- 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.
La isikweletu sangasese Eminyakeni embalwa nje, isuke ekubeni yikona eliyimfihlo lesistimu yezezimali yaya ekubeni yizihloko zezindaba ngokukhula kwayo nokufaneleka kwayo. Ngokusho kokuhlaziywa kwamuva kwamazwe ngamazwe, le makethe idlula kude i- izimpahla eziyi-trillion eyodwa nesigamu zamaRandi futhi kulindeleke ukuthi iqhubeke nokukhula ngamandla, ishukunyiswa yisidingo sokuxhaswa ngezimali kwezinkampani kanye nokufuna kwabatshalizimali inzuzo.
Ngale kwezinombolo, okubalulekile ukuqonda ukuthi isebenza kanjani. Yimaphi amaphrofayili enkampani afaneleka nokuthi yini enegalelo kuphothifoliyo ehlukahlukene kakhulu. Kulesi siqondisi esisebenzayo, sihlanganisa imiqondo eyinhloko, amasu asetshenziswa kakhulu, izingozi nezinzuzo, indima yayo esakhiweni semali, kanye nedatha yakamuva mayelana umthwalo wesikweletu kanye nensizakalo yomkhakha ozimele eSpain ngokombono wamazwe ngamazwe.
Iyini isikweletu sangasese futhi sisebenza kanjani?
Ngomqondo obanzi, isikweletu sangasese siyinto indlela ehlukile yokuxhasa ngezimali lapho basebenzisa khona izinkampani ezingafakwanga ohlwiniKusukela ezinkampanini ezintsha kuya ezinkampanini ezinkulu. Esikhundleni sokukhipha amasheya ezimakethe zomphakathi noma ukuqoqa imali, inkampani ithola imali mboleko kumtshali-zimali okhethekile, ngokuvamile ngokusebenzisa izimali zokutshalwa kwezimali zezikweletu ukuthi imali eqoqwe evela kubatshalizimali bezikhungo, futhi kwezinye izimo, kubantu abafanelekayo.
Indlela yokusebenza ilula: umbolekisi unikeza imali namuhla futhi ithola inzalo ngezikhathi ezithile njengoba kuvunyelwene; lapho sekuvuthiwe, inkampani ibuyisela imali eyinhloko. Lokhu kuthengiselana kuyimfihlo, kwenziwa ngokomthetho ngezinkontileka ezenziwe ngokwezifiso, futhi ngokuvamile kufaka phakathi ukuphelelwa yisikhathi okuthileIqiniso lokuthi "liyimfihlo" lisho ngqo ukuthi ukushintshana kwenzeka phakathi kwabadlali abangebona ohulumeni nokuthi inkampani ebolekisayo ayithengiswa esidlangalaleni.
Inzuzo evamile ngaphezu kokwenyuka kwemali mboleko ukuthi inkampani ayinciphisi abanikazi bamasheya bayo; ngokubuyisela, umbolekisi ukuxoxisana ngokuvikelwa (izivumelwano), iziqinisekiso zangempela noma zomuntu siqu kanye nezimo ezithile ezifuna ukulondoloza isikhundla sazo uma kwenzeka ukucindezeleka ngokwezimali.
Isakhiwo semali kanye nokubaluleka kokuqoqwa
Ukuze uqonde ubungozi kanye nokubuyiselwa kwezikweletu zangasese, kuyasiza ukuzibeka esimweni isakhiwo senhloko-dolobha yenkampani. Phezulu, isikweletu esibaluleke kakhulu (isikweletu esithandwayo noma esiphezulu) yisona sokuqala ukukhokhwa uma kukhona okungahambi kahle; ngezansi kwalapho kunezingxenye ezingaphansi, kanti phansi kukhona izinsiza zakho (i-equity), abathatha ingozi enkulu kakhulu bese bekhokhelwa ekugcineni.
