- Iyini isikweletu sangasese, singena kanjani esakhiweni semali, futhi yibaphi abalingisi abahilelekile?
- Amasu abalulekile: ukubolekisa okuqondile, i-mezzanine, i-unitranche, izimo ezikhethekile, isikweletu esicindezelekile kanye nesebhizinisi.
- Izinzuzo (ukwehlukahluka, ikhuphoni eliguquguqukayo, ukuguquguquka) kanye nezingozi (ikhredithi, ukungabi semthethweni, okusemthethweni) kanye nendlela yokunciphisa lokho.
- Idatha evela eSpain: ukwehlisa izindleko, ukwanda komthwalo wenzalo kanye nensizakalo yezikweletu emazingeni alawulekayo.
Isikweletu sangasese sisuke ekubeni yindawo eyimfihlo yesistimu yezezimali saya ekubeni yizihloko zezindaba eminyakeni embalwa nje ngenxa yokukhula nokubaluleka kwaso. Ngokusho kokuhlaziywa kwamuva kwamazwe ngamazwe, le makethe idlula kakhulu amaRandi ayizigidi eziyizigidi eziyi-1.5 ezimpahla futhi kulindeleke ukuthi iqhubeke nokukhula ngamandla, iqhutshwa yizidingo zezimali zezinkampani kanye nokufuna kwabatshalizimali izinzuzo.
Ngale kwezinombolo, okubalulekile ukuqonda ukuthi isebenza kanjani, ukuthi yiziphi izinhlobo zezinkampani ezifanelana nayo, nokuthi yini enikela ngayo kuphothifoliyo ehlukahlukene kakhulu. Kulesi siqondisi esisebenzayo, sihlanganisa imiqondo eyinhloko, amasu asetshenziswa kakhulu, izingozi nezinzuzo, indima yayo esakhiweni semali, kanye nedatha yakamuva ngomthwalo wesikweletu kanye nensizakalo yomkhakha ozimele eSpain ngokombono wamazwe ngamazwe.
Iyini isikweletu sangasese futhi sisebenza kanjani?
Ngomqondo obanzi, isikweletu sangasese siyindlela ehlukile yokuxhasa ngezimali esetshenziswa izinkampani ezingafakwanga ohlwini , kusukela ezinkampanini ezintsha kuya ezinkampanini ezinkulu. Esikhundleni sokukhipha amasheya ezimakethe zomphakathi noma ukuqoqa imali mboleko, inkampani ithola imali mboleko kumtshalizimali okhethekile, ngokuvamile ngezimali zokutshalwa kwezimali zesikweletu ezihlanganisa imali mboleko kubatshalizimali bezikhungo futhi, kwezinye izimo, kubantu abafanelekile.
Indlela ilula: umbolekisi unikeza imali namuhla futhi uthola izinkokhelo zenzalo njalo njengoba kuvunyelwene; lapho sekuvuthwa, inkampani ikhokhela imali eyinhloko. Lezi zivumelwano ziyimfihlo, zenziwe ngokusemthethweni ngezinkontileka ezenziwe ngokwezifiso, futhi ngokuvamile zinedethi yokuvuthwa eqondile . Igama elithi "ngasese" lisho ngqo ukuthi ukushintshana kwenzeka phakathi kwezinhlangano ezingezona zomphakathi nokuthi inkampani ebolekayo ayithengiswa esidlangalaleni.
Inzuzo evamile ngaphezu kokwenyuka kwemali ukuthi inkampani ayibanciphisi abanikazi bamasheya bayo; ngokubuyisela, umbolekisi uxoxisana ngezivikelo (izivumelwano), iziqinisekiso zangempela noma zomuntu siqu kanye nezimo ezithile ezifuna ukulondoloza isikhundla sayo uma kwenzeka ukucindezeleka ngokwezimali.
