finansuri analizi · 2019-05-10 · i.wilaze - finansuri analizi -----2 udc (uak) 657 – 22 w_462...

izolda WilaZe

Izolda Chiladze

finansuri analizi (finansuri angariSgebis analizi)

FINANCIAL ANALYSIS (ANALYSIS OF FINANCIAL STATEMENTS)

saxelmZRvanelo

Taxbook

mesame gadamuSavebuli gamocema

3th

edition

vuZRvni Cems mecnier/xelmZRvanlis profesor farnaoz menTeSaSvilis dabadebidan 100 wlis iubiles

Tbilisi 2018

i.WilaZe - finansuri analizi

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2

UDC (uak) 657 – 22

W_462

wignSi gadmocemulia sawarmos (firmis) finansuri angariSgebis

analizis meTodebi. agreTve ganxilulia sawarmos gadaxdisunarianobis,

moTxovnebisa da valdebulebebis, finansuri stabilurobis, finansuri

aqtiurobis, momgebianobis, investiciebis, finansuri riskebis

(leverijis) analizis meTodika.

wigni gankuTvnilia ekonomikis profilis bakalavriatisa da

magistraturisaTvis. agreTve igi did daxmarebas gauwevs praqtikos

buRaltrebs, auditorebs, finansur menejerebs da mecniermuSakebs.

avtori: izolda WilaZe – ekonomikis akademiuri doqtori

ivane javaxiSvilis saxelobis

Tbilisis saxelmwifo universitetis

asocirebuli profesori

redaqtori: nana sreseli – ekonomikis akademiuri doqtori

Tsu asocirebuli profesori

recenzenti: Tea munjiSvili – ekonomikis akademiuri doqtori

Tsu asocirebuli profesori

© izolda WilaZe, 2018

ISBN 978-9941-27-561-6


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3

S i n a a r s i S e s a v a l i

Tavi 1. finansuri analizis sagani da meTodi

1.1. sawarmos finansebis arsi da daniSnuleba ................................................................. 9

1.2. sawarmos ekonomikuri da finansuri analizis sagani,

meTodi da tradiciuli analizuri xerxebi ........................................................... 16

1.3. ekonomikuri analizis maTematiuri xerxebi .............................................................. 38

1.4. sawarmoTa safinanso-ekonomikuri saqmianobis

Sefasebis maCvenebelTaA sistema ............................................................................................. 42

1.5. finansuri analizis mizani, Catarebis etapebi da

informaciuli baza............................................................................................................................... 51

testebi da amocanebi .......................................................................................................................... 61

finansuri angariSgebis analizi

Tavi 2. Ffinansuri angariSgebis mizani da analizis meTodebi

2.1. sawarmos wliuri finansuri angariSgebis mizani, momxmareblebi,

xarisxobrivi maxasiaTeblebi da elementebi......................................................... 66

2.2. finansuri angariSgebis komponentebi, misi analizis

mizani da amocanebi ........................................................................................................................... 74 2.3. finansuri angariSgebis analizis meTodebi ............................................................ 78 2.4. kavSiri finansuri angariSgebis komponentebs Soris ................................... 81

testebi da amocanebi ..................................................................................................................... 88

Tavi 3. buRaltruli balansis analizis meTodika 3.1. buRaltruli balansis analizuri mniSvneloba ................................................ 91 3.2. buRaltruli balansis vertikaluri analizi ..................................................... 98 3.3. buRaltruli balansis horizontaluri analizi ............................................ 105 3.4. buRaltruli balansis kerZo da kombinirebuli koeficientebis analizi ............................................................................................................... 110 testebi da amocanebi ....................................................................................................................... 111 Tavi 4. Mmogeba/zaralis angariSgebis analizis meTodika

4.1. mogeba/zaralis angariSgebis analizuri mniSvneloba ................................... 115 4.2. mogeba/zaralis angariSgebis vertikaluri analizi ....................................... 121 4.3. mogeba/zarlis angariSgebis horizontaluri analizi .................................. 124 4.4. mogeba/zaralis angariSgebis individualuri da

kombinirebuli koeficientebis analizi........................................................................ 127 testebi da amocanebi .......................................................................................................................... 129


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Tavi 5. Ffuladi nakadebis angariSgebis analizi

5.1. fuladi nakadebis angariSgebis analizuri mniSvneloba ......................... 131 5.2. fuladi nakadebis angariSgebis vertikaluri analizi .............................. 136 5.3. fuladi nakadebis angariSgebis horizontaluri analizi ..................... 139 5.4. fuladi nakadebis angariSgebis avtonomiuri da kombinirebuli maCveneblebis analizi .......................................................................... 141 testebi da amocanebi ..................................................................................................................... 143 Tavi 6. sakuTari kapitalis angariSgebis analizi

6.1. sakuTari kapitalis angariSgebis analizuri mniSvneloba ................. 145 6.2. sakuTari kapitalis angariSgebis vertikaluri analizi ...................... 149 6.3. sakuTari kapitalis angariSgebis horizontaluri analizi ............. 151 6.4. sakuTari kapitalis angariSgebis individualuri da kombinirebuli koeficientebis analizi .................................................................. 152 testebi da amocanebi ..................................................................................................................... 153

Tematuri finansuri analizi

Tavi 7 . sawarmosFqonebrivi mdgomareobis analizi

7.1. sawarmos qonebrivi mdgomareobis analizis amocanebi, maCveneblebi da informaciuli baza ........................................................................... 156

7.2. sawarmos mimdinare aqtivebis struqturuli da dinamikuri analizi ....................................................................................................................................................... 158

7.3. grZelvadiani aqtivebis struqturuli da dinamikuri analizi .......... 161 7.4. sawarmos aqtivebis dafinansebis wyaroebis struqturuli

analizi ....................................................................................................................................................... 165 7.5. wminda mimdinare aqtivebis analizi .................................................................................. 170

testebi da amocanebi ................................................................................................................... 179 Tavi 8. sawarmos gadaxdisunarianobisa da finansuri

stabilurobis analizi

8.1. sawarmos gadaxdisunarianobis maCvenebelTa sistema da

analizis amocanebi ............................................................................................................................ 182 8.2. sawarmos gadaxdisunarianobis analizis meTodika ........................................ 186 8.3. sawarmos finansuri stabilurobis maCveneblebis sistema ..................... 191 8.4. sawarmos finansuri stabilurobis analizis meTodika ............................ 196 testebi da amocanebi ....................................................................................................................... 200

Tavi 9. DmoTxovnebisa da valdebulebebis analizi

9.1. moTxovnebis struqtura da analizis amocanebi ................................................ 203 9.2. debitoruli davalianebebis analizis meTodika .............................................. 207 9.3. valdebulebebis struqtura da analizis amocanebi ..................................... 214 9.4. kreditoruli davalianebebis analizi......................................................................... 218 9.5. aRebuli sesxebis analizi .......................................................................................................... 223 testebi da amocanebi ....................................................................................................................... 227


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Tavi 10. sakuTari kapitalis mdgomareobis analizi

10.1. sakuTari kapitalis arsi da analizis amocanebi ........................................... 258 10.2. sakuTari kapitalis struqturisa da dinamikis analizi....................... 235 10,3, sakuTari kapitalis mdgomareobis maCveneblebi .............................................. 237 10.4. saaqcio kapitalis analizis meTodika ....................................................................... 240 10.5. sadividendo politika .................................................................................................................. 245 10.6. Semosavali erT aqciaze .............................................................................................................. 250 10.7. sesxebisa da sakuTari kapitalis hibridebi ......................................................... 253 testebi da amocanebi ....................................................................................................................... 255 Tavi 11. sawarmos saqmiani aqtiurobis analizi

11.1. sawarmos saqmiani aqtiurobis maCvenebelTa analizis mizani, amocanebi da informaciuli baza ...................................................................................... 258 11.2. avansirebuli Rirebulebis wrebrunvis modeli ............................................... 260 11.3. avansirebuli Rirebulebis brunvadobis maCveneblebis analizi ... 262 11.4. fuladi saxsrebis denadobisa da brunvadobis analizi ........................ 267 testebi da amocanebi ..................................................................................................................... 273 Tavi 12. Msawarmos mogebisa da momgebianobis analizi

12.1. sawarmos finansuri Sedegebis analizis amocanebi ...................................... 276

12.2. sawarmos mogebisa da momgebianobis maCvenebelTaAsistema .................. 277

12.3. sawarmos mogebis analizis meTodika ........................................................................... 282

12.4. sawarmos momgebianobis (rentabelobis) analizis meTodika .............. 286

testebi da amocanebi ....................................................................................................................... 291

Tavi 13. sawarmos leverijis analizi

13.1. sawarmos riskebis klasifikacia ........................................................................................ 293 13.2. saoperacio leverijis analizi .......................................................................................... 298 13.3. finansuri leverijis arsi da analizis meTodika ........................................ 302 testebi da amocanebi ....................................................................................................................... 306 Tavi 14. sawarmos mosalodneli gakotrebis mravalfaqtoriani

modelebi

14.1. alTmanis modeli ................................................................................................................................ 309 14.2. fulmeris modeli .............................................................................................................................. 312 14.3. springeiTis modeli ......................................................................................................................... 313 14.5. kreditoruli davalianebis dafarvis biveris koeficientebi .......... 314 testebi da amocanebi ..................................................................................................................... 316


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Tavi 15. prognozuli finansuri angariSgebis momzadebis

meTodika

15.1. prognozuli mogeba/zaralis angariSgebis momzadeba ............................. 318 15.2. gegmuri buRaltruli balansis momzadeba ......................................................... 321 15.3. fuladi nakadebis angariSgebis prognozirebis meTodika .................. 323

testebi da amocanebi .................................................................................................................. 327

Tavi 16. investiciebis analizi (sawarmos Sefaseba safondo

birJebze)

16.1. investiciis saxeebi da analizis amocanebi ........................................................... 329 16.2. alternatiuli sainvesticio proeqtebis Sefasebis meTodebi .......... 331 16.3. investiciebis efeqtianobis Sefasebis fardobiTi maCveneblebi ..... 339 16.4. investiciebis efeqtianobis analizis meTodika ............................................... 342 testebi da amocanebi ..................................................................................................................... 345

Tavi 17. sawarmos finansuri mdgomareobis sawarmoTaSoriso

analizis meTodika

17.1. sawarmoTaSoriso analizis arsi da mizani ......................................................... 349 17.2. sawarmoTaA Sesadarisobis problema sawarmoTaSoriso analizis dros.................................................................................................................................... 351 17.3. finansuri mdgomareobis sawarmoTaSoriso analizis meTodika ........................................................................................................................................................ 354 17.4. momgebianobis sawarmoTaSoriso analizis meTodika................................. 358 testebi da amocanebi ................................................................................................................... 363

testebisa da amocanebis pasuxebi ................................................................................... 365


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Contents

Part I. Analysis of Financial Statement

Charter 1. Subject and Methods of Financial analysis ------------------------------------------------------ 9

Charter 2. The Aim and Methods of Financial Statement Analysis--------------------------------------- 66

Charter 3. The Balance Sheet Analysis Methodology--------------------------------------------------------- 91

Charter 4. Methodology of the Profit&Loss Statement Analysis------------------------------------------- 115

Charter 5. Methodology of Cash Flow Reporting Analysis--------------------------------------------------- 131

Charter 6. Methodology of Analysis of the Statement of Changes in Equity for the Period----------145

Part II. Thematic Financial Analysis of the Enterprise

Charter 7. Analysis of The Asset Condition---------------------------------------------------------------------156

Charter 8. Analysis of Solvency and Financial Stability of the Enterprise---------------------------------182

Charter 9. Analyzing of the Requirements and Liabilities of the Enterprise----------------------------203

Charter 10. Analyzing of the Equity ----------------------------------------------------------------------------- 231

Charter 11. Analysing Business Activity------------------------------------------------------------------------- 258

Charter 12. Analysing Profitability of the Enterprise-------------------------------------------------------- 276

Charter 13. Analysis of Levarge Retios-------------------------------------------------------------------------- 293

Charter 14. Multi-factor models of the bankruptcy of the enterprise------------------------------------- 309

Charter 15. Methods of Preparing Planned Financial Statements----------------------------------------- 318

Charter 16. Analysis of Investment Dicisions------------------------------------------------------------------329

Charter 17. Comparative Analysis between the Enterprises-------------------------------------------------349


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8

Sesavali finansuri analizi (aseve finansuri angariSgebis analizi) exeba ama Tu im

dargis biznesis sicocxlisunarianobis, gadaxdisunarianobis, stabilurobis, momgebianobisa da finansuri usafrTxoebis Sefasebis sakiTxebs.

finansuri analizi sawarmos ekonomikuri analizis anu biznesis analizis erT-erTi mimarTuleba iyo. meoce saukunis meore naxevridan igi dasavleTis qveynebSi damoukidebel dargad Camoyalibda. sawarmos ekonomikur analizs ki biznesis analizs an mmarvelobiT analizs uwodeben. xolo, sawarmos finansuri analizi arsebiTad sawarmos finansuri angariSgebis da sawarmos finansuri usafrTxoebis analizis meTodologias warmoadgens.

rogorc cnobilia, sawarmoTa finansuri angariSgebis momxmareblebi, garda mocemuli sawarmos finansuri menejmentisa, sawarmos gareT imyofebian. esenia, investorebi, kreditorebi, safinanso dawesebulebebi, samTavrobo struqturebi, sazogadoebis sxvadasxava warmomadgenlebi (mecnierebi, politikosebi, Jurnali-stebi da sxvebi).

sawarmos investorebi da kreditorebi garkveul risks ewevian imis gamo, droulad daibruneben Tu ara procentebs, dividendebs da gasesxebul Tanxebs. riskebis Semcirebis mizniT kompaniebi gamudmebiT swavloben erTmaneTis finansur angariSgebas maTi finansuri poziciebis Sefasebis mizniT, raTa miiRon swori gadawyvetilebebi, endon Tu ara erTmaneTs da daamyaron Tu ara saqmiani urTierTobebi erTmaneTTan. am miznebisaTvis, yvela iuridiuli piri valdebulia gamoaqveynos saerTo daniSnulebis finansuri angariSgeba misi gareT myofi momxmareblebisaTvis. am praqtikuli saWiroebis Sesabamisad Camoyalibda saerTo daniSnulebis finansuri angariSgebis analizis mimarTuleba.

sawarmoTa finansuri menejmenti sawarmos finansur stabilurobis da gadaxdisunarianobis mxolod SefasebiT ver dakmayofildeba. man unda gamoikvlios da SeimuSaos finansuri mdgomareobis Semdgomi gaumjobesebis RonisZiebebi, risTvisac saerTo daniSnulebis finansuri angariSgebis informacia ar kmara. amisaTvis saWiroa Siga mmaTvelobiTi informaciac, romlis misawvdomobis problema sawarmos xelmZRvanelobisaTvis ar arsebobs.

amrigad, dReisaTvis, finansuri analizis SigniT ori mimarTuleba gamoikveTa: pirveli, finansuri angariSgebis analizi, romelic moiTxovs im xerxebisa da meTodebis codnas, romelic daexmareba inormaciis gare momxmarebelebs, sworad Seafason ama Tu im sawarmos finansuri poziciebi da mosalodneli riskebi. meore mxriv, aucilebeli gaxda Tematuri finansuri analizis ufro Rrma analizuri xerxebis damuSaveba, romelic sWirdeba sawarmos finansur menejments yovelmxrivi analizi Caataros finansuri stabilurobisa da usafrTxoebis Semdgomi gamtkicebis, momgebianobis da investiciebis ukugebis amaRlebis detaluri RonisZiebebis SemuSavebis mizniT. am miznebisaTvis ki mxolod finansuri angariSgebis informacia sakmarisi araa, magram menejmentisaTvis informaciis misawvdomobis problema ar arsebobs.

zemoTqmulidan gamomdinare, winamdebare saxelmZRvaneloSi finansuri analizis struqtura isea agebuli, rom warmodgenilia rogorc finansuri angariSgebis, ise Tematuri finansuri analizis meTodika. Tumca maT Soris `Cinuri kedeli~ ar arsebobs. magram aseTi midgoma, Cveni azriT, ukeT Seesabameba gareT gamosaqveynebeli saerTo daniSnulebis finansuri angariSgebis analizis ZiriTadi momxmareblebisa da sawarmos SigniT, finansuri menejmentis analizur moTxovnebs.

teqstSi laris aRsaniSnavad gamoyenebulia simbolo `l~, litris aRsaniSnavad `lt~.


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9

Tavi 1. finansuri analizis

sagani da meTodi

sawarmos finansuri analizi mniSvnelovan rols

asrulebs sawarmoTa menejmentSi, biznesis

aqtivobis, finansuri stabilurobis da riskebis

adekvaturi marTvis mimaTulebiT. Tanamedrove

konkurentul da rTul safinanso urTierTobebis

garemoSi gadamwyveti gaxda sawarmoTa

gadaxdisunarianobis da finansuri usafrTxoebis

uzrunvelyoba.

finansuri riskebis Serbilebis mizniT, fundamenturi mniSvneloba aqvs

sawarmoTa menejmentis mier finansuri resursebisa da dafinansebis

wyaroebis optimaluri struqturis SenarCunebis RonisZiebebis

SemuSavebas da danergvas uwyvet reJimSi. swored am miznebis

ganxorcielebas emsaxureba finansuri analizi.

am TavSi ganxilulia Semdegi sakiTxebi:

Esawarmos finansebis arsi da finansuri menejmentis garemo;

ekonomikuri analizisa da finansuri analizis saerTo da ganmasxvavebeli niSnebi;

sawarmoTa safinanso-ekonomikuri saqmianobis Sefasebis maCvenebelTaA sistema;

finansuri analizis mizani, Catarebis etapebi da informaciuli baza.

1.1. sawarmos finansebis arsi da

daniSnuleba

finansebi erTi mxriv, SeiZleba gaazrebul iqnes, rogorc finansuri

resursebis erToblioba da fuladi urTierTobebis erToblioba – meore

mxriv.

amasTan, Ffuladi urTierTobebi TavisTavad finansur resursebs ar

warmoadgenen. finansuri resursebi uzrunvelyofen fuladi urTierTobebis

ganxorcielebas sawarmoebs Soris, sawarmosa da saxelmwifo biujets

Soris, sawarmosa da bankebs Soris da a.S.

fuladi urTierTobebis meSveobiT xdeba sawamos finansuri resursebis

formireba (Seqmna) da gadanawileba. sawarmom finansuri resursebi

SeiZleba Seqmnas da SeiZinos: sakuTari saxsrebiT (saaqcio kapitali,

mogeba, wilobrivi Senatanebi da sxva), an biujeturi gadanawilebis wesiT

(biujeturi subsidiebi, sadazRvevo anazRaurebebi da sxva), an moziduli

saxsrebiT (sxvadasxva sesxebi da valdebulebebi). amrigad, yoveli

sameurneo subieqtis dafinanseba SeiZleba sami formiT ganxorcieldes,


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rogoricaa: TviTdafinanseba, dakrediteba da saxelmwifo dafinanseba

(grantebi).

mewarmeebi sakuTari interesebisa da miznebis Seabamisad gegmaven

TavianT saqmianobas da aformeben sxvadasxva xasiaTis xelSekrulebebs.

amasTan, mewarme Tavisufalia manam, sanam gadawyvetilebebs miiRebs. amis

Semdeg igi `sulac ar aris Tavisufali~. sawarmo valdebuli xdeba

Seasrulos mis mier miRebuli da dagegmili gadawyvetilebebi. winaaRmdeg

SemTxvevaSi mas Seeqmneba sirTuleebi partniorebis, investorebis,

saxelmwifos, sakuTari personalis da mTeli sazogadoebis winaSe, rac

TviT sawarmoze uaryofiT ukuqmedebas axdens. amdenad, mewarmem da

Sesabamisad sawarmos mmarTvelobam, sakuTari finansuri miznis – mogebis

misaRebad, aucilebelia gaakontrolos rogorc, finansuri resursebiT

sawarmos uzrunvelyofis xarisxi, ise finansuri valdebulebebis

Sesrulebis mdgomareoba.

finansuri resursebi aris sawarmos saqonlur-fuladi urTierTobebis

ganxorcielebis saSualebac da mizanic. Mmewarme mudam dainteresebulia

gaaCndes saWiro finansuri resursebi, raTa uzrunvelyofil iqnes

ZiriTadi da sabrunavi kapitalis wrebrunva da, piriqiT, kapitalis (anu

avansirebuli, dabandebuli Rirebulebis) Seuferxebeli wrebrunvis

Sedegad kvlav daibrunos finansuri resursebi, maTi xelaxali

investirebisaTvis.

sawarmos gamarTuli finansuri urTierTobebi da finansuri resursebis

adekvaturoba gansazRvravs misi finansuri stabilurobis xarisxs. xolo

sawarmoTa finansuri stabilurobisaTvis aucilebelia ara mxolod

finansuri resursebis marTva. aramed, aucilebelia agreTve finansuri

valdebulebebis da sakuTari kapitalis kompleqsuri (erToblivad da

urTierTkavSirSi) marTva, rac erTad finansur instrumentebs warmoadgenen.

buRaltruli aRricxvis saerTaSoriso standartebis gansazRvrebiT,

finansuri instrumenti aris nebismieri xelSekruleba, romelic warmoSobs

rogorc erTi sawarmos finansur aqtivs, aseve meore sawarmos finansur

valdebulebas an wilobriv instruments.

finansur instrumentebs miekuTvneba grZelvadiani da moklevadiani

investiciebis sxvadasxva formebi, romlebiTac vaWroba xorcieldeba

finansur bazarze. maT miekuTvneba: fuladi saSualebebi, fasiani qaRaldebi

(obligaciebi, aqciebi, sadepozito serTifikatebi, Tamasuqebi), ofcionebi,

forvarduli kontraqtebi, fiuCersebi, svopebi da spotebi.

gamoiyofa ZiriTadi (anu pirveladi) da warmoebuli finansuri

instrumentebi (ix. sqema 1.1.1).

pirveladi finansuri instrumentebia finansuri aqtivebi, finansuri

valdebulebebi da sakuTari kapitali.

finansur aqtivebs miekuTvneba finansuri resursebi, rogoricaa: fuladi

saxsrebi, fuladi Tanxebis ekvivalentebi, gacemuli sesxebi, nayidi fasiani


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qaRaldebi, miRebuli Tamasuqebi, misaRebi procentebi, misaRebi dazRveva da

sxva moTxovnebi.

finansur valdebulebebs miekuTvneba aRebuli sesxebi, gamoSvebuli

obligaciebi, gacemuli Tamasuqebi, gadasaxdeli procentebi warmoebul finansur instrumentebs miekuTvneba:

ofcioni, romelic aris SeTanxmeba saqonlis an valutis yidva-gayidvis

Sesaxeb, winaswar SeTanxmebuli SeRavaTiani pirobebiT. amasTan, myidvels

ufleba aqvs Secvalos pirobebi.

forvarduli kontraqtebi aris savaluto an sxva saxis garigeba,

romelic unda Sesruldes SeTanxmebis dadebidan ori samuSao dRis Semdeg,

garigebis dros arsebuli fasiT.

fiuCersebi aris winaswari SeTanxmeba valutis an saqonlis gacvlis

Sesaxeb winaswar dadgenili fasiT. igi forvardis msgavsia, oRond sabirJo

kontraqtia. Mmis mopirdapire mxared yovelTvis birJa gamodis.

svop garigebebi ideba erovnuli valutis gacvlis Sesaxeb im pirobiT,

rom garkveuli drois Semdeg moxdeba Sebrunebuli operacia.

spotebi ar miekuTvneba vadian garigebebs. igi aris SeTanxmeba valutis

yidva-gayidvaze, romelic or samuSao dReSi unda Sesruldes.

sawarmos finansuri instrumentebis marTvis xarisxi gavlenas axdens

sawarmoTa finansur mdgomareobaze, finansur Sedegebsa da fuladi

nakadebis moculobaze. Tanamedrove pirobebSi gaZlierda finansuri

instrumentebidan warmoSobili riskebis marTvis aucilebloba.

finansuri instrumentebi, finansuri marTvis xerxebi da meTodebi,

organizaciuli qvesistemebi (sakadro, normatiuli, samarTlebrivi,

informaciuli da programuli uzrunvelyofa) erTad, finansur meqanizms

warmoadgens.

mTeli moZRvreba finansebis Sesaxeb dRes sam sayrdens efuZneba. Eesenia:

fulis Rirebulebis cvlileba droSi, riskis marTva da aqtivebis Sefaseba.

(ziv bogi, robert meptoni).

finansuri sistemisaTvis damaxasiaTebeli erT-erTi gansakuTrebuli

Tavisebureba is aris, rom arsebobs ara mxolod finansuri instrumentebis

bazrebi, aramed aseve bazari, sadac yidva-gayidvis obieqts Tavad riski

warmoadgens. swored warmoebuli finansuri instrumentebis anu

derivativebis bazari iZleva riskebis efeqturad marTvis SesaZlebelobas.

SesaZlebelia warmoebuli instrumentebis arasabirJo reJimSi yidva-

gayidvac, Tavad sityva `warmoebuli instrumenti~ garkveulwilad mianiSnebs

rom derivativis fasi da bazarze misi mimoqceva meoradia da warmoebulia

pirveladi instrumentebis moZraobisagan. yoveli warmoebuli produqti

(fasiani qaRaldi) Seqmnilia realuri produqtis safuZvelze.

warmoebuli fasiani qaRaldebis (derivativebis) klientebs or jgufad

yofen: hejerebad da treiderebad anu spekulantebad.


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12

finansuri iinstrumentebi

ZiriTadi anu pirveladi finansuri instrumentebi

warmoebuli

finansuri

instrumentebi

finansuri

aqtivebi

Ffinansuri

valdebulebebi

sakuTari

kapitali

fuladi saxsrebi

nayidi obliga –

ciebi

finansuri inves –

ticiebi privile-

girebul da Cveu-

lebriv aqciebSi

miRebuli Tamasu-

qebi

gacemuli sesxebi

moTxovna gacemu-

li saqonlidan

da momsaxur-dan

misaRebi %-ebi

gacemuli ijara

aRebuli sesxebi

gamoSvebuli

obligaciebi

gacemuli Tamasuqi

sadazRvevo val-

debulebebi

valdebuleba sa-

qonlis da momsa-

xurebis miRebidan

gadasaxdeli %-ebi

aRebuli ijara

sagadasaxado

valdebulebebi

gasacemi xelfasi

saaqcio kapitali

privilegirebul

da Cveulebriv

aqciebSi

saemisio kapitali

mogebidanSeqmni -

li rezervebi

gaunawilebeli

mogeba

Kkontraqtebi:

ofcionebi

forvardebi

fiuCersebi

svopebi

spotebi

sqema 1.1.1. sawarmos finansuri instrumentebis klasifikacia

hejerebisaTvis derivativebi saukeTeso saSualebaa sakuTari

biznesisaTvis moaxdinon riskebis minimizacia da efeqturi marTva. meore

mxriv, treiderebi sakuTar Tavze iReben maRal risks maRali mogebis

miRebis molodinSi. Tuki spekulantisaTvis warmoebuli qaRaldi garkveuli

fsonia, hejerisaTvis igi sadazRvevo polisis analogia. derivativSi

gadaxdili Tanxa ki sadazRvevo Senatani anu sadazRvevo premiaa.

derivativebi mzard popularobas ixveWen. maravali axali tipis

warmoebuli instrumenti iqmneba, romelTa riskebis marTva sul ufro

rTuldeba. miuxedavad Tanmdevi sakmaod maRali riskebisa maT SeZenaze uars

ar amboben. `TiTqmis ver SexvdebiT sainvesticio portfels, romelSic

derivativebi ar Sediodes, rogorc mogebis miRebis wyaro an dazRvevis

saSualeba~ [1. gv. 66].

2005 wlis TebervalSi Cikagos birJaze vaWrobis moculobam sarekordo

niSnuls miaRwia. sul daido 50.663.610 kontraqti (finansuri fiuCersebi da

ofcionebi), aqedan 42 mln mxolod erT dRes 28 Tebervals daido. Mმravalma

masStaburma gakotrebam daadastura, rom derivativebis (anu warmoebuli


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13

finansuri instrumentebis) sferoSi didi sifrTxilea saWiro investorebis

mxridan [1.Ggv 67].

magaliTad, forvarduli kontraqti Cveulebrivi ram aris savaWro

praqtikaSi. is saSualebas iZleva ganisazRvros da moixsnas arasasurveli

riskis elementebi. forvarduli kontraqtis dadeba saqonlis miwodebis

fass fiqsirebuls xdis. Tu miwodebis TariRisaTvis saqonlis fasi (spot

fasi - mimdinare fasi) gadaaWarbebs kontraqtSi miTiTebul fass, maSin

realurad mogebuli rCeba myidveli. Ggamyidveli ki wagebuli. SesaZlebelia

sapirispiro situaciac moxdes. magram, mTavari mainc is aris, rom

forvarduli kontraqtiT rogorc myidveli, aseve gamyidveli Tavs izRvevs

yovelgvari riskisagan. is uars ambobs maRal mogebaze da amiT Tavs izRvevs

wagebisagan. viwro mniSvnelobiT hejireba swored amas niSnavs.

sawarmos finansebi anu finansuri instrumentebi, rogorc ukve aRvniSneT,

imavdroulad aris sawarmos fuladi Semosavlebis da dagrovebis (igive

mogebis) formirebasa da gamoyenebasTan dakavSirebuli fuladi

urTierTobebis erToblioba. amdenad, finansebs ori funqcia akisria:

kvlavwarmoebis da kontrolis funqcia.

finansuri kontroli xelmZRvanelobas saSualebas aZlevs gamoavlinos

materialuri, SromiTi da fuladi resursebis dafinansebis rezervebi.

amasTan, gamonaxos warmoebis efeqtianobis amaRlebis gzebi da aRmofxvras

mosalodneli aramwarmoebluri danakargebi, Seamciros finansuri riskebi.

finansuri menejmentis mier damuSavebul finansur strategiaSi aisaxeba

Semdegi ZiriTadi finansuri principebi:

1. finansuri resursebis mkacri centralizacia, rac uzrunvelyofs

sawarmos finansuri resursebis swraf manevrirebas da am finansuri

resursebis koncentrirebas sawarmos ekonomikuri saqmianobis

ZiriTad mimarTulebebze;

2. finansuri dagegmva, romelic gansazRvravs fuladi Tanxebis

nakadebis Semosulobebsa da gasvlis mimarTulebebs;

3. msxvili finansuri resursebis formireba, romelic uzrunvelyofs

sawarmos muSaobis stabilurobas sabazro koniunqturis SesaZlo

meryeobis pirobebSi;

4. partniorTa winaSe finansuri valdebulebebis aucilebeli Sesruleba.

bizness mxolod maSin aqvs azri da mniSvneloba, Tu igi momgebiania.

