LINEBURG


 1
( 17)



. . >>

αí®â» ê®°ï®°àòèâí»µ ôèíàí±®â
è ﮫó·åíèå ôèíàí±è°®âàíèÿ
Î᧮° ôèíàí±è°®âàíèÿ
Îòá®° ï°®åêò®â
ȱò®·íèêè ê°àòê®±°®·í®ã® ôèíàí±è°®âàíèÿ
ȱò®·íèêè ¤®«ã®±°®·í®ã® ôèíàí±è°®âàíèÿ
Ï®¤ã®ò®âêà, ó±òàí®â«åíèå ê®íòàêò®â, ïå°åã®â®°»
α®áåíí®±òè áè§íå±-ï«àí®â, èíâå±òèöè®íí»µ
¬å¬®°àí¤ó¬®â è ï°®±ïåêò®â ý¬è±±èè
Îöåíêà ꮬïàíèè
‚»â®¤»
„®¬àøíåå §à¤àíèå
‘®¤å°¦àíèå ±å¬èíà°à
 
 
  Ðà§¤å« 1: Î᧮° ôèíàí±è°®âàíèÿ
  Ðà§¤å« 2: Îòá®° ï°®åêò®â
  Ðà§¤å« 3: ȱò®·íèêè ê°àòê®±°®·í®ã® ôèíàí±è°®âàíèÿ
  Ðà§¤å« 4: ȱò®·íèêè ¤®«ã®±°®·í®ã® ôèíàí±è°®âàíèÿ
  Ðà§¤å« 5: Ï®¤ã®ò®âêà, ó±òàí®â«åíèå ê®íòàêò®â, ïå°åã®â®°»
  Ðà§¤å« 6: α®áåíí®±òè áè§íå±-ï«àí®â, èíâå±òèöè®íí»µ
¬å¬®°àí¤ó¬®â è ï°®±ïåêò®â ý¬è±±èè
  Ðà§¤å« 7: Îöåíêà ꮬïàíèè
  Ðà§¤å« 8: ‚»â®¤»




ofcf1r/1
–å«è ±å¬èíà°à: êàêè¬ ®á°à§®¬ ¤àíí»© ±å¬èíà° ¬®¦åò ﮬ®·ü
 Ìí®¦å±òâ® âà°èàíò®â ê°àòê®±°®·í®ã® è ¤®«ã®±°®·í®ã® ôèíàí±è°®âàíèÿ ¤«ÿ
°®±±è©±êèµ ï°å¤ï°èÿòè© ¬®¦åò ï°èâå±òè â §à¬åøàòå«ü±òâ®. Ï°®öå±±» ﮫó·åíèÿ
ôèíàí±è°®âàíèÿ è§ °à§«è·í»µ è±ò®·íèê®â °à§í®®á°à§í» è ¬®ãóò á»òü ±«®¦í»¬è.
Ì» °à±±¬®ò°è¬:




ϰ失òàâ«åíèå ® Îòá®° ‚»á®° Ï®¤ã®ò®âêà,
ê®°ï®°àòèâí»µ ï°®åêò®â ¤«ÿ ﮤµ®¤ÿùèµ ï®¤à·à §àÿâêè è
ôèíàí±àµ è ôèíàí±è°®- è±ò®·íèê®â ïå°åã®â®°»
íå ò®«üê® ¤«ÿ ò®ã®,
ï«àíè°®âàíèå âàíèÿ ôèíàí±è°®- ± ï®òåíö.
·ò®á» ﮫó·èòü ¤åíüãè,
ôèíàí±®â®© âàíèÿ ê°å¤èò®°à¬è/
í® ï®«ó·èòü
±ò°àòåãèè èíâå±ò®°à¬è
®ïòè¬à«üí®å
ôèíàí±è°®âàíèå,
±®®òâåò±òâóþùåå
íó¦¤à¬
âàøåã® ï°å¤ï°èÿòèÿ
Ðà§¤å« 1 Ð৤嫻 1,2 Ð৤嫻 3,4 Ð৤嫻 5,6,7

ofcf1r/2
”®°¬àò ±å¬èíà°à

‘å¬èíà° ï°è§âàí ᮫åå ï®«í® â®â«å·ü âà± â ¤è±êó±±èþ ...