Isakhiwo semali kanye nokubaluleka kokuqoqwa
Ukuze uqonde ubungozi kanye nokubuyiselwa kwesikweletu sangasese, kuyasiza ukusibeka ngaphakathi kwesakhiwo semali senkampani . Phezulu, isikweletu esibaluleke kakhulu (isikweletu esiphezulu) yisona sokuqala ukubuyiselwa uma kukhona okungahambi kahle; ngezansi kwaso kunezingxenye ezingaphansi, kanti phansi kunezikhwama zamasheya , ezithatha ingozi enkulu futhi zikhokhwa ekugcineni.
Ukubekwa kwemali mboleko ngaphakathi kwalesi sakhiwo kunquma iphrofayili yayo: isikweletu esiphezulu, kanye neziqinisekiso zaso kanye nokubaluleka kwaso, ngokuvamile kubhekwa njengenengozi ephansi , kuyilapho amathuluzi angaphansi (aphansi) noma ahlanganisiwe (e-mezzanine) enikeza amakhuphoni aphezulu ngokushintshana nokuba ngaphansi ku- oda lokukhokha . Lo myalelo wokukhokha ubalulekile ekubhanga noma ekuhleleni kabusha.
Amasu ayinhloko ekutshalweni kwezimali kwezikweletu zangasese
Izikhwama zezikweletu zangasese zigxile kumaqhinga ahlukahlukene kuye ngezinhloso zazo kanye namaphrofayili engozi. Amanye amasu agxile ekulondolozeni imali (ngokulondoloza kakhulu), kanti amanye ahlose ukukhiqiza ukwanda ngezimo zemakethe ezinzima. Amasu avame kakhulu achazwe ngezansi.
Ukubolekwa okuqondile : ukuxhaswa ngezimali okubili kwama-SME nezinkampani eziphakathi nendawo, ngezinkontileka ezenzelwe wena, ukuvikelwa ngeziqinisekiso nezivumelwano, kanye nesikhathi esijwayelekile seminyaka engu-6 kuya kwengu-8 (ngokunwetshwa okungenzeka). Ngokuvamile kukhokha ikhuphoni eliguquguqukayo , elisiza ekunciphiseni ubungozi besilinganiso senzalo.
I-Mezzanine : ithuluzi elihlanganisiwe phakathi kwesikweletu kanye ne-equity eliwela phakathi kwezibambiso eziphezulu kanye ne-equity. Linikeza imbuyiselo ephezulu ngokushintshana ngengozi enkulu yesakhiwo futhi livame ukufaka amawaranti noma izinketho zokubamba iqhaza ekuzuzeni kwenkampani.
I-Unitranche : ihlanganisa izici zesikweletu eziphezulu nezingaphansi zibe yi-tranche eyodwa, yenza kube lula isakhiwo futhi isheshise ukuvala. Inikeza ukuguquguquka komboleki futhi ivame ukunciphisa isidingo sokuxhumanisa ababolekisi abaningi.
Izimo ezikhethekile : ukutshalwa kwezimali okunamathuba (isb., ukuthengwa okunesaphulelo ezingxenyeni eziphezulu) ezimweni lapho kukhona ukungasebenzi kahle kwesikhashana noma izidingo eziphuthumayo zokukhokha imali, ngenhloso yokuthola inani lapho isimo siba sijwayelekile.
Ukucindezeleka : izimali mboleko noma izibambiso zezinkampani ezisesimweni esibucayi kakhulu, lapho umtshali-zimali ethatha khona ingozi enkulu ngokushintshana ngenzuzo engaba khona uma ukuhlelwa kabusha kuphumelele. Lokhu kudinga amaqembu anolwazi lwezomthetho nokuhlelwa kabusha.
Isikweletu se-Venture : ukuxhasa izinkampani ezisencane ezinamathuba okukhula, ngokuvamile okuhambisana nezilinganiso zamasheya. Sithembele ekuthuthukisweni kwebhizinisi kanye nokulindela ukukhula, kodwa siyavuma ukuthi kunengozi enkulu ngenxa yesigaba sokuqala.