Ukubekwa kwemali mboleko ngaphakathi kwaleso sakhiwo kuchaza iphrofayili yayo: isikweletu esiphezulu, esineziqinisekiso kanye nokubalulekile, ngokuvamile sibhekwa ingozi ephansi isihlobo, kuyilapho izinsimbi zomculo ezingaphansi (ezincane) noma ezixubile (i-mezzanine) zinikeza amakhuphoni aphezulu ngokushintshana nokusala ngemuva ukuhleleka kokulandelaLolu hlelo lokuqoqwa kwezimali lubalulekile ekubhidlikeni noma ekuhleleni kabusha kwezimali.
Amasu ayinhloko ekutshalweni kwezimali kwezikweletu zangasese
Izikhwama zezikweletu zangasese zigxile kumaqhinga ahlukahlukene kuye ngokuthi zihlose ini kanye nengozi yazo. Kunezindlela ezigxile kulokhu: londoloza imali (okugcina imithetho) kanye nezinye ezihloselwe ukukhipha ukwazisa ngezimo eziyinkimbinkimbi. Ngezansi yilezi ezivame kakhulu.
Ukuboleka okuqondileUkuxhaswa ngezimali kwamabhizinisi amancane naphakathi nendawo kanye nezinkampani eziphakathi nendawo, ngezinkontileka ezenzelwe wena, ukuvikelwa ngeziqinisekiso nezivumelwano, kanye nomkhawulo ovamile phakathi Iminyaka ye-6 ne-8 (ngezinye izindlela zokwandisa). Ngokuvamile kuyakhokha ikhuphoni eliguquguqukayookusiza ukunciphisa ingozi yenzalo.
I-MezzanineIthuluzi elihlanganisiwe phakathi kwesikweletu kanye ne-equity, elibekwe phakathi kwe-senior equity kanye ne-equity financing. Linikeza i- imbuyiselo ephezulu ngokushintshanisa nengozi eyengeziwe yesakhiwo futhi kungase kufake amawaranti noma izinketho zokubamba iqhaza ku ukubuyekezwa yenkampani.
I-UnitrancheIhlanganisa izici zesikweletu eziphezulu nezingaphansi kwazo zibe yisigaba esisodwa, yenza kube lula isakhiwo futhi isheshise ukuvalwa. Ihlinzeka ukuguquguquka kumuntu obolekayo futhi ngokuvamile kunciphisa isidingo sokuxhumanisa ababolekisi abaningi.
Izimo ezikhethekileukutshalwa kwezimali okunamathuba (isb., ukuthenga nge Isaphulelo ezigabeni eziphezulu) ezimweni lapho kukhona ukungasebenzi kahle kwesikhashana noma izidingo eziphuthumayo zokuthola imali, ngenhloso yokuthola inani lapho isimo siba sijwayelekile.
Ukucindezeleka: izimali mboleko noma izibambiso zezinkampani ezibhekene nobunzima obukhulu, lapho umtshali-zimali ethatha khona ingozi enkulu ngokushintshanisa izinzuzo ezingaba khona uma ukuhlelwa kabusha kuphumelele. Kudinga amaqembu anobungcweti kwezomthetho kanye nolunye ulwazi. ukuhlelwa kabusha.
Isikweletu sebhizinisiUkuxhasa ngezimali izinkampani ezisencane ezinamathuba okukhula, okuvame ukuhambisana nezilinganiso zamasheya. Kuncike ku umfutho yebhizinisi kanye nokulindela ukukhuliswa, kodwa ibona ingozi enkulu ngenxa yesigaba sokuqala.
Ezezimali zohwebo: izixazululo zezimali zokuhweba zamazwe ngamazwe ezihlobene nokuthengiselana isikhathi esifushaneEzandleni zamaqembu anolwazi kanye nezinqubo eziqinile, inganikeza umthombo ohlukile wenzuzo ogxile kuwo izimali kanye nokulawulwa kwengozi yokuthengiselana.
