Isivuno sephothifoliyo

Isivuno sephothifoliyo — esibizwa nangokuthi isivuno sephothifoliyo noma isivuno sephothifoliyo lemalimboleko eliphelele — kukala imali engenayo umbolekisi ayithola ngempela ekubolekiseni, okuvezwa njengephesenti lencwadi yemalimboleko evamile. Kubalwa njengemali engenayo yezezimali evela ephothifoliyweni lemalimboleko ihlukaniswa ngesilinganiso sephothifoliyo lemalimboleko eliphelele. Cishe ngaso sonke isikhathi siphansi kunezinga lenzalo umbolekisi alibizayo, futhi ubukhulu balelo gebe bungenye yezindlela ezinolwazi kakhulu zokuhlola ukuphathwa kwephothifoliyo.

Amaphuzu abalulekile

• Isivuno sephothifoliyo = imali engenayo yezezimali evela ephothifoliyweni lemalimboleko ÷ isilinganiso sephothifoliyo lemalimboleko eliphelele.
• Kukala inzuzo etholakele, hhayi intengo yesivumelwano. Izinga elibekiwe yilo olibizayo; isivuno yilokho okuqoqayo.
• Igebe phakathi kwalokhu okubili libangelwa izinsalela ezingakhokhiwe, ukungaqongeleli kwenzalo, izikhathi zomusa, ukuxolelwa, ukuhlelwa kabusha, ukukhokha kusengaphambili kanye nenhlanganisela yemikhiqizo — ngakunye kungasetyenzwa ngakho ngokwehlukana.
• Isivuno kufanele simboze izindleko zezimali, izindleko zokusebenza kanye nokulahleka kwezikweletu ngaphambi kokuba kusale noma iyiphi imajini, okwenza kube yindawo yokuqala yokubeka amanani kanye nokuhlaziywa kokusimama.
• Isivuno esizinzile ngenkathi izinsalela ezingakhokhiwe zikhula kuwuphawu lokuxwayisa: ngokuvamile kusho ukuthi inzalo engakaqoqwa isabhalwa njengemali engenayo.

Siyini isivuno sephothifoliyo?

Umbolekisi ubeka izinga lenzalo. Akayitholi lelo zinga.

Phakathi kwezinga lesivumelwano kanye nemali efinyelela esitatimendeni semali engenayo kukhona uchungechunge lokuvuza: ababoleki abayeka ukukhokha, inzalo eqongelelayo kodwa engakaze iqoqwe, izikhathi zomusa lapho kungakhokhiswa lutho, izaphulelo ezinikezwa ekukhokheni, imalimboleko ekhokhwa kusenesikhathi, kanye nezimali ezihleli zingakakhishwa. Isivuno sephothifoliyo sithwebula umphumela ophelele wakho konke lokhu ngenani elilodwa.

Lokho kukwenza kube uhlobo oluhlukile lwesilinganiso kunezinga lenzalo. Izinga liyintengo — isinqumo sezohwebo esibheke phambili. Isivuno siwumphumela — isilinganiso esibheke emuva salokho umsebenzi wokubolekisa okulethile ngempela emalini eyayisetshenzisiwe.

Ifomula

Isivuno sephothifoliyo = imali engenayo yezezimali evela ephothifoliyweni lemalimboleko ÷ isilinganiso sephothifoliyo lemalimboleko eliphelele.

Isibalo esiphezulu yimali engenayo ekhiqizwa ukubolekisa futhi etholwe ngempela enkathini:

• Inzalo etholiwe emalimbolekweni
• Izinkokhelo zemalimboleko, amakhomishini kanye nezindleko zesevisi ezitholiwe
• Inzalo yesijeziso kanye nezimali zokubambezeleka ezitholiwe

Kukhipha ngaphandle: imali engenayo evela ekutshalweni kwezimali noma emadiphozithini asebhange, izibonelelo neminikelo, eminye imali engenayo yokusebenza efana nokudluliswa kwemali noma amakhomishini omshwalense, kanye — okubaluleke kakhulu — nenzalo eseqongelele kodwa engakaqoqwa.