... è áó¤åò âê«þ·àòü â ±åáÿ óï°à¦íåíèÿ â ê«à±±å è
§à¤àíèÿ íà ¤®¬, öå«ü ê®ò®°»µ ﮬ®·ü âଠâ
®±â®åíèè ï°å¤±òàâ«åíí®ã® ¬àòå°èà«à, ï°àêòèêè
åã® è±ï®«ü§®âàíèÿ, è ®á±ó¦¤åíèå ﮫó·åíí»µ
°å§ó«üòàò®â ± °óê®â®¤èòå«å¬ ±å¬èíà°à


ofcf1r/3
˜®ê®«à¤íàÿ ôàá°èêà “‘«à¤ê®å¦êà” è±ï»ò»âàåò ò°ó¤í®±òè
“‘«à¤ê®å¦êà” - ýò® °åíòàáå«üí®å ï°å¤ï°èÿòèå, ï°èò®ê ¤åíå¦í»µ ±°å¤±òâ
ï°åâàøàåò ®òò®ê ¤åíå¦í»µ ±°å¤±òâ, ꮬïàíèÿ è¬ååò ¤®â®«üí»µ
  °àá®òíèê®â, è ¤®â®«üí»µ (íà ¤àíí»© ¬®¬åíò) àêöè®íå°®â.
  Ю±±è©±êèå ï®ò°åáèòå«è â±åã¤à «þáè«è ø®ê®«à¤
“‘«à¤ê®å¦êè” è ï°®¤®«¦àþò «þáèòü ¤® ±èµ ï®°.
 Ï®·å¬ó “‘«à¤ê®å¦êà” è±ï»ò»âàåò ±«®¦í®±òè?
 Ï®ò®¬ó ·ò® ê®íêó°åíò» íå ±ò®ÿò íà ¬å±òå
• Ê®¬ïàíèÿ “Mars” ï®±ò°®è«à ôàá°èêó ±ò®è¬®±òüþ $100 ¬«í.â ‘òóïèí® ¤«ÿ
ï°®è§â®¤±òâà áàò®í·èê®â “Ìà°±”, “‘íèêå°±” è ò.¤. Ê®¬ïàíèÿ “Mars” òàê¦å
â«®¦è«à ±°å¤±òâà â ôàá°èêó â Ëó¦íèêàµ, è è¬ååò ï«àí» ±ò°®èòå«ü±òâà í®â»µ
¬®ùí®±òå©.
• Ê®¬ïàíèÿ “Nestle” â«®¦è«à $19 ¬«í. â ø®ê®«à¤íóþ ôàá°èêó “Ю±±èÿ” â ‘à¬à°å.
Ýòè ±°å¤±òâà ¤®«¦í» è±ï®«ü§®âàòü±ÿ ¤«ÿ ¬®¤å°íè§àöèè ¬®ùí®±òå© ï®
ï°®è§â®¤±òâó ø®ê®«à¤à.
• Ê®¬ïàíèÿ “Kraft Jacob Suchard” èíâå±òè°®âà«à $25 ¬«í. â ø®ê®«à¤íóþ ôàá°èêó
íà “ê°àèíå.
• Ê®¬ïàíèÿ “Cadbury” ±®§¤à«à øè°®êóþ ±åòü ±á»òà ¤«ÿ áàò®í·èê®â è ¤°óãèµ
ø®ê®«à¤í»µ 觤å«è© â Ю±±èè. “Cadbury” â íà±ò®ÿùåå â°å¬ÿ °à±±¬àò°èâàåò
â®ï°®± ® ±®§¤àíèè ï°®è§â®¤±òâåíí»µ ¬®ùí®±òå© â Ю±±èè.
• ˜®ê®«à¤íàÿ ôàá°èêà “Ê°à±í»© Îêòÿá°ü” â Ì®±êâå §àâå°øè«à °à§¬åùåíèå
àêöè©, ±®á°àâ $12 ¬«í. ¤«ÿ èíâå±òè°®âàíèÿ â °åê®í±ò°óêöèþ è¬åþùåã®±ÿ
®á®°ó¤®âàíèÿ è ï®êóïêó í®â®ã® ®á®°ó¤®âàíèÿ ¤«ÿ ï°®è§â®¤±òâà ±óùå±òâóþùèµ è
í®â»µ â褮â 觤å«è© è§ ø®ê®«à¤à.
ofcf1r/4
 