Aamdenad, ori umniSvnelovanesi problema unda gadawydes: brZola

zaralianobis winaaRmdeg da momgebianobis amaRleba.

nebismieri saxis biznesis winaSe sami fundamenturi kiTxva dgeba:

I. dafinansebis ra wyaroebiT SeiZleba qonebis SeZena da rogori

unda iyos maTi struqtura;

II. ra raodenobis da rogori Semadgenlobis aqtivebia saWiro,

raTa miRweuli iqnes mizani;


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14

III. rogor iqnes uzrunvelyofili sawarmos gadaxdisunarianoba da

myari finansuri mdgomareoba.

sawarmos finansebi sam ZiriTad funqcias asrulebs:

1. sawarmoo potencialis uzrunvelyofa sawarmoSi;

2. mimdinare safinanso-ekonomikuri saqmianobis uzrunvelyofa;

3. sawarmos monawileobis uzrunvelyofa saxelmwifos socialuri

politikis ganxorcilebaSi.

sawarmos finansuri xasiaTis sakiTxebze pasuxismgebelia finansuri

menejeri (direqtori). misi mTavari movaleobaa akontrolos fuladi

nakadebi, organizacia gaukeTos saerTo safinanso analizs da dagegmos

saqmianoba, gaakontrolos sawarmos dafinansebis wyaroebi, finansuri

resursebis ganawileba da sainvesticio politika.

ekonomistTa nawili sawarmoTa finanur miznebs Semdegnairad ajgufebs:

maqsimizaciisa da dakmayofilebis koncefcia

sxvadasxva dainteresebul gareSe pirTa problema

maqsimizacia gulisxmobs swrafvas saukeTeso SesaZlo Sedegisaken.

dakmayofileba ki piriqiT, gulisxmobs erTaderTi misaRebi Sedegis povnas.

mmarTvelobas SeuZlia mudmivad iswrafvodes maqsimaluri rentabelobis

(momgebianobis) miRwevisaken im SemTxvevaSic ki, Tu es garkveul risks

moiTxovs. meore mxriv, mmarTvelobas SeuZlia gadawyvitos SeinarCunos

mogeba raime damakmayofilebel doneze, riskis Tavidan acilebis mizniT.

saerTod miRebulia, rom momgebiani organizaciis strategiuli mizania

moaxdinos organizaciis mepatroneTa (aqcionerTa) keTildReobis

grZelvadiani maqsimizacia. Tumca arsebobs sawarmos saqmianobiT

dainteresebuli sxva pirebic, romelTac agreTve gaaCniaT sxvadasva

grZelvadiani da moklevadiani miznebi. magaliTad, sawarmos mmarTvelobas

gaaCnia sakuTari miznebic, rac SeiZleba winaaRmdegobaSi modiodes

aqcionerTa da sxva gareSe pirTa interesebTan. amdenad arsebobs

interesTa komfliqti kompaniis sxvadasxva jgufebs Soris.

ase magaliTad, kompaniis mmarTvelebi xSirad droisa da saxsrebis did

nawils xarjaven imisaTvis, rom Tavidan aicilon maTi sawarmos STanTqma

sxva kompaniis mier. Tumca, aqcionerebi aseTi STanTqmisagan xSirad did

Semosavlebs iReben, maSin rodesac, mmarTvelebi samsaxurs hkargaven.

agreTve, aqcionerebi ufro advilad midian riskze, vidre mmarTvelebi,

radgan maTi kariera da moklevadiani premiebi mocemuli kompaniis

warmatebul saqmianobazea damokidebuli.

kompaniis xelmZRvaneloba iRwvis garkveuli jgufis, magaliTad,

aqcionerebis Semosavlebis maqsimizaciisaTvis da agreTve sxva jgufis,

magaliTad, mosamsaxureebis moTxovnaTa dakmayofilebisaTvis. kompaniis

miznebis ganxilva ukavSirdeba imas, Tu kerZod romeli jgufis

Semosavlebis maqsimizacias cdilobs mmarTveloba. kompaniis finansuri

mizania kapitalis investorTa keTildReobis maqsimizacia. Tumca am miznis


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15

misaRwevad aucilebelia rom muSakebisTvis garantirebuli iqnes

damakmayofilebeli anazRaureba mainc.

kompaniebs gaaCniaT arafinansuri miznebic, romelTa ganxorcileba

aucilebelia TviT finansuri miznebis misaRwevad. Aarafinansur miznebs

miekuTvneba: zrda, diversifikacia, sicocxlisunarianoba, samuSao Zalis

garkveuli donis miRweva, lideroba gamokvlevebisa da ganviTarebis

sferoSi, klientebis momsaxurebis umaRlesi donis miRweva, garemo

pirobebisadmi pativiscemiT mopyroba.

miuxedavad interesTa konfliqtisa, mesakuTreebic da mmarTvelebic

dainteresebulni arian kompaniis efeqtianobis amaRlebiT.

finansuri menejmentis amocanebia:

firma uvneblad gaataros konkurentul brZolaSi;

aicilos gabankroteba da finansuri warumatebloba;

firmis ekonomikuri potencialis zrda;

warmoebisa da realizaciis zrda;

mogebis maqsimizacia;

xarjebis minimizacia;

socialur programebSi firmis aqtiuri monawileoba.

AmTavari amocanebis miRwevis mizniT, sawarmoTa finansuri menejmentis

saqmianobis mTavari mimarTulebebia:

sawarmos aqtivebisa da maTi dafinansebis wyaroebis Sefaseba;

sawarmoSi miRweuli ekonomikuri potencialis SenarCuneba da misi

saqmianobis gafarToeba;

damatebiTi dafinansebis wyaroebis monaxva;

finansuri resursebis Semadgenlobisa da maTi efeqtianad gamoyenebis

kontrolis sistemis damuSaveba;

saWiro finansuri resursebis moculobis Sefaseba;

dakreditebis formebis SerCeva (moklevadiani da grZelvadiani);

naRdi fulis aucilebeli moculobis gansazRvra da drouli

Semodineba;

saprocento gadasaxadebis kontroli;

dafinansebis ama Tu im wyaros mixedviT riskebis Sefaseba;

finansuri resursebis optimaluri transformacia sxva saxis

resursebSi;

ZiriTad saSualebebSi finansuri resursebis avansirebis

mizanSewoniloba, struqtura da efeqtianoba;

sakuTari sabrunavi saxsrebis (samuSao kapitalis) optimalurobis

kontroli;

finansuri investiciebis efeqtianobis marTva


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16

yvela am mimarTulebiT finansuri menejmentis muSaoba sabolood

emsaxureba im mizans, rom sawarmo iyos maRallikviduri, finansurad myari

da rentabeluri.

unda aRiniSnos, rom Tanamedrove epoqaSi, win wamoiwia qveynis

socialur programebSi kompaniebis monawileobis gaaqtiurebis amocanam.

amasTan, koncefciam `mogebis maqsimizaciis~ Sesaxeb, romelic bizness wina

saukuneebSi axasiaTebda, cvlileba ganicada.

tradiciuli neoklasikuri modeli iTvaliswinebs, rom firmam mis

mflobels maqsimaluri mogeba unda moutanos. Mmagram, yvela mewarmis

gamodevneba mogebis maqsimumisaTvis, iwvevs fasebis zrdis maRal tempebs

yvela saxis resursze da saqonelze. Sedegad, gayidvebSi miRebul mogebas

abaTilebs didi danaxarjebi Sesyidvebze, rac kompaniebis mogebis

`realur zrdas~ aRar warmoadgens. amitom, Tanamedrove ekonomikis

samyaroSi nacvlad `maqsimaluri mogebisa~, gamoiyeneba axali midgoma:

`normaluri mogeba~, rac arsebiTi xasiaTis transformaciaa.

faswarmoqmnis sistema ki Semdgom midgomas eyrdnoba: produqciis fasi

tolia mis TviTRirebulebas plus mewarmisaTvis sasurveli `raRac

wanamati~. Tanamedrove biznesis ganviTarebis mTavar Taviseburebad iqca

sxvadasxva dainteresebuli pirebis da sazogadoebis

urTierTsawinaaRmdego interesebis harmonizacia, konsesusi, rac saTanado

finansuri meqanizmis gamoyenebiT miiRweva.

amrigad, sawarmoTa finansuri instrumentebis efeqtiani marTvis

mizania sxvadasxva jgufis interesebi da miznebi daabalansos. finansuri

menejmenti finansuri resursebis maRalorganizebuli marTvisa da

kontrolis misaRwevad, aqtiurad iyenebs ekonomikuri analizis xerxebs.

1.2. sawarmos ekonomikuri da finansuri

analizis sagani, meTodi da

tradiciuli xerxebi

sawarmoTa ekonomikuri analizis sami mimarTuleba gamoiyofa: teqnikur-

ekonomikuri, safinanso-ekonomikuri da funqcionalur-RirebulebiTi.

teqnikur-ekonomikuri analizis mizania sawarmoSi gamoyenebuli teqnikis,

nedleulis gadamuSavebisa da produqciis damzadebis teqnologiebis

gamoyenebis efeqtianobis Seswavla. igi ikvlevs detalur faqtorebs,

romlebic gavlenas axdenen resursebis gamoyenebis xarisxze.

finansur-ekonomikuri analizis mizania Seiswavlos da Seafasos sawarmos

saqmianoba saboloo finansuri Sedegis – mogebis, momgebianobis da

finansuri stabilurobis TvalsazrisiT.

funqcionalur-RirebulebiTi analizis mizania Seafasos alternatiuli

proeqtebi gadawyetiebebis miRebisa da dagegmvis win.


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17

ekonomikuri analizis mocemuli samive mimarTuleba, maTi miznebis

mixedviT marTalia erTmaneTisagan gansxvavdebian, magram kvlevis

meTodologia da analizuri xerxebi saerTo aqvT. isini sawarmos

ekonomikuri analizis Semadgeneli nawilebia, Tumca SeiZleba

damoukidebladac iqnan ganxiluli. amdenad, finansuri analizi sawarmos

ekonomikuri analizis Semadgeneli nawilia, magram SeiZleba misi calke

ganxilva.

gamomdinare iqedan, rom Tanamedrove periodSi ganskuTrebuli

mniSvneloba SeiZina saerTo daniSnulebis finansuri angariSgebis analizma,

finansuri riskebisa da finansuri stabilurobis marTvis mimarTulebebma,

finansuri analizi damoukidebel dargad Camoyalibda.

Tanamedrove ekonomikuri literaturis ganxilvisa da sawarmoTa

usafrTxo ganviTarebis miznebisaTvis, finansuri analizi kvlevis or

mimarTulebas moicavs: sawarmos saerTo daniSnulebis finansuri

angariSgebis (anu gareT gamoqveynebuli angariSgebis) analizis meTodikas

da sawarmos Tematuri finansuri analizis meTodikas (finansuri

stabilurobis, finansuri Sedegebis, riskebis, investiciebis da a.S.). Siga

finansuri menejmentis poziciebidan gamomdinare (Steven Bregg, Subramanyam,

Gharles Gibson da sxvebi). winamdebare saxelmZRvaneloSi Cven finansuri

analizis aseT struqturas veyrdnobiT.

finansuri analizi Seiswavlis finansur informacias gadawyvetilebebis

miRebis mizniT. magram, gadawyvetilebebis mimRebi pirebi arian gareT myofi

subieqtebic da sawarmos SigniT – finansuri menejmenti. maT sxvadasxva

interesebi amoZravebT. gareT myofi pirebi GDgadawyvetilebas iReben ama Tu

im komapniasTan biznes-urTierTobebis damyarebis an gagrZelebis Sesaxeb.

sawarmos mmarTveloba ki ar jerdeba mxolod finansuri Sedegebis

Sefasebas. igi, rogorc wesi, ikvlevs kompaniis Semdgomi ganviTarebis gzebs,

rac mimarTulia finansuri resursebis optimaluri gadanawilebisaken.

SevniSnavT, rom zogierTi mecnier-ekonomisti finansuri analizis cnebis

qveS sawarmos mTel ekonomikur analizs iazrebs. zogierTi ki, mxolod

finansuri angariSgebis analizs uwodebs mas.

finansuri analizis sakiTxebis ganxilvaze gadasvlis win, marTebulia

jer TviT ekonomikuri analizis meTodi da xerxebi iqnas ganxiluli.

mecniereba saerTod aris azrovnebis mwyobri sistema, romelic

cdilobs mravalricxovan movlenebs Soris monaxos Sinagani kavSirebi da

kanonzomierebebi. misi mizania axsnas movlenebs Soris urTierTqmedebis

kanonebi. erTmaneTisagan gamoyos ama Tu im movlenis mizezi da Sedegi.A

movlenis an SemTxvevis mizezis gamokvleva Semecnebis mniSvnelovani

momentia. mecniereba swored mizez-Sedegobrivi kavSirebis dadgeniT iwyeba.

ekonomikur samyaroSi WeSmaritebis dasadgenad da swori

gadawyvetilebebis misaRebad aucilebelia gamokvleul iqnes ama Tu im

ekonomikuri xasiaTis an sxva nebismieri tipis movlenebis mizez-Sedegobrivi

kavSirebi. Mmizez-Sedegobrivi kavSirebi movlenebis arsebobis erT-erTi


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18

aucilebeli formaa. arcerTi movlena ar SeiZleba arsebobdes mizezis

gareSe. Mmizez-Sedegobrioba ara mxolod ekonomikuri movlenebis, aramed

mTeli obieqturi samyaros sayovelTao kanonia, romelic gamonakliss ar

uSvebs.

sawarmoTa ekonomikuri saqmianobis Sedegebs yovelTvis saTanado

mizezebi iwveven. analizis mTavari amocana swored arsebuli Sedegebis

mizezebis povnaa.

mizezi ewodeba im faqtors an garemoebas, romelic am Tu im movlenas

iwvevs. mizezi ganapirobebs Sesabamisi movlenis warmoqmnas, movlenis

mdgomareobis Secvlas an sulac, mis gaqrobas (likvidacias). mizezis

moqmedebis gamovlinebas Sedegi ewodeba. xSirad, mizezi aSkarad ar Cans,

swored amitom xdeba saWiro mecnieruli kvlevebi.

magaliTad, saxeze aris Sedegebi, vTqvaT,, firmis momgebianobis

garkveuli done~, magram mizezebi mkvlevarma unda ipovos.

sayovelTaobis anu kosmiuri TvalsazrisiT, yoveli arsebulis sawyisi

mizezi RmerTia. Mmagram, rogorc cnobilia, garda sayovelTao movlenebisa,

arseboben sazogadoebrivi movlenebi, romelTa arseboba uSualod adamianTa

qmedebebzea damokidebuli. aseTi tipis movlenebs miekuTvneba ekonomikuri

xasiaTis movlenebi. marTalia adamiani sulieri arsebaa da misi azrovneba

da qmedebebi garkveulwilad Semoqmeds ukavSirdeba da amdenad, ekonomikuri

xasiaTis movlenebic ar SeiZleba sruliad gancalkavebuli iyos

absoluturi gonisgan anu RmerTisgan. magram, gamomdinare iqedan, rom

ekonomistebma eknonomikuri analizi mxolod ricxviT maCveneblebze

dayrdnobiT SeiZleba awarmoon, amitom iseTi mizez-Sedegobrivi kavSirebis

kvleva xdeba, romlebic raodenobrivad da fulad RirebulebaSi SeiZleba

gaizomon. Tumca, raodenobrivi maCveneblebis kvlevis Sedegebi arapirdapir,

adamianTa qcevebs axasiaTeben da prognozireben kidec.

mizez-Sedegobrivi kavSiris umniSvnelovanesi mxarea misi aucilebeli

xasiaTi. Ees imas niSnavs, rom konkretuli mizezi, saTanado pirobebSi,

garduvalad iwvevs garkveul Sedegs. magaliTad, liToni gacxelebis

Sedegad farTovdeba, magram, gaTboba liTons ver gadaaqcevs xorblad.

xorbals Tu davTesavT, miviRebT xorblis TavTavs da ara siminds.

maSasadame, mizez-Sedegobrivi kavSiri garkveul pirobebSi arsebobs. mizezi

isaa, rac movlenas iwvevs. pirobebi ki iseT movlenebs Seadgenen, romlebic

saWiroa Sedegis misaRebad, xels uwyoben mis miRebas, magram TviTon ar

ZaluZT Sedegis miReba. magaliTad, ar kmara xorblis daTesva, mas Wirdeba

saTanado niadagi da klimati.Aar kmara maRali xarisxis nedleulis

Sesyidva, mas Wirdeba gadamuSavebis saTando pirobebi kargi produqtis

misaRebad. maSasadame, Sedegze, misi mizezis garda, gavlenas axdens

movlenis moxdenis pirobebic, romlebic aseve ganixileba rogorc

faqtorebi anu danarCeni mizezebi.

mizez-Sedegobriv kavSirs agreTve axasiaTebs mkacri Tanmimdevroba

droSi. movlena, romelic mizezad iqceva, aucileblad win uswrebs Sedegs.


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19

Sedegi ar SeiZleba warmoiqmnas mizezze da garemo pirobebze adre. Sedegi

yovelTvis mizezze cota mogvianebiT warmoiqmneba. amasTan, mizez-

Sedegobrivi kavSirebi aucileblad gulisxmobs maT Sinagan kavSirs anu

mizezi iseTi movlenaa, romelic ganapirobebs Sedegs da ara ubralod

droSi xdeba meore movlenaze adre. magaliTad, gazafxuli droSi win

uswrebs zafxuls, magram, gazafxuli ar aris zafxulis mizezi. wlis

droTa cvlilebis mizezia is, rom dedamiwa moZraobs mzis garSemo;

sawarmoSi jer nedleulis Sesyidva xdeba da Semdeg produqciis damzadeba,

magram, nedleulis droSi adre Sesyidva ar SeiZleba iyos xarisxiani

produqciis damzadebis mizezi.

amrigad, mizez-Sedegobrivi kavSirebis sworad Semecnebas arsebiTi

mniSvneloba aqvs yvela sferoSi da maT Soris sawarmoTa ekonomikur

saqmianobaSi, swori gadawyvetilebebis misaRebad.

mizez-Sedegobrivi kavSirebis swori Semecnebis kriteriums praqtika

warmoadgens. amasTan, mizezobriobis Seswavlas didi mniSvneloba aqvs

praqtikisaTvis, mecnieruli winaswar ganWvretisTvis, sinamdvilis

procesebze zemoqmedebisaTvis, raTaA isini adamianebisTvis sasurveli

mimarTulebiT Seicvalon.

mizezebi SeiZleba iyos Sinagani da gareganic. agreTve, romelime mizezi

mocemul movlenebSi, SeiZleba iyos Sedegi sxva mov;lenebis dros an

piriqiT. magaliTad, kargi klimaturi pirobebi sasoflo sameurno firmebis

kargi mosavlianobis mizezia. kargi mosavali ki Tavis mxriv fermerebis

keTidReobis mizezia da a.S.

amrigad, mizez-Sedegobrivi kavSirebi TavianTi xasiaTiT, formiT da

mniSvnelobiT Zalze mravalferovania, ramdenadac sinamdvilis sxvadasxva

sferoebSi moqmedeben da am sferoebisaTvis damaxasiaTebeli specifikuri

Taviseburebebi gaaCniaT.

Yyvela movlenas mravali mizezi udevs safuZvlad, magram yvela

erTnairad mniSvnelovani araa. amitom aucilebelia ZiriTadi da

araZiriTadi mizezebis gamijvna. magaliTad, firmis gadaxdisunarianobis

dacemis mizezi SeiZleba mravli mizeziT iyos gamowveuli. menjmentisaTvis

yvela mizezi mniSnelovania, magram pirvel rigSi mTavari mizezebi unda

moixsnas, meorexarisxovani mizezis moxsna viTarebas ver gaaumjobesebs.

magaliTad, myidvelebisgan fulis dagvianebiT gadaxdebi xels uwyobs

firmis mier Tavisi kreditoruli davalianebebis dafarvis dagvianebas,

magram, gamokvleuli unda iqnes, ratom gviandeba myidvelebisagn fulis

miReba? imitom, rom dabali xarisxis produqti an momsaxureba miewoda? Ees

pirveli rigis Sinagani mizezia. meore rigis mizezi SeiZleba iyos

marketingis ganyofilebis mier myidvelebis araswori SerCeva, bazris

araswori gamokvleva da a.S. magram romeli mizeziTac ar unda iyos

gamowveuli vadagadacilebuli debitoreuli davalianebebi,

gadaxdisunarianobis dacemis TvalsazrisiT yvela mniSvenlovania. Aamitom,

analitikosma ar unda CaTvalos, rom meorexarisxovani mizezebi SeiZleba


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20

yuradRebis gareSe datovos. zogjer, swored meorexarisxovani mizezi

SeiZleba gadamwyveti aRmoCndes firmis finanur-ekonomikuri SedegebisaTvis.

Aamitom, saWiro xdeba detaluri analizi.

mizez-Sdegobrivi kavSirebis kvlevis safuZvelze ekonomistebi

raodenobrivad (ricvebSi) zomaven raime Sedegis gamomwvev mizezebs anu

moqmed faqtorebs.

mizez-Sedegobrivi kavSirebis Seswavlis mizniT, mecnierebis yvela dargs

gaaCnia kvlevisa da azrovnebis saerTo meTodologia, rogoricaa: analizi

da sinTezi; induqcia da deduqcia.

analizi (berZnulad – gaxsna, daSla) sinamdvilis kvlevis meTodia. Aigi

niSnavs sakvlevi obieqtis an ekonomikuri maCveneblis azrobriv daSlas

Semadgenel nawilebad. igi saSualebas gvaZlevs CavwvdeT movlenis

struqturas, Semadgenlobas, sagnis calkeul momentTa Taviseburebas, maTi

urTierTdamokidebulebis xasiaTs. gvexmareba davinaxoT mTelis kavSiri

nawilebTan. Aamzadebs imis pirobebs, rom mivagnoT sakvlevi sagnis arsebas,

kanons. zogadi movlenis Seswvlidan gadavideT kerZo anu konkretuli

movlenebis Seswavlaze.

sinTezi ki analizuri azrovnebis Sebrunebuli procesia. igi saSualebas

iZleva nawilidan gadasvla moxdes mTelze. kerZo movlenebis Seswavlis

Sedegebi ganzogadebul iqnes da gakeTdes zogadi daskvnebi. Aanalizuri da

sinTezuri azovneba erTmaneTs avseben. igi saSualebas iZleva danaul iqnas

kavSirebi mTelsa da nawilebs Soris an nawilebsa da zogads Soris.

induqcia da deduqcia aseve warmoadgenen SemecnebiTi azrovnebis

meTodebs. induqcia niSnavs msjelobas kerZodan zogadisaken, faqtebidan

ganzogadebisaken. xolo deduqcia niSnavs msjelobas zogadidan kerZosaken,

zogadi debulebebidan kerZo daskvnebisaken. induqcia da deduqcia

erTmaneTis gareSe ar arseboben. yoveli mecnieruli deduqcia warmoadgens

sakvlevi obieqtis winaswari induqciuri Seswavlis Sedegs da am Sedegs

emyareba. ase rom, induqcia da deduqciac erTmaneTs avseben da mize-

Sedegobriv kavSirebs ikvleven.

sawarmos ekonomikuri analizi da aseve, finansuri analizi yovelTvis

iyenebs azrovnebis analizisa da sinTezis, induqciisa da deduqciis

meTodebs. am unarebis gareSe ekonomists ar SeuZlia Caataros faqtoruli

analizi, raTa gazomos ama Tu im faqtoris gavlena ekonomikur Sedegebze

da gaakeTos Sesabamisi daskvnebi.

rogorc makro ise mikroekonomikaSi mimdinare movlenebi erTmaneTisagan

izolirebulad arasodes arseboben. isini mudam erTmaneTTan kavSirSi

imyofebian, gamudmebiT icvlebian da erTmaneTze zemoqmedeben. amitom,

ekonomikuri analizi, logikuri azrovnebis ZaliT ekonomikur movlenebs

ganixilavs da ikvlevs urTierTkavSirsa, cvalebadobasa da

urTierTzemoqmedebaSi. aseTi midgomebis gareSe SeuZlebelia swori

daskvnebisa da gadawyvetilebebis miReba.


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21

unda aRiniSnos, rom ekonomikuri analizi makro da mikro doneze anu dargebisa

da sawarmoebis doneze tardeba. mocemul saxelmZrvaneloSi mikroekonomikuri

analizi anu sawarmoTa ekonomikuri analizi ganixileba.

zogadad analizi kvleviTi azrovnebis erT-erT meTods warmoadgens. analizi

berZnuli warmoSobis sityvaa da daSla-danawevrebas niSnavs.Aanalizi, rogorc

kvlevis meTodi, mraval dargSi gamoiyeneba da sxvadasxva xasiaTisaa. magaliTad,

qimiuri analizi, istoriuli analizi, geologiuri analizi da a.S.

ekonomikuri xasiaTis movlenebis Sedegebis analizs ki ekonomikuri analizi

ewodeba. biznesis mesakuTreebs, mmarTvelebs, investorebs, ekonomikis sferoSi

dasaqmebul adamianebsa da mTlianad sazogadoebas ainteresebs arsebuli

resursebis gamoyenebis mdgomareoba, sawarmoTa gadaxdisunarianoba da

momgebianoba, ramdenad mdgradia calkeuli kompaniebisa da mTliand qveynis

ekonomikuri ganviTarebis tendenciebi da ase Semdeg.

sakvlevi ekonomikuri movlenebis zogadobis xarisxis Sesabamisad

dReisaTvis gamoiyofa makroekonomikuri da mikroekonomikuri analizi.

makroekonomikuri analizi Seiswavlis ekonomikis ganviTarebis

tendenciebs saxelmwifos da msoflios masStabiT.

mikroekonomikuri analizi Seiswavlis calkeuli sawarmoebis

(kompaniebis), sawarmoTaA gaerTianebebis da ekonomikis calkeuli dargis

(seqtoris) ekonomikuri ganviTarebis tendenciebs da faqtorebs.

amdenad, sawarmoTa ekonomikuri analizi da Sesabamisad, finansuri

analizi, mikroekonomikuri analizis sferos miekuTvneba. ekonomikuri

analizi Tavdapirvelad buRaltrul aRricxvasTan iyo gaerTianebuli da

mis safuZvelze warmoiSva.

istoriulad, ekonomikuri analizis fuZemdeblad miCneulia frangi Jak

savari (1622 – 1690 ww), romelic amave dros mmarTvelobiTi aRricxvis

mecnierebis winamorbedad iTvleba. daaxloebiT amave periods miekuTvnebian

italielebi: a. di pedro, romelic rekomendacias iZleoda, sabiujeto

asignebebi faqtiur danaxarjebTan SeedarebinaT da b. venturi, romelmac

aago da gaaanaliza sawarmos sameurneo saqmianobis maCvenebelTaA

dinamikuri mwkrivebi aTi wlis periodisaTvis. savaris idea XIX saukuneSi

gaaRrmava italielma buRalterma juzepe Cervonma (1827 – 1917 ww), romelmac

Seqmna mecniereba sinTezuri da analizuri buRaltruli angariSgebis

Sesaxeb. meoce saukuneSi ki buRaltruli balansisa da angariSgebis

analizis meTodika msoflioSi swrafad ganviTarda. saqarTveloSi

ekonomikuri analizis fuZemdeblad niko dgebuaZe SeiZleba CaiTvalos. man,

saqarTveloSi pirvelma gamosca saxelmZRvanelo sawarmos sameureno

saqmianobis ekonomikur analizSi.

Esawarmos ekonomikuri analizi, rogorc mecnierebis calke dargi, meoce

saukuneSi Camoyalibda. sabWoTa ekonomikaSi mas sawarmos sameureno

saqmianobis ekonomikuri analizi ewodeboda. Tanamedrove saerTaSoriso

praqtikaSi ki mas biznesis analizi ewodeba. ekonomikuri analizi ki

miCneulia makrekonomikur mimarTulebad. Aase magaliTad, avtorebis, R.

