku ngokwemiqathango yorhwebo.
• Kwi-100% okanye kufutshane nayo: Ukungabi nanzuzo okanye ilahleko ngaphandle kwenkxaso-mali. Inokuzinza kodwa ayinayo indawo yokumelana nezothuso okanye ukukhula okuzixhasa ngemali.
• Ngaphezulu ngokubonakalayo kwe-100%: Ivelisa intsalela yokwenyani emva kokubalwa kweendleko ngokupheleleyo ngokorhwebo, ikwazi ukuxhasa ukukhula ngenzuzo egciniweyo nokumelana nezothuso.

Izilumkiso ezimbini ekutolikeni:

I-FSS ngumlinganiselo wozinzo, hayi umlinganiselo wenzuzo. Iziko elikwi-FSS eyi-100% alifumani mbuyekezo kubanini-zabelo; lihlawula kanye amagalelo abalwe ngexabiso lentengiso, kuquka ukugcinwa kwexabiso lokwenene le-equity.

Inani lonyaka omnye bubungqina obubuthathaka. I-FSS ichaphazeleka lula kwi-inflation, amava okulahleka kwemali-mboleko nasezintweni ezenzeka kube kanye. Umkhwa kwisithuba seminyaka emithathu nangaphezulu, phantsi kweengqikelelo zohlengahlengiso ezingaguqukiyo, unobungqina obuninzi kakhulu kunalo naluphi na ufundo olunye.

Izinto eziqhuba i-FSS

I-FSS yohlulwa ibe liqela elincinane lezixhobo zokusebenza.

Isivuno sepotfoliyo — inzala esebenzayo nengeniso yeentlawulo njengepesenti yepotfoliyo ephakathi yemali-mboleko iyonke. Esona sixhobo sithe ngqo, nesona sithintelweyo: ukunyusa isivuno kuyayiphucula i-FSS kodwa kudlulisela iindleko kubaboleki, nto leyo eyeyona ngxabano ingundoqo kwingxoxo yozinzo.

Umlinganiselo weendleko zokusebenza — iindleko zokusebenza njengepesenti yepotfoliyo ephakathi yemali-mboleko iyonke. Olona didi lweendleko luphambili ekubolekiseni ngemali-mboleko encinci, luqhutywa ziindleko zabasebenzi basendle, izakhiwo zamasebe, izinga leentlanganiso kunye nokusetyenzwa ngesandla. Ukwenziwa ngedijithali kunye nemveliso yomthwalo wamatyala kusebenza apha.

Iindleko zemali — izinga elidityanisiweyo elihlawulwayo kwiimali-mboleko nakwiidipozithi. Ukuqokelelwa kweedipozithi, apho iziko linelayisensi yokwamkela iidipozithi, kudla ngokuba lolona phuculo lwesakhiwo lomeleleyo lukhoyo.

Iilahleko zamatyala — indleko yokuncipha kwexabiso njengepesenti yepotfoliyo. Yonke iyunithi yelahleko enokuthintelwa kukuncitshiswa ngokuthe ngqo kwi-FSS.

Imveliso nobungakanani — ababoleki ngegosa ngalinye lemali-mboleko, umyinge wobukhulu beemali-mboleko ezingekahlawulwa, nepotfoliyo ngesebe ngalinye. Ngenxa yokuba inxalenye enkulu yeendleko imiselwe ngetransekshini ngayinye kunokuba ngeyunithi ebolekwayo, i-FSS iphucuka kakhulu ngobukhulu, yiyo loo nto amaziko amancinane nalawo asandula ukusekwa engafane ayifumane kwangoko.

Ukugcinwa kwabathengi — ababoleki abaphindayo baneendleko eziphantsi zokuhlolwa kwaye banomngcipheko ophantsi, ngoko ukugcinwa kwabathengi kunceda kuzo zombini imigca yeendleko neyelahleko.