 
“‘«à¤ê®å¦êà” ¤®«¦íà ¤å©±òâ®âàòü ±å©·à±

“‘«à¤ê®å¦êà” è±ï»ò»âàåò ⮧°à±òàþùóþ ê®íêó°åíöèþ ±®
  ±ò®°®í» êàê °®±±è©±êèµ, òàê è èí®±ò°àíí»µ ï°®è§â®¤èòå«å©
  ø®ê®«à¤í»µ 觤å«è©. Ýòè ê®íêó°åíò» è¬åþò ±â®á®¤í»©
  ¤®±òóï ê ôèíàí±è°®âàíèþ è ¬®ãóò ﮫó·àòü ¤åíüãè ¤«ÿ :
• ±íè¦åíèÿ ±åáå±ò®è¬®±òè ï°®¤óêöèè
• óâå«è·åíèÿ à±±®°òè¬åíòà è êà·å±òâà ï°®¤óêöèè
• ±®§¤àíèÿ ±è±òå¬ ±á»òà
• ø谮ꮩ °åê«à¬í®© ¤åÿòå«üí®±òè
  —ò® ýò® ®§íà·àåò ¤«ÿ “‘«à¤ê®å¦êè?”
• ꮬïàíèÿ ¤®«¦íà íå¬å¤«åíí® ®ï°å¤å«èòü ±â®è ï°åè¬óùå±òâà ïå°å¤
ê®íêó°åíòà¬è, °à§°àá®òàòü ±â®þ ±ò°àòåãèþ ®ïå°å¦åíèÿ ê®íêó°åíò®â è ®ï°å¤å«èòü
íàï°àâ«åíí»å íà ®±óùå±òâ«åíèå ¤àíí®© ±ò°àòåãèè ï°®åêò», ê®ò®°»å §à±«ó¦èâàþò
è íó¦¤àþò±ÿ â ôèíàí±è°®âàíèè
• ê®ã¤à ó ꮬïàíèè å±òü ·åòê® ®ï°å¤å«åííàÿ ±ò°àòåãèÿ è ®ï°å¤å«åí» ï®¤µ®¤ÿùèå
ï°®åêò», ®íà ¤®«¦íà íà©òè ôèíàí±è°®âàíèå
“ í® êàê®å ôèíàí±è°®âàíèå íå®áµ®¤è¬®? ê°àòê®±°®·í®å? ¤®«ã®±°®·í®å?
¤®«ã®â»å ®áÿ§àòå«ü±òâà? àêöèè?
“ ê ê®¬ó ±«å¤óåò ®á°àòèòü±ÿ ꮬïàíèè? ê áàíêà¬? èíâå±òèöè®íí»¬ ô®í¤à¬?
±ò°àòåãè·å±êè¬ èíâå±ò®°à¬?
  ‚ ø®ê®«à¤í®© ®ò°à±«è è¤åò ⮩íà. À â âàøå©?
 
ofcf1r/5
Ýò®ò ï°è¬å° ï®ê৻âàåò, ·ò® ï°å¤ï°èÿòèÿ ¤®«¦í» ï®±ò®ÿíí®å
ó«ó·øàòü ±â®è ﮧèöèè ·ò®á» ⻦èòü íà ê®íêó°åíòí»µ °»íêàµ
Ï®¤¤å°¦êè è¬åþùèµ±ÿ ï°®è§â®¤±òâ
– ôèíàí±è°®âàíèå ®á®°®òí»µ
±°å¤±òâ
– â»ï®«íåíèå ¤®«ã®â»µ
®áÿ§àòå«ü±òâ
 Êàïèòà« íå®áµ®¤è¬ Íà·à«à í®â»µ ï°®åêò®â / ±®§¤àíèÿ
¤«ÿ °®±òà è °à§âèòèÿ í®â»µ ï°å¤ï°èÿòè©
«þá®ã® áè§íå±à, è ®í
¬®¦åò á»òü
Ðà±øè°åíèÿ / ¬®¤å°íè§àöèè
è±ï®«ü§®âàí ¤«ÿ: ±óùå±òâóþùèµ ï°®è§â®¤±òâ
– êàïèò૮⫮¦åíèÿ
– óâå«è·åíèå ï®ò°åáí®±òè â
®á®°®òí»µ ±°å¤±òâàµ