Preston McAfee; Tracy Lewis; Donald J. Dale – mier gamocemuliAwignSi: Introduction to


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22

Economic Analysis – (Sesavali ekonomikur analizSi) gadmocemulia

sazogadoebaSi moTxovnisa da miwodebis, maTi elastiurobis,

sazogadoebrivi simdidris zrdis, faruli Rirebulebis, mogebis

maqsimizaciis, sawamoTa funqciis, ekonomiis masStabebis, samomxmareblo

Teoriis, auqcionerebis, monopoliebis da a.S. analizis sakiTxebi.

sawarmos ekonomikur analizs anu biznesis analizis kvlevis sagnis

ganmartebis Sesaxeb dRemde azrTa sxvadasxvaoba arsebobs. ekonomistebis

erTi nawilis SexedulebiT, sawarmoTa ekonomikuri analizis sagania

sawarmoTa sameurneo saqmianoba; meore nawilis azriT, es aris gegmebis

Sesrulebis Sefaseba; mesame nawili Tvlis, rom ekonomikuri analizis

kvlevis sagania informaciuli nakadi; meoTxe nawilis mixedviT, ekonomikuri

analizis sagania sawarmoSi momxdari ekonomikuri movlenebi, procesebi da

saboloo Sedegebi; xolo mexuTe jgufis Tanaxmad, yvela zemoTY

CamoTvlili erTad.

nebismieri saxis mecnierebis an mecnieruli disciplinis kvlevis sagani

aris is ZiriTadi qvakuTxedi, romelsac mocemuli mecniereba konkretulad

ikvlevs da rac mas danarCeni mecnieruli dargebisagan (dixciplinebisagan)

ganasxvavebs. ekonomikuri analizi gamoyenebiTi mecnierebebis jgufs

miekuTvneba (amieridan saxelmZRvaneloSi ekonomikuri analzis cnebis qveS

yvelgan igulisxmeba sawarmos ekonomikuri analizi) da rogorc

damoukidebel mecnierebas, mas unda hqondes sakuTari kvlevis sagani.

mivmarToT praqtikas: davuSvaT, ekonomistis mizania romelime sawarmos

ekonomikuri saqmianobis Sedegebis Sefaseba da perspeqtivebis gansazRvra.

amisaTvis man unda Caataros sawarmos sameurneo saqmianobis ekonomikuri

analizi, risTvisac Semdegi safexurebis gavlaa saWiro:

1. saanalizo sawarmos istoriul-geografiuli da ekologiuri garemos

Seswvla, Tumca ekonomikuri analizis sagans isini ar warmoadgenen;

2. dargobrivi da mmarTvelobiTi Taviseburebebis gacnoba (ekonomikuri

analizis sagans arc eseni warmoadgenen);

3. warmoebis teqnikuri da teqnologiuri Taviseburebebis Seswavla,

Tumca produqtebis damzadebis teqnologa rasakvirvelia, araa

ekonomikuri analizis sagani;

4. saWiro saaRricxvo da sxva informaciis mopoveba, Tumca arc

informaciis Seqmna araa analizis sagani;

5. informaciis analizuri damuSaveba maCveneblebis gadaxrebis

gamovlenis mizniT – Cveni azriT sawarmos ekonomikuri analizis

kvlevis sagnad swored `gadaxrebi~ unda CaiTvalos;

6. gadaxrebze moqmedi faqtorebis gavlenis gazomva da Sesabamisi

daskvnebis da winadadebebis SemuSaveba.

zemoT CamoTvlilTagn, pirveli xuTi safexuri aris mosamzadebeli

nabijebi ekonomikuri analizis Casatareblad. rogorc ki gamoiTvleba

`gadaxrebi~ sawarmos ekonomikuri saqmianobis Sedegebis amsaxveli ama Tu im


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23

ekonomikuri maCveneblis mixedviT, swored aqedan iwyeba analizi. xdeba

gadaxris gamomwvevi faqtorebis gamovlena da raodenobrivi gazomva.

magaliTad, produqtis erTeulze dagegmili iyo 12 lari nedleulis

xarji, faqtiurad aRmoCnda 14 lari. gadaxraa 2 lari. ekonomikuri analizi

ikvlevs, ram gamoiwvia es gadaxra da ramdeniT.Aaseve, davuSvaT dagegmili

iyo 25% mogeba erT lar Semosavalze, faqtiurad aRmoCnda 28%.

ekonomikurma analizma unda upasuxos kiTvas: ra faqtorebma gamoiwvia es

gadaxra da ramdeni procentiT, da ase Semdeg.

amrigad, ar iqneba gamarTlebuli, Tu vityviT, rom ekonomikuri analizis

sagania sawarmos sameurneo saqmianoba saerTod, radgan am ukanasknels

mikroekonomikac, menejmentic da marketingic swavlobs.

zemoTqmulidan gamomdinare, SeiZleba davaskvnaT, rom ekonomikuri

analizis kvlevis sagania sawarmoTa ekonomikuri saqmianobis Sedegebis

amsaxvel maCvenebelTa cvlilebebi (anu gadaxrebi). vfiqrobT, es ganmarteba

SeiZleba makroekonomikur analizzec gavrceldes da zogadad SeiZleba

iTqvas, rom ekonomikuri analizis kvlevis sagania ekonomikuri

maCveneblebis cvlilebebi.

ismeba kiTxva, ra mizans emsaxureba am gadaxrebis kvleva? Tu menejeri

ityvis, rom momgebianoba aris 28%, es TavisTavad arafris mTqmeli araa. igi

firmis ganviTarebis vercerT kiTxvas ver upasuxebs. magram, rogorc ki mas

momgebianobis gegmur, an wina wlis, an sxva kompaniis, an saSualo

dargobriv maCvenebels daupirispireben,NnaTeli gaxdeba gadaxra anu

cvlileba, romelic imTaviTve mraval kiTxvas warmoSobs imis

gamosarkvevad, ram gamoiwvia es gadaxra. xomar SeiZleboda cvlilebebi

ukeTesi yofiliyo da ra gzebiT SeiZleba mogebis zrdis miRweva, raTaA

momavalSi iqnes gaTvaliswinebuli. amrigad, ekonomikuri analizis mizania sawarmos safinanso-ekonomikuri

Sedegebis anu efeqtianobis zrdis faruli SesaZleblobebis anu rezervebis

gamovlena. sawarmos efeqtianobis zrdis rezervebi farulia imitom, rom igi

aSkarad ar sCans da saTanado gamokvleva sWirdeba, rac ekonomikuri analizis

xerxebis gamoyenebiT miiRweva.

maSasadame, ekonomikuri maCveneblebis `gadaxrebis~ kvleva aris swored

is specifikuri da sakuTriv ekonomikuri analizis disciplinis

ganmasxvavebeli qvakuTxedi, romelic mas danarCeni ekonomikuri dargis

mecnierebebidan gamoyofs da ganasxvavebs.

sawarmoTa finansuri analizi biznesis saqmianobis Sedegebs

ganzogadebulad – fulad formaSi axasiaTebs.Dsawarmos gankargulebaSi

arsebul danadgarebsa, masalis maragsa da fulad Tanxebs Soris isaa

saerTo, rom yvela maTgani imavdroulad, maTSi dabandebul anu

avansirebul Rirebulebas anu `Cadebul fuls~ warmoadgens. amitom,

xelmZRvanelobis interesis sferos warmoadgens ara mxolod is, Tu rogori

gamosavlianobiT daixarja magaliTad, masala produqtis erTeulze, aramed

isic, ramdenad efeqtianadaa gamoyenebu;li masalis maragebSi dabandebuli


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24

fuladi saxsrebi. amasTan, saWiroa imisi kontrolic, saidan iyo

warmoSobili is fuladi saxsrebi: sakuTari wyaroebis Tu valdebulebebis

xarjze. kvlevis aseTi midgoma ki biznesis finansuri mxaris anu

Rirebulebis moZraobis analizs warmoadgens.

SeiZleba mokled iTqvas, rom finansuri analizis kvlevis sagania

sawarmos finansuri resursebis gamoyenebis da dafinansebis maCveneblebSi

momxdari cvlilebebi.

kvlevebSi finansuri analizi iyenebs igive meTodebsa da xerxebs, rasac

sawarmos ekonomikuri analizi. es ukanaskneli ki, garda saerTo

meTodologiuri midgomebisa, iyenebs kvlevis sakuTar meTods, romelic

warmoadgens im analizuri xerxebis erTobliobas, romelic saWiroa

analizis sagnis anu sawarmos safinanso-ekonomikur saqmianobaSi

warmoqmnili gadaxrebis gamosakvlevad. ekonomikurma analizma unda SeZlos

ekonomikur movlenebs Soris arsebuli kavSirebisa da urTierTzegavlenis

ricxvebSi gamosaxva.Aamdenad, ekonomikuri analizis xerxebis mizania

gazomos sawarmos saqmianobis ama Tu im mimarTulebis erTmaneTTan kavSiri

da maTi gavlena saboloo finansur Sedegebsa (mogeba/zaralze) da riskebze.

ekonomikuri analizis xerxebi SeiZleba sam jgufad daiyos:

1. analizis tradiciuli xerxebi: sabalanso xerxi, Sedareba da

ariTmetikuli gadaxrebi, eliminirebis xerxebi, martivi da rTuli

procentebi, diskontireba;

2. tradiciuli statistikuri meTodebi: dajgufeba, saSaualo sidideebi,

indeqsebi, dinamikuri mwkrivebi, grafikebi (Cveni azriT CamoTvlili

xerxebic analizuri xerxebia, romelTac statistika iyenebs);

3. maTematikuri meTodebi, romlebic ama Tu im ekonomikur maCveneblebs

Soris kavSirebis gamovlenis mizniT gamoiyeneba. Eesenia: korelaciuri,

dispersiuli da faqtoruli analizi; albaTobis meTodebi, rogoricaa,

TamaSTa Teoria, gadawyvetilebaTaA xe da a. S. wrfivi da arawrfivi

programireba da sxva.

sabalanso meTodi gamoiyeneba sawarmos ekonomikaSi arsebuli Sida

wonasworobis kanonzomierebebis aRricxva-angariSgebaSi sworad asaxvis

SemowmebisaTvis. sawarmos finansuri angariSgebis informaciis safuZvelze

Seiswavleba, daculia Tu ara Semdegi tolobebi:

aqtivi = valdebulebebi + sakuTari kapitali;

mogeba = Semosavlebi – xarjebi;

Semosavali = xarjebi + mogeba;

realizacia = mza produqciis sawyisi naSTi + produqcis gamoSveba _

_ mza produqciis saboloo naSTi;

moTxovnebi balansiT = moTxovnis sawyisi naSTi + realizaciis

moculoba (mogeba/zaralis angariSgebidan) _ myidvelebidan miRebuli

Tanxebi (fuladi nakadebis angariSgebidan) da a.S.


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25

Semowmebis Sedegad Tu aRmoCnda rom aucilebeli tolobebi finansur

angariSgebaSi darRveulia, unda gaswordes.

Sedareba warmoadgens erT-erT tradiciul analizur xerxs, romlis

gareSe analizuri kvleva SeuZlebelia. Sedareba, rogorc analizuri xerxi,

niSnavs maCveneblebis dapirispirebas maTi cvlilebebisa da SedarebiTi

daxasiaTebis mizniT. gadawyvetilebebis miRebis miznebisaTvis, Sedarebis

gareSe nebismieri ekonomikuri maCvenebeli aris utyvi da arafris mTqmeli.

davuSvaT, romelime firmis aqtivebis faqtiuri wliuri momgebianoba aris

15%. mxolod aseTi warmodgeniT igi mmarTvels veranairi gadawyvetilebis

miRebaSi ver exmareba. SeuZlebelia daaskvna, es faqti dadebiTi movlenaa

Tu uaryofiTi. firmis ekonomika win miiwevs Tu dabla ecema. magram,

rogorc ki momgebianobis am faqtiur maCvenebels dagegmil dones Seudarebs,

myisve win gadaiSleba firmis mTeli saqmianoba, rogorc cocxali organizmi

da gaCndeba uamravi kiTxva, romelic pasuxs moiTxovs. vTqvaT, aqtivebis

momgebianoba firmaSi dagegmili iyo 16%. maSasadame, momgebianoba

dagegmilTan SedarebiT erTi punqtiT daeca, rac imaze metyvelebs rom

aqtivebis gamoyenebis efeqtianoba Semcirda, vidre es gaTvaliswinebuli iyo.

bunebrvia, amis Sendeg daiwyeba misi gamomwvevi mizezebis Zieba. interesis

sferos warmoadgens, Tu ram gamoiwvia es gadaxra. aseve, Tu firmaSi

dagegmili iyo fondukugeba 5 lari yovel erT lar ZiriTad saSualebebze

da faqtiurad 5,8 lari aRmoCnda, maSin SeiZleba daskvna, rom ZiriTadi

saSualebebis gamoyenebis efeqtianoba gaizarda. analitikosma unda

gamoikvlios romelma faqtorebma gamoiwvia es warmateba da a.S.

maSasadame, ekonomikuri maCveneblebis Sedareba warmoadgens analizuri

kvlevis safuZvels kvleviTi azrovnebis mamoZravebel instruments, romlis

gareSe analzis Catareba SeuZlebelia. mxolod Sedarebis gziT

gamovlindeba gadaxrebi anu dadgindeba cvlilebebi, romelTa gamomwvevi

faqtorebis Seswavla saSualebas iZleva mmarTvelobam miiRos Sesabamisi

gadawyvetilebebi sawarmos saqmianobis ama Tu im mimarTulebiT. daadginos

damatebiTi resursebis mozidvis saWiroeba, gamonaxos finansuri da sxva

saxis resursebis ukeT gamoyenebis gzebi d a.S.

Sedarebis meTodis gamoyenebis dros aucilebeli moTxovnaa dacul iqnes

maCvenebelTa Sesadarisoba Sinaarsobrivi TvalsazrisiT da fasebis

mixedviT.

Sesadarisoba ekonomikuri SinaarsiT, niSnavs imas, rom gadaxrebi

gansazRvruli unda iqnes sxvadasxva periodis erTi da igive maCveneblebs

Soris. magaliTad, faqtiuri mogeba unda Seudardes gegmur mogebas an wina

wlis mogebas. faqtiuri Sromisnayofiereba – gegmur Sromis

mwarmoeblurobas da a.S. gaumarTlebelia gadaxra gamoTvlil iqnes

magaliTad, mimdinare aqtivebsa da mogebas Soris, an fondukugebasa da

Sromisnayofierebas Soris da a.S. aseT gadaxrebs `azri~ ara aqvT, radgan

aRebuli maCveneblebi Tvisobrivad (Snaarsobrivad) araSesadarisia.


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26

im maCvenebels, romlis mimarTac Sedareba xdeba, sabaziso maCvenebeli

ewodeba. nebismieri ekonomikuri maCveneblis Sedareba SeiZleba moxdes

gegmur an wina wlebis maCveneblebTan. amdenad, Sedarebis baza SeiZleba

iyos gegmuri maCvenebeli, wina wlebis faqtiuri maCveneblebi, saSualo

dargobrivi an warmatebuli sawarmos maCveneblebi.

ama Tu im maCveneblSi warmoSobili gadaxra SeiZleba iyos sasurveli an

arasasurveli.

sasurvelia iseTi gadaxra, romelic xels uwyobs potenciuri mogebis

zrdas. xolo,Aarasasurevelia gadaxra, romelic mosalodneli mogebis

Semcirebas iwvevs.

davuSvaT. realizaciidan miRebuli Semosavlebis Sesaxeb romelime

pirobiT sawarmoSi, analitikosma moipova informacia 2016 da 2017

wlisaTvis da Seadgina analizuri cxrili (ix. cxrili 1.2.1).

cxrili 1.2.1.

Ggadaxrebi SemosavlebSi

(aTas larebSi)

maCveneblebi

wina

2016

wels

2017 w. gadaxra

geg-

miT

faqti-

urad

wina

wlidan

geg –

midan

a 1 2 3 4 5

Semosavali realizaciidan 17 000 17 600 19 800 + 2800 + 2200

wliurad gamoSvebuli produqcia 18 000 18 200 19995 + 1995 + 1795

pirvel cxrilSi, mimdinare wlis Semosavlis maCvenebeli (19800 lari)

Sedarebulia wina wlis faqtiur da mimdinare wlis, gegmur maCveneblebTan.

pirvel gadaxraSi (sveti 4) sabaziso maCvenebelia 2016 wlis faqtobrivi

maCvenebeli da meore gadaxraSi (sveti 5) sabaziso maCvenebelia mimdinare

wlis (2017 w) gegmuri maCvenebeli. M

motanili cxrilis safuZvelze SeiZleba davaskvnaT, rom saanalizo

sawarmoSi, 2017 wels miRebuli iqna 2200 aT. lariT meti Semosavali

gegmasTan SedarebiT (19800-17600), xolo, 2016 welTan SedarebiT, miRebulia

1800 aT.lariT meti Semosavali (19800-17000). analogiurad iqneba

daxasiaTebuli gamoSvebuli mza produqciis maCveneblis cvlilebebi anu

gadaxrebi. maSasadame, arsebuli gadaxrebi sasurvelia anu dadebiT

movlenas warmoadgens.

maCvenebelTa Sedarebis Sedegad gadaxrebis gamovlenis Semdeg xdeba am

gadaxrebze moqmedi faqtorebis gavlenis gazomva anu faqtoruli analizi.

gadaxrebze moqmedi faqtorebis gazomvis mizniT gamoiyeneba eliminirebis

meTodi, romelsac ori saxesxvaoba gaaCnia: absoluturi sxvaobisa da

jaWvuri Casmis xerxebi.

faqtori, rogorc adre visaubreT, aris ama Tu im movlenis moxdenis

mizezi. amasTan TviT faqtorebi urTierTadakavSirebulni arian da

erTmaneTs ganapirobeben. amitom, analizis dros erT-erTi mTavari amocanaa

mizez-Sedegobrivi kavSirebis sworad gansazRvra. rogorc faqtorebi, ise


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27

Sedegebi, ekonomikur analizSi gamoisaxebian niSnebiT anu ricxvebSi.

Nfaqtorebic, Tavis mxriv ekonomikur maCveneblebs warmoadgenen.

Mmizez-Sedegobrivi kavSirebis TvalsazrisiT, gamoiyofa Sedegobrivi

maCveneblebi, romelTa analizi xdeba da faqtor-maCveneblebi, romlebic

sakvlev maCvenebelze zegavlenas axdenen.

nebismieri finansur-ekonomikuri movlena mravali Sida da gare

faqtorebis zemoqmedebis Sedegia. Sida faqtorebi damokidebulia sawarmos

saqmianobaze, rogoricaa, marTvis xarisxi, muSaxelis kvalifikacia da

stimulebi, mwarmoeblurobis done, danaxarjebis gamoyenebis done da sxva.

gare faqtorebi ki sawarmosagan damoukideblad moqmedeben. rogoricaa,

sabanko saprocento ganakveTebi, saxelmwifos sagadasaxado politika,

partnior sawarmoebSi arsebuli mdgomareoba, Sesyiduli nedleulis

xarisxi, fasebi da sxva.

amasTan, ekonomikur maCveneblebs Soris arsebuli mizez-Sedegobrivi

kavSirebi SeiZleba iyos pirdapirproporciuli an ukuproporciuli.

Ppirvel SemTxvevaSi faqtor maCveneblis zrda Sedegobrivi maCveneblis

zrdas iwvevs. meore SemTxvevaSi, ki piriqiT, faqtoris zrda Sedegis

Semcirebas iwvevs.

faqtoruli analizisaTvis aucilebelia Sedegobrivi da faqtor-

maCveneblebis dakavSirebis modelis ageba. aseT models faqtorul sistemas

uwodeben.

faqtoruli sistemis modeli aris maTematikuri formula, romelic

saanalizo maCvenebelsa da faqtor-maCveneblebs Soris arsebul kavSirebs

gamoxatavs. kavSiris ori saxe arsebobs: funqciuri da stoxastikuri.

funqciuri kavSiri mkacrad determinirebuli, identificirebuli anu

gansazRvradi kavSiria, romelSic moqmedi faqtoris yovel mniSvnelobas

savsebiT gansazRvruli, araSemTxveviTi mniSvneloba Seesabameba. Aanu

sistema garkveulad gansazRvrul mdgomareobaSi gadadis. igi zogadi saxiT

Semdegnairad gadmoicema:

y = f ( x1 …x 2 … x 3 … x n ), sadac, y _ aris Sedegobrivi sakvlevi maCvenebeli; xn _ arisFfaqtor-maCveneblebi. funqciuri kavSiris erT-erTi magaliTia Semdegi modeli: pr = mr . dR . sT . Sn; sadac, pr – aris wlis ganmavlobaSi sawarmos mier gamoSvebuli produqciis

moculoba; mr – aris dasaqmebuli muSebis ricxvi; dR – aris erTi muSis namuSevari dReebi weliwadSi; sT – aris samuSao dRis xangrZlioba saaTebSi; Sn – aris saaTobrivi Sromisnayofiereba anu erT saaTSi gamoSvebuli produqciis moculoba.


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28

Mmxolod mocemuli tipis, determinirebuli faqtoruli sistemis

modelis arsebobis SemTxvevaSi SeiZleba gamoyenebul iqnes absoluturi

sxvaobisa an jaWvuri Casmis xerxebi. amasTan, Tu mwkrivSi gayofis

ariTmetikuli moqmedebac iarsebebs, maSin mxolod jaWvuri Casmis xerxi

unda iqnas gamoyenebuli.

stoxastikuri kavSiri SemTxveviTi anu xdomilebiTi kavSiria. Aam

SemTxvevaSi SeuZlebelia determinirebuli faqtoruli sistemis modelis

ageba. aseTi kavSirebis analizisaTvis maTematikuri meTodebi gamoiyeneba,

romelic Semdeg sakiTxSi iqneba ganxiluli.

absoluturi sxvaobis xerxis arsi SemdegSi mdgomareobs: mocemuli

faqtoris gavlena udris, am faqtoris `gadaxra~ gamravlebuli, mwkrivSi,

mis win mdgomi faqtoris faqtiur da Semdgomi faqtoris sabaziso

mniSvnelobebze.

ganvixiloT magaliTi. zemoT mocemuli faqtoruli modelis mixedviT

saWiro pirobiTi informacia mocemulia cxrilSi 1.2.2). cxrili 1.2..2 saanalizo sawarmos produqciis gamoSvebis maCveneblebi

2017 wlis mdgomareobiT

Mm a C v e n e b l e b i

gegmiT

Ffaqti- urad

gadaxra

D a 1 2 3

Ddasaqmebuli muSebis ricxvi 200 205 + 5 erTi muSis mier namuSevari dReebi weliwadSi 260 254 _ 6 samuSao dRis xangrZlioba saaTebSi 7 8 + 1 saaTobrivi Sromisnayofiereba (larebSi) 50 48 _ 2

weliwadSi gamoSvebuli produqcia (aTas lar.) 18 200 19 995 +1795 Mmoqmedi faqtorebis gavlena: I. muSebis ricxvis cvlilebis gavlena _ _ + 455 II. namuSevari dReebis ricxvis gavlena _ _ _ 430,5 III. dRis xangrZliobis cvlilebis gavlena _ _ +2603,5 IV. saaTobrivi Sromisnayofierebis gavlena _ _ _ 833

faqtorTa gavlenis algebruli jami +1795

motanil faqtorul modelSi anu faqtorTa dakavSirebis mwkrivSi, rogorc xedavT, oTxi faqtoria. TiToeuli faqtoris cvlilebis gavlena absoluturi sxvaobis xerxiT Semdegnairad gamoiTvleba: 1. muSaTaA ricxvis cvlilebis gavlena = (+5) * 260 * 7 * 50 = +455 aT.lari 2. namuSevari dReebis cvlilebis gavlena = 205 * (_6) * 7 * 50 = _ 430,5 aT.lari 3. dRis xangrZliobis cvlilebis gavlena = 205 * 254 * (+1) * 50 = +2603,5 aT.lari 4. Sromisnayofierebis cvlilebis gavlena = 205 * 254 * 8 * (_2) = _ 833 aT.lari oTxive faqtoris cvlilebis gavlenis algebruli jami saanalizo maCveneblis saerTo gadaxris toli unda iyos. + 455 _ 430,5 + 2603,5 _ 833 = + 1795 aT.lari


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29

Catarebuli gamoTvlebis Sedegad gakeTdeba Semdegi daskvna:

gaangariSebam aCvena, rom produqciis gamoSvebis gegmidan gadaxraze moqmedi

ganxiluli faqtorebidan, orma faqtorma dadebiTi, orma ki uaryofiTi

gavlena moaxdina. kerZod, gamomdinare iqedan, rom sawarmoSi dasaqmebuli

muSebis ricxvi faqtiurad 5 kaciT gaizarda (ix. cxrili #1.3.2), amiT

produqciis mosalodneli gamoSveba gaizarda 455 aTasi lariT; TiToeuli

muSis mier namuSevari dReebis ricxvi weliwadSi 6 dRiT Semcirda, ramac

produqciis mosalodneli gamoSveba 430,5 aTasi lariT Seamcira; samuSao

dRis erTi saaTiT zrdis Sedegad, damatebiT gamoSvebul iqna 2603,5 aTasi

laris produqcia, rac dadebiT Sefasebas imsaxurebs. xolo, imis gamo rom

faqtiuri Sromisnayofiereba gegmurTan SedarebiT yovel saaTSi ori lariT

daeca, produqciis mosalodneli gamoSveba 833 aTasi lariT Semcirda.

Semdgomi analiziT gamokvleul unda iqnes, ram gamoiwvia muSebis

mTeldRiuri mocdenebi da Sromisnayofierebis dacema.

Aamdenad, produqciis gamoSevbis gadidebis rezervia: 430,5 + 833 = 1263,5 aTasi lari.

Tuki, sawarmoSi mogebis norma (marJa) dagegemili iyo 20%, mocemul

SemTxvevaSi sawarmo dakargavda 252,7 aTas lar mogebas (1263,5 * 20%).

Amocemul situaciaSi, analitikosi daaxloebiT Semdeg rekomendaciebs

gaakeTebs:

a. menejmentma unda aRmofxvras muSebis mTeldRiuri gacdenebis

mizezebi;

b. menejmentma unda uzrunvelyos muSebis kvalifikaciis amaRleba da

Sromis ufro efeqtiani gamoyeneba.

jaWvuri Casmis xerxiT TiToeuli faqtoris gavlena Semdegnairad

gamoiTvleba: dasawyisSi, faqtoruli sistemis modelSi anu faqtorTa

dakavSirebis pirvel mwkrivSi, yvela faqtori aiReba gegmur (sabaziso)

doneze. Semdeg mw wkrivebSi, თiთoeuli gegmuri faqtori TandaTan

Seicvleba faqtiuri mniSvnelobebiT da yoveli momdevno gaangariSebis

Sedegs akldeba wina gaangariSebis Sedegi. miRebuli sxvaoba warmoadgens

mocemuli faqtoris gavlenas.

Eimave magaliTze gaangariSebebi miiRebs Semdeg saxes:

I gaangariSeba. pirvel mwkrivSi yvela faqtori gegmuria (anu sabaziso): 200 * 260 * 7 * 50 = 18 200 aT. lari II gaangariSeba. Aaxla faqtorTa mwkrivSi pirveli faqtori Seicvleba

misi faqtiuri mniSvnelobiT, danarCeni igive darCeba da miiReba: 205 * 260 * 7 * 50 = 18 655 aT. Llari Mmeore da pirvel gaangariSebis Sedegebs Soris sxvaoba gamowveuli

iqneba muSaTaA ricxvis cvlilebis gavleniT. maSasadame,


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30

muSaTa ricxvis cvlilebis gavlena = 18 655 _ 18 200 = + 455 aT. lari III gaangariSeba: axla unda Seicvalos meore faqtori, namuSevari dReebis

ricxvi: 205 * 254 * 7 * 50 = 18 224,5 aT.lari namuSevari dReebis cvlilebis gavlena = 18 224,5 – 18 655 = _ 430,5 aT.l IV gaangariSeba, axla maCvenebelTa mwkrivSi Seicvleba mesame faqtori: 205* 254 * 8 * 50 = 20 828 aT.l samuSao dRis xangrZliobis cvlilebis gavlena = 20 828 –18 224,5 = = +2603,5 aT.l V gaangariSeba. Seicvleba meoTxe faqtori da faqtorTaA mwkrivi

mTlianad faqtiuri gaxdeba. 205 * 254 * 8 * 48 = 19 995 aT.l Sromisnayofierebis cvlilebis gavlena = 19 995–20 828 = _ 833 aT. l mocemul SemTxvevaSic, yvela moqmedi faqtoris gavlenis algebruli

jami saanalizo maCveneblis saerTo gadaxris tolia. Tu erTmaneTs

SevudarebT absoluturi sxvaobisa da jaWvuri Casmis xexebiT miRebul

pasuxebs, isini erTmaneTs emTxveva. amasTan, absoluturi sxvaobis xerxi

ufro naklebad Sromatevadia. erTi gaangariSebiT miiReba mocemuli

faqtoris gavlena. jaWvuri Casmis xerxiT ki ori gamoTvla unda Catardes,

raTaA ama Tu im faqtoris gavlena gaizomos. amitom, absoluturi sxvaobis

xerxi ufro gamoiyeneba. oRond, im SemTxvevaSi, roca faqtorul modelSi

anu mwkrivSi aris gayofa an gayofac da gamravlebac, maSin saWiroa jaWvuri

Casmis xerxis gamoyeneba, radgan ambsoluturo sxvaobis xerxi swor

pasuxebs ar iZleva.

aqve SevniSnavT, rom ganxilul faqtorTa mwkrivSi motanili faqtorebi

moculobiTi maCveneblebia. SeiZleba zogjer isini fardobiT maCveneblebsac

wamroadgendnen.

drois raime intervalSi (periodSi) ama Tu im ekonomikuri xasiaTis

movlenebis moxdenis sixSiris, xarisxis da tendenciebis daxasiaTebisaTvis,

ekonomikuri analizi saSualo sidideebs da sxvadasxva indeqsebs iyenebs.

saSualo sidide centralur maCvenebels warmoadgens. igi niSnavs

monacemTa simravleSi erTi iseTi mniSvnelobis povnas, romelic

warmoadgens monacemTaA mTeli simravlis maxasiaTebels da am simravlis

erTgvar warmomadgenels. saSualo maCveneblebs Soris yvelaze

gavrcelebulia saSualo ariTmetikuli. Gganasxvaveben martiv saSualo

ariTmetikuls da Sewonil saSualos.

saSualo ariTmetikulis gamosaTvlelad, simravleSi arsebul wevrTa

jami iyofa simravlis wevrTaA ricxvze. igi aRiniSneba X ( x saSualo)


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31

sademonstracio magaliTi:

davuSvaT, xuTi Tvis ganmavlobaSi produqtis gayidvebi calebSi Seadgenda: maisi 34 600 ivnisi 35 700 ivlisi 37 000 agvisto 33 500 seqtemberi 37 900 -------------------------------------- ∑ jami 178 700 _

X (saSualo ariTmetikuli) = 178700 / 5 = 35 740 erTeuli

maSasadame, yovelTviurad, saSualod iyideboda 35740 erTeuli

produqti. marTalia, saSaulo sidide ar emTxveva simravlis romelime

konkretul wevrs, magram Seicavs da asaxvs yveli wevrisaTvis

damaxasiaTebel saerTo Tvisebas. amitom, saerTo tendenciebis SedarebiTi

daxasiaTebisTis igi warmatebiT gamoiyeneba.

saSaulo Sewonili ariTmetikulis gamoTvlisaTvis damatebiT gamoiyeneba

simravleSi xdomilobaTa wonebi (anu sixSire).

davuSavT, wlis ganmavlobaSi gayidvebis moculoba Tveebis mixedviT

Semdegnairad iyo ganawilebuli: gayidvebi sixSire namravli erTeulebSi (Tveebis ricxvi) 34 600 2 69 200 35 700 3 107 100 37 000 2 74 000 33 500 4 134 000 37 900 1 37 900 -------------- ------ ------------- ∑ 12 422 200

saSualo Sewonili = 422200 / 12 = 35 183 erTeuli. A aq `wonebi~ aris Tveebis ricxvi. ganvixiloT Semdegi magaliTi. saqonlis Sesyidvebis Sesaxeb arsebobs Semdegi informacia: TariRi raodenoba erTeulis fasi Rirebuleba (lari) (lari)

10.05.2016 450 10 4500 30.05.2016 500 12 6000 15.06.2016 400 11 4400 30.06.2016 550 14 7700

----------- --------- ----- ---------- jami 1900 43 22600 Mmocemul magaliTze, saqonlis erTeulis Sesyidvis saSualo fasi iqneba: martivi saSualo ariTmetikuliT = (10 + 12 + 11 + 14} : 4 = 10,75


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32

saSualo Sewonili ariTmetikuliT = 22600 / 1900 = 11,89 lari saSualo SewonilSi `wonebi~ aris produqtis raodenoba. amdenad, analizis dros romelime erTi meTodi unda iqnes gamoyenebuli.