Izinzuzo zezinkampani kanye nabatshalizimali
Ezinkampanini, izikweletu zangasese zivula iminyango lapho amabhange engakwazi ukuhlinzeka ngezimali noma imigomo yawo ingawafanele. Okukhanga kakhulu yi- ukuguquguquka: imigomo yokukhokha elungisiwe ngokugeleza kwemali, izikhathi zomusa, izakhiwo ezilungiselelwe kanye nezivumelwano eziklanywe ngokwemigomo ye- uhlelo lwebhizinisi.
Kumtshali-zimali, inani lakhe eliyinhloko lise- ukwehlukaUkusebenza kwayo kukhombisa ubudlelwano obuphansi namasheya futhi, uma yakhiwe kahle, ingazinzisa iphothifoliyo ngokunikeza amakhuphoni kanye isibambiso okusekela ukululama ezimweni ezimbi.
Ezimweni lapho amazinga okunyuka kwamanani entengo ephezulu kanye nenzalo ephezulu, izimali mboleko zezinga eliguquguqukayo zisebenza njenge ukuvikelwa okungeziweLokhu kushintsha umthelela othile kumakhuphoni. Lokhu kuguquguquka, kanye nokukhethwa kwekhredithi, kungathuthukisa iphrofayili yokubuyisa imali. ubungozi bulungisiwe uma kuqhathaniswa nezinye izinhlobo zezikweletu zendabuko.
Elinye iphuzu eliphawulekayo ukwesekwa okunikezwayo. Abaphathi abaningi abagcini nje ngokuboleka imali, kodwa futhi bayanikela. iseluleko kanye nokuqapha ukusebenza okunciphisa ukungalingani kolwazi futhi kusiza ukuqaliswa kohlelo, okungathuthukisa amathuba okuphumelela kusuka kumboleki.
Izingozi nendlela zokuzinciphisa
Njenganoma yikuphi ukutshalwa kwezimali, akuyona indlela ebushelelezi. Eyokuqala ingozi yesikweletuAmathuba okuthi inkampani ingase yehluleke ukukhokha. Lokhu kuphathwa ngokuhlaziywa okuqinile, izindlela zokuvikela ezanele, kanye nezakhiwo ezifaka phakathi izivumelwano kungenzeka uma kuvela izimpawu eziyisixwayiso.
La illiquidity Lesi yisici sesibili esiyinhloko. Njengoba kungekho makethe yesibili ethuthukisiwe njengaleyo yezibopho zikahulumeni, ukukhululeka kwezikhundla kungabiza kakhulu noma kuhambe kancane. Ngenxa yalokho, umtshali-zimali unethemba lokuthi kuzoba khona i-premium yokungabi semthethweni lokho kuqinisekisa amandla aphansi okuphuma kusenesikhathi.
Kunconywa ukwengeza izingozi zezomnotho noma izici zomjikelezo wesikweletu (uma ukukhula kwehla, ukungaziphathi kahle kuyanda), izici zokusebenza (izinqubo zangaphakathi, ukugcinwa kwezingane, izilinganiso) kanye nezomthetho noma zezomthetho (ukusetshenziswa kweziqinisekiso, izikhathi zokwahlulela). Ngakho-ke, ukukhetha umphathi Kuyanquma.
Ubunzima bezinkontileka kanye nezindleko (izinga lenzalo ephezulu kanye nezimali) kubonisa ingozi enkulu ecatshangelwayo. Kumaphrofayili angewona ochwepheshe, isincomo esinengqondo ukusebenzisa [okungacacile - mhlawumbe "izinsizakalo zezimali"]. abaphathi abanomlando omuhle kanye nokulawula okuqinile okubonisa ukuhambisana kanye nokungafihli lutho emakomidini esikweletu, ukubika, kanye nokuphatha.