Ϯ㫮ùåíèÿ ¤°óãèµ ê®¬ïàíè©



‚ µ®¤å ¤àíí®ã® ±å¬èíà°à áó¤åò ï®êà§àí®, êàê ®ï°å¤å«ÿòü ±â®è
èíâå±òèöè®íí»å ï®ò°åáí®±òè ¤«ÿ ±®µ°àíåíèÿ ê®íêó°åíòí®±ï®±®áí®©
ﮧèöèè è êàê èµ ôèíàí±è°®âàòü

ofcf1r/6
‘®¤å°¦àíèå ±å¬èíà°à

 
  Ðà§¤å« 1: Î᧮° ôèíàí±è°®âàíèÿ
  Ðà§¤å« 2: Îòá®° ï°®åêò®â
  Ðà§¤å« 3: ȱò®·íèêè ê°àòê®±°®·í®ã® ôèíàí±è°®âàíèÿ
  Ðà§¤å« 4: ȱò®·íèêè ¤®«ã®±°®·í®ã® ôèíàí±è°®âàíèÿ
  Ðà§¤å« 5: Ï®¤ã®ò®âêà, ó±òàí®â«åíèå ê®íòàêò®â, ïå°åã®â®°»
  Ðà§¤å« 6: α®áåíí®±òè áè§íå±-ï«àí®â, èíâå±òèöè®íí»µ ¬å¬®°àí¤ó¬®â
è ï°®±ïåêò®â ý¬è±±èè
  Ðà§¤å« 7: Îöåíêà ꮬïàíèè
  Ðà§¤å« 8: Çàê«þ·åíèå




ofcf1r/7
‚âå¤åíèå â ê®°ï®°àòèâí®å ôèíàí±è°®âàíèå

—ò® òàê®å ê®°ï®°àòèâí®å
αí®âíàÿ
ôèíàí±è°®âàíèå?
ê®íöåïöèÿ:
â°å¬åííàÿ • ‘ò°àòåãèÿ
±ò®è¬®±òü • Ï°®åêò»
¤åíåã
• Àêòèâ» è ïà±±èâ»

Íó¦í® «è ¬íå ôèíàí±è°®âàíèå?
Êàê®ã® òèïà?
• Ê°àòê®±°®·í®å
• „®«ã®±°®·í®å



Êàê ¬íå â»á°àòü ï°àâè«üí»© ï°®åêò?
Ã¤å ¬íå ﮫó·èòü ôèíàí±è°®âàíèå?



„àíí»© °à§¤å« ﮧ⮫èò âଠ®§íàꮬèòü±ÿ ± ï°èíöèïà¬è
ê®°ï®°àòèâí®ã® ôèíàí±è°®âàíèÿ è ê®íöåïöèÿ¬è, ê®ò®°»å ¬»
ﮤ°®áí® ®á±ó¤è¬ â ®±òàâø婱ÿ ·à±òè ±å¬èíà°à
ofcf1r/8
”èíàí±è°®âàíèå - ýò® íå ò®«üê® ï®«ó·åíèå ±°å¤±òâ
  Ê®°ï®°àòèâí®å ôèíàí±è°®âàíèå íåï®±°å¤±òâåíí® ±âÿ§àí® ± áà«àí±®¬ ï°å¤ï°èÿòèÿ
- àêöè®íå°í»© êàïèòà« è ê°àòê®±°®·í»å ®áÿ§àòå«ü±òâà ôèíàí±è°óþò ¤®«ã®±°®·í»å
è ê°àòê®±°®·í»å àêòèâ»
  ”èíàí±è°®âàíèå è¬ååò ±ò®è¬®±òü - ±ò®è¬®±òü êàïèòà«à
  ”èíàí±®â»© ¤è°åêò®° ±ò°å¬èò±ÿ ﮤ¤å°¦èâàòü ®ïòè¬à«üí»© ó°®âåíü
ôèíàí±è°®âàíèÿ ï°è ¬èíè¬à«üí®© ±ò®è¬®±òè êàïèòà«à ¤«ÿ ôè°¬»
ÀÎ ‚å«®±èïå¤íàÿ Ê®¬ïàíèÿ
Áà«àí±®â»© ®ò·åò
ï® ±®±ò®ÿíèþ íà 1/1/96
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
1/1/95 1/1/96 1/1/95 1/1/96
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Àêòèâ»: Ïà±±èâ»:
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
„®«ã®±°®·í»å àêòèâ» 1,803,000 3,095,000 Àêöè®íå°í»© êàïèòà« 2,584,000 3,605,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Íå¬àòå°èà«üí»å AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
àêòèâ» 0 AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
0
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
αí®âí»å ô®í¤» 1,803,000 AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
3,095,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Ê°àòê®±°®·í»å àêòèâ» 3,048,000 10,370,000 Áàíê®â±êèå ê°å¤èò» 2,267,000 9,860,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Ìàòå°èà«üí»å §àïà±» 1,323,000 4,275,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
„åáèò®°±êàÿ
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
§à¤®«¦åíí®±òü 1,528,000 5,716,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Êà±±à 197,000 379,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Èò®ã® ïà±±èâ®â è
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
àêöè®íå°í®ã®
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Èò®ã® àêòèâ®â 4,851,000 13,465,000 êàïèòà«à 4,851,000 13,465,000
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
ofcf1r/9
“‚°å¬åííàÿ ±ò®è¬®±òü ±°å¤±òâ“ ÿâ«ÿåò±ÿ ®±í®âí®© ê®íöåïöèå© ¤«ÿ
ï®íè¬àíèÿ â±åµ òèï®â ôèíàí±è°®âàíèÿ