Idinominetha yisilinganiso sephothifoliyo ephelele yemalimboleko phakathi nenkathi. Okuphelele kusho ngaphambi kokudonsa isinqolobane sokulahlekelwa yimalimboleko, futhi kufaka phakathi izimalimboleko ezingakhokhi kodwa ezingakacinywa. Akufaki izimalimboleko esezicinyiwe, inzalo ekhiqiziwe engakaqoqwa, nanoma yiziphi izimali ezingasetshenziswanga ekubolekiseni.

Isilinganiso sibalulekile. Ukusebenzisa ibhalansi yokuvala kuphothifoliyo ekhulayo kwehlisa isivuno, ngoba imali engenayo yatholwa kuyo yonke inkathi ebhukwini ebelilincane ingxenye enkulu yaleso sikhathi. Isilinganiso esilula kakhulu siwukuthatha ukuvula kuhlanganise nokuvala bese kuhlukaniswa ngababili; isilinganiso sanyanga zonke singcono kakhulu lapho ukukhula kushesha noma kuhambisana nesizini.

Ezinkathini ezimfushane kunonyaka, khipha isilinganiso sonyaka ngokuphindaphinda ngeshumi nambili bese uhlukanisa ngenani lezinyanga.

Isisekelo sokheshi, nokuthi kungani sibalulekile

Incazelo evamile isebenzisa imali engenayo eyikheshi kunokuba imali engenayo ekhiqiziwe, futhi lokhu akusiyona indaba yobuchwepheshe nje.

Ngokwesisekelo sokukhiqiza, iphothifoliyo egcwele izimalimboleko ezingasebenzi kahle iqhubeka ikhiqiza imali yenzalo ephepheni. Isivuno sihlala siphezulu ngenkathi ukuqoqwa kuwa — ngokuyikho kanye isimo le nkomba ekhona ukuze isithole. Ukusebenzisa imali engenayo eyikheshi kwehlisa isivuno ngokushesha lapho ababoleki beyeka ukukhokha, okuyindlela oyifunayo enkombeni eyisixwayiso.

Uma umbolekisi esebenzisa inqubomgomo eqinile yokumisa inzalo, imali engenayo esekelwe ekukhiqizeni iyasondela emalini engenayo eyikheshi noma kunjalo, ngoba inzalo engaqoqwanga ezimalimbolekweni ezingasebenzi kahle ayikaze yamukelwe. Lapho lezi zibalo ezimbili zehluka kakhulu, lokho kwehluka kukodwa kufanele kuphenywe. Bheka Ukumiswa Kwenzalo.

Isibonelo esisetshenziwe

Izingxenye zemali engenayo:

• Inzalo etholwe phakathi nonyaka: 7,300,000
• Izinkokhelo namakhomishini atholiwe: 1,100,000
• Isamba semali engenayo yezezimali eyikheshi: 8,400,000

Ibhalansi yephothifoliyo:

• Iphothifoliyo yemalimboleko ephelele yasekuqaleni: 31,000,000
• Iphothifoliyo yemalimboleko ephelele yokugcina: 39,000,000
• Isilinganiso sephothifoliyo yemalimboleko ephelele: 35,000,000

Isivuno sephothifoliyo = 8,400,000 ÷ 35,000,000 = 24.0%

Manje ake sithi isilinganiso senkontileka esilinganiselwe ngokwezisindo kuyo yonke incwadi, kufaka phakathi izinkokhelo, singama-30%. Igebe lamaphuzu ayisithupha ephesenti yilo elimele ukuphenywa — limele cishe 2,100,000 yemali engenayo intengo eyayiwusho kodwa umsebenzi ongalethanga.

Kungani isivuno siphansi kunesilinganiso esishiwo

Ukusebenza ngezimbangela ngokulandelana kwazo kuyigugu elisebenzayo lale nkomba.

Izinsalela ezingakhokhiwe nokungakhiqizi. Isizathu esikhulu kunawo wonke kumaphothifoliyo amaningi. Izimalimboleko ezingakhokhi ziyeka ukukhiqiza ukheshi ngenkathi zisahlala edinominetheni zize zicinywe.