Idatha ebalulekile: izikweletu, umthwalo wezikweletu kanye nensizakalo yezikweletu eSpain
Impilo yezezimali yomkhakha ozimele ilinganiswa, phakathi kwezinye izinto, ngomzamo wayo wokukhokha inzalo kanye nenhloko minyaka yonke. ESpain, ngemuva kwe- ukwanda kwesikweletu Ngaphambi kuka-2008, izinkampani kanye nemindeni bebelokhu bedlula enkambisweni yokunciphisa izikweletu ethuthukise ukuzinza kwama-balance sheet abo.
Ngo-2008, isikweletu sangasese (esihlanganisiwe) safinyelela cishe ku- 200% we-GDPKusukela ngaleso sikhathi, isilinganiso sehle kakhulu. Ezinkampanini, isikweletu sehle sisuka cishe ku-115% we-GDP ngo-2008 saya cishe ku-1.1% 65% ngo-2023; emakhaya, kusukela ku-82,6% kuya cishe ku-47%. Lokhu mkhuba kubeka iSpain, kudatha yakamuva efanayo, nge- ngaphansi kwesilinganiso we-EU-27.
Ukusimama kuyabonakala futhi uma kucatshangelwa ukuthi kungadingeka iminyaka emingaki yengeniso noma inzuzo ukuze kukhokhelwe isikweletu. Ezinkampanini, inani leminyaka lehle lisuka eminyakeni engaphezu kwemihlanu laya eminyakeni engaphezudlwana nje. tresemindenini, kusukela ku-1,32 kuya cishe iminyaka 0,74Uma kuqhathaniswa neYurophu, lokhu kuthuthuka kuvumele iSpain ukuthi ibonise izilinganiso ezinhle kakhulu namuhla kuneshumi leminyaka nesigamu edlule.
Njengoba i-ECB ikhuphuke kakhulu ngenzalo eyaqala maphakathi no-2022, umthwalo wenzalo wanda ngo-2023: ezinkampanini, isisindo senzalo ensaleleni yazo yonke sikhuphuke sisuka ku-7% saya ku- 13% ngonyaka owodwa; emakhaya, kusukela ku-1,8% kuya ku- 2,6%Inani eliphelele lenzalo ekhokhwe yimboni ezimele likhuphuke kakhulu uma liqhathaniswa nonyaka odlule.
Uma sengeza i-amortization kanye nezindleko ezihlobene nayo, insizakalo yesikweletu Inikeza umbono ophelele womzamo waminyaka yonke. Ngo-2023, izinkampani zaseSpain zabelwe cishe 34,7% yeholo labo kuleyo nsizakalo kanye nemindeni eseduze 5,6%Naphezu kokwenyuka kwezinga, isilinganiso asizange sibe sibi kakhulu uma siqhathaniswa nonyaka ka-2022 ngenxa isikweletu esiphansi kanye nokuthuthuka kwemali engenayo, okubeka iSpain ezikhundleni ezikhululekile phakathi kokuqhathaniswa okubanzi kwamazwe ngamazwe.
Ubani ophethe futhi iqembu elikhethekile lisebenza kanjani?
Impumelelo ezikweletini zangasese incike emaqenjini anolwazi oluhlanganisa imisebenzi eminingi. Impahla ebaluleke kakhulu ukuhlanganisa amarekhodi ahlukahlukene emikhakheni eyahlukene. ibhange elisebenzisekayoEzezimali zezinkampani, ezokubalwa kwezimali, ezokucebisa kanye nezimboni, futhi balondoloze ubudlelwano obuseduze nabaxhasi, ababolekisi kanye nabeluleki ezindaweni eziningi zaseYurophu.
Amaqembu akhona endaweni eziningana Inhloko-dolobha yaseYurophuIzinqubo zokutshalwa kwezimali okusheshayo kanye nokubandakanyeka okuqondile kwabalingani abaphezulu kuvame ukunikeza inzuzo yokuncintisana ezinqubweni ezithinta isikhathi. Abanye abaphathi bezimpahla batshale imali engaphezu kwaleyo 2.600 million euro ezinkampanini ezingaphezu kwekhulu, okubonisa ukukhuliswa kanye nekhono lokusebenza ngemijikelezo ehlukene.