  ‘ꮫüê® â» §àï«àòèòå §à ï°à⮠ﮫó·èòü 100 ¤®««à°®â ·å°å§ 㮤?
…±«è â» ®òâåòè«è “100 ¤®««à°®â“, ò® â» íå ¤ó¬à«è ® â°å¬åíí®©
±ò®è¬®±òè ±°å¤±òâ!
  ‚°å¬åííàÿ ±ò®è¬®±òü ±°å¤±òâ ®òí®±èò±ÿ ê °à§«è·í®© ±ò®è¬®±òè ®¤®© è ò®©
¦å ±ó¬¬» ±°å¤±ò⠱婷ౠè â áó¤óùå¬
  Ðà§íèöà ó·èò»âàåò ﮫó·àåò±ÿ §à ±·åò â«èÿíèÿ ꮬáèíàöèè ôàêò®°®â,
âê«þ·àþùèµ èíô«ÿöèþ, °è±ê è ±ò®è¬®±òü ⮧¬®¦í®±òè. Ýò® ®§íà·àåò, ·ò®
±°å¤±òâà â áó¤óùå¬ è¬åþò ¬åíüøóþ ±ò®è¬®±òü, ·å¬ ±å㮤íÿ. Íàï°è¬å°:

‚°å¬åííàÿ ±ò®è¬®±òü ±°å¤±òâ


î¤: 1996 1997 1998 1999 2000 2001
‘ò®è¬®±òü
$100 $90 $83 $75 $68 $62
100 ¤®««.:

‚ ¤àíí®¬ ±«ó·àå â» á» §àï«àòè«è íå ᮫åå $62 §à ï°à⮠ﮫó·èòü
$100 ·å°å§ ïÿòü «åò
ofcf1r/10
”èíàí±è°®âàíèå âê«þ·àåò â ±åáÿ °à§°àá®òêó ê°àòê®±°®·í®© è
¤®«ã®±°®·í®© ôèíàí±®â®© ±ò°àòåãèè ï°å¤ï°èÿòèÿ


Êàê®â» âàøè —ò® íó¦í® ±¤å«àòü ±å©·à±,
·ò®á» ®áå±ïå·èòü ±åáÿ
í»íåøíèå ôèíà±®â»å
èíâå±òèöèÿ¬è â áó¤óùå¬?
ï®ò°åáí®±òè?

Êàê®â ï°àâè«üí»© ±®±òàâ
Êàê ®íè 觬åíÿò±ÿ
¤®«ã®±°®·í®ã®
·å°å§ ﮫ㮤à?
ôèíàí±è°®âàíèÿ ¤«ÿ
âàøåã® ï°å¤ï°èÿòèÿ -
Êàê ®íè 觬åíÿò±ÿ êàê®âà ¤®«ÿ ê°å¤èò®â,
·å°å§ 㮤? êàê®âà ¤®«ÿ àêöè®íå°í®ã®
êàïèòà«à?
Êàêè¬è ®íè áó¤óò
Êàê 觬åíèò±ÿ ±ò°óêòó°à
·å°å§ 3-5 «åò?
àêöè®íå°í®ã® êàïèòà«à?