Uufro metad, saSualo Sewonili gamoiyeneba.

ekonomikuri analizi aseve iyenebs sxvadasxva indeqsebs.

indeqsi aCvenebs drois erTi gansazRvruli momentidan meore momentamde

cvladis (raime maCveneblis) cvlilebis dones. indeqsi miiReba Sesadarisi

maCveneblebis SefardebiT. indeqsi 100-ze gamravlebiT procentebSi

gadaiyvaneba. indeqsebi SeiZleba iyos gegmis Sesrulebis, dinamikis,

struqturis, fasebis da a.S.

magaliTad, 1.3.1 cxrilis informaciis Tanaxmad, 2017 wels realizaciidan

miRebuli Semosavlebis gegmis Sesrulebis indeqsi iqneba: 19800 / 17600 = 1,125 anu 112,5 % anu realizaciis gegma Sesrulebulia 112,5%-iT. Ee.i. mateba gegmasTan

SedarebiT Seadgens 12,5 procents. wina welTan SedarebiT ki matebam 16,5%-s

(19800 / 17000 * 100) Seadgina.

dinamikuri indeqsebi gamoiyeneba ramdenime wlian periodSi ama Tu im

ekonomikuri maCveneblis cvlilebebis tendenciis daxasiaTebisaTvis.

dinamikuri indeqsebi Tavis mxriv DSeiZleba iyos sabaziso an jaWvuri.

sabaziso indeqsebi gamoiTvleba erTi romelime wlis mimarT. jaWvuri

indeqsebi ki gamoiTvleba yoveli wina wlis mimarT.

sademonstracio magaliTi:

erT-erTi kompaniis produqciis gayidvebis Sesaxeb, arsebobs Semdegi

informacia (ix. cxrili 1.2.3). imis daxasiaTebisaTvis, Tu rogori tempebiT

icvleboda realizaciidan miRebuli Semosavlebis maCvenebeli 2010-2017

wlebSi, imave cxrilSi gamoTvlilia dinamikuri indeqsebi. cxrili 1..2..3

Semosavlebis dinamika (lari)

wlebi Semosavali realizaciidan Mmimdinare fasebiT

%-ad sabaziso 2010 welTan SedarebiT

%-ad wina wlebTan SedarebiT

a 1 2 3 2010 34 600 100 - 2011 35 700 103,2 103,2 2012 35 000 101,2 98,2 2013 36 900 106,6 105,4 2014 39 100 112,0 106,0 2015 40 000 115,6 102,3 2016 38 700 111,8 96,7 2017 40 500 117,1 104,6

1.2.3. cxrilis meore svetSi warmodgenilia sabaziso indeqsebi erTsa da

imave 2010 welTan SedarebiT:

2011 w. = 35700/34600 *100 = 103,2%; 2012 w. = 35000/34600 * 100 = 101,2% da a.S.


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33

Mmesame svetSi gamoTvlilia jaWvuri indeqsebi yovel wina welTan SedarebiT: 2011 w = 35700/34600 * 100 = 103,2%; 2012 w = 35000/35700 * 100 = 98,2% da a.S. Mamrigad, mesame cxrilis monacemebis safuZvelze SeiZleba davaskvnaT,

rom saanalizo sawarmoSi realizaciidan miRebuli Semosavlebi 2010-2017

wlebis periodSi, zrdis tendenciiT xasiaTdeboda. Tumca wina wlebTan

SedarebiT, yovel momaval wels gansxvavebuli suraTi iyo xolme.

magaliTad, 2012 wels, Semosavlebi sabaziso 2010 welTan SedarebiT 1,2%-iT

gaizarda, wina welTan SedarebiT ki 1,8%-iT Semcirda.

dinamikuri mwkrivis saSualo done yvelaze martivad Semdegnairad

gamoiTvleba:

y (saSualo done) = ∑ y / n; (1.2.1)

sadac:

Y∑ y - aris mwkrivis doneTa jami; N n – mwkrivis doneTa (wevrTa) ricxvi.

es koeficienti aCvenebs saanalizo maCveneblis zrdis saSulo temps

aRebul periodSi.

1.2.3. cxrilis me-2 svetis maCveneblebis safuZvelze, saanalizo sawarmos

Semosavlebis zrdis saSualo tempi 2010-2017 wlebis periodSi Seadgens:

(103,2 + 101,2 + 106,6 + 112 +115,6 + 111,8 + 117,1) ----------------------------------------------------------------------------------- = 867,5 / 8 = 109,6% 7 igive Sedegi miiReba Tuki cvlilebis doneTa jami gaiyofa wevrTa

ricxvis jamze.

(3,2 + 1,2 +6,6 + 12 + 15,6 + 11,8 + 17,1) / 7 = 67,5 / 7 = 9,6%

anu, saSualo mateba Svidi wlis ganmavlobaSi 9,6% iyo.

zrdis saSualo tempis gamosaTvlelad agreTve SeiZleba gamoyenebul

iqnes Semdegi formulebi:

_ (n -1)

K = yn / y0 ; (1.2.2)

sadac, y0 – mwkrivis pirveli wevri, yn - aris mwkrivis bolo wevri. am formuliT, zrdis saSualo tempi 101 %-ia da gansxvavdeba wina Sedegisagan. an, SeiZleba SeiZleba Semdegi yvelaze martivi formulis gamoyeneba:

KK = ( ∑ y – yn ) / ( ∑ y – y0 ), (1.2.3)

K = (867,5 – 117,1) / (867,5 – 103,2) = 750,4 / 764,3 = 1,023


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34

sadac, y0 – mwkrivis pirveli wevri, yn - aris mwkrivis bolo wevri. am formuliT zrdis saSualo tempia 102 %. maSasadame, sxvadasxva Sedegi

miiReba. amitom analitikosma romelime erTi xerxi unda airCios.

rogorc cnobilia, ekonomikaSi adgili aqvs fasebis cvlilebas.

resursebis erTeulis fasi wlebis mixedviT gansxvavebulia, rac

RirebulebiTi maCveneblebis dinamikaSi anu mravalwlian intervalSi

realur cvlilebebs amaxinjebs.

ase magaliTad, davuSvaT, sawarmoSi wina wels gamoSvebul iqnaA1000 cali

produqti, romlis erTeulis gasayidi fasi iyo 12 lari. mimdinare wels

aseve gamoSvebul iqna 1000 cali produqti, romlis erTeulis fasi gaxda 15

lari. RirebulebiT formaSi iqmneba warmodgena, rom TiTqos produqciis

warmoeba 12000 laridan (1000 * 12) wina welTan SedarebiT, 15000 laramde

(1000 * 15) anu 25%-iT gaizarda mimdinare wels. sinamdvileSi ki warmoebis

realur zrdas adgili ar hqonia. inflaciam warmoebis realuri tempi

Secvala. magram, Tu mimdinare wlis 1000 cal produqts wina wlis fasSi (12

l) gadaiyvaneba 12000 lari miiReba da gamoCnda, rom warmoebis realur

cvlilebas adgili marTlac ar hqonia. amdenad, realuri tempebis

dasadgenad, saWiro xdeba maCvenebelTaA gadayvana Sesadar fasebSi. am

mizniT fasebis indeqsebi gamoiyeneba.

arsebobs fasebis indeqsebis Semdegi saxeebi:

1. martivi indeqsebi

2. Sewonili indeqsebi

3. lapeieris indeqsi

4. paaSes indeqsi.

martivi indeqsebi ori saxis SeiZleba iyos: RirebulebiTi da

raodenobrivi.

RirebulebiTi (anu fasis) indeqsi gviCvenebs drois ganmavlobaSi sagnis

erTeulis fasis cvlilebas. mas inflaciis koeficientsac uwodeben. igi

gamoiangariSeba ama Tu im saxis produqtis erTeulis mimdinare fasis

SefardebiT sabaziso wlis fasTan, Semdegi formuliT: P1

Ffasis martivi indeqsi = ------- * 100; sadac, (1.2.4) P0

P0 – aris sagnis erTeulis fasi sabaziso periodisaTvis (romelime wina wlis) P1 - aris sagnis erTeulis fasi mimdinare periodisaTvis. M raodenobrivi (anu moculobis) martivi indeqsi zomavs warmoebuli an

gayiduli produqciis moculobis cvlilebebs.

q1

Mmoculobis martivi indeqsi = --------- * 100; sadac, (1.2.5) q0

q1 - aris produqciis moculoba drois mocemuli momentisaTvis


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35

q0 – aris produqciis moculoba sabaziso periodisaTvis. sademonstracio magaliTi: vTqvaT erTi kilogrami wiwibura 2010 wels 2,5 lari Rirda. 2017 wels misi fasi

4 lari gaxda. Tu Sedarebis bazad 2010 wels aviRebT, maSin fasis indeqsi iqneba:

P1 4 fasis martivi indeqsi = ------- * 100 = -------- * 100 = 160%. P0 2,5

Ees niSnavs, rom erTi kilogrami wiwiburas fasi 2000 welTan SedarebiT 60%-iT

gaizarda. maSasadame, inflaciis koeficientia 1,6. aseve, Tu magaliTad, sawarmom 2010 wels _ 4600 cali da 2017 wels _ 4800 cali

mtversasruti gamouSva, maSin moculobis indeqsi iqneba: q1 4800 Mmoculobis martivi indeqsi = --------- = ------- = 1,043 anu 104,3%. q0 4600 Ees niSnavs, rom mocemul sawarmoSi warmoebis moculoba 2017 wels, wina

welTan SedarebiT 4,3%-iT gaizarda. Tu erTi mtversasrutis fasi 2016 wels 145 lari da 2017 wela 170 lari iyo,

maSin: 4800 * 170 816 000 RirebulebiT formaSi warmoebis zrda = --------------- * 100 = ------------ * 100 = 122,3% 4600 * 145 667 000 rogorc xedavT, warmoebam TiTqos 22,3%-iT moimata, maSin rodesac realuri

mateba 4,3%-ia. realuri suraTis misaRebad gamoiyeneba inflaciis koeficienti, romelic mocemul magaliTze aris 170/145 = 1,1724

2017 wlis produqcia 2016 wlis fasebSi Semdegnairad gadaiyvaneba: 816000/1,1724 = 696 008 lari. marTlac, warmoebis moculobis realuri cvlileba = 696 000 / 667 000 *

100 = 104,3%, rogorc es aCvena moculobis indeqsma. SeiZleba gamoyenebuli iqnes deflaciis koeficientic, romelic

inflaciis koeficientis Sebrunebuli maCvenebelia. Cvens magaliTze deflaciis koeficienti = 145/170 = 0,853, an 100 / 117,24 = 0,853 mimdinare wlis maCvenebeli rom gadayvanil inqas sabaziso wlis fasebSi,

amisaTvis: 816 000 * 0,853 = 696 000 lari amrigad, RirebulebiTi maCveneblebis dinamikuri analizis dros

aucilebelia fasebis cvlilebis gavlenis gamoricxva, raTa gamovlindes maCvenebelTa cvlilebis realuri tempebi.

sademonstracio magaliTi: mocemulia samrewvelo kompaniis xarjebis Sesaxeb Semdegi informacia:


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36

lari inflaciis indeqsi 2010 w 117 400 1,00 2011 w. 134 000 1,08 2012 w 145 700 1,05 2013 w 167 900 1,09 moTxovna: moaxdineT xarjebis Sesworeba sabaziso doneze (2010 w) da SeadgineT

dinamikuri mwkrivi Sesworebamde da Sesworebis Semdeg. cxrili 1.2.4

xarjebis dinamika

wlebi

Sesworebuli xarjebi

dinamika %-ad 2010 welTan Sed-iT Sesworebamde Sesworebis Semdeg

2010 117400 / 1,0 = 117 400 100 100 2011 134000 / 1,08 = 124 074 114,1 105,7 2012 145700 / 1,05 = 138 762 124,1 118,2 2013 147900 / 1,09 = 135 688 126,0 115,6

rogorc, meoTxe cxrilis maCveneblebidan Cans, Sesworebamde anu fasebis

gavlenis gamoqviTamde, danaxarjebis zrdis tempebi gacilebiT maRalia,

vidre Sesworebis Semdeg anu roca inflacia danaxarjebis maCveneblebidan

gamoricxulia. mas deflirebul xarjebsac uwodeben.

F fasisa da moculobis indeqsebis namravli iZleva fasebis saerTo

indeqss. cnobilia lapeieris da paaSes fasebis indeqsebi. maTSi mocemulia

yvela saxis produqtebis mixedviT gakeTebuli gamoTvlebis jami.

∑ (p1 * q0 ) Ffasis lapeieris indeqsi = -------------------; (1.2.6) ∑ (p0 * q0 )

igi Sewonili raodenobisaTvis iyenebs sabaziso wels. Aanu, sabaziso

wels gamoSvebuli produqti gadmoyvanilia mimdinare wlis fasebSi, da

Sefardebulia sabaziso wlis produqtTan sabaziso fasiT.

∑ (p1 * q1 ) fasis paaSes indeqsi = ----------------- (1.2.7) ∑ (p0 * q1 )

igi Sewonili raodenobisaTvis iyenebs mimdinare wels. Aanu Mmimdinare

wlis produqti mimdinare wlis fasebiT, Sefardebulia sabaziso wlis

fasSi gadayvanil mimdinare wlis produqciasTan.

lapeierisa da paaSes fasebis indeqsebi zogjer erTmaneTs emTxveva,

magram zogjer SeiZleba erTmaneTs ar daemTxves. Ees gamowveulia imiT, rom

fasebis zrdis dros momxmarebeli gadadis dabalfasiani saqonlis

moxmarebaze, rac momxmarebelze inflaciis gavlenas amcirebs. Mmagram,

miuxedavad amisa, lapeieris indeqsis gamoyenebisas, bazarze moTxovnis

modelis cvlileba mxedvelobaSi ar miiReba. Sedegad, lapeieris indeqsi

ixreba realuri inflaciuri maCveneblis gadametebisaken.


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37

meore mxriv, paaSes indeqsi Tavis TavSi moicavs wina wlebis monacemebis

gaangariSebas, es ki mizanSeuwonelia, radgan saWiro xdeba sxva indeqsebis

Semotana. imis gamo, rom paaSes indeqsi dafuZnebulia mimdinare moTxovnis

modelze, igi srulad ar afasebs inflaciis gavlenas momxmarebelze.

sademonstracio magaliTi. 2016 weli gamoiyeneT sabaziso wlad da daTvaleT lapeieris da paaSes

indeqsebi, Semdegi monacemebis mixedviT

Mmoxmarebuli saqoneli 2016 – 1017 ww.

saqonlis dasaxeleba

2015 2016

fasi ( p0 ) moculoba (q0) fasi ( p1) moculoba ( q1) puri 0,50 l/batoni 20 000 batoni 0,70 l/batoni 25 000 batoni rZe 1,00 l/qila 10 000 qila 1,20 l/qila 12 000 qila Saqari 1,50 l/kg 22 000 kg 1,80 l/kg 20 000 kg

kvercxi 50 l/yuTi 1 000 yuTi 60 l/yuTi 950 yuTi

l – asoTi aRniSnulia `lari~.

amoxsna: ∑ (p1 * q0 ) a). Ffasis lapeieris indeqsi = -------------------; ∑ (p0 * q0 ) gamoTvlebi fasebis lapeieris indeqsisaTvis cxrili 1

saqoneli

F fasi p0

moculoba qo

P 0 * q 0

fasi P1

P1 * q 0

puri 0,50 20 000 10 000 0,70 14 000 rZe 1,00 10 000 10 000 1,20 12 000 Saqari 1,50 22 000 33 000 1,80 39 600 kvercxi 50 1 000 50 000 600 60 000 jami 103 000 125 600

P0 * q 0 – aris wina wlis produqcia gamosaxuli wina wlis fasebSi; P1q 0 - aris wina wlis produqcia gamosaxuli dRevandel fasebSi.

Llapeieris indeqsi =125 600 / 103 000 * 100 = 121,94% ∑ (p1 * q1 ) b). fasis paaSes indeqsi = ----------------- ∑ (p0 * q1 )

gamoTvlebi fasebis paaSes indeqsisaTvis cxrili 2

saqoneli

fasi P0

moculoba q1

P0 * q1

fasi P1

P1 * q1

puri 0,50 25 000 12 500 0,70 17 500 rZe 1,00 12 000 12 000 1,20 14 400 Saqari 1,50 20 000 30 000 1,80 36 000 kvercxi 50 950 47 500 60 57 000 Jami 102 000 124 900 Ffasebis paaSes indeqsi = 124 900 / 102 000 * 100 =122,45 %.


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38

ekonomikur analizSi agreTve gamoiyeneba struqturis indeqsebi anu

struqturuli koeficientebi, romlebic gamoiyeneba mTelis Semadgenlobis

daxasiaTebisaTvis. struqturuli koeficientebis jami yovelTvis asis

tolia.

struqturuli koeficienti axasiaTebs Semadgeneli nawilis xvedriT

wils mTelis mimarT.

magaliTad, aqtivebis struqturis daxasiaTebisaTvis Sedgeba Sesabamisi

cxrili, romelsac Semdegi saxe eqneba:

cxrili 1.3..5

sawarmos aqtivebis struqtura 2015 – 2016 ww

aqtivebi

2016 2017 Lari

xvedrTi wili %-ad

lari

xvedriTi wili %-ad

grZelvadiani aqtivebi 567 900 62,18 589 000 62,68 moklevadiani aqtivebi 345 400 37,82 350 700 37,32 jami 913 300 100 939 700 100 rogorc mexuTe cxrilis gamoTvlebidan Cans, aqtivebSi maRali xvedriTi

wili uWiravs grZlevadian aqtivebs, romelic odnav gaizarda 2017 wels.

Semdeg analogiurad Seiswavleba grZelvadiani da mimdinare aqtivebis

struqtura.

1.3. analizSi gamoyenebuli maTematikuri

meTodebi

maTematikuri meTodebi ekonomikur analizSi gamoiyeneba maSin, rodesac

faqtor maCvenebelsa da Sedegobriv maCveneblebs Soris kavSirebi

determinirebuli xasiaTis dakavSirebis modelis saxiT ver ganisazRvreba,

roca, Yyvela faqtoris moqceva formulaSi SeuZlebelia da roca, adgili

aqvs stoxastikur kavSirebs.

stoxastikuri kavSirebi xdomilebiTi kavSirebia, roca erT faqtorul

sidides mravali Sedegobrivi mniSvneloba Seesabameba, anu, sistemas ewodeba

xdomilebiTi, Tuki mocemuli sawyisi pirobebis dros sistema SeiZleba

gadavides sxvadasxva mdgomareobaSi, romelTac sxvadasxva albaToba

gaaCniaT.

magaliTad, erTidaigive sawarmos aqciebis kursi birJaze wlis

ganmavlobaSi sxvadasxva mimarTulebiT SeiZleba Seicvalos, romlebic

sawarmos gansxvavebul finansur Sedegebs moutons.

Mekonomikur movlenebs Soris mizez-Sedegobrivi kavSirebis SeswavliT

gadaiWreba Semdegi amocanebi:

1. saanalizo maCveneblebs Soris kavSiris arsebobis an ararsebobis

faqtis dadgena;


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39

2. kavSirebis simWidrovis gazomva;

3. araSemTxeviTi kavSirebis dadgena;

4. Sedegobriv maCveneblebze faqtoruli movlenebis gavlenis

raodenobrivi Sefaseba.

stoxastikuri kavSirebis analizis mizniT gamoiyeneba Semdegi

maTematikuri meTodebi: korelaciuri analizi, variaciis da determinaciis

koeficientebi, albaTobis maTematikuri meTodebi.

korelacia or cvlads Soris kavSiris siZlieris sazomia. kerZod, ori

cvladis cvlilebebi dakavSirebulia Tu ara erTmaneTTan.

urTierTkavSiri cvladebs Soris SeiZleba iyos srulyofili an

nawilobrivi. dadebiTi an uaryofiTi. dadebiTia korelacia, roca cvladebs

Soris kavSiri pirdapirproporciulia. xolo, uaryofiTia korelacia, roca

cvladebs Soris kavSiri ukuproporciulia.

srulyofili dadebiTi korelacia niSnavs, rom erTi cvladis maRali

mniSvnelobebi meore cvladis maRal mniSvnelobebs iwvevs. an erTi cvladis

mcire mniSvnelobebi dakavSirebulia meore cvladis mcire mniSvnelobebTan.

Aanu kavSiri pirdapirproporciulia.

srulyofili uaryofiTi korelacia niSnavs, roca erTi cvladis maRal

mniSvnelobebs meore cvladis mcire mniSvnelobebi Seesabameba da piriqiT.

anu kavSiri ukuproporciulia.

or cvlads Soris kavSiris xarisxis dasadgenad korelaciis koeficienti

(r) gamoiyeneba. korelaciis koeficients SeuZlia mniSvnelobebi miiRos

mxolod +1-sa da – 1-s Soris. roca:

r = +1 gviCvenebs srulyofil dadebiT korelacias;

r = 0 gviCvenebs, rom korelacia anu kavSiri ar arsebobs;

r = -1 gviCvenebs srulyofil uaryofiT korelacias.

korelaciis koeficienti Semdegi formuliT gamoiTvleba: n * ∑xy - ∑x * ∑y r = ------------------------------------------------ sadac: (1.3.1.) [n*∑x2 – (∑x)2 ] [n*∑y2 – (∑y)2] X – aris damoukidebeli cvladi anu faqtori; y – aris damokidebuli cvladi anu Sedegi; n – aris wevrTa ricxvi aRebul simravleSi. Kkorelaciis koeficientis Semdeg gamoiTvleba determinaciis

koeficienti (D), romelic gviCvenebs: Sedegobrivi maCveneblis cvlilebis

ramdeni procentia gamowveuli faqtor-maCveneblis anu damoukidebeli

cvladis cvlilebiT.

D = r2 (1.3.2)


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40

sailustracioY magaliTi: cnobilia erT-erTi kompaniis gasuli xuTi Tvis informacia reklamis

danaxarjebsa da realizaciidan miRebuli Semosavlebis Sesaxeb: Tveebi reklamis xarjebi Semosavali realizaciidan aTasA larebSi aTas larebSi 1 20 407 2 24 413 3 37 420 4 23 400 5 41 490 moTxovna: gamovTvaloT korelaciisa da determinaciis koeficientebi da

gavakeToT Sesabamisi daskvnebi. Aamoxsna: Mmocemul magaliTSi damoukidebeli cvladi anu faqtori aris reklamis

xarjebi (x), radgan iTvleba, rom reklamaze rac meti xarji gaiweva, miT meti iqneba Semosavlebi gayidvebidan. xolo, Semosavali realizaciidan aris damokidebuli cvladi anu Sedegobrivi maCvenebeli (y).

Tveebi x x2 y y2 (x . y)

1 20 400 407 165649 8140 2 24 576 413 170569 9912 3 37 1369 420 176400 15540 4 23 529 400 160000 9200 5 41 1681 490 240100 20090 ------ ------ --------- --------- ------------- ------------- jami ∑ 145 4555 2130 912718 62882

n – aris wevrTaA ricxvi mwkrivSi anu Tveebis raodenoba – 5. 5 * 62882 – 145 * 2130 5560

r = ------------------------------------------------------------ = ------------- = 0.8135

[ ( 5 * 4555 – 1452 ) * (5 * 912718 – 2130

2 )]

1/2 6834,3

vinaidan korelaciis koeficienti dadebiTia, niSnavs rom reklamis

xarjebisa da Semosavlebis maCveneblebs Soris kavSiri

pirdapirproporciulia da sakmaod maRali, radgan igi axlosaa erTTan.

D = 0.81352 = 0,6618 anu 66,18%.

Ddeterminaciis koeficientis Tanaxmad, Semosavlebis cvlilebis 66.18%

gamowveulia reklamis xarjebis cvlilebis zegavleniT.

AaRebul periodSi, ama Tu im maCveneblis cvlilebis daxasiaTebisaTvis

gamoiyeneba agreTve variaciuli gaqanebis maCvenebeli, romelic maqsimalur

da minimalur mniSvnelobebs Soris sxvaobis tolia.

Gganxilul magaliTSi, Semosavlebis maCveneblis variaciuli gaqaneba

aris 83 aTasi fuladi erTeuli (490 – 407), romlis daaxloebiT 66%

gamowveuli yofila reklamis xarjebis cvlilebiT. danarCeni ki sxva

faqtorebis zemoqmedebis Sedegia.

iseT viTarebaSi, roca raime ekonomikuri operaciis mosalodneli Sedegi

gaurkvevelia, maTematikuri lodinis gamoTvlis xerxi gamoiyeneba.


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41

maTematikuri lodini aris xangrZlivi periodis Semdeg mosalodneli

Sedegebis saSualo mniSvneloba. igi udris SesaZlo Sedegebis maT

albaTobebze namravlis jams:

maTematikuri lodini = ∑p*x sadac, (1.3.3) p – aris Sedegis xdomilobis albaToba, romelic warsuli monacemebis analiziT

ganisazRvreba. x – aris esa TuUis mosalodneli konkretuli Sedegi; ∑ - niSnavs `jams~. maTematikuri lodini gamoiyeneba gadawyvetilebis miRebis martiv situaciaSi,

raTa gadawydes, kompaniisaTvis romeli alternativaa yvelaze metad misaRebi. maTematikuri lodini ar gamoiyeneba erTjeradi Sedegis prognozirebisaTvis.

amasTan, igi ar iTvaliswinebs riskebs da fulis droiTi Rirebulebis cvlilebas.

ramdenime proeqtidan is proeqtia misaRebi, romlis maTamatikuri lodini

dadebiTia. Tu yvela proeqtis maTematikuri lodini dadebiTia, maSin unda SeirCes

yvelaze maRali maTematukuri lodinis mqone proeqti.

sailustracio magaliTi: kompaniis gasuli 10 Tvis yovelTviuri mogebis Sesaxeb arsebobs Semdegi

informacia: yovelTviuri mogeba Tveebis larebSi raodenoba 45000 3 50000 4 60000 2 70000 1 moTxovna: gamovTvaloT momavalSi misaRebi mosalodneli mogeba. amoxsna: motanil magaliTSi Sedegi aris YyovelTviuri mogeba. albaTobis koeficientebi

ki ganisazRvreba Tveebis jamis mimarT. gaangariSebebi miiRebs Semdeg saxes: yovelTviuri albaToba mogeba 45000 3/10 = 0,3 50000 4/10 = 0,4 60000 2/10 = 0,2 70000 1/10 = 0,1 MyuradReba miaqcieT, albaTobis koeficientebis jami erTis tolia.

maTematikuri lodini = 45000 * 0,3 + 50000 * 0,4 + 60000 * 0,2 + 70000 * 0,1 = 52500 l maSasadame, saSualod TveSi miRebul iqneba 52500 lari mogeba, Tumca

faqtobrivad, es mogeba arc erT TveSi ar iqneba. igi mosalodneli

saSualoa.

wina sakiTxSi ganxiluli iyo saSualo ariTmetikulis gamoTvlis

meTodika. Mmagram igi ar axasiaTebs simravlis wevrTaA gabnevis xarisxs. Aam

mizniT gamoiyeneba saSualo kvadratuli gadaxra, romelic aCvenebs

ramdenad SemWidrovebulia sivrce saSualo ariTmetikulTan. saSualo


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42

kvadratuli gadaxra gviCvenebs sivrces saSualo ariTmetikulis marcxniv

da marjvniv, sadac moTavsebulia simravlis elementebis 70-80%. igi

gansakuTrebiT axasiaTebs stabilurobis xarisxs. saSualo kavdratuli

gadaxra rac metia nulze, miT metia dispersia anu gabnevis xarisxi

saSualodan. Sesabamisad arastabilurobac maRalia.

saSualo kvadratuli gadaxra aRiniSneba berZnuli asoTi 𝜎 - `sigma~-

da Semdegi formuliT gamoiTvleba:

𝜎 = an 𝜎 = √ ∑ x2 / n – x

2 (1.3.2)

xolo, sixSiruli ganawilebisaTvis, gamoiTvleba Semdegnairad:

𝜎 = [ ∑ f (x – x 2) / ∑ f ]1/2 (1.3.3) ან, 𝜎 = { [∑( f * x2) / ∑ f – [(∑ f * x) / ∑ f)]2 }1/2 (1.3.4)

simravlis wevrTa gabnevis xarisxi izomeba gadaxriT anu variaciis

koeficientiT, romelic Semdegnairad gamoiTvleba:

V (variaciis koeficienti) = ( 𝜎 * 100 %) / X საშ. (1.3.4)

saSualo kvadratuli gadaxra rac ufro axlosaa nulTan, simravlis

wevrebi, miT ufro axlosaa saSualo ariTmetikulTan da viTareba miT ufro

stabiluria.

variaciis koeficienti gviCvenebs daSorebas simravlis wevrebs Soris.

Aamitom, igi rac ufro axlosaa 100%-Tan, miT maRalia saanalizo

maCveneblis meryeoba da arastabilurobis xarisxi Sesaswavl periodSi.

SeiZleba iTqvas rom, variaciis koeficienti 10%-is zemoT, ukve

sayuradReboa.

1.4. sawarmos safinanso-ekonomikuri saqmianobis

Sefasebis maCvenebelTa sistema

finansuri analizi, iseve rogorc saerTod sawarmos ekonomikuri

analizi, sawarmos finansur mdgomareobas da mis finansur Sedegebs

Sesabamisi ekonomikuri maCveneblebis meSveobiT Seiswavlis.

ekonomikuri maCvenebeli aris ama Tu im ekonomikuri movlenis Sedegis

ricxviTi maxasiaTebeli, raodenobriv da Tvisobriv mxareTa

urTierTkavSirSi.

ekonomikur maCvenebelSi urTierTSerwymulia ariTmetikuli ricxvi da

garkveuli safinanso-ekonomikuri Sinaarsi. ekonomikuri maCvenebeli arasodes

araa wminda ariTmetikuli ricxvi. ase magaliTad, mimdinare wels sawarmom

gamouSva 240 tona produqti. Aimave wels miRebuli iqna 50 aTasi lari

mogeba da a.S. pirveli ricxvis _ 240-is ekonomikuri Sinaarsi aris

produqtis raodenoba, 50000-is ekonomikuri Sinaarsi aris – mogeba da a.S.