Izimali zokuhweba : izixazululo zezimali zokuhweba zamazwe ngamazwe ezifanele ukuthengiselana kwesikhashana . Ezandleni zamaqembu anolwazi kanye nezinqubo eziqinile, inganikeza umthombo ohlukile wenzuzo ngokugxila ekuthengisweni kwemali kanye nokulawulwa kwengozi yokuthengiselana.
Izinzuzo zezinkampani kanye nabatshalizimali
Ezinkampanini, izikweletu zangasese ziyavuleka uma izimali mboleko zasebhange zingatholakali noma imigomo yazo ingawafanele. Ukukhanga kwayo okuyinhloko ukuguquguquka : imigomo yokukhokha eqondiswe ekugelezeni kwemali, izikhathi zomusa, izakhiwo ezenziwe ngokwezifiso, kanye nezivumelwano ezenzelwe ukuhambisana nezimbangela ezibalulekile zohlelo lwebhizinisi.
Kubatshalizimali, inani layo eliyinhloko lisekuhlukanisweni . Ukusebenza kwayo kubonisa ubudlelwano obuphansi namasheya futhi, uma yakhiwe kahle, ingazinzisa iphothifoliyo ngokunikeza amakhuphoni kanye nesibambiso esisekela ukubuyiselwa kwemali ezimweni ezimbi.
Ezimweni zokwehla kwamandla emali okuphezulu kanye namazinga enzalo, izimali mboleko zezinga eliguquguqukayo zisebenza njengesivikelo esengeziwe , zishintsha umthelela othile kumakhuphoni. Lokhu kuguquguquka, kanye nokukhethwa kwesikweletu, kungathuthukisa iphrofayili yembuyiselo elungiswe ubungozi uma kuqhathaniswa nezinye izinhlobo zezikweletu zendabuko.
Elinye iphuzu elibalulekile ukwesekwa okunikezwayo. Abaphathi abaningi abagcini nje ngokuboleka imali, kodwa futhi banikeza izeluleko kanye nokuqapha ukusebenza okunciphisa ukungalingani kolwazi futhi kusiza ukuqaliswa kohlelo, okungathuthukisa amathuba omboleki okuphumelela .
Izingozi nendlela zokuzinciphisa
Njenganoma yikuphi ukutshalwa kwezimali, akuyona indlela ebushelelezi. Okokuqala ingozi yesikweletu : kungenzeka ukuthi inkampani izohluleka ukukhokha. Lokhu kuphathwa ngokuhlaziywa okuqinile, iziqinisekiso ezanele, kanye nezakhiwo ezifaka izivumelwano ezingasetshenziswa uma kuvela izimpawu zesixwayiso.
Ukungabi namali yisici sesibili esiyinhloko. Ngaphandle kwemakethe yesibili ethuthukisiwe njengeyezibopho zikahulumeni, ukukhululeka kwezikhundla kungabiza kakhulu noma kuhambe kancane. Ngenxa yalokho, abatshalizimali balindele ukuthi i- inliquidity premium ikhokhele ikhono eliphansi lokuphuma kusenesikhathi.
Kubalulekile futhi ukucabangela izingozi zomnotho noma zomjikelezo wesikweletu (uma ukukhula kwehla, ukungaziphathi kahle kuyanda), izingozi zokusebenza (izinqubo zangaphakathi, ukugcinwa kwenkampani, ukuhlolwa kwenani ), kanye nezingozi zomthetho noma zokulawula (ukuphoqelelwa kweziqinisekiso, ukubambezeleka kwenkantolo). Ngakho-ke, ukukhetha umphathi kubalulekile.
Ubunzima bezinkontileka kanye nezindleko (izinga lenzalo ephezulu kanye nezimali) kubonisa ingozi enkulu ehilelekile. Kubatshalizimali abangebona ochwepheshe, isincomo esinengqondo ukusebenzisa abaphathi abanomlando oqinisekisiwe kanye nokulawula okuqinile, ababonisa ukuvumelana kanye nokusobala kumakomidi esikweletu, ukubika, kanye nokuphatha.