Imida nezigxeko

Ilinganisa ukuzimela, hayi impembelelo. Iziko linokuzimela kakhulu ngelixa likhonza abathengi abanemali ngakumbi, kwaye lixhomekeke kakhulu kwinkxaso-mali ngelixa lifikelela kubantu abahlwempuzeke kakhulu nabakwimimandla ekude. I-FSS ayithethi nto ngokuba iziko likhonza bani okanye ukuba kwenzeka ntoni kubo.

Ingxaki yokhetho enxulumene nobunzulu bokufikelela yinto yokwenene. Ukubonelela ngeemali-mboleko ezincinci kwiindawo ezikude kunyusa indleko ngomboleki ngamnye ngokwesakhiwo. Uxinzelelo lokufikelela kwi-FSS lungawatyhala amaziko aye kwiimali-mboleko ezinkulu nakubathengi ekulula ukufikelela kubo — ukutenxa kwinjongo ukugxekwa. Ingaba ukuzinza nokufikelela kuyangqubana ngenene, kwaye kangakanani, kusaxoxwa ngako kuncwadi.

Inokuphuculwa ngokunyusa amaxabiso kubantu abahlwempuzekileyo. Eyona ndlela ikhawulezayo yokufumana i-FSS ephezulu kukufumana isivuno sepotfoliyo esiphezulu. Naliphi na ithagethi yozinzo kufuneka ngoko ifundwe kunye ukukhuselwa kwabathengi kunye namanyathelo okungafihli kumaxabiso, hayi ngokwodwa.

Uhlengahlengiso luqikelelo. Izinga lemarike lesalathiso nezinga lokunyuka kwamaxabiso zombini ziintelekelelo, kwaye i-FSS iphenjelelwa kakhulu lulunye ngalunye. Uthelekiso phakathi kwamaziko lusemthethweni kuphela apho indlela yohlengahlengiso iyafana kwaye ichaziwe — nto leyo idla ngokungabi njalo kumanani apapashiweyo.

Uhlengahlengiso lwe-inflation luyaphikiswa. Ukuthwesa ukunyuka kwamaxabiso kwi-equity yinto eqhelekileyo kuhlalutyo lwe-microfinance kodwa akusiyomfuneko yobalo-mali, kwaye kwiimeko zokunyuka okuphezulu kwamaxabiso kunokongamela ukubala kangangokuba i-FSS ithethe ngakumbi ngemeko-bume yezoqoqosho kunokusebenza kwabaphathi.

Ayithelekiseki kwiinkqubo zobalo-mali ezahlukeneyo. Umgaqo-nkqubo wokubekela bucala iimali ngokukodwa ungawutshintsha kakhulu umlinganiselo phakathi kwamaziko asebenzisa iindlela ezahlukeneyo zokuncipha kwexabiso.

Imilinganiselo enxulumeneyo

Isalathisi sokuxhomekeka kwinkxaso-mali (SDI). Enye indlela ebonisa ukuxhomekeka kwinkxaso-mali njengepesenti yokunyuka kumyinge wezinga lenzala lokubolekisa ofunekayo ukuze kupheliswe yonke inkxaso-mali. Apho i-FSS inika umlinganiselo wokugubungela, i-SDI inika umsantsa wamaxabiso — ngokufuthi indlela eqondakala lula yokubeka ingxoxo yebhodi, kuba iphendula umbuzo othi "kungakanani ekufuneka sinyuse amazinga enzala ukuze sizimele?"

Imbuyekezo kwii-asethi (ROA) kunye nembuyekezo kwi-equity (ROE). Imilinganiselo yesiqhelo yenzuzo kumanani angahlengahlengiswanga. Iluncedo, kodwa ayibonisi ukuxhomekeka kwinkxaso-mali.

Umlinganiselo weendleko zokusebenza, indleko ngomboleki ngamnye, ababoleki ngegosa ngalinye lemali-mboleko. Imilinganiselo yokusebenza kakuhle eqhuba elona candelo likhulu le-FSS kwiipotfoliyo zemali-mboleko ezincinci.