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43

maSasadame, ekonomikur ricxvebs, yovelTvis saTanado Sinaarsi gaaCniaT.

winaaRmdeg SemTxvevaSi igi `maCvenebeli~ ver iqneba. swored am Sinaarsis

gamo, ekonomikur maCveneblebs Tvisebebi (Sinaarsi) gaaCniaT, romelTa

SeswavliT SeiZleba metad saintereso tendenciebis gamovlena, momavlis

ganWvreta da gadawyvetilebebis miReba.

ekonomikuri maCvenebeli SeiZleba iyos raodenobrivi an RirebulebiTi.

raodenobrivi maCveneblebi ekonomikur movlenebs zomaven naturalur

erTeulebSi. magaliTad: calebSi, kilogramebSi, saaTebSi da a.S.

RirebulebiTi maCveneblebi ama Tu im ekonomikur movlenebs fulad-

RirebulebiT formaSi axasiaTeben. RirebulebiTi maCveneblebi saSualebas

iZleva ganzogadebuli saxiT Seswavlil iqnes, rogorc mTlianad sawarmos,

ise qveynis makroekonomikuri ganviTarebis tendenciebi.

rogorc raodenobrivi, ise RirebulebiTi ekonomikuri maCveneblebi Tavis

mxriv SeiZleba iyos absoluturi an fardobiTi saxis.

absoluturi maCveneblebi ekonomikur movlenebsa da maT Sedegebs

raodenobriobaSi anu moculobaSi axasiaTeben. magaliTad, wlis

ganmavlobaSi sawarmoSi daixarja 40 aTasi tona nedleuli, gamoSvebulia 80

aTasi laris mza produqcia, miRebulia 20 aTasi lari mogeba, ZiriTad

saSualebebSi avansirebulia 50 aTasi lari da a.S.

fardobiTi maCveneblebi asaxaven raime Tvisobriobis dones. igi miiReba

romelime absoluturi maCveneblebis SefardebiT. magaliTad, nedleulis

xarjvis done produqtis erTeulze (daxarjuli masalebis raodenoba

Sefardebuli gamoSvebuli produqciis raodenobasTan), fondukugeba

(gamoSvebuli produqciis moculoba Sefardebuli ZiriTadi saSualebebis

RirebulebasTan), mogebis norma (mogeba Sefardebuli SemosavalTan) da a.S.

ganzogadebis xarisxis mixedviT ganasxvaveben zogad anu sinTezur da

kerZo anu (detalur) analizur maCveneblebs.

zogadi ekonomikuri maCveneblebi mTeli sawarmos masStabiT axasiaTeben

sawarmos saqmianobis ama Tu im Sedegs. magaliTad, mogeba Sefardebuli

materialuri aqtivebis jamTan, aris momgebianobis saerTo anu zogadi

maCvenebeli. Mmagram SeiZleba gamoTvlil iqnes momgebianobis uamravi kerZo

maCvenebeli: mogeba Sefardebuli grZelvadian aqtivebTan, an ZiriTad

saSualebebTan, an danaxarjebTan da ase Semdeg. amrigad, kerZo maCveneblebi

detalizaciis nebismier doneze SeiZleba gamoiTvalos.

mecnier-ekonomistebi agreTve Tvlian rom SeiZleba arsebobdes sawarmos

efeqtianobis donis Sefasebis erTi uzogadesi anu ganmazogadebeli

maCvenebeli, romelSic sawarmos yvela saxis resursis gamoyenebis xarisxi

da saqmianobis yvela mxare erToblivad anu kompleqsurad aris asaxuli.

aseTi SeiZleba iyos mogebis fardoba aqtivebis jamTan.

Cveni azriT, agreTve kargi iqneba Tuki sawarmos finansuri

koeficientebis klasifikacia moxdeba finansur angariSgebaze

damokidebulebis mixedviT.


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44

Afinansur angariSgebaze damokidebulebis mixedviT SeiZleba gamoiyos

individualuri da kombinirebuli maCveneblebi.

Afinansuri angariSgebis individualur maCvenebels vuwodebT im

maCveneblebs, romelTa gamoTvla finansuri angariSgebis mxolod romelime

erTi komponentis informaciis safuZvelze SesaZlebelia. magaliTad,

buRaltruli balansis individualuri anu sakuTari koeficientebia

struqturuli da dinamikuri koeficientebi, likvidurobis koeficientebi,

sakuTari sabrunavi saxsrebi, sakuTari kapitalisa da valdebulebebis

koncentraciis koeficientebi da a.S.

kombinirebul maCveneblebs vuwodebT iseT maCveneblebs, romelTa

gamosaTvlelad finansuri angariSgebis ramdenime komponentis informaciaa

saWiro. ase magaliTad: aqtivebis brunvadobis da momgebianobis

maCveneblebi, maT gamosaTvlelad saWiroa balansisa da mogeba/zaralis

angariSgebis informacia; procentis dafarvis koeficieti, romelic

mogeba/zaralisa da fuladi nakadebis angariSgebis informaciis safuZvelze

gamoiTvleba da a.S.

ekonomikuri maCveneblebi agreTve SeiZleba iyos gegmuri (anu

prognozuli) da faqtobrivi. Ggegmuri ekonomikuri maCveneblebi aris

sawarmos biznes-gegmiT winaswar gansazRvruli miznobrivi (samomavlo)

maCveneblebi. faqtobrivi maCveneblebi ki miiReba sawarmos faqtiuri

saqmianobis Sedegad, roca samoqmedo periodi (Tve an weli) ukve gasulia.

sawarmos safinanso-ekonomikur maCvenebelTa sistemas mecnier-

ekonomistebi eqvs ZiriTad tipad ajgufeben. esenia:

I. qonebrivi mdgomareobis Sefasebis maCveneblebi. – isini axasiaTeben

sawarmos qonebis struqturas, wminda aqtivebis da sakuTari sabrunavi

saxsrebis moculobas, ZiriTadi saSualebebis asakobriv mdgomareobas

da maTi dafinansebis mdgomareobas.

II. likvidurobis maCveneblebi – axasiaTeben sawarmos gadaxdisunarianobis dones. es maCveneblebi yvelaze fundamentaluri mniSvnelobisaa, vinaidan isini zomaven sawarmos unars, SeuZlia Tu ara mas darCes biznesSi;

III. finansuri stabilurobis maCveneblebi – isini axasiaTeben sawarmos

sakuTari sabrunavi saxsrebiT uzrunvelyofas, sakuTari da nasesxebi

kapitalis Tanafardobis mdgomareobas da sawarmos finansuri

damoukideblobis xarisxs;

IV. saqmiani aqtivobis Sefasebis maCveneblebi – isini axasiaTeben aqvs Tu

ara sawarmos mogeba da rogoria avansirebuli Rirebulebis

brunvadobis siCqare;

V. momgebianobis Sefasebis maCveneblebi – isini axasiaTeben gamoyenebuli resursebis efeqtianobis dones. es maCveneblebi warmoadgenen sawarmos marTvis xarisxis mkacr indikatorebs, Tu ramdenad kargad iyenebs mmarTveloba kompaniis resursebs.


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VI. investiciebis Sefasebis maCveneblebi – isini axasiaTeben sawarmos

mdgomareobas fasiani qaRaldebis bazarze, Tu ramdenad sainteresoa igi

investorisaTvis.

ZiriTadi safinanso-ekonomikuri maCveneblebis sistema Semdegia:

I. qonebrivi mdgomareobis Sefasebis maCveneblebi

1. wminda aqtivebis Rirebuleba = aqtivebi – valdebulebebi

2. aqtivebis struqturis maCveneblebi anu TiToeuli saxis aqtivis procentuli wili

aqtivebis saerTo jamis mimarT.

3. wminda mimdinare aqtivi = (sakuTari kapitali + grZelvadiani valdebulebebi) – grZelvadiani aqtivebi

(an mimdinare aqtivebs – mimdinare valdebulebebi)

4. sakuTari sabrunavi saxsrebi = wminda mimdinare aqtivebi – mimdinare aqtivebSi dabandebuli grZelvadiani sesxi

4. sakuTari sabrunavi saxsrebis wili mimdinare aqtivebSi = sakuTari sabrunavi

saxsrebi Sefardebuli mimdinare aqtivebis jamTan. D dagrovili cveTi Tanxa

5. ZiriTadi saSualebebis cveTis koeficienti = --------------------------------------------------------------------

ZiriTadiAsaSualebebi pirvandeli RirebulebiT

6. ZiriTadi saSualebebis axlad SeZenili Zir. saS. pirvandeli RirebulebiT ganaxlebis koeficienti = -------------------------------------------------------------------------------------------

wlis bolos arsebuli Zir. saS. pirv. RirebulebiT II. likvidurobis maCveneblebi

fuladi saSualebebi

1. absoluturi likvidurobis koeficienti = -------------------------------------------------------- mimdinare valdebulebebi fuladi saSualebebi + moklevadiani moTxovnebi

2. swrafi likvidurobis koeficienti = --------------------------------------------------------------------------------- mimdinare valdebulebebi

mimdinare aqtivebi

3. saerTo likvidurobis koeficienti = ----------------------------------------------------- mimdinare valdebulebebi

4. sakuTari sabrunavi saxsrebis fuladi saSualebebi manevrirebis koeficienti = -------------------------------------------------------------- sakuTari sabrunavi saxsrebi fuli + fasiani qaRaldebi + debitorebi

5. fuladi usafrTxoebis intervali = ----------------------------------------------------------------------- saSualo dRiuri xarji


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saoperacio saqmianobidan miRebuli fuli – _ mogebis gadasaxadi

6. procentis dafarvis koeficienti = -------------------------------------------------------------- wliuri saprocento xarji

III. finansuri stabilurobis Sefasebis maCveneblebi

dafinansebis `normaluri~ wyaroebi

1. maragis dafarvis koeficienti = ------------------------------------------------------------------------ materialuri maragebi + winaswar gaweuli xarjebi

2. sakuTari da moziduli saxsrebis sakuTari kapitali Tanafardobis koeficienti = ---------------------------------------------------------- moziduli kapitali (valdebulebebi)

3. moziduli da sakuTari kapitalis valdebulebebi Tanafardobis koeficienti = -------------------------------------------- sakuTari kapitiali mTeli aqtivebis jami

4. finansuri damokidebulebis koeficienti = ------------------------------------------------ sakuTari kapitali sakuTari sabrunavi saxsrebi

5. sakuTari kapitalis manevrirebis koeficienti = ----------------------------------------------- sakuTari kapitali valdebulebebi

6. moziduli kapitalis koncentraciis koeficienti = ---------------------------------------- aqtivebi grZelvadiani valdebulebebi

7. grZelvadiani valdeb. koncentraciis koeficienti = ------------------------------------------- grZelvadiani aqtivebi

8. nasesxebi saxsrebis grZelvadiani grZelvadiani valdebulebebi mozidvis koeficienti = --------------------------------------------------------------------- grZelvad.valdeb. + sakuTari kapitali grZelvadiani valdebulebebi

9. moziduli kapitalis struqturis koeficienti = ----------------------------------------------- valdebulebebi sakuTari kapitali – privileg. sak. kap.

10. sakuTari kapitalis fardoba aqtivebTan = ----------------------------------------------------------- wminda aqtivebi mogeba %-isa da gadasaxadis gadaxdamde

11. procentis uzrunvelyofis koeficienti = ------------------------------------------------------------ saprocento Tanxa


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IV. biznesis saqmiani aqtivobis Sefasebis maCveneblebi

a). absoluturi maCveneblebi

1. mogeba dagegvramde = Semosavals – xarjebi

2. wminda mogeba = mogeba dabegvramde – mogebis gadasaxadi

3. gaunawilebeli mogeba = wminda mogebas – gasacemi dividendebi – rezervebi

4. finansuri siWarbe = wminda mogeba + wliuri amortizacia

5. zRvruli mogeba = Semosavlebs – cvladi xarjebi

b) fardobiTi maCveneblebi mimdinare aqtivebi * 365 dRe

6. sabrunavi saxsrebis brunvis xangrZlioba dReebSi = ------------------------------------------- Semosavali realizaciidan Semosavali realizaciidan

7. sabrunavi saxsrebis brunvis ricxvi = ----------------------------------------------- mimdinare aqtivebi mimdinare aqtivebi

8. sabrunavi saxsrebis damagrebis koeficienti = ---------------------------------------- Semosavali realizaciidan realizaciis TviTRirebuleba

9. sawarmoo maragis brunvis ricxvi = ----------------------------------------------------- maragebis saSualo wliuri naSTi amonagebi realizaciidan

10. debitoruli davalianebebis brunvis ricxvi = --------------------------------------------------- saSualo debitoruli davalianebebi

Sesyidvebi

11. kreditoruli davalianebebis brunvis ricxvi = ------------------------------------------------ mowodebidan valdebulebebis saSualo wliuri naSTi

365 365 365

12. finansuri ciklis periodi = ------------------------------ + ------------------------------ + ----------------------------- maragebis brunvis debitoruli kreditoruli ricxvi davalianebebis davalianebebis brunvis ricxvi brunvis ricxvi

wliuri cveTis Tanxa 12. ZiriTadi kapitalis brunvadoba = ------------------------------------------------------------------

ZiriTadi saSualebebi pirvandeli RirebulebiT

gaunawilebeli mogeba 13. ekonomikuri zrdis stabilurobis koeficienti = ---------------------------------------

sakuTari kapitali


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realizebuli produqciis TviTRirebuleba 14. mza produqciis brunvis ricxvi = ----------------------------------------------------------------------

mza produqciis saSualo wliuri naSTi V. momgebianobis maCveneblebi

mogeba realizaciidan * 100%

1. mogebis norma (marJa) = --------------------------------------------------- amonagebi realizaciidan mogeba realizaciidan * 100%

2. fasnamati = --------------------------------------------------------------------- realizaciis sruli TviTRirebuleba mogeba dabegvramde * 100%

3. produqciis rentabeloba (momgebianoba) = --------------------------------------------- amonagebi realizaciidan mogeba dabegvramde * 100%

4. avansirebuli kapitalis rentabeloba (momgebianoba) = ------------------------------------ (saerTo rentabeloba) aqtivebis jami mogeba dabegvris Semdeg * 100%

5. sakuTari kapitalis momgebianoba = ---------------------------------------------------- sakuTari kapitali sakuTari kapitali

6. sakuTari kapitalis gamosyidvis periodi = ----------------------------------------- mogeba dabegvris Semdeg

mogeba %-isa da gadasaxadis gadaxdamde (EBIT) * 100% 7. kapitalis ukugeba = ----------------------------------------------------------------------------------------

(ROCE) sakuTari kapitali + grZlevadiani valdebulebebi 8. mogeba 1 dasaqmebulze = mogeba dabegvramde / dasaqmebulTa ricxvi

VI. investiciebis Sefasebis maCveneblebi

wliuri mogeba 1. ukugeba investiciaze = -----------------------------------------------------------------------

( ROI ) gamoyenebuli kapitali (Zir.saS. + saw.maragebi)

wminda mogeba – privilegirebuli aqciebis dividendi

2. Semosavali erT aqciaze = ----------------------------------------------------------------------------------- Cveulebrivi aqciebis ricxvi erTi aqciis sabazro fasi

3. erTi aqciis fasis koefic. = ---------------------------------------------- Semosavali erT aqciaze Semosavali erT aqciaze * 100%

4. aqciis momgebianobis koeficienti = -------------------------------------------------- erTi aqciis sabazro fasi


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Cveulebriv aqciebze gamoyofili mogeba 5. dividendi erT aqciaze = -----------------------------------------------------------------------

Cveulebrivi aqciebis ricxvi wminda mogeba – dividendi privilegirebul aqciebze

6. dividendis uzrunvelyofa = ----------------------------------------------------------------------------- Cveulebrivi aqciebis dividendi Ddividendi erT aqciaze

7. Semosavali dividendidan = --------------------------------------------------- erTi aqciis sabazro fasi

8. aqciis konvertirebis erTi aqciis sabazro fasi (kotirebis) koeficienti = -----------------------------------------------------

erTi aqciis nominaluri Rirebuleba

aseTia sawarmos safinanso-ekonomikuri maCvenebelebis ZiriTadi nusxa.

CamoTvlil maCveneblebs SeiZleba kidev uamravi koeficienti daematos da

SeiZleba ramdenime aseuli koeficienti miviRoT detalizaciis sxvadasxva

xarisxiT.Ees analitikosis miznebzea damokidebuli. Mmotanili

koeficientebis analizis meTodika Sesabamis TavebSi iqneba ganxiluli.

zogierTi ekonomisti (sabremeniemi, sTiven breji da sxva) safinanso-

ekonomikur maCveneblebs xuT jgufad yofs:

1. likvidurobis koeficientebi – igi yvelaze fundamentaluri

mniSvnelobis koeficientebis jgufia, vinaidan isini zomaven komaniis unars

darCes biznesSi; maT miekuTvneba:

fuliT dafarvis koeficienti (Cash coverage ratio) – aCvenebs arsebuli

fulis sidides gadasaxdel procentze.

mimdinare koeficienti (Current ratio) – zomavs, mimidnare aqtivebi ramdenad

faravs mimdinare valdebulebebs.

swrafi likviduroba (Quick ratio) – fuladi Tanxebis fardoba mimdinare

aqtivebTan.

likvidurobis indeqsi (Liquidity index) – zomavs dros, romelic

aucilebelia aqtivebis fulad gadasaqcevad.

2. biznesis aqtiurobis koeficientebi (Activity ratios) – es koeficientebi

warmoadgenen menejmentis marTvis xarisxis Zlier indikatorebs. isini

aCveneben ramdenad kargad iyenebs menejmenti sawarmos resursebs. esenia:

kredotoru;li davalianebebisa da moTxovnebis brunvadobis

koeficientebi (Accounts payable turnover ratio and Account receivable turnver ratio).

ZiriTadi saSualebebis brunvadobis koeficienti (Fixed asset turnover ratio) –

zomavs Semosavlebis fardobas ZiriTad saSualebebTan;

saqonluri maragebis brunvadobis koeficienti (Inventory turnover ratio) –

maragebis moculoba, romelic aucilebelia saTanado realizacis

uzrunvelsayofad.


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gayidvebis fardoba sabrunav kapitalTan (Sales to working capital ratio) –

aCvenebs sabrunavi kapitalis moculoba, romelic aucilebelia mocmeuli

Smeosavlebis uzrinvelsayoafa.

sabrunavi kapitalis brunvadobis koeficienti (Working capital turnover ratio) –

zomavs kopmpaniis unars sabruanvi kapitalis garkveuli bazis safuZvelze

Semnas Semosavebi.

3. leverijis koeficientebi (Leverage ratios) – es koeficientebi axasiaTeben

sawarmo ra xarisxiT iyenebs sesxebs Tavis saqmianobaSi da am sesxebis

dafarvis unars. ესენია:

valdebulebebis fardoba sakuTar kapitalTan (Debt to equity ratio) – acVenebs,

Tu swarmos mmartveloba ra xarisxiT afinansebs Tavis operacibs

valdebulebebiT.

valebis dafarvis koeficienti (Debt service coverage ratio) – axasiaTebs

kompaniis SesaZleblobas, gadaixados misi sasesxo vadebulebebi.

mudmivi xarjebis dafarvis koeficienti (Fixed charge coverage) – aCvenebs

sawarmos uanars dafaros mudmvi xarjebi.

4. momgebianobis koeficientebi (Profitability ratios) – es koeficientebi

zomaven warmoeba ramdenad aris momgebiani. esenia:

waugeblobis wertili (Breakeven point) – aCvenebs Semosavlebis dones,

rodesa kompanias ara aqvs arc mogeba da arc zarali.

usafrTxoebis daiapazoni (Margin of safety) – aCvenebs ramdenad SeiZleba

daeces realizacia, sanam komapnia wonsworobis wertils miaRwevs.

wliuri mogebis fardoba aqtivebTan da a.S.

5. kapitalis Rirebulebis (Sefasebis) koeficientebi – isini gamoiyeneba

sawarmos sakuTari kapitalis SefasebisaTvis da analitikosebi

iyeneben imis SefasebisTvis, Tu rogori pozicia ukava kompanias

safondo birJaze. am maCveneblebs miekuTvneba Semosavli erT aqciaze,

dividendi erT aqciaze da sxva.

aSS saswavlo satreiningo programiT, sawarmos finansuri

maCveneblebis cameti jgufia gamoyofili. esenia:

1. aqtiurobis koeficientebi (Activity Ratios) – aq Setanilia brunvadobis

maCveneblebi;

2. likvidurobis koeficientebi (Licuidity Ratios)– aq Setanilia

likvidurobis koficientebi, fuladi Tavdacvis intervalis da fulis

moZraobis ciklis maCveneblebi;

3. gadaxdisunaianobis koeficientebi (Solvency Ratios) – valdebulebebis da

procentebis dafarvis koeficientebi;

4. momgebianobis koeficientebi (Profitabiliti Ratios) – aq mocemulia

momgebianobis sxvadasxva maCveneblebi;

5. firmis Tavisufali fuladi nakadebi (Free Cash flow to the Firm) – aq

Setanilia Tavisufali fulis nakadis moculobiTi maCveneblebi;


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6. Tavisufali fulis nakadis fardoba sakuTar kapitalTan (Free Cash flow

to Equity) – aq mocemulia fuladi nakadebis sxvadasxva fardobis

koeficientebi da diupontis formulebi;

7. variaciis koeficientebi(Coefficients of Variation)–aq mocemulia gayidvebis

da wminda mogebis maCveneblebis variaciis koeficientebis gamoTvla

standartuli gadaxris gamoyenebiT

8. materialuri maragebi (Inventories) – mocemulia saqonlis saboloo

naSTebis gamoTvlis formulebi `fifo~ meTodiT;

9. grZelvadiani aqtivebi (Long-Lived Assets) –aq mocemulia grZelvadiani

aqtivebis vadianobis da cveTis koeficientebi;

10. gadavadebuli gadasaxadebi (Deferred Taxes) – aq mocemulia mxolod erTi

moculobiTi maCvenebeli, rogoricaa mogebis gadasaxadis xarji;

11. debitoruli valebi (Debt liabilities) – erTi maCvenebelia mocemuli;

12. Sesrulebis koeficientebi (Performance Ratios) – aq Setanilia

saoperacio saqmianobidan miRebuli fulis fardobis koeficientebi

aqtivebTan, SemosavlebTan da sxva;

13. dafarvis koeficientebi (Coverage Ratios) –aq mocemulia saoperacio

saqmianobidan miRebuli fulis fardobis koeficientebi rogorc

mTlian valebTan, aseve saprocento gadasaxadebTan da gasacem

dividendebTan cal-calke.

mokled, SeiZleba davaskvnaT, rom maCvenebelTaA sistemis jgufebis

raodenobis gansxvavebis miuxedavd, yvela klasifikaciaSi ZiriTadad erTi

da igive maCveneblebia ganxiluli.

1.5. finansuri analizis informaciuli

baza da analizis Catarebis etapebi

sawarmos ekonomikuri analizi axdens Siga ekonomikur informaciis

analizs detalizaciis nebismier doneze, vidre finansuri analizi.

ekonomikuri analizi garda momgebianobisa da finansuri mdgomareobis

zogadi analizis sakiTxebisa, moicavs warmoebis danaxarjebis, calkeuli

saxis resursebis, teqnikis, teqnologiebis, Sromis da inteleqtualuri

resursebis gamoyenebis maCveneblebis analizs, rac mravalmxrivi Siga

informaciis damuSavebas moiTxovs. xolo, finansuri analizi Seiswavlis

sawarmos saqmianobis finansur uzrunvelyofas da fuladi resursebis

gamomuSavebis efeqts. ikvlevs misi gadaxdisunarianobis, finansuri

usafrTxoebis xarisxs. ixilavs sawarmos momgebianobis, investiciebis

alternatiuli proeqtebis Sefasebis, finansuri riskebis marTvis da

prognozirebis sakiTxebs.


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TviT termini `finansuri analizi~ aCvenebs mis mTavra mimarTulebas. igi

ikvlevs sawarmos finansebs, mis finansur poziciebs, aqtivebisa da

dafinasnebis wyaroebis Tanafardobis xarisxs. igi aris ekonomikuri

analizis dargi, romelic ikvlevs sawarmos finansur mdgomareobaze,

dagegmili da ganxorcielebuli RonisZiebebis momxdar gavlenebs, raTa

moxdes finansuri strategiis prognozireba.

sawarmos finansuri analizis mizania gamoikvlios da gamoavlinos

sawarmos finansuri mdgomareobis gaumjobesebis, finansuri stabilurobis

da momgebianobis amaRlebis faruli SesaZleblobebi anu rezervebi da

finansuri riskebis Serbilebis mimarTulebebi

rezervebi anu faruli SesaZleblobebi SeiZleba iyos Sida an gare

xasiaTis. Sida rezervebi damokidebulia TviT sawarmos muSaobisa da

marTvis xarisxze. gareSe rezervebi ki damokidebuli ar aris sawarmos

muSaobaze. isini SeiZleba warmoiSvas bazarze arsebuli pirobebis,

saxelmwifos ekonomikuri politikis, sagadasaxado politikis, sabanko

kreditebis saprocento ganakveTebis cvlilebebiT da sxva msgavsi

moqmedebebis Sedegad. finansuri analizis miznebs analitikosis interesebi udevs safuZvlad.

konkurenciis pirobebSi yoveli sawarmo, banki, investori da a.S.

dainteresebulia Tavisi momavali partnioris finansuri mdgomareoba

icodes, raTa Seamciros riskebis xarisxi. am SemTxvevaSi finansuri

analizis mizania arsebuli an potenciuri partnioris finansuri

stabilurobisa da Ggadaxdisunarianobis Sefaseba finansuri angariSgebis

safuZvleze.

xolo, Tu sawarmos finansur menejers surs xelmZRvanelobas miawodos

daskvnebi sawarmos finansuri mdgomareobis Sesaxeb, maSin finansuri

analizis mizania ara mxolod finansuri stabilurobis da momgebianobis

Sefaseba, aramed, gadaxrebze moqmedi faqtorebis gazomva Tanxobrivad da

Semdgomi gaumjobesebis RonisZiebebis SemuSaveba maTi danregvis mizniT.

amrigad, finansuri analizis miznebi SeiZleba orgvari aspeqtiT

Camoyalibdes:

I. informaciis gare momxmareblebis interesebidan gamomdinare – Seafasos

sawarmos gadaxdisunarianoba, finansuri usafrTxoeba da momgebianoba;

II. informaciis Sida momxmareblebis interesebidan gamomdinare – ara

mxolod Seafasos, aramed gamoavlinos sawarmos finansuri

mdgomareobis Semdgomi gaumjobesebis RonisZiebebi da ganaxorcielos

isini.

Tanamedrove sabazro urTierTobebis dros, ama Tu im sawarmos

Seuferxebeli da warmatebuli funqcionirebisaTvis, aucilebelia mewarmem

icodes ara mxolod sakuTari kompaniis, aramed misi partniorebis

(kontragentebis) finansuri mdgomareobis suraTi. zogadad, sawarmos

finansuri mdgomareobis analizi sawarmos sakuTari kapitalisa da


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valdebulebebis Tanafardobis SedegebTan dakavSirebuli finansuri

poziciebis kvlevaa.

finansur analizis amocanebia:

1. finansuri angariSgebis poziciebis Sefaseba;

2. uzrunvelyos dasabuTebuli mmarTvelobiTi gadawyvetilebebis miReba

firmis sainvesticio politikis dargSi;

3. sawarmos gadaxdisunarianobisa da momgebianobis perspeqtiuli

cvlil Sefaseba riskebis marTva;

4. sawarmos dafinansebis wyaroebis gamoyenebis efeqtianobis marTva.

zemoTqmulidan gamomdinare, finansuri analizis Tematuri miznebia:

sawarmos finansuri angariSgebis analizuri mimoxilva;

sawarmos dafinansebis wyaroebis struqturuli Seswavla;

sawarmos aqtivebis Semadgenlobis analizuri Seswavla;

sawarmos momgebianobis analizi;

sawarmos likvidurobisa da gadaxdisunarianobis Seswavla;

avansirebuli Rirebulebis brnvadobis daxasiaTeba;

fuladi nakadebis analizi;

finansuri riskebis Sefaseba;

finansuri investiciebis analizi

finansuri analizi SeiZleba iyos Sidasawarmoo an sawarmoTaSoriso.

Sidasawarmoo analizi mxolod erTi romelime mocemuli sawarmos

finansuri mdgomareobis analizs atarebs. sawarmoTaSoriso analizi ki

axdes msgavsi sawarmoebis maCveneblebis erTmaneTTan Sedarebas, rac

daintersebul pirebs exmareba airCion ufro misaRebi partniori an

gaiTvaliswinon arsebuli mowinave gamocdilebebi.

informaciis gare momxmareblebi finansur analizs ZiriTadad

gamoqveynebuli saerTo daniSnulebis finansuri angariSgebis informaciis

safuZvelze atarebs, raTa Seafasos mocemuli sawarmos gadaxdisunarianoba

da momgebianoba, raTa miiRos gadawyvetileba da ama Tu im sawarmosTan

partniorobis mizanSewonilobis Sesaxeb.

sawarmoTa finansuri menejmentis mizani ki mxolod sawarmos finansuri

poziciebis Sefaseba araa. man unda SeimuSaos arsebuli finansuri

mdgomarebis Semdgomi gaumjobesebisa da mosalodneli riskebisadmi

gamZleobis RonisZiebaTa sistema. am miznebis misaRwevad, mxolod

finansuri angariSgebis analizi sakmarisi araa. mas agreTve sxva

sainformacio wyaroebi Wirdeba.

zemoTqmulidan gamomdinare, saerTod finansuri analizis sainformacio

bazas warmoadgens saaRricxvo da arasaaRricxvo informacia; sawarmos

wliuri finansuri angariSgeba; Sida da gare auditoruli daskvnebi; biznes-

gegma; saSualo dargobrivi maCveneblebi; maRali reitingis mqone kompaniebis

finansuri maCveneblebi; direqtorTa sabWosa da saerTo krebis

gadawyvetilebebi; dakvirvebis masalebi da sxva.