Idatha ebalulekile: izikweletu, umthwalo wezikweletu kanye nensizakalo yezikweletu eSpain
Impilo yezezimali yomkhakha ozimele ilinganiswa, phakathi kwezinye izinto, ngekhono layo lokukhokha inzalo kanye nenhloko minyaka yonke. ESpain, ngemuva kokukhuphuka kwesikweletu ngaphambi kuka-2008, izinkampani kanye nemindeni ziye zabhekana nokwehla okukhulu kwesilinganiso senzalo, okuthuthukise ukuzinza kwama-balance sheet abo.
Ngo-2008, isikweletu sangasese esihlanganisiwe safinyelela cishe ku -200% we-GDP . Kusukela ngaleso sikhathi, isilinganiso sehle kakhulu. Ezinkampanini, isikweletu sehle sisuka cishe ku-115% we-GDP ngo-2008 saya cishe ku -65% ngo-2023; emindenini, sisuka ku-82,6% saya cishe ku-47%. Lo mkhuba ubeka iSpain, ngokusho kwedatha yakamuva efanayo, ngaphansi kwesilinganiso se -EU-27 .
Ukuzinza kuyabonakala futhi uma ucabangela ukuthi zingaki iminyaka engenayo noma inzuzo edingekayo ukuze kukhokhwe isikweletu. Ezinkampanini, inani leminyaka lehlile lisuka eminyakeni engaphezu kwemihlanu laya eminyakeni engaphezu kwemithathu ; emindenini, lisuka ku-1,32 laya eminyakeni ecishe ibe ngu-0,74 . Uma kuqhathaniswa neYurophu, lo mkhuba uvumele iSpain ukuthi ibonise izilinganiso ezinhle kakhulu namuhla kuneshumi leminyaka nesigamu elidlule.
Njengoba i-ECB ikhuphuke kakhulu ngenzalo eyaqala maphakathi no-2022, umthwalo wenzalo wanda ngo-2023: emabhizinisini, isabelo senzalo ensaleleni yawo yonke sanda sisuka ku-7% saya ku -13% ngonyaka owodwa; emindenini, sisuka ku-1,8% saya ku -2,6% . Inani eliphelele lenzalo ekhokhwe ngumkhakha ozimele landa kakhulu uma kuqhathaniswa nonyaka odlule.
Uma sifaka ukukhokhelwa kwezikweletu kanye nezindleko ezihambisana nazo, ukukhokhelwa kwezikweletu kunikeza isithombe esiphelele somzamo waminyaka yonke. Ngo-2023, izinkampani zaseSpain zabela cishe u -34,7% wemali engenayo yazo ekukhokheni izikweletu, kanye nemindeni engaba ngu- 5,6% . Naphezu kokwenyuka kwezinga lenzalo, isilinganiso asizange sibe sibi kakhulu uma siqhathaniswa no-2022 ngenxa yezikweletu eziphansi kanye nemali engenayo ekhuphukayo, okubeka iSpain esimweni esikhululekile phakathi kokuqhathaniswa okubanzi kwamazwe ngamazwe.
Ubani ophethe futhi iqembu elikhethekile lisebenza kanjani?
Impumelelo ezikweletini zangasese incike emaqenjini anolwazi oluhlanganisa imikhakha eyahlukene. Izimpahla ezibaluleke kakhulu yizizinda ezihlanganisiwe ebhange elisetshenzisiwe , ezezimali zezinkampani, ezokubalwa kwezimali, ukubonisana, kanye nemboni, kanye nobudlelwano obuseduze nabaxhasi, ababolekisi, kanye nabeluleki kuzo zonke izindawo eziningi zaseYurophu.