Amacala okusetshenziswa: ukukhula, ukuthengwa, kanye nokuxhaswa kabusha kwezimali
Isikweletu sangasese sisetshenziselwa ukuxhasa ukukhula okuphilayo (imigqa emisha, ukwanda kwendawo) noma okungaphili (ukutholwa), kanye nokuxhasa kabusha izikweletu ezikhona. Ngokuvamile kusebenza njenge ukwengeza emalini yokuqalisa ibhizinisiNgemva kokungena kwesikhwama semali mboleko yangasese, isabelo semali mboleko esiqondile esingahleliwe singaqedela uhlelo lokutshala izimali.
ESpain, kuye kwavela izimoto ezithile zezikweletu zama-SME, ezihlala endaweni, ngenhloso yokuqoqa imali endaweni amashumi ezigidi ngama-euro futhi igxile ekuhlinzekeni ngezimali eziguquguqukayo nezihlala isikhathi eside kumaqembu abaphathi aqinile. Lezi zinhlobo zezimali zibonisa ukuvuthwa kwemakethe kanye nokunaka kwayo emkhakheni webhizinisi.
Imibuzo ebuzwa njalo
Ingabe kufanelekile kunoma iyiphi inkampani? Ingafanelana nezinhlobo eziningi zamaphrofayili, ikakhulukazi lawo adinga izinsuku zokugcina kanye izimo eziguquguqukayonoma abangenakho ukufinyelela (noma abangafisi ukufinyelela) uxhaso lwezimali lwasebhange oluvamile ngaleso sikhathi.
Izilinganiso zenzalo ziqhathaniswa kanjani nemali mboleko yasebhange? Ngokuvamile MudeLokhu kuhambisana nokwanda kwengozi kanye nokwenza ngokwezifiso. Ngokubuyisela, isakhiwo kanye nezivumelwano zenzelwe ibhizinisi kanye... ukungena kwemali enikeziwe.
Ingabe kuyashesha ukuqeda isivumelwano kunokusenza nebhange? Ngokuvamile, yebo. ukubumbana kwamabili Futhi ukwenza izinqumo ezigxile kuvumela ukuhlaziywa okusheshayo kanye nezikhathi zokukhokha, okubalulekile lapho amathuba enciphile.
Yikuphi ukuvuthwa kanye nekhuphoni okujwayelekile? Emalinimboleko eqondile, kuvame kakhulu ukubona ukuvuthwa phakathi Iminyaka ye-6 ne-8 (ngezandiso ezingaba khona), kanye namakhuphoni aguquguqukayo axhunywe ezilinganisweni zemakethe ukunciphisa ingozi izinhlobo.
Izindlela ezinhle kakhulu zokukhetha isikhwama sezikweletu sangasese
Kudinga inqubo ehlelekile. Buyekeza irekhodi komphathi, ukusebenza kwabo emijikelezweni ehlukene, amazinga okuzenzakalelayo kanye nokubuyisa, ukujula kwethimba ingozi kanye nokuphathwa kwayo. Buza ngemibhalo yewaranti, izivumelwano ezisetshenziswa kakhulu, kanye nesiyalo samanani.
Hlola ukulingana kwephothifoliyo yakho: kuzodlala yiphi indima (isiqinisi se- amakhuphoni(isithuthukisi sembuyiselo, i-diversifier ngokumelene namasheya), ukuhambisana kwayo okulindelekile nezinye izikhundla, kanye ukuchayeka ngokwemikhakha kanye nangokwezindawo ukuze kugwenywe ukugxila.