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finansuri angariSgeba aris sawrmos finansuri mdgomareobisa da

finansuri Sedegebis struqturulad Camoyalibebuli suraTi.

finansur angariSgebaSi warmodgenilia sawarmos saqmianobis Sedegebis

amsaxveli da urTiereTdakavSirebuli absoluturi (moculobiTi)

ekonomikuri maCveneblebis sistema. Aam maCvenebelTa sistemis safuZvelze

SeiZleba asobiT koeficientis gamoTvla, romlebic mraval saintereso

kiTxvaze iZlevian pasuxs. magaliTad, sakuTari kapitalis fardoba aqtivebis

jamTan, pasuxobs kiTxvaze, aqtivebis ramdeni procentia dafinansebuli

sakuTari wyaroebiT da es maCvenebeli gaizarda Tu Semcirda wina wlebTan

SedarebiT. Mmogebis fardoba aqtivebis jamTan pasuxobs kTxvaze, ramdeni

procenti mogebaa miRebuli yovel erT lar aqtivze da umjobesdeba Tu ara

es maCvenebeli da a.S.

angariSgebis informaciis gare momxamreblebi sawarmos finansur

analizs gamoqveynebuli finansuri angariSgebis safuZvleze atareben, raTa

miiRon swori gadawyvetilebebi mocemul kompaniasTan momavali saqmiani

urTierTobebis mizanSewonilobasTan dakavSirebiT.Mmagram, informaciis

Sida momxmareblebi, rogoricaa direqtorTa sabWo da finansuri menejmenti,

finansuri analizis dros ar kmayofildeba wliuri finansuri angariSgebis

informaciiT da sawarmos finansuri mdgomareobis mxolod SefasebiT.

menejmenti dainteresebulia sawarmos momgebianobis amaRlebiT da

permanentuli finansuri stabilurobiT. Aamitom, igi ikvlevs im gzebs da

RonisZiebebs, romelTa Sedegad SesaZlebeli gaxdeba sawarmos ufro

efeqtiani muSaoba da momgebianobis donis zrda. Aamis miRwva `gadaxrebis~

analiziTaa SesaZlebeli. Ggegmuri donidanGgadaxrebis dasadgenad ki

sawarmos biznes-gegmis informaciac aris saWiro. biznes-gegma raTqmaunda

sajaro informacias ar warmoadgens da gareT ar qveyndeba. magram, sawarmos

menejmentisTvis igi advilad misawvdomia.

biznes gegma aris sawarmos oficialuri ganacxadi sawarmos ekonomikuri

miznebis da am miznebis miRwevis gzebis Sesaxeb. igi aris sawarmos momavlis

(3-5 wlis) werilobiTi aRweriloba. dokumenti, romelic aCvenebs Tu

gansazRvruli resursebiT ra unda akeTos sawarmom da rogor, raTa

gaizardos biznesisi qoneba da momgebianoba. ბiznes gegmaSi asaxulia

biznesis strategia da gegmis susti da Zlieri mxareebi.

biznes gegmis ganayofebia:

1. Sesavali (reziume) – aq mokled (1 gv) gadmocemulia gegmis mizani,

sawarmos aRwera, moziduli investiciebis moculoba, aRebuli

sesxebis moculoba, warmoebis efeqtianobis ZiriTadi gegmuri

maCveneblebi;

2. sawarmos aRwera – aq mocemulia sawarmos saqmianobis ZiriTadi

saxeebi da sawarmos profili; sawarmos mizani da samarTlebrivi

foma; ramdenad sando arian klientebi; gasaRebis regionebi; ZiriTadi

teqnikur-ekonomikuri mCvveneblebi wina periodisa da momavlisaTvis;

mokled axsnilia sawarmos gansxvaveba sxva sawarmoebisagan;


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3. marketinguli gegma – aq mocemuli produqciis (an momsaxurebis)

aRwera. kerZod, produqtebis fizikuri daxasiaTeba, samomxmareblo

Rirsebebi, moTxovnebi, romlebic gaTvaliswinebulia momxmareblis

interesebis mixedviT;

4. bazrisa da marketinguli strategiis analizi – gadmocemulia

rogoria bazris moTxovna kompaniis produqciaze da rogor SeuZlia

bazris moTxovnebis cvlilebebze reagireba. agreTve mocemulia

produqciis realizaciis prognozuli moculoba da marketinguli

strategia: faswarmoqmna, reklama, gayidvebis stimulireba;

5. sawarmoo gegma – aq igegmeba gamosaSvebi produqciisaTvis saWiro

nedleulisa da masalebis, teqnikuri aRWurvilobebis da SromiTi

resuresbis raodenoba da xarisxi. agreTve mocemulia produqciis

ganaxlebis gegma, produqciis damzadebis opertiuli kalendaruli

gegmebi, warmoebis teqnikuri aRWurvilobis da marTvis organzaciis

amaRlebis gegmebi, personalis socialuri ganviTarebis da garemos

dacvis RonisZiebebi.

6. samuSaoebis Sesrulebis grafiki – aq mocemulia warmoebis

uzrunvelyofis gegma, sadac gaangariSebulia calkeuli saxis masalis

gamoyenebis efeqtianoba (gamosavlianoba) da maTi moxmarebis

kalendaruli grafiki, warmoebis informaciuli da normatiuli

meTodikiT uzrunvelyofa;

7. marTva da organizacia – aq warmodgenilia sawarmos organizaciuli

sqema, romelic aCvenebs kompaniis ganyofilebebis urTierTkavSirebs

da pasuxismgeblobebs sawarmos SigniT. damuSavebulia biznes-gegmis

Sesrulebis programa da strategiuli miznebis SesrulebaSi

moulodenli SesaZlo cvlilebebis SemTxvevaSi reagirebis

RonisZiebebi;

8. finansuri gegma – igi unda Seesabamebodes biznes gegmis danarCen

ganayofebs, radgan masSi fulad formaSi ganzogadebulia biznes

gegmis yvela ganayofis maCveneblebi. kerZod, mocemulia mTliani

realizaciis moculobis prognozi, fasiani qaRaldebis marTvis

prognozi, sawarmos finansuri da operatiuli biujetebi, gegmuri

buRaltruli balansi, mogeba/zaralis angariSgeba da fuladi

nakadebis angariSgeba;

9. riskebis Sefaseba – gadmocemulia mosalodneli riskebis analizi da

riskebis Semcirebis saSualebebi. damuSavebulia riskebis minimizaciis

Sida dazRvevisa da gare dazRvevis mimarTulebebi.

biznes gegmis maCveneblebi gamoiyeneba sawarmos Siga analizSi,

faqtobrivi maCveneblebis gegmuridan gadaxrebis gamovlenisa da faqtoruli

analizis Catarebis miznebisaTvs.

sawarmos ekonomikuri saqmianobis gaumjobesebisa da efeqtianobis

amaRlebis rezervebis gamovlenis miznebis misaRwevad, saWiroa analizis

ramdenime ZiriTadi safexuris gavla. esenia:


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I. mosamzadebeli etapi

II. informaciis analizuri damuSaveba

III. analizis daskvnebi an interpretaciebi da rekomendaciebi

mosamzadebel etapze xdeba saanalizo sawarmos warmoebis

Taviseburebebis gacnoba, analizis gegmis Sedgena da analizisaTvis saWiro

informaciis mogroveba.

mosamzadebel etapze aucilebelia TviT finansuri angariSgebis

Semowmeba formalurad, ariTmetikulad da arsebiTad. Fformaluri

Semowmebis dros finansuri angariSgeba mowmdeba garegnulad. kerZod,

ramdenad sruladaa informacia mocemuli; Sevsebulia Tu ara yvela

rekviziti; aris Tu ara saWiro xelmowerebi. ariTmetikuli Semowmebis dros

mowmdeba sworad aris Tu ara gamoTvlili jamebi da sxva ariTmetikuli

moqmedebebi. arsebiTi Semowmebis dros mowmdeba daculia Tu ara logikuri

da Sinaarsobrivi kavSiri angariSgebaSi mocemul maCveneblebs Soris.

magaliTad, gaunawilebeli mogebis maCvenebeli mogeba/zaralis

angariSgebasa da buRaltrul balansSi erTmaneTs emTxveva Tu ara;

sakuTari kapitalis cvlilebis angariSgebaSi mocemuli naSTebi Seesabameba

Tu ara balanss; daricxuli da gadaxdili xarjebis maCveneblebi

Seesabameba Tu ara erTmaneTs mogeba/zaralis, fuladi nakadebis da

buRaltruli balansis monacemebis mixedviT da a.S. Tu Semowmebis Sedegad

aRmoCnda, rom arsebobs Seusabamoba angariSgebis maCveneblebs Soris, igi

aucileblad unda Seswordes.

mosamzadebel etapze agreTve Seiswavleba sawarmos saqmianobis

Taviseburebebi: ra saxis produqts amzadebs (an momsaxurebas) eweva,

rogoria teqnikuri da teqnologuri Taviseburebei, marTvis organizacia da

struqturuli erTeulebi da sxva.

meore etapia informaciis analizuri damuSaveba. - analizis gegmis

Sesabamisad moxdeba saanalizo sawarmos finansur angariSgebaze darTuli

axsna-ganmartebebis Seswavla, raTa Sefasdes ganvlil saangariSgebo wels

sawarmos saqmianobis pirobebi; mogrovili da Semowmebuli informaciis

dajgufeba, daxarisxeba, analizuri damuSaveba da gadaxrebis gamokvleva.

amasTan, analitikosma unda Seadginos sxvadasxva samuSao cxrilebi, sadac

Tavs uyris didZal informacias ekonomikuri maCvenebelbis cvlilebebis

tendenciebis gamosavlenad.Aam process: `yvelaferi moaTavse cxrilSi~,

saerTaSoriso praqtikaSi analizis oqros wess uwodeben.

finansuri angariSgebis saerTaSoriso standartebis moTxovnebiT,

sawarmoebma ZiriTadi fardobiTi ekonomikuri maCveneblebi, rogoricaa:

momgebianobis, likvidurobis, fondukugebis, Sromisnayofierebis, aqciebis

momgebianoba da sxva ZiriTadi maCveneblebi, finansuri angariSgebis axsna-

ganmartebebSi unda gadmoscen. Tu sawarmos saTanado maCveneblebi

angariSgebaze TandarTuli ara aqvs, maSin analitikosma Tavad unda

gamoiangariSos misTvis saintereso koeficientebi.


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finansuri angariSgebis analizis dros gaTvaliswinebul unda iqnes is

garemoeba, rom finansur angariSgebas Tan axlavs ramdenime SezRuduloba,

rogoricaa:

1. buRaltruli balansi da angariSgebis sxva formebi (komponentebi)

afiqsireben sawarmoSi ukve momxdar sfinanso-ekonomikuri operaciebis

Sedegebs, amitom, bunebiT istoriulia;

2. aqtivebi, valdebulebi, sakuTari kapitali, Semosavlebi da xarjebi

angariSgebaSi asaxulia mocemuli momentisaTvis (status-qvo) da pasuxobs

kiTxaze: gamoyenebuli saaRricxvi politikis Tanaxmad, ras warmoadgens

sawarmo mocemul momentSi. Mmagram, ar pasuxobs kiTxvaze, ris Sedegadaa

miRweuli mocemuli mdgomareoba. Aam kiTxvas, angariSgeba Rrma analizis

gareSe ver pasuxobs;

3. finansuri angariSgebis informaciaze dayrdnobiT marTalia mravali

fardobiTi ekonomikuri maCvenebeli SeiZleba gamoiTvalos, magram, Tu ar

moxdeba maTi, sxva saTanado maCveneblebTan Sedareba, isini usargebloni

xdebian. buRaltruli balansi, mogeba/zaralis angariSgeba da a.S. calke

izolirebulad aRebuli vercerTi ver daexmareba mewarmes an sxva

dainteresebul pirebs, swori arCevani an gadawyvetilebebi miiRon. amitom,

aucilebelia mocemuli sawarmos fardobiTi ekonomikuri maCveneblebi

biznes-gegmis, saSualo dargobriv an warmatebuli sawarmos maCveneblebs

Seudaron.

4. buRaltruli balansis informacia pirdapir ver pasuxobs kiTxvas

imis Sesaxeb, Tu ramdenad sakmarisia es saxsrebi sawarmosaTvis. amisaTvis

aucilebelia dabandebuli saxsrebis brunvadobis maCveneblebis gamoTvla

da gegmur maCveneblebTan Sedareba;

ase magaliTad: davuSvaT ori saxvadasxva sawarmos balansSi maragebis

muxliT naCvenebia erTi da igive ricxvi _ 20 mln lari. masalebis wliuri

brunva anu masalis wliuri xarji vTqvaT, pirvel sawarmoSi aris 60 mln da

meoreSi – 100 mln lari. maSin, pirvel sawarmoSi maragad gaaCniaT wliuri

moTxovnis mesamedi (60/20) da meore sawarmoSi ki mexuTedi (100/20).maSasadame,

pirvel sawarmoSi, masalebis maragSi avansirebuli fuli weliwadSi samjer

Semobrundeba, meoreSi ki xuTjer. e.i. aq brunvadoba maRalia da mas naklebi

maragi Wirdeba. Aase rom, pirvelma sawarmom unda izrunos maragSi

avansirebuli Rirebulebis brunvadobis daCqarebaze. amrigad, fardobiTi

maCveneblebis Sedarebis gareSe am daskvnebis gakeTeba SeuZlebeli iqneboda.

5. buRaltruli balansi informacias iZleva periodis bolosaTvis,

xolo wlis ganmavlobaSi rogor icvleba misi muxlebi, balansi amas ver

asaxavs.

6. buRaltruli balansis erT-erTi arsebiTi xasiaTis SezRudulobaa

aqtivebis SeZenis fasebis gamoyenebis principi. inflaciis pirobebSi

sxvdasxva dros SeZenili masalebi da mowyobilobebi Rirebulebis mixedviT

araSesadarisni xdebian. maSasadame, isini sawarmos finansur Sedegebze

zemoqmedeben da sawarmos `realuri fasis~ gansazRvra Zneldeba.


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amasTan, balansi ver asaxavs im Rirebulebas, romelsac sawarmo

realurad flobs. Aamis mizezia Sefasebis gamoyenebuli saaRricxvo

meTodebi, inflacia, bazris koniunqtura, reputacia, avtoriteti da a.S.

amdenad, buRaltruli balansi iZleva sawarmos aqtivebis, valdebulebebisa

da sakuTari kapitalis saaRricxvo Sefasebas. xolo maTi mimdinare sabazro

Rirebuleba SesaZloa gansxvavebuli iyos.

amJamad mimdinareobs diskusia imis Sesaxeb, rom periodulad xomar

Sefasdes sawarmos `imiji~ da igi asaxul iqnes sawarmos balansis aqtivSi.

Aam mosazrebas ar veTanxmebiT, radgan es gazrdida qonebis gadasaxads.

amasTan, Sefaseba Zalian pirobiTi iqneba.

7. garda amisa, ekonomistebi Tvlian, rom balansis valutas (jams)

xelovnurad zrdis sakuTari kapitalis formirebis meTodika, romlis

mixedviT, damfuZneblebis mier jer kidev Semoutaneli saxsrebi aRiricxeba

aqtivSi, rogorc moTxovna da pasivSi, rogorc sakuTari kapitali. vinaidan

damfuZneblebs TavianTi wili sawarmoSi erTbaSad ar SemoaqvT, amitom

Semosatani Tanxebis srulad dafarvamde, balansis jami xelovnurad

gazrdilad gamoiyureba. aqedan gamomdinare, sakuTari kapitalis

rentabelobis analizis dros, marTebuli iqneba es sidide sakuTari

kapitalis moculobidan gamoiricxos.

8. sawarmos finansuri mdgomareobis doneze, perspeqtivebsa da

cvlilebebze gavlenas axdenen ara mxolod finansuri xasiaTis faqtorebi,

aramed mravali sxva faqtoric, romelTac RirebulebiTi gamosaxuleba ar

gaaCniaT. magaliTad, saerTo politikuri da ekonomikuri movlenebi, dargisa

da sawarmos organizaciul-struqturuli cvlilebebi, sakuTrebis formebis cvla, mesakuTreTa Secvla, dasaqmebuli kadrebis profesionalizmi da a.S.

yovelive amis gaTvaliswinebiT, finansuri analizi kompleqsuri xasiaTisaa,

romelic rogorc determinirebul (gansazRvrul) kriteriumebs, ise

araformalur Sefasebebs iyenebs.

9. aRricxvisa da analizisaTvis metad aqtualuria angariSgebis

garegnuli formebis (cxriluri warmodgenis) unifikaciis SesaZleblobis

da mizanSewonilobis sakiTxi. wliuri finansuri angariSgeba Seicavs

sawarmos saqmianobis amsaxvel agregirebul (dajgufebul-gaerTianebul)

maCveneblebs. aucilebelia raime optimaluri zomis dadgena. angariSgebaSi

gamoqveynebuli informacia arc Zalian mwiri da arc Zalian

mravalricxovani ar unda iyos. erTic da meorec xels uSlis imformaciis

momxmareblebs, sawrmos finansuri mdgomareobis Sesaxeb ZiriTadi azri

Camoayalibon.

finansuri analizis meore etapze agreTve xdeba safinanso-ekonomikuri

maCveneblebis cvlilebebis gamomwvevi faqtorebis gamokvleva-gazomva. es

gulisxmobs sawarmos finansuri mdgomareobis dadebiTi da uaryofiTi

mizezebis gamokvlevas da moqmedi faqtorebis gazomvas. analizi SeiZleba

Catardes detalizaciis nebismieri xarisxiT.


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analizisaTvis pirvel rigSi saWiroa finansur angariSgebaSi mocemuli

maCveneblebis bunebisa da maT Soris arsebuli kavSirebis codna fardobiTi

maCveneblebis gamosaTvlelad. Semdeg, analitikosi ayalibebs im maCenebelTa

sistemas, romelTa tendenciebis gamovlenis Sedegad SeiZleba sawarmos

finansuri mdgomareobis Sefaseba. am maCvenebelTa ZiriTadi sqema Semdeg

sakiTxSia gadmocemuli. analizis dros Seiswavleba rogorc absoluturi,

ise fardobiTi maCveneblebi. dgeba saWiro analizuri cxrilebi da tardeba

faqtoruli ekonomikuri analizi.

agreTve, daxasiaTeba unda mieces sawarmos finansuri saqmianobis

saerTo mimarTulebas; Ggamovlindeba sawarmosaTvis yvelaze mtkivneuli

momentebi, rogoricaa: zarali, vadagadacilebuli sesxebi, debitoruli da

kreditoreuli davalianebebi da gacemuli Tamasuqebi; Sefasdeba sawarmos

safinanso-ekonomikuri potenciali qonebrivi mdgomareobis daxasiaTebis

mizniT, risTvisac saWiroa balanis vertikaluri da horizintaluri

analizi; gaanalizdeba sawarmos gadaxdisunarianoba, finansuri

stabiluroba, momgebianoba, investiciebis efeqtianoba (mdgomareoba fasiani

qaRaldebis bazarze); sawarmos adgili dargSi.

finansuri analizis mesame, daskvniT etapze xdeba Catarebuli analizis

Sedegebis saboloo gadamowmeba, dazusteba da yovelive amis safuZvelze,

sawarmos finansuri mdgomareobis gaumjobesebisa da momgebianobis

amaRlebis winadadebebisa an rekomendaciebis SemuSaveba.

unda aRiniSnos, rom sxvadasxva mecnier-ekonomisti analizis etapebs

sxvasxvagvarad gamohyofs. magaliTad, bernStaini analizis Semdeg

safexurebs iZleva:

1. finansuri angariSgebis Sedareba;

2. trendebis seriebi – anu movlenebis Seswavla ramdenime wlian

periodSi;

3. finansuri angariSgebis struqturuli analizi;

4. koeficientebis (fardobiTi maCveneblebis) analizi;

5. specifikuri analizi kerZo Tematikis mixedviT.

amerikeli mecnierebi (t.p.katlini da a.r.makmani) finansuri angariSgebis

analizis Semdeg safexurebs gamoyofen:

1. aucilebeli finansuri angariSgebis gacnoba da Semdeg maTi analizi;

2. faqtiuri monacemebis dinamikuri da struqturuli Sefaseba;

3. koeficientebis analizi tendenciebis gamosavlenad da SedarebiTi,

sawarmoTaSoriso analizi;

4. naRdi fulis yovelTviuri moZraobis ganxilva;

5. firmis saqmianobis Sedegebis prognozireba, valdebulebebis dafarvis

Sefasebis mizniT.

qarTveli mecnier-ekonomisti fr. burduli ki analizis Semdeg etapebs

gamoyofs:

1. saanalizo obieqtis da miznis gacnoba;

2. imformaciis miReba;


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3. analizis Catarebis gegmis Sedgena;

4. analizuri informaciis arsebiTi Semowmeba da analizuri cxrilebis

Sedgena;

5. informaciis analizuri damuSaveba;

6. analizis Sedegebis gaformeba da angariSis Sedgena.

xolo, mSeneblobisa da rekonstruqciis saerTaSoriso bankis

klasifikaciiT, analizis eqvsi safexuria gamoyofili:

1. miznis konstantireba da gansja (State the objective and contest ) –

ganisazRvreba ra kiTxvebs unda upasuxos analizma, ra resursebi da

ra droa saWiro analizis Casatareblad;

2. monacemebis Tavmoyra (Gather data ) – kompaniis finansuri angariSgebis da

mis industriasa DdaA ekonomikasTan dakavSirebuli sxva monacemebis

mopoveba. SekiTxvebi kompaniis mmarTvelobasTan, momwodeblebTan da

SemkveTebTan (myidvelebTan). kompaniis saitebis gacnoba;

3. monacemebis gadamuSaveba (Process the data ) –finansuri angariSgebis

moyvana saTanado wesrigSi, Sida SeTanxmebulobis Semowmeba,

koeficientebis gamoTvla. eqsponatebis (TvalsaCinoebebis) momzadeba,

rogoricaa: grafikebi da naerTi balansebi;

4. monacemebis analizi da interpretacia (Analyse and interpret the data ) –

monacemebis gamoyeneba analizis pirvel safexurze dasmul kiTxvebze

pasuxis gasacemad. gadawydes, romel daskvnebs an rekomendaciebs

waradgens analitikosi;

5. daskvnebis an rekomendaciebis angariSi ( Report the conclusions or

rekomendations ) – angariSisa da Setyobinebis (ganacxadebis) momzadeba

Sesabamisi auditoriisaTvis (sazogadoebisaTvis an adamianTaA

jgufisTvis);

6. analizis Sedegebis gadamowmeba da srulyofa (Updatte the analysis ) –

analizis yvela safexuris ganmeoreba da aucileblobis SemTxvevaSi,

daskvnebis an rekomendaciebis Secvla.

Aamrigad, Tu Sedarebas movaxdenT, miuxedavad analizis Catarebis

safexurebis raodenobisa, yvela avtoris Tvalsazrisi arsebiT sakiTxebSi

erTmaneTs emTxveva. kerZod, analitikosi kargad unda icnobdes wliuri

finansuri angariSgebis komponentebs, maTi Sedgenis teqnikas, daniSnulebas

da maT Soris arsebul kavSirebs. Tavisuflad unda flobdes analizis

xerxebs trendebisa da faqtoruli analizis CatarebisaTvis da analizis

Sedegebis safuZvelze moaxdinos saqmianobis prognozireba, daskvnebis da

rekomendaciebis SemuSaveba.

miuxedavad imisa, rom finansuri angariSgeba swored imitom mzaddeba,

rom gaanalizdes, meoce saukunis dasawyisamde misi sistemuri analizis

meTodika ar arsebobda. meoce saukunis dasawyisSi warmoiSva aRricxvis

axali mimarTuleba – balansmcodneoba. romelic sami mimarTulebiT

ganviTarda: balansis ekonomikuri analizi (i.Seri, p.gerstneri, f.laitneri,


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h.konradi da sxv.); balansis iuridiuli analizi (r.baigeli, e.rameli,

k.porcigi) da balansis Sesaxeb codnis popularizacia (guberomi, broziu

somi, Senvadtomi da sxvebi). ruseTSi balansis analizis fuZemdeblad

iTvleba a.rosCaxovski (1910 w.), romelic imavdoulad pirvel rus

buRaltradaa miCneuli.

finansur analizs kavSiri aqvs mraval sxva mecnierul disciplinebTan,

rogoricaa: maTematika, makro da mikroekonomika; finansuri aRricxva,

statistika, menejmenti, marketingi.

kiTxvebi TviTSemowmebisaTvis: 1. ra aris ekonomikuri analizis sagani;

2. ra ari finansuri analizis mizani;

3. ras moicavs sawarmos safinanso-ekonomikur maCvenebelTa sistema;

4. CamoTvaleT ekonomikuri analizis saxeebi;

5. CamoTvaleT finansuri analizis Catarebis etapebi

6. ra aris ekonomikuri movlenis faqtori;

7. CamoTvaleT eknomikuri analizis tradiciuli xerxebi;

8. ra mizniT gamoiyeneba jaWvuri Casmis xerxi;

9. ras axasiaTebs saSualo kvadratuli gadaxra;

10. ras axasiaTebs variaciis koeficienti 11. ra mizniT gamoiyeneba fasebis indeqsi

t e s t e b i

1. finansuri analizis mizania: a. finansuri koeficientebis analizi b. finansuri mdgomareobis gaumjobesebis rezervebis gamovlena g. finansuri koeficientebis dinamikuri mwkrivebi

2. ekonomikuri analizis sagania: a. sawarmos finansuri resursebis arseboba da gamoyeneba b. warmoebis efeqtianobis amaRlebis rezervebi

g. sawarmos finansuri resursebis gamoyenebisa da dafinansebis wyaroebis

maCveneblebSi momxdari cvlilebebi.

3. ekonomikuri maCvenebeli aris: a. raime ekonomikuri movlenis Sedegis ricxviTi maxasiaTebeli

raodenobriv da Tvisobriv mxareTaAurTierTkavSirSi b. sawarmos finansuri Sedegebis raodenobrivi koeficienti g. konkretuli movlenis xdomilebaTa sixSire, movlenebis saerTo

simravleSi 4. romeli Tvalsazrisia swori:

a. raodenobrivi maCvenebeli ama Tu im ekonomikur movlenas zomavs fulad-RirebulebiT erTeulebSi

b. raodenobrivi maCveneblebi ekonomikur movlenebs abstraqtulad axasiaTeben

g. RirebulebiTi maCveneblebi ekonomikur movlenebs zomaven fulad formaSi


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5. romeli Tvalsazrisia mcdari: a. absoluturi maCveneblebi axasiaTeben raime saxis resursis gamoyenebis

dones b. raodenobrivi maCveneblebi ekonomikur movlenebs zomaven naturalur

erTeulebSi g. fardobiTi maCveneblebi axasiaTeben raime saxis resursis gamoyenebis

dones 6. maCvenebeli: fuladi Tanxebi Sefardebuli ZiriTad saSualebebTans, aris:

a. sawarmos momgebianobis maCvenebeli b. sawarmos gadaxdisunarianobis maCvenebeli g. arc erTi pasuxi araa swori

7. aqtivis jamis fardoba sakuTar kapitalTan, axasiaTebs: a. kompaniis finansur damoukideblobas b. kompaniis aqtivebis gamoyenebis efeqtianobas g. kompaniis finansur damokidebulebas sxva kompaniebze

8. ekonomikuri anlizis meTodi aris: a. absoluturi sxvaobisa da jaWvuri Casmis xerxi b. im xerxebis erToblioba, romelic gamoiyeneba analizis sagnis

Seswavlis mizniT g. zogadi movlenebis Seswavlidan kerZo daskvnebis gamotana

9. jaWvuri Casmis xerxi gamoiyeneba: a. saanalizo maCveneblis gadaxraze moqmedi faqorebis gavlenis

gasazomad b. saanalizo maCveneblis gadaxris gamosaTvlelad g. saanalizo maCveneblis dinamikuri cvlilebebis gamosakvlevad

10. indeqsi aCvenebs: a. drois erTi momentidan meore momentamde ekonomikuri maCveneblis

cvlilebis xarisxs b. kavSirs mizezsa da Sedegs Soris g. saanalizo maCvenebelze moqmedi faqtoris gavlenas

11. struqturis koeficienti aCvenebs: a. saanalizo maCvenebelze moqmedi faqtoris gavlenas b. saanalizo maCveneblis cvlilebas periodSi g. nawilis xvedriT wils mTelis mimarT

12. erTi cali kompiuteris fasi wina wels 870 lari iyo. mimdinare wels 980 laramde gaizarda. ras udris inflaciis indeqsi:

a. 0,888 b. 1,126 g. 1,011

13. erTi cali moswavlis CanTa wina wels 18 lari Rirda. mimdinare wels ki 20 lari gaxda. ras udris deflaciis indesi:

a. 0,90 b. 1,11 g. 1,00 14. qvemoT CamonaTvalidan, romelia korelaciis koeficientis dasaSvebi

mniSvneloba: a. _ 1,05 b. + 1,3 g. 0

15. or cvlads Soris (x da y) kavSiris dasadgenaT gamoTvlili korelaciis koeficienti udris 0,54.

a. (y)-is cvlilebis 54% procenti gamowveulia (x) maCveneblis cvlilebiT b. (x)-is cvlilebis 54% gamowveulia (y)-is cvlilebiT


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g. arcerTi pasuxi araa swori 16. qvemoT CamoTvlilTagan, korelaciis koeficienti aCvenebs or cvlads Soris

yvelaze Zlier urTierTkavSirs: a. + 0,7 b. _ 0,9

g. + 0,2 17. kompaniis SefasebiT, momdevno wlis realizaciidan amonagebi SeiZleba iyos:

98000 lari (albaToba 0,4), an 106000 (albaToba 0,5) an 150000 (albaToba 0,1). realizaciis ra moculoba unda gaiTvaliswinos kompaniam momavali wlis

prognozSi: a. 92 200 l b. 118 000 l g. 107 200 l

18. erT-erTi saanalizo maCveneblis mixedviT gamoTvlili saSualo kvadratuli gadaxraa 0,8547 lari. saSualo ariTmetikuli aris 1,09. ras udris variaciis koeficienti:

a. 128 % b. 78 % g. 58 %

19.Eekonomikuri maCveneblis sasurveli gadaxra iwvevs: a. Mmosalodneli mogebis zrdas b. Mmosalodneli mogebis Semcirebas g. sabalanso wonasworobis darRvevas

20. likvidurobis koeficientebi axasiaTeben sawarmos: a. Sromis mwarmoeblurobas b. gadaxdisunarianobas g. momgebianobas

amocana 1.1. motanilia informacia gamoSvebuli wliuri produqciisa da gamoyenebuli

Sromis Sesaxeb: maCveneblebi gegmiT faqtiuri gadaxra weliwadSi gamoSvebuli produqcia (lari) 840 000 947 700 +107 700 muSebis ricxvi 40 45 + 5 erTi muSis namuSevari dReebi weliwadSi 100 104 + 4 erTi dRis xangrZlioba saaTebSi 7 7,5 + 0,5 erT saaTSi gamoSvebuli produqcia (lari) 30 27 _ 3

moTxovna: gazomeT produqciis gamoSvebis gadaxraze moqmedi faqtorebis gavlena jaWvuri

Casmisa da absoluturi gadaxris xerxebiT. gamoiyeneT Semdegi faqtoruli modeli: produqciis moculoba = muSebis ricxvi * 1 muSis namuSevar dR * dRis xangrZlioba sT * saaTobrivi Sromismwarmoebluroba


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amocana 1.2. mocemulia erT-erTi kompaniis ZiriTadi saSualebebis ukugebis maCveneblebi aTi

wlis periodSi:

wlebi 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

ZiriTadi saS. ukugeba 40 46 50 57 52 62 60 54 59 63

moTxovna: gamoTvaleT saSualo kvadratuli gadaxra, variaciis koeficienti da gaakeTeT Sesabamisi komentarebi.