Amaqembu akhona endaweni ezindaweni eziningana zaseYurophu , izinqubo zokutshalwa kwezimali ezisheshayo, kanye nokubandakanyeka ngqo kwabalingani abaphezulu bavame ukuba nethuba lokuncintisana ezinqubweni ezithinta isikhathi. Abanye abaphathi bezimpahla batshale imali engaphezu kwezigidigidi ezingama-€2.6 ezinkampanini ezingaphezu kwe-100 eminyakeni eyishumi edlule, bebonisa ukukhuliswa kanye nekhono lokusebenza emijikelezweni ehlukene.
Amacala okusetshenziswa: ukukhula, ukuthengwa, kanye nokuxhaswa kabusha kwezimali
Isikweletu sangasese singasetshenziswa ukuxhasa ukukhula kwezinto eziphilayo (imigqa emisha yemikhiqizo, ukwanda kwendawo) noma ukukhula kwezinto eziphilayo (ukutholwa), kanye nokuxhasa kabusha izikweletu ezikhona. Ngokuvamile kuhambisana nemali mboleko yokuqalisa ibhizinisi : ngemuva kokutshalwa kwezimali kwesikhwama samasheya sangasese, ingxenye yemali mboleko eqondile engahleliwe ingaqedela uhlelo lokutshalwa kwezimali.
ESpain, kuye kwavela izimoto ezithile zezikweletu zama-SME, ezihlala endaweni, ngezinhloso zokuqoqa imali ezingamashumi ezigidi zama-euro kanye nokugxila ekuhlinzekeni ngezimali eziguquguqukayo nezihlala isikhathi eside kumaqembu anamandla okuphatha. Lezi zinhlobo zezimali zibonisa ukuvuthwa kwemakethe kanye nokunaka kwayo emkhakheni webhizinisi.
Imibuzo ebuzwa njalo
Ingabe ifanele noma iyiphi inkampani? Ingafanela izinhlobo eziningi zamaphrofayili, ikakhulukazi lawo adinga imigomo nemibandela eguquguqukayo , noma lawo angenakho ukufinyelela (noma angafisi ukusebenzisa) uxhaso lwezimali lwasebhange oluvamile ngaleso sikhathi.
Amanani enzalo aqhathaniswa kanjani nemali mboleko yasebhange? Avame ukuba phezulu , ngokuhambisana nengozi enkulu kanye nohlobo lomuntu siqu lwemali mboleko. Ngenxa yalokho, isakhiwo kanye nezivumelwano zenzelwe ibhizinisi kanye nokugeleza kwemali okubikezelwe.
Ingabe kuyashesha yini ukuqeda isivumelwano kunokuphetha nebhange? Ngokuvamile, yebo. Izingxoxo zamazwe amabili kanye nokwenza izinqumo ezihlanganisiwe kuvumela ukuhlaziywa okusheshayo kanye nezikhathi zokukhokha, okubalulekile lapho amathuba elinganiselwe.
Yikuphi ukuvuthwa kanye nekhuphoni okujwayelekile? Ekubolekeni ngqo, kuvame kakhulu ukubona ukuvuthwa phakathi kweminyaka eyi-6 neyi-8 (kanye nokwandiswa okungenzeka), kanye namakhuphoni ahlukahlukene axhunywe ezilinganisweni zemakethe ukunciphisa ubungozi besilinganiso senzalo.
Izindlela ezinhle kakhulu zokukhetha isikhwama sezikweletu sangasese
Kudinga inqubo ehlelekile. Buyekeza irekhodi lomphathi , ukusebenza kwakhe emijikelezweni ehlukene, amazinga okuzenzakalelayo kanye nokubuyisa, ukujula kwethimba eliyingozi , kanye nokuphatha kwabo. Buza ngemibhalo yesibambiso, izivumelwano ezisetshenziswa kakhulu, kanye nesiyalo samanani.
Hlola ukulingana kwephothifoliyo yakho: ukuthi izodlala yiphi indima ( isiqinisi sekhuphoni , isithuthukisi sembuyiselo, isihlukanisi ngokumelene namasheya), ukuhambisana okulindelekile kwayo nezinye izikhundla, kanye nokuvezwa kwesigaba kanye nendawo ukuze kugwenywe ukugcwala.