Indlela yokubala inzalo. Imalimboleko ecashunwe nge-ratingi elingaguquki ikhiqizainzuzo ephumelelayo ephakeme kakhulu kunaleyo yezinga elifanayo lokuzisholo kwi-bhalansi eyehlayo. Uma amanani ecashunwe ngendlela eyodwa futhi inzuzo ikalwa ngenye, kokubili akusoze kuhambisane.

Izikhathi zomusa nokumiswa kwezinkokhelo. Izikhathi ezingenanzalo noma ezingenazinkokhelo zehlisa imali engenayo eqoqwayo ngenkathi izimalimboleko zihlezi ngenani eligcwele kwinani elingaphansi.

Ukuhlela kabusha nokwakha kabusha. Ukwelula izikhathi, ukufaka izinsalela ezisilele emalini eyinhloko noma ukwehlisa amazinga kwehlisa inzuzo etholakalayo, ngokuvamile ezimalimbolekweni esezivele zinezinsalela ezinkulu kakhulu.

Ukuxolelwa kwezinkokhelo nezaphulelo zokukhokhelana. Inzalo noma izinhlawulo ezixolelwe ezingxoxweni wukulahleka kwenzuzo okumsulwa, futhi kuvame ukunikezwa ezingeni legatsha ngaphandle kokubonakala okuphakathi.

Ukukhokha kusengaphambili. Ukukhokha kusenesikhathi kunqamula isikhathi sempilo yenzalo yemalimboleko. Laphoizimali zokusungula ziwumthombo omkhulu wemali engenayo lokhu akunandaba kangako; lapho inzalo iwumthombo, kunandaba kakhulu.

Izimali ezingakakhishwa noma ezingasebenzi. Akuyona inkinga yenzuzo ngokuqinile, njengoba imali engenzi lutho ingafakwanga kwinani elingaphansi, kodwaizinsiza ezigunyaziwe kodwa ezingakadonswa kanye nokukhishwa kwezimali okuhamba kancane kuyalicindezela ikhono lokuhola lilonke.

Inhlanganisela yomkhiqizo. Ukushintshela ezimalimbolekweni ezinkulu, ezinde, ezinamanani aphansi noma ezinesibambiso esingcono kwehlisa inzuzo ehlanganisiwe ngaphandle kokuthi kube nokungahambi kahle. Lokhu kungumphumela wenhlanganisela futhi kufanele kuhlukaniswe nenkinga yokusebenza ngaphambi kokuba kufinyelelwe eziphethweni.

Isikhathi sezimali zokukhokhela. Izimali zokusungula ezikhokhwa ekuqaleni zikhukhumalisa inzuzo ngezikhathi zokukhula okusheshayo futhi ziyayicindezela lapho ukukhishwa kwezimali kuhamba kancane, ngaphandle kokusebenza okuyisisekelo.

Izinhlawulo ezingaqoqwanga. Inzalo yesinhlawulo ekhokhiswa kuma-akhawunti asilele ayivamisile ukuqoqwa ngokugcwele. Ukuyibona njengemali engenayo kuyayikhukhumalisa inzuzo; incazelo esekelwe ekheshini iyakugwema lokhu.

Okuyiyona nzuzo yephothifoliyo

• Izinga lenzalo elishiwoyo / lesivumelwano: Inani elikhokhiswayo. Isinqumo samanani, hhayi umphumela otholakele.
• Izinga lenzalo eliphumelelayo / i-APR: Izindleko zangempela kumboleki emalimbolekweni eyodwa. Kubheke phambili futhi kugxile kumboleki.
• Imajini yenzalo ephelele (NIM): Imali engenayo yenzalo kususwe izindleko zenzalo phezu kwezimpahla eziholayo. Kususwe izindleko zokuxhasa ngezimali kusisekelo sezimpahla esibanzi.
• Umehluko wenzalo: Izinga lokubolekisa kususwe izinga lediphozithi. Umehluko wamanani hhayi imali engenayo etholakele.
• Imbuyiselo ezimpahleni (ROA): Inzuzo ephelele phezu kwezimpahla zizonke. Ihlola ukusebenza komugqa ongezansi kulo lonke ibhalansishethi ngemva kwazo zonke izindleko.
• Isilinganiso semali engenayo yezezimali: Yonke imali engenayo yezezimali phezu kwezimpahla eziphelele. Kubandakanya imali engenayo yokutshalwa kwezimali kanye nenye engeyona eyokubolekisa.
• Ukuzimela ngokusebenza (OSS): Imali engenayo iyonke ihlukaniswa ngezindleko eziphelele. Isilinganiso sokukhava, hhayi izinga lembuyiselo yempahla.