(saSualo kvadratuli gadaxra) 𝜎 = √ ∑ x2 / n – x 2 ;

𝜎 * 100 % V (variaciis koeficienti) = ---------------- X amocana 1.3. Mmocemulia kompaniis yovelkvireuli gayidvebi 52 kviris ganmavlobaSi:

K 1. kvireuli gayidvebi aT.l 30 40 40 60 70 80 90 100 2. kvireebis ricxvi 4 0 10 15 9 7 5 2 moTxovna: gamoTvaleT saSualo kvadratuli gadaxra da variaciis

koeficienti. gamoiyeneT saS. kvadratuli gadaxris formula sixSiruli mwkrivebisaTvis:

𝜎 = ∑ f (x – x 2) / ∑ f ან, 𝜎 = { [∑( f * x2) / ∑ f – [(∑ f * x) / ∑ f)]2 }1/2

amocana 1.4. erT-erT sainvesticio proeqts aqvs Semdegi saxis ukugeba da albaTobebi: albaToba ukugeba (l) 0,20 48600 0,15 (12000) 0,30 34600 0,42 25400 moTxovna: gamoTvaleT investiciidan misaRebi mosalodneli ukugeba. amocana 1.5.

erT-erTi sawarmos ganvlili xuTi wlis informacia Semdegia:

wlebi wliuri Sromis- produqcia nayofiereba aTas. lL aTas. l 2008 25,4 0,1 2009 30,1 0,8 2010 28,0 0,6 2011 24,2 0,4


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2012 30,3 0,8 moTxovna: daadgineT korelaciuri kavSiri mocemul maCveneblebs Soris da gansazRvreT determinaciis koeficienti. amocana 1.6. A AN34 modelis sabavSvo manqanis gamoSvebis da erTeulis fasebis informacia

Semdegia: cali erTeulis fasi gamoSveba mimdinare fasebiT 2014 234 46 10 764 2015 260 49 12 740 2026 260 54 14 040 2017 280 56 15 680 moTxovna: produqciis yovelwliuri moculoba gadaiyvaneT: a. sabaziso 2014 wlis fasSi da gamoTvaleT procentuli zrdis tempi b. mimdinare 2017 wlis fasSi da gamoTvaleT procentui zrdis tempi g. gaakeTeT komentari zrdis tempebis Sesaxe amocana 1.7. AN34 modelis erTi cali sabavSvo manqanis fasi wlebis mixedviT Seadgenda: calebSi fasi (l) 2014 234 46 2015 260 49 2016 260 54 2017 280 50 moTxovna: gamoTvaleT saTamaSo manqanis inflaciis da deflaciis

koeficientebi amocana 1.8. mocemulia produqciis moculoba mimdinare fasebiT, inflaciis da deflaciis

koeficientebi: lari inflaciis deflaciis koeficienti koeficienti 2014 10 764 1 1 2015 12 740 1,0652 0,9387 2016 14 040 1,1739 0,8518 2017 15 680 1,2173 0,8214 moTxovna: gadaiyvaneT produqciis maCveneblebi ucvlel sabaziso 2014 wlis

fasebSi orive koeficientis gamoyenebiT da gaakeTeT komentari.


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Tavi 2. finansuri angariSgebis mizani

da analizuri mniSvneloba

saxelmZRvaneloSi pirvel rigSi ganxilulia sawarmoTa finansuri angariSgebis analizis meTodika misi gare momxmareblebis amocanebidan gamomdinare. informaciis gare momxmareblebs analizis Catarebis ufro SezRuduli miznebi aqvT, vidre sawarmoTa finansur menejments. finansuri angariSgebis ZiriTadi

momxmareblebis miznebSi ar Sedis ama Tu im sawarmos finansuri stabilurobisa Tu momgebainobis amaRlebis rekomendaciebis SemuSaveba. isini mxolod afaseben sawarmos finansuri stabilurobis xarisx, misi gadaxdisunarianobis unars, mosalodnel riskebs, raTa miiRon gadawyvetileba, daiwyon (an gaagrZelon) Tu ara saqmiani urTierTobebi mocemul sawarmosTan.

sawarmoTa finansuri menejmentis mizani ki finansuri angariSgebis mxolod Sefaseba araa. isini ikvleven arsebuli Sedegebis mizezebs da amuSaveben sawarmos safinanso-ekonomikuri mdgomareobis Semdgomi gaumjobesebis RonisZiebebs, maTi danergvis mizniT.

am TavSi gadmocemulia Semdegi sakiTxebi:

sawarmos wliuri finansuri angariSgebis mizani, momxmareblebi, xarisxobrivi maxasiaTeblebi da elementebi;

finansuri angariSgebis komponentebi, analizis mizani da amocanebi;

finansuri angariSgebis analizis meTodebi;

kavSiri finansuri angariSgebis komponentebs Soris;

2.1. sawarmos wliuri finansuri angariSgebis

mizani, momxmareblebi, xarisxobrivi

maxasiaTeblebi da elementebi

finansuri angariSgebis saerTaSoriso standartebisa (fass) da

saqarTvelos mewarmeTa kanonis moTxovnebiT, yvela sawarmo (iuridiuli

piri) valdebulia hqondes mowesrigebuli buRalteria da gamoaqveynos

wliuri finansuri angariSgeba.

dRes, ekonomikuri saqmianobis samyaroSi moqmedi vercerTi subieqti

erTmaneTisagan izolirebulad ver imoqmedebs, radgan yvela ekonomikur

subieqts uamravi saxis safinanso-eknomikuri kavSirebi WirdebaT

erTmaneTTan. Ees kavSirebi Tanamedrove ekonomikaSi ukve imdenad mWidro

da mravalferovania, rom nebismieri tipis kompaniaSi momxdari pozitiuri

Tu negatiuri movlenebi jaWvuri reaqciiT mTel ekonomikur sistemas

gadaecema, ara marto qveynis SigniT, aramed saerTaSoriso masStabiTac ki.

Aamitom metad mniSvnelovani gaxda aRricxvis warmoebisa da angariSgebis

momzadebis erTiani meTodikis gamoyeneba mTel msoflioSi. swored am


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mizniT Seiqmna buRalruli aRricxvis saerTaSoriso standartebis sabWo

(1974 w), romlis ZiriTadi movaleobaa aRricxvis meTodikis da finansuri

angariSgebis momzadebis wesebis harmonizacia saerTaSoriso masStabiT.

finansuri angariSgeba aris sawarmos finansuri mdgomareobis da mis mier

ganxorcielebuli sameurneo operaciebis Sedegebis struqturulad

Camoyalibebuli suraTi.

finansuri angariSgebis mizania sawarmos finansuri mdgomareobis,

saqmianobis Sedegebis da finansuri mdgomareobis cvlilebebis sesaxeb

informacia miawodos momxmarebelTa farTo fenebs, raTa daexmaros maT

ekonomikuri gadawyvetilebebis miRebaSi. angariSgebaSi agreTve Cans,

xelmZRvanelobis mier, masze mindobili resursebis marTvis unarebi da

Sedegebi.

2014 wlidan fass-is (finansuri angariSgebis saerTaSoriso

standartebis) konceptualur safuZvlebSi Setanili cvlilebebis Semdeg,

finansuri angariSgebis momxmareblebi dajgufebulia or kategoriad:

1. ZiriTadi momxmareblebi – investorebi, gamsesxeblebi da sxva

kreditorebi, romelTa sainformacio moTxovnilebebzea orientirebuli

saerTo daniSnulebis finansuri angariSgeba;

2. danarCeni momxmareblebi. esenia, sawarmos mmarTveloba da

sazogadoeba (ix. sqema 1).

saerTo daniSnulebis finansuri angariSgebis momxmareblebi

ZiriTadi momxmareblebi

danarCeni momxmareblebi

investorebi gamsasxeblebi sxva

kreditorebi mmarTveloba sazogadoeba

sqema 1. finansuri angariSgebis momxmareblebis klasifikacia gareT gamosaqveynebeli saerTo daniSnulebis finansuri angariSgeba

orientirebulia ZiriTadi momxmareblebis sainformacio moTxovnebze.

finansuri angariSgebis xarisxobrivi maxasiaTeblebi aseve dayofilia or jgufad:

1. ZiriTadi xarisxobrivi maxasiaTeblebi da 2. xarisxobrivi maxasiaTeblebi, romlebic amaRleben finansuri

angariSgebis sargeblianobas.


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sasargeblo finansuri informaciis xarisxobrivi maxasiaTeblebi adgens

informaciis iseT saxeebs, romelic savaraudod, yvelaze metad sasargebloa

arsebuli da potenciuri investorebisaTvis, gamsesxeblebisa da danarCeni

kreditorebisaTvis.

imisaTvis, rom finansuri informacia sasargeblo iyos, is unda iyos

Sesabamisi da samarTlianad warmoaCendes imas, risi asaxvisTvisac aris

gankuTvnili. finansuri informaciis sargeblianoba ufro maRldeba, Tu is

Sesadarisia, SesaZlebelia misi Semowmeba, droulia da aRqmadi [2.xm 4].

amrigad, Tu adre `finansuri angariSgebis struqturul safuZvlebSi~

oTxi tipis xarisxobrivi maxasiaTebeli iyo gamoyofili (Sesabamisoba,

Sesadarisoba, saimedooba da aRqmadoba), amJamad Setanili cvlilebebis

Sedegad - `konceptualur safuZvlebSi~ finansuri angariSgebis

xarisxobrivi maxasiaTeblebi Semdegnairadaa klasificirebuli:

I. ZiriTadi xarisxobrivi maxasiaTeblebi:

1. Sesabamisoba (Relevance)

2. samarTliani wardgena (Faithful Representation)

II. xarisxobrivi maxasiaTeblebi, romlebic amaRleben informaciis

sargeblianobas:

1. Sesadarisoba (comparability)

2. Semowmebadoba (verifiability)

3. drouloba (timeliness)

4. aRqmadoba (understandability)

amrigad, erT-erT ZiriTad xarisxobriv maxasiaTeblad `konceptualuri

safuZvlebi~ miiCnevs Sesabmisobas. SevniSnvT, rom `Sesabamisobis~ cnebis

Sinaarsi amjerad ar niSnavas imas, rac adre iyo. rom informacia unda

Seesabamebodes momxmareblis interesebs da maSasadame unda iyos arsebiTi.

adre arsebiToba ganixileboda rogorc informaciis Sesabamisobis aspeqti.

amjerad igi standartebze muSaobisas aRar ganixileba, vinaidan bass-is

sabWos ganmartebiT, informciis arseboba konkretuli sawarmos specipikuri

aspeqtia misi xasiaTidan da sidididan gamomdinare. amitom, saWos ar

SeuZlia arsebiTobisaTvis daadginos erTiani raodenobrivi zRvari an,

winaswar gansazRvros, ra SeiZleba iyos arsebiTi romelime

konkretulsituaciaSi [2. xm 11]. amitom, igi marTalia aris Sesabamisobis

aspeqti, magram sabWoO ar ganixilavs mas da amiT, ar mcirdeba finansuri

informaciis sargeblianoba.

axali TvalsazrisiT, informaciis Sesabamisoba niSnavas imas, rom igi

unda iyos sawarmoSi momxdari ekonomikuri movlenebis Sesabamisi.

Sesabamisi informacia gavlenas axdens gadawyvetilebebis miRebaze,

Tumca infromacias maSinac SeuZlia gavlena moaxdinos gadawyvetilebaze,

Tuki momxmarebeli gadawyvets, rom igi ar gamoiyenos. amitom, aRniSnulia,

rom Sesabamisia informacia, Tu mas gaaCnia saprognozo da an


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damadasturebeli Tviseba, an orive erTad. mxolod am SemTxvevaSi SeuZlia

mas gavlena moaxdinos momxmareblis gadawyvetilebebze [2.xm 7].

finansur informacias gaaCnia saprognozo Tviseba (Rirebuleba), Tu

misi gamoyeneba SeiZleba amosaval bazad momavali Sedegebis

prognozirebisaTvis. amisTvis aucilebeli araa informacia warmodgenili

iyos prognozis saxiT.

Sesabamis informacias agreTve gaaCnia Sesadarisobis Tvisebac, Tu is

uzrunvelyofs mtkicebulebeb (dadasturebas) adre gakeTebul Sefasebebze

[2. xm 9]. informacias SeiZleba erTdroulad gaaCndes saprognozo da

damadasturebeli Tviseba. magaliTad, amonagebi SeiZleba gamoyenebul iqnes

momavali prognozisaTvis da aseve SeiZleba Sedarebul iqnes mimdinare

wlis prognozTan, romelic gamoTvlili iyo wina wels. am Sedarebis

Sedegebi momxmarebels exmareba im meTodebis gaumjobesebaSi, romelic

gamoyenebuli iyo wina wlebis prognozebis gamosaTvlelad. maSasadame,

aRaraa aucilebeli Sesadarisobis ZiriTad maxasiaTeblad gamoyofa [2. xxm

10].

meore ZiriTadi xarisxobrivi maxasiaTebelia – samarTliani wardgena,

ekonomikuri movlenis obieqturad gamosaxva, romelic moicavs im ZiriTad

maxasiaTeblebs, romlebic adre miCneuli iyo saimedoobis aspeqtebad

[2.ds3.24]. amitom man Caanacvla termini – saimedooba. amasTan, ~Sinaarsis

formaze aRmatebuloba~ da windaxeduloba (konservatizmi) `konceptuluri

safuZvlebidan~ amoRebulia, vianidan, samarTliani wardgena niSnavs, rom

finansuri informacia asaxavs ekonomikuri movlenis Sinaarss da ara marto

mis samarTlebriv formas. amasTan, windaxedulobis principiT an

konservatiuli midgomiT momzadebuli informacia ver iqneba neitraluri,

miTiTebulia `konceptualur safuZvlebSi~ [2. xm 16).

finansuri angariSgeba, sawarmoSi momxdari ekonomikuri movlenebis

Sesaxeb, warmodgenas gviqmnis sityvebisa da cifrebis meSveobiT. es

informacia sasargeblo rom iyos, igi samarTlianad unda warmoadgendes am

informacias. samarTliani wadgena ara samarTlebriv formebs, aramed

ekonomikur Sinaarss gulisxmobs.

informaciis samarTlian wardgenas sami maxasiaTebeli (aspeqti)

gaaCnia: unda iyos srulyofili, neitraluri da ar unda Seicavdes

Secdomebs [2. xm 12].

1. srulyofileba gulisxmobs yvela aucilebeli informaciis

miwodebas, rac naTel warmodgenas Seqmnis sawarmos ekonomikuri

movlenebis Sesaxeb;

2. neitraluri asaxva gulisxmobs informaciis wardgenas

miukerZoeblad, tendenciurobis gareSe. igi ar unda iyos raime

winaswar ganzraxuli TvalsazrisiT momzadebuli;

3. Secdomebis ararseboba ar niSnavs sizustes yvela aspeqtSi.

samarTliani wardgena ar niSnavs rom angariSgebaSi ar arsebobs


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Secdomebi an araferi araa gamotovebuli. magaram, igi obieqturad

asaxavs sawarmos finansur mdgomareobas.

amrigad, sasargeblo informacia unda iyos rogorc Sesabamisi, aseve

samarTlianad warmodgenili anu obieqturi. momxmareblebs

gadawyvetilebebis miRebaSi ver daexmareba verc samarTlianad wardgenili

informacia, romelic Seusabamo iqneba ekonomikuri movlenebisadmi da verc

arasamarTlianad wardgenili informacia Tundac ekonomikuri movlenebis

Sesabamisi [4.xm 17]. amasTan, aRniSnulia, rom jerjerobiT sabWom ver

daadgina ra saSualebiT unda moxdes finansur angariSgebaSi warmodgenili

informaciis samarTlianobis Sefaseba.

informaciis xarisxobrivi maxasiaTeblebis gamoyeneba Semdegnairad unda

moxdes:

dadgindeba iseTi ekonomikuri movlenebi, romlebic potenciurad

SeiZleba sasargeblo iyos angariSgebis momxmareblebisaTvis;

ganisazRvreba am ekonomikuri movlenis Sesaxeb ra saxis

informacia iqneboda yvelaze Sesabamisi da SesaZlebeli iqneboda

misi samarTliani wardgena;

dadgindeba, arsebobs Tu ara es informacia da SesaZlebelia Tu

ara misi samarTlianad wardgena.

xarisxobrivi maxasiaTeblebis meore jgufs, romelic amaRlebs

informaciis sargeblianobas, rogorc ukve vaCveneT, miekuTvneba:

Sesadarisoba, Semowmebadoba, drouloba da aRqmadoba.

gadawyvetilebebis miReba, rogorc wesi, ramdenime alternatividan

arCevanis gakeTebasTanaa dakavSirebuli. am mizniT, ufro sasargebloa, Tu

sawarmos informaciis Sedareba SesaZlebelia sxva sawarmos analogiur

informaciasTan. potenciuri investorebisaTvis sasargebloa sxvadasxva

sawarmos maCveneblebis Sedareba, raTa gadawyvitos, romel sawarmoSi ufro

momgebiania investiciis Cadeba.

Sesadarisoba iseTi xarisxobrivi maxasiaTebelia, romelic

gansxvavebul (Tu sxvadasxva) elementebs Soris msgavsebisa da gansxvavebis

dadgenisa da gaazrebis saSualebas iZleva [xm 21].

SedarebisaTvis aucilebelia ori muxlis (obieqtis) arseboba.

sxvadasxva sawarmoebis informaciis Sesadarisoba miiRweva buRaltruli

aRricxvis saerTo meTodebis gamoyenebiT. Sesadarisobis xarisxi ecema,

roca buRaltruli aRricxvis alternatiuli meTodebia nebadarTuli.

amdenad, Sesadarisoba niSnavs sxvadasxva sawarmos mier an erTi

sawarmos mier sxvadasxva periodSi, erTi da imave muxlebis mimarT erTi da

imave meTodebis gamoyenebas [xm 22]. Sesadarisobis ganmartebebTan dakavSirebiT, Cveni azriT, garkveuli bundovani

Sinaarsis matarebelia muxli `xm 23~, sadac vkiTxulobT: `Sesadarisoba ar aris erTgarovneba. imisaTvis, rom informacia Sesadarisi iyos, msgavsi sagnebi erTnairad unda gamoiyurebodes. xolo, gansxvavebuli sagnebi – gansxvavebulad. finansuri informaciis Sesadarisoba ar amaRldeba, Tu gansxvavebuli sagnebi


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71

warmodgenili iqneba msgavsad, an piriqiT, Tu msgavsi sagnebi warmodgenili iqneba, rogorc gansxvavebuli~. vfiqrobT, es muxli konceptualur safuZvlebSi saerTod Tu ar iarsebebs, Sesadarisobis cnebis axsnas araferi daakldeba.

`daskvnis safuZvlebSi [ds 3.33] mocemulia ganmartebebi imis Sesaxeb, Tu

ratom ar aris `Sesadarisoba~ Setanili informaciis xarisxobriv

maxasiaTeblebSi. aRniSnulia, rom erT-erTi yvelaze mniSvnelovani mizezi,

ris gamoc finansuri angariSgebisa da buRaltruli aRricxvis

saerTaSoriso standartebi aucilebelia, isaa, rom gaizardos wardgenili

finansuri informaciis Sesadarisoba. magram, erTi mxriv, Tu ar SeiZleba

Sedareba, Sesabamisi da samarTlianad wardgenili informacia, mainc

mniSvnelovani iqneba. meore mxriv, Sesadarisi informacia sasargeblo ar

aris, Tu igi ar aris Sesabamisi da amasTan, SeuZlia momxmarreblebis

SecdomaSi Seyvana, Tu igi samarTlianad araa wardgenili. amitom,

Sesadarisoba miiCneva iseT xarisxobriv maxasiaTeblad, romelic amaRlebs

finansuri informaciis sargeblianobas da ara ZiriTad xarisxobriv

maxasiaTeblad. informaciis Semowmebadoba exmareba momxmarebels daadginos, rom

informacia samarTlianadaa wardgenili. Semowmebadoba SeiZleba iyos

pirdapiri an arapiradpiri.

pidapiri Semowmebadoba niSnavs, roca monacemebis an sxva informaciis

Semowmeba SesaZlebelia uSualo dakvirvebis gziT. magaliTad, fuladi

Tanxebis daTvla.

arapirdapiri Semowmebadoba niSnavs modelis amosavali monacemebis,

formulebis da modelis sxva elementebis damoukideblad gamoangariSebas.

mag. materialuri maragebis sabalanso Rirebulebis Semowmeba.

momxmarebeli ufro Tavdajerebulad gamoiyenebs im informacias,

romlis Semowmeba SesaZlebelia e.i. momxmarebels SeuZlia endos iseT

informacias, rom masSi ar aris arsebiTi Secdomebi da mikerZoeba. amitom,

Semowmebadoba SeiZleba miCneuli yofiliyo samarTliani wardgenis

aspeqtad. magram, oponentebma aRniSnes, rom Semowmebadobis cnebis, rogorc

samarTliani wardgenis erT-erTi aspeqtis gaTvaliswineba, gamoiwvevs im

informaciis gamoTiSvas, romelic ar eqvemdebareba Semowmebas an

srulyofili Semowmeba SeuZlebelia (mag. mosalodneli fuladi nakadebi,

sasargeblo momsaxurebis vada da salikvidacio Rirebuleba). sabWo

daeTanxma am argumentebs da Semowmebadoba axleburad gansazRvra, rogorc

xarisxobrivi maxasiaTebli, romelic amaRlebs finansuri informaciis

sargeblianobas. metad sasurveli, magrama ara aucilebeli.

drouloba niSnavs, rom informacia mis momxmarebels miewodos im

dros, roca mis gadawyvetilebebze gavlenis moxdena SeuZlia. zogjer

SeiZleba informacia didi xnis Semdegac drouli iyos, Tu mizani

tendenciebis Seswavlaa.

ganxilvebis dros aRiniSna, rom drouloba ar aris Sesabamisobis

Tviseba imave mniSvnelobiT, rogorc saprognozo da damadasturebeli


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72

Rirebulebebi. drouli informacia sasargebloa mxolod im SemTxvevaSi,

Tu igi Sesabamisia da samarTlianad wardgenili. informacia SeiZleba

sasageblo iyos im SemTxvevaSic, rodesac igi droulad ar aris

wardgenili. gansakuTrebiT damadasturebeli miznebisTvis an tendenciebis

SeswavlisTvis [ds3.37-39].

aRqmadoba niSnavs, rom informacia iyos advilad gasagebi. es moiTxovs

klasificirebas, sisematizacias, naTlad da lakonurad informaciis

warmodgenas.

finansuri angariSgeba mzaddeba iseTi momxmareblebisaTvis, romelsac

gaaCniaT biznesisa da ekonomikuri saqmianobis Sesaxeb sakmarisi codna da

am infofrmaciis analizis unari. mxolod martivi infomaciis wardgena

angariSgebas arasrulyofils gaxdis, romelmac misi momxmarebli SeiZleba

SecdomaSi Seiyvanos [xm 31-32].

aseve, aRqmadoba Tuki finansuri angariSgebis ZiriTadi xarisxobrivi

maxasiaTebeli iqneboda, maSin angariSgebaSi wardgenili ver iqneboda

zogierTi rTuli, magram aucilebeli informacia. amis gareSe, finansuri

angariSgeba aRar iqneba Sesabamisi. aRqmadoba niSnavs, rom rTuli

ekonomikuri movlenebi maqsimalurad gasagebad iqnas warmodgenli. amitom,

konceptualur safuZvlebSi xazgasmulia, rom informaciis momxmareblebi

pasuxismgebelni arian hqondeT aucilebeli codna da guldasmiT

Seiswavlon wardgenili informacia. saWiroebis SemTxvevaSi ki

konsultantebi gamoiyenon, miTiTebulia daskvnis safuZvlebSi [ds3. 40-42].

rogorc ukve aRvniSneT, bass-is sabWom `konceptualur safuZvlebSi~

gamoyo finansuri angariSgebis ZiriTadi xarisxobrivi maxasiaTeblebi,

romlebic yvelaze mniSvnelovania (fundamenturi xasiaTisaa) da

xarisxobrivi maxasiaTeblebi, romlebic amaRleben informaciis

sargeblianobas da naklebad mniSvnelovania, magram metad saWiro. `daskvnis

safuZvlebSi gadmocemulia, rom zogierTis azriT, yvela xarisxobrivi

maxasiaTebeli erTmaneTis tolfasia da maTi gamijvna pirobiTia. magram,

bass-is sabWo ar daeTanxma am azrs da Tvlis, rom ori ZiriTadi

xarisxobrivi mxasiaTeblis – Sesabamisobisa da samarTliani wardgenis

gareSe finansuri informacia ver iqneba sasargeblo da verc imiT gaxdeba

sasargeblo, Tu iqneba mxolod ufro Sesadarisi, Semowmebadi, drouli an

aRqmadi. meore mxriv, finansuri informacia romelic Sesabamisia da

samarTlianad aris wardgenili, SeiZleba iyos sasargeblo, Tundac ar

gaaCndes arcereTi is xarisxobrivi maxasiaTebeli, romelic amaRlebs

finansuri informaciis sargeblianobas [ds 3.10].

konceptualuri safuZvlebis `daskvnis safuZvlebSi~agreTve aRniSnulia,

rom ganxilvis procesSi sabWos sTavazobdnen sxva maxasiaTeblebis

SemoRebasac, rogoricaa: gamWvirvaloba, maRali xarisxi, Sinagani

Tavsebadoba, utyuari da samarTliani, simartive, operatiuloba,

mizanSewoniloba, praqtikuloba da misaReboba. magram, sabWom daaskvna, rom

yvela es Rirebulebebi sityvebia, romlebic gaumjobesebulia


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SesabamisobiT, samarTliani wardgeniT, SesadarisobiT, SemowmebadobiT,

droulobiT da aRqmadobiT. zogierTi ki sasargeblo finansur

iformaciasTan dakavSirebuli sargeblisa da danaxarjebis wonasworobis

nawilia [ds3. 44-46].

finansur angariSgebaSi warmodgenili, saangariSgebo periodSi

momxdari yvela sameurneo operaciisa da movlenis Sedegebi, maTi

ekonomikuri Sinaaris mixedviT dajgufebulia xuT naerT moculobiTi

xasiaTis maCveneblad. amgvar farTo dajgufebas uwodeben finansuri

angariSgebis elementebs. Eesenia: aqtivebi, valdebulebebi, sakuTari

kapitali, Semosavlebi da xarjebi. buRaltruli aRricxvis saerTaSoriso

standartebi (bass) maT ase ganmartavs:

aqtivi aris resursi, romelsac sawarmo akontrolebs, warsulSi

momxdari sameurneo movlenebis Sedegia da romlis gamoyenebis Sedegad

sawarmo moelis raime ekonomikuri sargeblis miRebas.

aqtivebSi ganivTebuli momavali ekonomikuri sargebili aris aqtivebis

unari, pirdapir an arapirdapir xeli Seuwyos fuladi saxsrebisa da maTi

ekvivalentebis Semosvlas sawarmoSi. aqtivebSi ganivTebuli momavali anu

potenciuri ekonomikuri sargebeli sawarmoSi Semodis sxvadasxva gziT.

valdebuleba sawarmos mimdinare periodis movaleobaa, romelic

warsuli samerneo movlenebis Sedegad warmoiSva da romlis Sesruleba

gulisxmobs sawarmos ekonomikur sargebelSi ganivTebuli resursebis

gasvlas sawarmodan. sakuTari kapitali aris aqtivebis is nawili, romelic rCeba yvela

valdebulebis dafarvis Semdeg.

Semosavali aris sawarmos mier ekonomikuri sargeblis zrda

saangariSgebo periodSi, aqtivebis zrdis an valdebulebebis Semcirebis

gziT, rac gamoixateba sawarmos sakuTari kapitalis gadidebiT, romelic

dakavSirebuli araa mesakuTreTa damatebiT SenatanebTan.

xarjebi aris sawarmos ekonomikuri sargeblis Semcireba

saangariSgebo periodis ganmavlobaSi sawarmodan aqtivebis gasvlis an

valdebulebebis zrdis safuZvelze, rac gamoixateba sawarmos sakuTari

kapitalis SemcirebiT, romelic dakavSirebuli araa mesakuTreTaTvis

kapitalis ganawilebasTan.

SevniSnavT, rom am gansazRvrebaSi erTmaneTisagan gamijnuli araa xarjebi da zarali. xarji yovelTvis ar iwvevs sawarmos ekonomikuri sargeblis Semcirebas. magaliTad, masalis xarji amcirebs mis marags, magram, imave moculobiT izrdeba mza produqciis TviTRirebuleba, romelic marTala mosalodne mogebas Seamcirebs, magram esaa aucilebeli xarji, romlis gareSe mogeba saerTod ver miiReba. amitom, gaumarTleblad migvaCnia igi CaiTvalos `sawarmodan ekonomikurr sargeblis gasvlad~. aseTi Sefaseba exeba mxolod zarals.


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finansuri angariSgebis elementebis aRiareba niSnavs maT asaxvas

buRaltrul balansSi an mogeba/zaralis angariSgebaSi. maTi aRiareba xdeba

im SemTxvevaSi Tu mosalodnelia am muxlebiT gamowveuli momavali

ekonomikuri sargeblis sawarmoSi Semosvla an gasvla da gaaCnia

TviTRirebuleba an Rirebuleba, romlis saimedod Sefaseba SeiZleba.

Sefaseba aris fuladi Tanxebis an fuladi Rirebulebis gansazRvris

procesi, romlis mixedviTac xdeba finansuri angariSgebis mocemuli

elementis aRiareba buRaltrul balansSi da mogeba/zaralis angariSgebaSi.