Ȭååò±ÿ ¤âà âè¤à ôèíàí±è°®âàíèÿ, ±ï®±®áí®ã® ó¤®â«åòâ®°èòü
âàøè ï®ò°åáí®±òè: ê°àòê®±°®·í®å è ¤®«ã®±°®·í®å
ôèíàí±è°®âàíèå. „àâà©òå ﮤ°®áí® °à±±¬®ò°è¬ êত»© è§ íèµ.
ofcf1r/11
Ê°àòê®±°®·í®å ôèíàí±è°®âàíèå ·à±ò® è±ï®«ü§óåò±ÿ ¤«ÿ
ï®ï®«íåíèÿ ®á®°®òí®ã® êàïèòà«à
Îá®°®òí»© êàïèòà« íå®áµ®¤è¬ ¤«ÿ ⻦èâàíèÿ è ï°®¤®«¦åíèÿ
¤åÿòå«üí®±òè â ê°àòê®±°®·í®© ïå°±ïåêòèâå
—è±ò»© ®á®°®òí»© êàïèòà« =
òåêóùèå àêòèâ» - òåêóùèå ®áÿ§àòå«ü±òâà

• Îá®°®òí»© êàïèòà« íå®áµ®¤è¬ ¤«ÿ
“ §àêóï®ê ±»°üÿ
“ èíâå±òèöè© â íåï°å°»âí®å ï°®è§â®¤±ò® (íå§àâå°øåíí®å ï°®è§â®¤±òâ®)
“ èíâå±òèöè© â ã®ò®âóþ ï°®¤óêöèþ
“ ï®ê°»òèÿ °à§íèö» ¬å¦¤ó ¤åáèò®°±ê®© §à¤®«¦åíí®±òüþ è ê°å¤èò®°±ê®©
§à¤®«¦åíí®±òüþ
• ’°åá®âàíèÿ ê ®á®°®òí®¬ó êàïèòà«ó
“ ®ò«è·àþò±ÿ â §àâè±è¬®±òè ®ò ®ò°à±«è è ï°å¤ï°èÿòèÿ
“ ﮤâå°¦åí» ±å§®íí»¬ è/è«è öèê«è·å±êè¬ ê®«åáàíèÿ¬
“ §àâè±ÿò ®ò ýôôåêòèâí®±òè óï°àâ«åíèÿ ï®°òôå«å¬ ï°®¤óêöèè
“ §àâè±ÿò ®ò ±ò°àòåãèè óï°àâ«åíèÿ ®á®°®òí»¬ êàïèòà«®¬
• ’°åá®âàíèÿ ê ®á®°®òí®¬ó êàïèòà«ó ®á»·í® â»ï®«íÿþò±ÿ ± ﮬ®ùüþ ®¤í®© è«è
¤âóµ ¬å° ê°àòê®±°®·í®ã® ôèíàí±è°®âàíèÿ:
“ âíóò°åííåã® ôèíàí±è°®âàíèÿ
“ ê°àòê®±°®·í®ã® ê°å¤èò®âàíèÿ
ofcf1r/12
 
Ê°àòê®±°®·í®å ôèíàí±è°®âàíèå ®á«à¤àåò ãèáê®±òüþ, í® °è±ê®âàíí®


’°åáóåò±ÿ è ï°å¤®±òàâ«ÿåò±ÿ íà ±°®ê ¤® ®¤í®ã® 㮤à, à â ±«ó·àå
ôèíàí±è°®âàíèÿ °®±±è©±êè¬ áàíꮬ - íà ±°®ê ¤® ﮫó㮤à


Íå ò°åáóåò ®áå±ïå·åíèÿ è«è ®áå±ïå·èâàåò±ÿ ¬àòå°èà«üí»¬è §àïà±à¬è
è ±·åòà¬è ê ﮫó·åíèþ


Îá«à¤àåò ãèáê®±òüþ - ¬®¦åò ï®ãàøàòü±ÿ ¤®±°®·í® ï°è ®ò±óò±òâèè
¤à«üíå©øå© íå®áµ®¤è¬®±òè â ±°å¤±òâàµ


‚»±®ê®°è±ê®âàíí® - ïå°åí®± ±°®ê®â ï®ãàøåíèÿ è«è ⮧®áí®â«åíèå íå
ãà°àíòè°óþò±ÿ


‘ò®è¬®±òü ïå°åí®±à ±°®êà è«è ⮧®áí®â«åíèÿ ¬®¦åò á»òü â»±®ê®©




ofcf1r/13
„婱òâèòå«üí® «è âàøå¬ó ï°å¤ï°èÿòèþ íó¦í® âíåøíåå
ê°àòê®±°®·í®å ôèíàí±è°®âàíèå?