Isivuno sephothifoliyo sihlezi phezulu kulolu hlelo lwezigaba: siyisilinganiso esiphelele, ngaphambi kwezindleko zokuxhasa ngezimali, izindleko zokusebenza nokulahlekelwa yizikweletu. Yilokho okwenza kube wusizo ukuhlukanisa ukusebenza kokubolekisa kukho konke okunye okwenziwa yisikhungo.

Isivuno nokusimama: isazisi sentengo

Isivuno sephothifoliyo kufanele sikhokhele izinto ezine ngokulandelana:

Isivuno sephothifoliyo ≥ isilinganiso sezindleko zezimali + isilinganiso sezindleko zokusebenza + isilinganiso sezindleko zokubekela eceleni + umkhawulo ohlosiwe

Uma sisebenzisa isibonelo sangaphambilini:

• Isivuno sephothifoliyo: 24.0%
• Kuncishiswa: isilinganiso sezindleko zezimali: (8.0%)
• Kuncishiswa: isilinganiso sezindleko zokusebenza: (12.0%)
• Kuncishiswa: isilinganiso sezindleko zokubekela eceleni: (3.0%)
• Umkhawulo osele: 1.0%

Umkhawulo wephuzu elilodwa mncane kangangokuthi ukuwohloka okuncane ekuqoqweni kwezimali kungawuqeda nya. Lokhu kuhlukanisa kuyindlela evamile yokuchaza ukuthi kungani ukubolekisa ngemali encane kunamazinga aphezulu: isilinganiso sezindleko zokusebenza siyabusa, ngoba izindleko zokuqalisa, zokuqapha nokuqoqa imalimboleko encane ngokuyinhloko zinqunyiwe ngokwemalimboleko ngayinye kunokuba zilingane nobukhulu bayo. Bheka Umkhawulo Wezinga Lenzalo / Ukubiza Inzalo Eneqile ukuze ubone ukuthi lokhu kuhlangana kanjani nemingcele yokulawula.

Uma ifundwa ngokuhlehla, le fomula iyithuluzi lentengo. Izindleko ezaziwayo zokuxhasa ngezimali, isilinganiso sezindleko zokusebenza esingokoqobo kanye nezinga lokulahlekelwa elilindelekile elivela kudatha yomlando kunikeza isivuno esincane umkhiqizo okufanele usikhiqize — futhi kusukela kuleso, izinga okufanele likhokhiswe ukuze kufinyelelwe kulo ngemva kokulahleka okulindelekile.

Isivuno esiyigama uma kuqhathaniswa nesangempela

Ezimeni zokukhuphuka kwamanani entengo, isivuno esiyigama singaba sihle kuyilapho imali yombolekisi incipha emandleni okuthenga.

Isivuno sangempela = ((1 + isivuno esiyigama) ÷ (1 + izinga lokukhuphuka kwamanani)) − 1

Isivuno esiyigama esingu-24% nokukhuphuka kwamanani okungu-15% kunikeza isivuno sangempela esicishe sibe ngu-7.8%. Qaphela ukuthi indlela emfishane evamile yokukhipha ukukhuphuka kwamanani esivunweni ikhulisa umphumela emazingeni aphezulu okukhuphuka kwamanani. Lapho imali yombolekisi iguguleka ngokushesha kunalokho eyitholayo, inzuzo eyigama iyadukisa — iphuzu elibaluleke kakhulu ezikhungweni ezibolekisa ngezimali ezintengantengayo.