Uhlaka lwezomthetho, iphrofayili yabatshalizimali kanye nezaziso
Ulwazi oluningi kanye nemibhalo ephathelene nezikweletu zangasese iqondiswe kubatshalizimali bezikhungo noma abafanelekayo . Lolu lwazi aluyona isithembiso sokuthengisa noma ukucela ukuthenga izibambiso, noma isimemo sokubhalisela imiyalelo yokuphatha . Inhloso yalo iwulwazi futhi ingase ibe ngaphansi kwemikhawulo yokufinyelela.
Ukusebenza kwangaphambilini akubonisi imiphumela yesikhathi esizayo, futhi kuhlale kukhona ithuba lokulahlekelwa yimali. Ukufinyelela kumapulatifomu noma amakhasi olwazi kungahoxiswa ngaphandle kwesaziso sangaphambilini, futhi ukutholakala kwawo akuqinisekisiwe ngaso sonke isikhathi. Noma ubani ongazamukeli lezi zimo kufanele agweme ukuqhubeka.
Indlela yokufaka izikweletu zangasese ekwabiweni kwempahla
Kumaphothifoliyo athanda kakhulu amasheya kanye nezibopho zikahulumeni, ukufaka izikweletu zangasese kuvame ukuthuthukisa iphrofayili yengozi-imbuyiselo ngenxa yokuxhumana kwayo okuphansi kanye nokugeleza kwamakhuphoni. Kuwusizo ikakhulukazi ekukhuleni kancane kwembuyiselo elindelekile ngaphandle kokuthatha ukuguquguquka okwengeziwe ngokweqile .
Indlela enengqondo yokuqala ngamasu okulondoloza (ukubolekisa ngqo okuphezulu) futhi, ngokuhamba kwesikhathi, kwandisa kancane kancane amathuba ayinkimbinkimbi (izimo ezikhethekile, ukucindezeleka ) ngokuya ngesifiso sobungozi, uketshezi olutholakalayo kanye nolwazi lweqembu.
Ezindaweni ezinenzalo ephezulu, amabhondi anezinga eliguquguqukayo asebenza njengesivikelo ekukhuphukeni kwamanani entengo kanye nokwenyuka kwamanani enzalo. Futhi, uma ehlelwe ngeziqinisekiso nezivumelwano ezifanele, umbolekisi unezindlela zokuzivikela kanye nekhono lokungenelela kusenesikhathi.
Uma isikweletu sibiza kakhulu noma sincipha, isikweletu sangasese singangena esikhundleni (noma sigcwalise) ukuxhaswa ngezimali kwebhange futhi sisheshise ukukhula okubalulekile noma izinqumo zokuhlanganisa, silondoloze ukuqina okudingekayo ngemijikelezo yemakethe esheshayo.
Konke okungenhla kubonisa ukuthi isikweletu sangasese asiyona into efanayo, kodwa siyindlela yezixazululo ezivumelana nomjikelezo wezomnotho, umkhakha, kanye nobukhulu benkampani. Uma ihlaziywa kahle futhi iphathwa ochwepheshe abanekhono, ingahlukanisa amaphothifoliyo, inikeze amakhuphoni okuncintisana, isebenze njengesivikelo esiyingxenye emazingeni enzalo kanye nokwehla kwamandla emali, futhi ngesikhathi esifanayo inikeze imali eguquguqukayo ezinkampanini ukuze zenze izinhlelo zazo. Isihluthulelo sisekuqondeni isakhiwo semali, ukuhlola izingozi (isikweletu, uketshezi, ukusebenza, kanye nezomthetho), kanye nokuthembela emaqenjini anolwazi oluqinisekisiwe olubonisa ukuziphatha kahle, isivinini sokwenza, kanye namazinga okutakula aqinile lapho izinto ziba nzima.