Ï°å¤ï°èÿòèå ¬®¦åò ®áå±ïå·èòü ±åáå “âíóò°åííåå"
ôèíàí±è°®âàíèå §à ±·åò «ó·øåã® °à±ï®°ÿ¦åíèÿ
®á®°®òí»¬ êàïèòà«®¬:
• ó¬åíüøèòü ¤åáèò®°±êóþ §à¤®«¦åíí®±òü
±ê®°°åêòè°®âàòü ±ò°àòåãèþ ê°å¤èò®âàíèÿ §àê৷èê®â

“ ®áå±ïå·èòü å¦å¤íåâí»© ê®íò°®«ü §à ±·åòà¬è ê ﮫó·åíèþ
ï°å¤ï°èíÿòü ó±è«èÿ ï® ±á®°ó ï°®±°®·åíí»µ ï°è·èòàþùèµ±ÿ ±ó¬¬

• ®áå±ïå·èòü ±åáå ᮫åå ¤«èòå«üí»© ê°å¤èò ó ï®±òàâùèê®â
• ±íè§èòü ó°®âåíü ¬àòå°èà«üí»µ §àïà±®â
ï°®è§â®¤èòü ýê®í®¬í»å §àêóïêè ±»°üÿ

ï°åê°àòèòü ï°®è§â®¤±òâ® ï°®¤óêöèè íà ±ê«à¤ è ï°®è§â®¤èòü ò®«üê® ï®¤

ê®íê°åòí»å §àê৻
  ...èòàê, âíåøíåå ôèíàí±è°®âàíèå ®á®°®òí®ã® êàïèòà«à ¬®¦åò
á»òü íå íó¦í®

ofcf1r/14
„®«ã®±°®·í®å ôèíàí±è°®âàíèå íó¦í® ¤«ÿ êàïèòà«üí»µ
èíâå±òèöè©

  Êàïèòà«üí»å èíâå±òèöèè íå®áµ®¤è¬» ¤«ÿ °®±òà è °à§âèòèÿ âàøåã®
ï°å¤ï°èÿòèÿ
  Ï®±ò®ÿíí®å °à§âèòèå âà¦í® ¤«ÿ ®áå±ïå·åíèÿ ê®íêó°åíò®±ï®±®áí®±òè
ï°å¤ï°èÿòèÿ. Ï°è ýò®¬ ò°åáóþò±ÿ §íà·èòå«üí»å ôèíàí±®â»å °å±ó°±» ¤«ÿ
• °à§°àá®òêè/ï°è®á°åòåíèÿ í®â»µ òåµí®«®ãè©
• §àêóïêè ±®â°å¬åíí®ã® ®á®°ó¤®âàíèÿ
• °à§°àá®òêè í®â®© è«è ó«ó·øåíèÿ ±óùå±òâóþùå© ï°®¤óêöèè
• ±®§¤àíèÿ ¤è±ò°èáüþò就ꮩ ±åòè
• ±®âå°øåí±òâ®âàíèÿ èíô®°¬àöè®íí»µ ±è±òå¬ è ±è±ò嬻 ®ò·åòí®±òè ¤«ÿ ó«ó·øåíèÿ
óï°àâ«åíèÿ è ò.¤.


  Ðåà«è§àöèÿ ®¤í®ã® è§ óêà§àíí»µ òèï®â ï°®åêò®â ò°åáóåò ¤®«ã®±°®·í®ã®
ôèíàí±è°®âàíèÿ



ofcf1r/15
„®«ã®±°®·í®å ôèíàí±è°®âàíèå ¬åíåå °è±ê®âàí® ¤«ÿ ï°å¤ï°èÿòèÿ,
í® åã® ò°ó¤í® ﮫó·èòü â Ю±±èè

 1
( 17)



. . >>

Copyright Design by: Sunlight webdesign