Uhlaka lwezomthetho, iphrofayili yabatshalizimali kanye nezaziso
Iningi lokunikezwa kanye namadokhumenti esikweletu sangasese kuqondiswe ku abatshalizimali bezikhungo noma amaqembu afanelekayo. Lolu lwazi aluyona isithembiso sokuthengisa noma isicelo sokuthenga izibambiso, noma isimemo sokubhalisa. igunya Ukuphathwa. Inhloso yayo iwukunikeza ulwazi futhi ingase ibe ngaphansi kwemingcele yokufinyelela.
Inzuzo yangaphambilini ayizange iziqinisekiso Imiphumela yesikhathi esizayo ingashintsha, futhi kuhlale kukhona ithuba lokulahlekelwa yimali. Ukufinyelela kumapulatifomu noma amakhasi olwazi kungahoxiswa ngaphandle kwesaziso sangaphambilini, futhi ukutholakala kwawo akuqinisekisiwe. Kunomshwalense ngaso sonke isikhathi. Noma ubani ongazamukeli lezi zimo kufanele agweme ukuqhubeka.
Indlela yokufaka izikweletu zangasese ekwabiweni kwempahla
Kumaphothifoliyo athanda kakhulu amasheya kanye namabhondi kahulumeni, ukufaka izikweletu zangasese kuvame ukuthuthukisa ibhalansi iyonke. ukubuyiselwa kwengozi ngenxa yokuxhumana kwayo okuphansi kanye nokugeleza kwamakhuphoni. Iwusizo kakhulu ekukhuleni kancane kwembuyiselo elindelekile ngaphandle kokuthatha ukuguquguquka okwengeziwe ngokweqile.
Indlela enengqondo yokuqala ngamasu okuthuthukisa ukulondolozwa (omdala obolekisa ngqo) futhi, ngokuhamba kwesikhathi, kancane kancane kwandisa amathuba ayinkimbinkimbi (izimo ezikhethekile, ukucindezeleka) ngokuya ngesifiso sokufaka engcupheni, uketshezi olutholakalayo kanye nolwazi lweqembu.
Ezimweni zezinga lenzalo ephezulu, ikhuphoni eliguquguqukayo lisebenza njenge umatilasi ngokumelene nokwehla kwamandla emali kanye nezinga lenzalo elikhuphukayo. Futhi, uma ihlelwe ngeziqinisekiso nezivumelwano ezifanele, umbolekisi unezindlela zokuvikela kanye nekhono lokwenza kanjalo. ukungenelela kusenesikhathi.
Uma isikweletu sibiza kakhulu noma sincipha, isikweletu sangasese singangena esikhundleni (noma sigcwalise) ukuxhaswa ngezimali kwebhange futhi sisheshise izinqumo ezibalulekile. ukukhula noma ukuhlanganiswa, ngenkathi kugcinwa ukuqina okudingwa yimijikelezo yemakethe esheshayo.
Konke okungenhla kubonisa ukuthi isikweletu sangasese asiyona into efanayo, kodwa imvelo yezixazululo ezivumelana nomjikelezo, umkhakha, kanye nosayizi wenkampani. Ngokuhlaziywa okufanele kanye nokuphathwa okunekhono, ingahlukanisa amaphothifoliyo, inikeze amakhuphoni okuncintisana, futhi isebenze njenge ukuvikelwa ukuvikelwa okuyingxenye emazingeni enzalo kanye nokwehla kwamandla emali, ngesikhathi esifanayo kuhlinzeka ngemali eguquguqukayo ukuze izinkampani zifeze izinhlelo zazo. Isihluthulelo sisekuqondeni isakhiwo semali, ukuhlola izingozi (isikweletu, uketshezi, ukusebenza, kanye nezomthetho), kanye nokuthembela emaqenjini anayo isipiliyoni efakazelwe ezibonisa ukuzithiba, isivinini sokwenza, kanye namazinga amahle okululama lapho umoya uphendukela kuzo.