Indlela yokusebenzisa isivuno sephothifoliyo

Ukuqapha umkhuba. Qapha njalo ngenyanga ngokumelene nomlando wephothifoliyo ngokwayo. Indlela nezinga lokushintsha kunolwazi oluningi kunezinga.

Ukuqhathanisa izingxenye. Ngomkhiqizo, igatsha, isikhulu kanye nomzila. Umehluko wesivuno phakathi kwamagatsha asebenza ngemikhiqizo namanani afanayo ukhomba umehluko ekuziphatheni kokuqoqwa, emkhubeni wokuxolela noma endleleni yokuhlela kabusha — hhayi umehluko wamanani.

Ukuvumelanisa nesivuno esilindelekile. Bala ukuthi iphothifoliyo kufanele ikhiqize ini ngokwemibandela yesivumelwano, qhathanisa nokwangempela, bese uhlukanisa igebe. Lokhu ukusetshenziswa okubaluleke kakhulu kwalesi silinganiso futhi okuvame ukweqiwa kakhulu.

Ukuqinisekisa ikhwalithi yephothifoliyo. Ukwehla kwenzuzo ngenkathi izilinganiso zezikweletu ezingakhokhiwe zihlala zingashintshile kusikisela ukuthi ukubikwa kwezikweletu ezingakhokhiwe kwenza inkinga ibonakale incane, ngokuvamile ngenxa yokuhlelwa kabusha noma izinkokhelo ezifakwe ngendlela engeyiyo. Lezi zilinganiso ezimbili kufanele zihambe ndawonye.

Ukuthola ukukhwabanisa nokuvuza. Ukushoda okuqhubekayo okungachazeki egatsheni elilodwa noma ebhukwini lesikhulu esisodwa, lapho inqubomgomo namanani entengo kufana namanye, kudinga uphenyo ngomkhuba wokwamukela izinkokhelo nokuxolela izikweletu.

Amaphutha avamile okubala

Ukusebenzisa iphothifoliyo yokuvala esikhundleni sesilinganiso. Kwenza inzuzo ibonakale inkulu noma incane kuye ngokuthi ukukhula kuya ngakuphi. Uma ukukhula kushesha, iphutha liba likhulu.

Ukusebenzisa iphothifoliyo esele. Idenominetha iyinani eliphelele, ngaphambi kwesinqolobane sokulahlekelwa yizimalimboleko. Ukususa isinqolobane kwenza inzuzo ibonakale inkulu ngesikhathi lapho iphothifoliyo iwohloka khona.

Ukufaka imali engenayo engeyona eyokubolekisa. Imali engenayo yokutshala izimali, amakhomishini okudlulisela kanye nezibonelelo zingezinye izilinganiso. Ukuzifaka kwenza inzuzo ingachazeki njengesilinganiso sokubolekisa.

Ukusebenzisa imali engenayo eqoqiwe esikhundleni semali engenayo engukheshi ngaphandle kokuba nenqubomgomo yokumisa ukuqoqwa kwenzalo, okuvumela iphothifoliyo ewohlokayo ukuthi ibike inzuzo engashintshile.

Ukufaka izimalimboleko ezisuliwe kudenominetha, noma ukukhipha ezingakhokhi ngesikhathi. Izimalimboleko ezingakhokhi ngesikhathi kufanele zibe kuphothifoliyo ephelele; ezesuliwe azifanele ukuba kuyo.

Ukuguqula isikhathi esifushane sibe unyaka ngendlela engenakho ukuqaphela ebhizinisini elinesizini, lapho ikota eqinile iphindwa ngezine ikhiqiza isibalo unyaka ongeke usilethe.

Ukuqhathanisa phakathi kwezikhungo ngaphandle kokuhlola izincazelo. Inzuzo izwela kakhulu ekutheni izinkokhelo zifakiwe yini nokuthi isisekelo siwukheshi noma siwukuqoqwa. Ukuqhathanisa phakathi kwezikhungo kunengqondo kuphela uma zombili zibalwa ngendlela efanayo.