2.2. finansuri angariSgebis komponentebi,

misi analizis mizani da amocanebi

finansuri angariSgeba safinanso-saaRricxvo procesis Semadgeneli

nawilia. 2009 wlidan finansuri angariSgebis saerTaSoriso

standartebSi Setanili cvlilebebis Sedegad, Secvlil iqna angariSgebis

zogierTi komponentis saxelwodeba.

Ffinansuri angariSgebis sruli paketi moicavs Semdeg

komponentebs:

1. finansuri mdgomareobis angariSgeba anu buRaltruli

balansi (a statement of financial position as at the end of the period;

2. periodis sruli Semosavlis angariSgeba anu mogeba/zaralis

angariSgeba (a statement of comprehensive income for the period);

3. periodis sakuTari kapitalis cvlilebebis angariSgeba (a

statement of changes in equity for the period);

4. periodis fuladi nakadebis angariSgeba (a statement of cash flows for

the period)

5. ganmartebiTi SeniSvnebi (notes, comprising a summary of significant

accounting policies and other explanatory information), sadac mokled

ganxilulia yvela mniSvnelovani saaRricxvo politika da sxva

ganmartebiTi informacia. masSi SeiZleba aisaxos finansuri

Sedegebis ganmsazRvreli mTavari faqtorebi da pirobebi, maTSi

momxdari cvlilebebi da sawarmos reagireba am cvlilebebze;

finansuri instrumentebis gamoyenebis Sedegad warmoSobili

riskebis buneba da done, romlebic sawarmoze gavlenas axdenda

saangariSgebo periodis ganmavlobaSi; aseve Seafasos, rogor

marTavs sawarmo am riskebs [bass 1, muxli 10].

buRaltruli aRricxvis saerTaSoriso standarti 1 - `finansuri

angariSgebs wardgena~ (bass 1) miuTiTebs, rom sawarmos SeuZlia

CamoTvlili saxelwodebebi ar gamoiyenos da gamoiyenos terminebi

:`buRaltruli balansi~ da `mogeba/zaralis angariSgeba~. sawarmom SeiZleba


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waradginos sxva angariSgebac erovnuli kanonmdeblobis moTxovniT,

magaliTad garemos dacvis Sesaxeb, socialuri pasuxismgeblobebis Sesaxeb

da sxva, romelic scildeba fass-is moqmedebis sferos.

polemika: rogorc aRvniSneT, buRaltrul balanss bass-is sabWom, meore saxeli: `finansuri mdgomareobis angariSgeba~ uwoda, rasac ver veTanxmebiT, vinaidan, jer erTi, sawarmos finansuri mdgomareobis srulyofili SeswavlisaTvis mxolod buRaltruli balansis informacia sakmarisi araa. am mizans finansuri angariSgebis mTeli informacia emsaxureba. meorec, Secvlil saxelwodebaSi ar Cans mTavari dedaazri, kerZod is, rom buRaltruli balansi eyrdnoba wonasworobas sawarmos resursebsa da misi dafinansebis wyaroebs Soris, rac sawarmoTa ekonomikaSi da saerTod, mikroekonomikaSi arsebuli Siga ekonomikuri wonasworobis gamoxatulebaa.

rac Seexeba `sruli Semosavlebis angariSgebas~, am saxelwodebaSi aRreulia cnebebi: `Semosavali~ da `mogeba~, rac ewinaaRmdegeba TviT fass-Si mocemuli Semosavlebis cnebis ganmartebas, romelic ar aris da arc SeiZleba iyos sxvaoba Semosavlebsa da xarjebs Soris.

zemoTqmulidan gamomdinare, buRaltruli balansisa da mogeba/zaralis angariSgebis saxelwodebebis Secvla gaumarTleblad migvaCnia.

buRaltruli balansi da mogeba/zaralis angariSgeba mzaddeba

koreqtirebuli sacdeli balansidan, romelic yvela buRaltruli

angariSis naSTebis CamonaTvals wamoadgens (Semosavlebisa da xarjebis

angariSebis CaTvliT). sacdeli balansis momzadebis Semdeg, rogorc wesi,

Semosavlebisa da xarjebis angariSebi ixureba. am saaRricxvo operaciebis

safuZvelze Sedgeba mogeba/zaralis angariSgeba.

mogeba/zaralis angariSgebaSi gamoTvlili gaunawilebeli mogebis Tanxa

ki gadaitaneba buRaltrul balansSi, kerZod, sakuTari kapitalis jgufSi.

aqve aRvniSnavT, rom 2017 wlidan saqarTveloSi amoqmedda mogebis

gadasaxdis axali modeli, romlis mixedviT, mogeba srulad ganawildeba

mesakuTreebsa da sawarmos Soris. anu, mesakuTreebze ganawilebuli mogebis

Semdeg darCenili mogeba mTlianad sawarmoSi unda iqnes investirebuli.

Sedegad, gaunawilebeli mogebis maCvenebeli aRar iarsebebs.

buRaltruli balansi aris sawarmos qonebis ormxrivi asaxva: erTi mxriv

maTi funqciuri daniSnulebis mixedviT da meore mxriv – dafinansebis

wyaroebis mixedviT, fulad formaSi, drois mocemuli momentisaTvis.

finansuri angariSgebis xuTi elementidan balansSi samia warmodgenili:

aqtivebi, valdebulebebi da sakuTari kapitali.

erTia saimedo finansuri angariSgebis wardgena misi momxmareblebisaTvis

sawarmos SigniT Tu sawarmos gareT, magram, swori gadawyvetilebebis

misaRebad es ar kmara. meore mxriv, aucilebelia am informaciis

momxmareblebma SeZlon finansuri angariSgebis analizis Catareba saTanado

doneze. srulyofili da gaazrebuli analizis gareSe, finansuri

angariSgeba rac ar unda Sesabamisi da samarTlianad wardgenili iyos,

misi momxmareblebi swor gadawyvetilebebs ver miiReben. Aamdenad, finansuri


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76

angariSgebis analizis meTodikis Seswavla metad aqtualuria saerTod

ekonomistebisaTvis.

finansuri angariSgebis analizi aris sawarmos finansuri angariSgebis

komponentebis mimoxilvisa da Sefasebis procesi, romlis meSveobTac

SesaZlebelia sawarmos finansuri Zlierebis (sijansaRis) gaazreba da

Sesabamisad, ufro efeqturi gadawyvetilebebis miReba. finansur

angariSgebaSi warmodgenili finansuri informaciis analizis Sedegad misi

momxmareblebisaTvis igi ufro sasargeblo xdeba

finansuri angariSgebis analizi agreTve aris sawarmos warsuli,

mimdinare da momavali saqmianobis Sedegebis Sefasebis meTodi.

finansuri angariSgebis analizis mizania Sefasdes, ramdenad efeqtianad

marTavs xelmZRvaneloba sawarmos da ramdenad saimedoa igi

partniorebisaTvis, sawarmosTan saqmian urTierTobebSi myofi yvela

subieqtisaTvis. Mmisi mizania firmis finansur mdgomareobasa da finansur

poziciebSi cvlilebebis Sesaxeb saimedo daskvnebiT uzrunvelyos

ekonomikuri gadawvetilebebis mimRebi pirebi,

amdenad, finansuri informaciis analizi mniSvnelovania

gadawyvetilebebis miRebis dros. saerTo daniSnulebis finansuri

angariSgeba informacias iZleva angariSvaldebuli sawarmos finansuri

mdgomareobis Sesaxeb, anu informacias sawarmos ekonomikuri resursebisa

da mis mimarT arsebuli moTxovnilebebis Sesaxeb (sawarmo, romelic

valdebulia gamoaqveynos saerTo daniSnulebis finansuri angariSgeba,

angariSvaldebul sawarmos warmoadgens). garda amisa, igi Seicavs

informacias iseTi tipis operciebisa da movlenebis Sedegebis Sesaxeb,

romelic iwveven sawarmos ekonomikuri resursebisa da sawarmos mimarT

moTxovnebis cvlilebas. orive tipis informacia Seicavs sawarmosaTvis

resursebis miwodebis Sesaxeb gadawyvetilebebis misaRebad sasargeblo

amosaval monacemebs.

informacia sawarmos ekonomikuri resursebisa da mis mimarT arsebuli

moTxovnebis xasiaTisa da sididis Sesaxeb, momxmarebels exmareba sawarmos

finansuri mdgomareobis Zlieri da susti mxareebis dadgenaSi; misi

likvidobisa da gadaxdisunarianobis, dafinansebis damatebiT wyaroebze

moTxovnilebebis SefasebaSi. imis ganWvretaSi, rogor ganawildeba momavali

fuladi nakadebi maT Soris, romlebsac gaaCniaT moTxovnebi

angariSvaldebuli sawarmos mimarT.

sawarmos ekonomikuri resursebisa da mis mimarT arsebuli moTxovnebis

cvlilebebs iwvevs mocemuli sawarmos saqmianobis finansuri Sedegebi da

aseve sxva operaciebi, rogoricaa savalo an wilobrivi instrumentebis

gamoSveba. imisaTvis, rom sworad iqnes Sefasebuli sawarmos momavali

fuladi nakadebi, aucilebelia am ori tipis cvlilebis erTmaneTisagan

gamijvna.

informacia sawarmos finansuri Sedegebis Sesaxeb anu mogeba/zaralis

angariSgebis informacia momxmarebels exmareba imis garkvevaSi, rogori


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ukugeba miiRo sawarmom mis gankargulebaSi arsebuli ekonomikuri

resursebidan; ramdenad kargad Seasrula mmarTvelobam masze dakisrebuli

valdebulebebi, racionalurad da efeqtianad gamoiyenos sawarmos

resursebi; Seafasos momavali fuladi nakadebis ganusazRvreloba da

momavali ekonomikuri ukugebis done.

informacia sawarmos finansuri Sedegebis Sesaxeb imazec miuTiTebs, ra

gavlena iqonia sawarmos ekonomikuri resursebis da mis mimarT arsebuli

moxovnebis gazrdaze an Semcirebaze iseTma movlenebma, rogoricaa sabazro

fasebi an saprocento ganakveTebis cvlileba.

informacia sawarmos finansuri Sedegebis Sesaxeb imazec miuTiTebs,

ramdenad gaizarda sawarmos gankargulebaSi myofi resursebi da

Sesabamisad, misi SesaZlebloba, uzrunvelyos sawarmos wminda fuladi

saxsrebis Semosvla Tavisi saqmianobidan da ara investorebisa da

kreditorebisagan mopovbeuli damatebiTi resursebiT.

informacia sawarmos Ffinansuri Sedegebis Sesaxeb SeiZleba imazec

miuTiTebdes, ra gavlena iqonia sawarmos ekonomikuri resursebis da mis

mimarT arsebuli moTxovnebis gazrdaze an Semcirebaze iseTma movlenebma,

rogoricaa sabazro fasebis an saprocento ganakveTebis cvlileba da aqedan

gamomdinare, ra gavlena moaxdines am molvlenebma mis SesaZlebobaze –

uzrunvelyos sawarmoSi wminda fuladi nakadebis Semosvla.

informacia angariSvaldebuli sawarmos fuladi nakadebis Sesaxeb

momxmarebels exmareba Seafasos sawarmos momavali SesaZlebloba wminda

fuladi saxsrebis Semosvlis Sesaxeb. igi iZleva informacias Tu rogor

xarjavs da moipovebs sawarmo fulad saxsrebs; rogoria misi nasesxebi

saxsrebisa da sxva davalianebebis dafarvis mdgomareoba; investorebze

gacemuli dividendis Tanxebis sidide; sxva gadaxdebi, romlebmac SeiZleba

gavlena moaxdinon sawarmos gadaxdisunarianobaze, fuladi nakadebis

angariSgeba momxmarebels exmareba warmodgena Seiqmnas sawarmos mier

ganxorcielebuli operaciebis masStabebze, Seafasos misi safinanso da

sinvesticio saqmianoba da sxva finansuri operaciebi.

angariSvaldebuli sawarmos ekonomikuri resursebisa da mis mimarT

arsebuli moTxovnebis cvlilebebi, misi saqmianobis finansuri Sedegebis

garda, SeiZleba gamoiwvios iseTma mizezebmac, rogoricaa sakuTari

kapitalis damatebiTi aqciebis gamoSveba. es informacia saSualebas iZleva

Sefasdes ra gavlenas iqoniebs es operaciebi sawarmos momaval finansur

Sedegebze.

finansur angariSgebaSi mocemulia saqmianobis saxeebis mixedviT

miRebuli wminda fuladi nakadebis, valdebulebebis, moTxovnebis,

Semosavlebis da xarjebis cvlilebebis Sesaxeb, rac analitikoss an

investors, saSualebas aZlevs ipovos ufro Rrma mizezebi finansuri

resursebis zrdis an Semcirebis Sesaxeb.

sawarmoSi, rogorc cnobilia, mravali dainteresebuli mxarea. esenia,

savaWro kreditorebi, debitorebi, invesotorebi, TanamSomlebi da


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78

mmarTveloba. yovel jgufs sawarmos finansuri Sedegebis da Sesabamisad,

wliuri finansuri angariSgebis mimarT sakuTari interesebi aqvT.

angariSgebis mizania dainteresebul mxareebs warudginos swori da

sasargeblo informacia, romlis safuZvelze mravali finansuri

koeficientis analizi SeiZleba.

Ayovelive zemoTqmulidan gamomdinare, finansuri angariSgebis analizis

amocanebia:

sawarmos gadaxdisunarianobis donis Sefaseba;

sawarmos finansuri stabilurobis xarisxis Sefaseba;

sawarmos ekonomikuri potencialis gansazRvra;

warmoebisa da realizaciis cvlilebis tempebis dadgena;

mogebisa da momgebianobis tendenciebis Seswavla;

reinvestirebuli mogebis efeqtis Sefaseba;

finansuri riskebis xarisxis gansazRvra;

.

2.3. finansuri angariSgebis analizis

meTodebi

finansuri angariSgebis analizi, misi sxvadasxva momxmareblebisaTvis

aris sawarmos finansuri mdgomareobis Seswavlis mZlavri iaraRi, miuxedvad

maTi gansxvavebuli miznebisa.

saerTaSoriso praqtikasa da TeoriaSi, meoce saukunis meore naxevridan,

mecnier-ekonomistebma saerTo statistikur-ekonomikuri analizis xerxebze

dayrdnobiT, calke gamoyves sawarmoTa finansuri angariSgebis analizis

Semdegi meTodebi:

1. vertikaluri analizi

2. horizontaluri analizi

3. koeficientebis analizi (SedarebiTi da faqtoruli analizi)

finansuri angariSgebis vertikaluri analizis meTodi gulisxmobs

mravali saxis fardobis (koeficientis) Seswavlas. finansuri angariSgebis

vertikalur analizSi procentuli zomis erTeulebi gamoiyeneba.

vertikaluri analizis mTavari upiratesobaa is, rom Sedareba SeiZleba

nebismieri zomis erTeulebSi moxdes.

vertikaluri analizis dros finansuri angariSgebis TiToeuli muxli

ganixileba procentuli an sxva fardobis saxiT. magaliTad, mogeba/zaralis

angariSgebaSi calkeuli muxlis procentuli fardoba mTlian

SemosavalTan. aseve, balansis romelime muxlis procentuli fardoba

aqtivebTan da a.S.


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79

vertikaluri analizi finansuri angariSgebis yovel muxls warmoadgens

procentulad angariSgebis mTavari (centraluri) maCveneblis mimarT.

magaliTad, buRaltruli balansis TiToeuli muxli SeiZleba procentulad

warmodgenil iqnas mTliani aqtivebis mimarT; mogeba/zaralis angariSgebaSi

calkeuli pozicia warmodgenil iqneba procentulad realizaiidan

miRebuli Semosavlis mimarT; fuladi nakadebis angariSgebaSi calkeuli

poziciis fuladi Tanxebi procentulad gamoixateba fuladi Tanxebis

mTliani jamis mimarT.

ucxour literaturaSi zogierTi avtori gamoyofs finansuri

angariSgebis proporciuli analizis meTods (Proportion analysis), sawarmos

finansuri angariSgebis elementebis cvlilebebs Soris urTierTkavSiris

gamosaxatavad. magaliTad, SeiZleba gamoiTvalos swrafi likvidurobis

koeficienti da dadgindes kompaniis unari, dafaros gadaudebeli

valdebulbebi an Tanafardoba sawarmos valdebulebebsa da sakuTar

kapitals Soris, raTa gairkves aRebuli aqvs Tu ara ufro meti

valdebulebebi. xSirad es koeficitebi moiTxovs mogeba/zaralisa da

buRaltruli balansis informacias erTdoulad.

kompaniis finansuri angariSgebis vertikaluri analizi saSualebas

iZleva nebismieri sawarmo aseve procentulad warmoadginos ekonomikis

Sesabamis dargSi. kompaniis finansuri mdgomareobis suraTi SeiZleba

wardgenil iqnas finansuri angariSgebis ama Tu im muxlis mixedviT. igi

agreTve saSualebas iZleva procentuli maCveneblebi erTmaneTTan

Sedarebul iqnes wlebs Soris an wlebis SigniT.

horizontaluri analizi aris sawarmos finansuri informaciis Sedareba

romelime erT saangariSgebo periodTan, cvlilebis tendenciebis

gamosavlenad.

tendenciebis analizi (trends) anu tendenciis wrfeebi aCveneben

mravalwlian periodSi kompaniis muSaobis Sedegebis mimarTulebebs. tipiuri

trenduli anu dinamikuri wrfeebia Semosavlebis, saerTo mogebis, wminda

mogebis, fuladi Tanxebis, moTxovnebisa da valdebulebebis dinamikuri

wrfeebi. trendebis analizi esaa finansuri angariSgebis muxlebis

procentuli cvlilebebis analizi garkveul periodSi.

maSasadame,Ahorizontaluri anu dinamikuri (trenduli) analizi aris

sawarmos Sedegebis mimoxilva mravalwlian periodSi, xolo, vertikaluri

analizi aris Sedegebis Seswavla erTi saangariSgebo periodis SigniT.

koeficientebis analizis meTodi niSnavs fardobiTi maCveneblebis

gamoTvlas saTanado parametrebis farglebSi da gansakuTrebiT

mniSvnelovania SedarebiTi analizisaTvis. es koeficientebi mxolod

finansuri angariSgebis informaciis safuZvelze gamoiTvleba, roca erTi

maCvenebeli iyofa meoreze.

magaliTad, iseTi koeficientebi rogoricaa: wminda mogebis fardoba

saaqcio kapitalTan (ROI), mogebis fardoba aqtivebTan (ROA),

valdebulebebis fardoba sakuTar kapitalTan (DE). aq sami koeficientia,


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80

romelTagan, pirveli ori gamoiTvleba buRaltruli balansisa da

mogeba/zaralis angariSgebis informciis safuZvelze, e.i. kombinirebuli

koeficientebia. mesame ki mxolod balansis informaciis safuZvelze

gaoiTvleba da maSasadame, balansis individualuri koeficientia.

finansuri angariSgebis informaciis safuZvelze samasamde sxvadasxva

koeficienti SeiZleba gamoiTvalos, romlebic mraval sxvadasxva

saintereso kiTxvaze iZlevian pasuxs. isini mflobelebs da menejerebs

saSualebas aZleven axsnan ra xdeba biznesSi da ratom, ris

saSualebasac finansuri angariSgebis mxolod moculobiTi maCveneblebi

ver iZleva.

koeficientebis analizi exmareba analitikoss gansjaSi, oRond ver

aZlevs gamocdilebas. magram, koeficientebis wakiTxva da maTi mudmivi

Tvalyuri nebismier menejers karg mmarTvelad xdis.

koeficientebis analizi finansur menejments exmareba kompaniis

saqmianobaSi dainaxos is sfero, romelsac gansakuTrebuli yuradReba

Wirdeba. adgili, sadac problemebi arsebobs.

praqtikulad nebismieri koeficientis SedarebiTi analizi SeiZleba

moxdes. magram, mcire biznesis mflobelebma da menejmentma ZiriTadi

koeficientebi unda SearCion, raTaA advilad ipovon, sadaa saWiro

gaumjobeseba. amasTan, koeficienti calke aRebuli, usargebloa da

SeiZleba menejmenti SecdomaSic Seiyvanos. magram, igi yovelTvis

sasargebloa, roca am koeficents sxva warmatebuli kompaniis an

saSualo dargobriv dones Seudarebs.

finansuri angariSgebis moculobiTi maCveneblebisa da koeficientebis

analizis dros agreTve gamoyenebul uda iqnas ekonomikuri analizis

tradiciuli da maTematikuri meTodebi, romlebic wina TavSi iyo

ganxiluli.

FmarTalia finansuri angariSgebis analizi Zlieri instrumentia misi

mravalferovani momxmareblebis xelSi, gaakeTon Sesabamisi Sefasebebi da

daskvnebi maTTvis saintereso sawarmos finansuri stabilurobisa da

mosalodneli riskebis Sesaxeb, magram, finansuri angariSgebis analizis

meTodikas Tan axlavs zogierTi SezRudvebi anu probelemuri mxareebi,

romlebic xels uSlian analizis Sedegebis srulyofil Sefasebasa da

interpretaciebs. esenia:

1. Sesadarisoba periodebs Soris – sawarmo amzadebs finansur

angariSgebas da inaxavs mas, xolo SeiZleba adgili eqnes saaRricxvo

cvlilebebs. maSasadame, informacia periodidan periodamde SeiZleba

Seicvalos;

2. Sesadarisoba sawarmoebs Soris – analitikosi xSirad erTmaneTs

udarebs sxvadasxva sawarmos finansur koeficientebs, raTa

Seiswavlos rogor Seesabamebian isini erTmaneTs. Yyovelma kompaniam

informacia SeiZleba daajgufos svadasxvagvarad. amitom, maTi

koeficientebis Sedegebi araSesadarisni aRmoCndnen. amis gamo


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81

analitikosma SeiZleba sawarmos Sedegebis Sesaxeb araswori daskvnebi

gaakeTos mis konkurentebTan SedarebiT;

3. saoperacio (operatiul) informaciaze miuwvdomloba – finansuri

angariSgebis analizi mxolod finansur informacias mimoixilavs da

ara mis saoperacio informacias, amitom analitikoss ar SeuZlia

dainaxos saqmianobis momavali Sedegebis sakvanZo maCveneblebi,

rogoricaa, calkeuli saxis produqciis momgebianoba, SekveTebis

portfelis moculoba da Sedgeniloba, an cvlilebebi sagarantio

moTxovnebSi da a.S. oRondac, es ar exeba informaciis Siga

momxmareblebs (mmarTvelobas). maT finansuri informaciis

misawvdmobis problema ara aqvT.

amrigad, finansuri angariSgebis analizi mxolod saerTo suraTis

Sedegebs warmoadgens. finansuri angariSgebis koeficientebis umravlesoba

miuTiTebs sawarmos mxolod potenciur problemebze, romlebsac

informaciis gare momxmarebeli yuradRebas aqcevs. igi garedan uyurebs

mocemuli sawarmos finansur Sedegebs da gadawyvetilebas iRebs masTan

ekonomikuri urTierTobebis gagrZelebis an Sewyvetis Sesaxeb.

garkveuli SezRudulobis miuxedavad, finansuri angariSgebis

informaciis analizi sawarmos menejments, Siga informaciasTan erTad,

saSualebas aZlevs warsuli Sedegebis safuZvelze dagegmos momavali da

iwinaswarmetyvelos ganusazRvrelobebic ki.

2.4. kavSiri finansuri angariSgebis

komponentebs Soris

finansuri angariSgebis Semadgeneli nawilebi (komponentebi) erTmaneTTan

urTierTkavSirSia, radgan asaxaven erTi da imave ekonomikuri operaciebis

da movlenebis sxvadasxva aspeqtebs. es kavSirebi eyrdnoba ekonomikaSi

arsebul Sinagani wonasworobis kanonzomierebas, romelic aRricxvaSi

balansirebis principiTaa cnobili.

finansuri angariSgebis analizis dawyebamde, analitikosma

SeZlebisdagva- rad unda Seamowmos, informacia finansur angariSgebaSi

ramdenad sworadaa warmodgenili. angariSgebis Semowmebis xerxebia:

formaluri, ariTmetikuli da arsebiTi.

formaluri Semowmebis dros angariSgebis garegnuli mxare mowmdeba.

Sevsebulia Tu ara yvela aucilebeli rekviziti.

ariTmetikuli Semowmebis dros angariSgebaSi arsebuli jamebis,

namravlis da a.S. Sedegebi mowmdeba ariTmetikulad.

arsebiTi Semowmebis gziT analitikosi unda darwmundes ramdenad

zustadaa daculi balansirebis principi anu Sinagani kavSirebi finansuri

angariSgebis elementebs Soris.


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82

qvemoT motanilia finansuri angariSgebis komponentebis maCveneblebs

Soris arsebuli kavSirebis Semomwebis zogierTi magaliTi. kerZod:

gacemuli xelfasi = gasacemi xelfasi wlis dasawyisSi + SromiTi xarjebi

periodSi – valdebuleba xelfasze wlis bolos am tolobidan agreTve SeiZleba gamoTvlil iqnas wliuri SromiTi xarjebis

sidide, Tuki mogeba/zaralis angariSgeba momzadebuli araa danaxarjTa elementebis klasifikaciis safuZvelze.

gadaxdili procentebi = gadasaxdeli procentebi wlis bolos + saprocento

xarjebi – gadasaxdeli procentebi wlis dasawyisSi momwodeblebze gadaxdili fuli = valdebuleba momwodeblebTan wlis

dasawyisSi + Sesyidvebi – valdebuleba momwodeblebTan wlis bolos; Sesyidvebi = valdebuleba mowodebidan wlis bolos + momwodeblebze

gadaxdili fuli – valdebuleba momwodeblebTan wlis dasawyisSi; Aaqtivi wlis bolos = valdebulebebi wis bolob + saaqcio da saemisio

kapitali da gadafaasebis rezervi w.bolos + sawyisi gaunawilebeli mogeba da rezervebi (an reinvestirebuli mogeba) + wliuri Semosavlebi – wliuri xarjebi – daricxuli dividendi;

fulis naSTis cvlileba = valdebulebebis cvlileba _ arafuladi aqtivebis

zrda + sakuTari kapitalis zrda sakuTari kapitali wlis bolos = wminda mimdinare aqtivebi + grZelvadiani aqtivebi – grZelvadiani sesxebi; da a.S. SesaZlebelia sxva kavSirebic iqnas warmodgenili. finansuri angariSgebis Sinagani kavSirebis ilustraciis mizniT,

saxelmZRvaneloSi warmodgenilia pirobiTi saaqcio sazogadoebis

`kolxeTis~ finansuri angariSgeba. magaliTSi daSvebulia, rom saaqcio

sazogadoeba `kolxeTi~ samrewvelo tipis kompaniaa, romelic ara mxolod

TviT amzadebs mza produqcias da yidis, aramed sxvis saqonelsac yidulobs

gasayidad. mimdinare wels aseTi saqonlis Sesyidvebs da realizacias

adgili ar hqonia.

amasTan, saaRricxvo politikis Tanaxmad, materialuri maragebis

aRricxva xdeba uwyveti meTodiT.

buRaltrul balansSi, rogorc wesi, mocemulia sameurneo operaciebiT

gamowveuli cvlilebebis Semdeg darCenili aqtivebis, valdebulebebisa da

sakuTari kapitalis naSTebi wlis dasawyissa da wlis bolosaTvis (ix.

cxrili 2.4.1). mogeba/zaralis angariSgebaSi (ix. cxrili 2.4.2) Semosavlebi

da xarjebi mocemulia daricxvis principiT (anu rac unda gadaxdiliyo an

miRebuliyo mimdinare wels). xolo fulis realuri Semosvla da xarjva

warmodgenilia fuladi nakadebis angariSgebaSi (ix. cxrili 2.4.3).


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cxrili 2.4.1 buRaltruli balansi 2116 wlis 31.12. (pirobiTi samrewvelo kompania `kolxeTi~) (aTas l) a q t i v i

2017 w Pp a s i v i

2017 w 1/01

31 / 12 1/01 31/12

I. mimdinare aqtivebi

1. fuladi Tanxebi 2. masalebi 3. daumTavrebeli poduqcia 4. mza produqcia 5. saqoneli 6. moTxovna miwodebidan 7. misaRebi procentebi ------------------------------- jami

4100 1710 810 2000

270 1100 200 ------- 10190

4730 3100 430 2500 270 2100 250 ------- 13380

I. valdebulebebi a. grZelvdiani sesxebi b. mimdinare valdebu -

lebebi 1. moklevadiani sesxebi 2. valdebuleba mowodebidan 3. gasacemi xelfasi 4. gadasaxdeli procentebi 5. gasacemi dividendi 6. mogebis gadasaxadi ----------------------------- jami ------------------------------ sul valdebulebebi

5000 - 4040 2100 650 - - ------ 6790 ------ 11790-

7040 2560 4100 1600 570 1640 460 ------- 10930 ------ 17970

II. grZelvadiani aqtivebi

1. Senobebi 2. danadgarebi 3. nayidi obligacicebi 4. aramaterialuri aqtivebi -------------------------------- jami

7360 5260 2000 - ------ 14620

10220 9000 2000 1530 ------- 22750

II. sakuTari kapitali 1. saaqcio kapitali privi-

legirebul aqciebSi 2. saaqcio kapitali Cveule-

briv aqciebSi 3. saemisio kapitali 4. ukan gamosyiduli aqciebi 5. mogebidan Seqmnili

rezervebi 6. gadafasebis rezervi 7. gaunawilebeli mogeba

--------------------------- jami

3000 5820 2000 - 800 500 900 ------ 13020

3000 7720 2200 (820) 5920 140 - ------ 18160

s u l 24810 36130 s u l 24810 36130

aqve unda aRiniSnos is faqti, rom saqarTveloSi 2017 wlis ianvridan

ZalaSi Sevida mogebis gadasaxadis axali modeli, romlis gamoyenebis

SemTxvevaSi gaunawilebeli mogebis maCvenebeli aRar iarsebebs, vinaidan

wminda mogeba, romelic aris wliuri mogebisa da mogebis gadasaxadis

maCveneblebs Soris sxvaoba, mTlianad ganawildeba mesakuTreebsa da

kompanias Soris. xolo. adre arsebuli dagrovili mogeba, direqtorTa

sabWos gdawyvetilebiT, davuSvaT, wlis bolosaTvis. saaqcio kapitals

SeuerTda

2.4.2 cxrilSi, gaunawilebeli mogebis maCvenebeli aRaraa warmodgenili.

wminda mogeba mTlianad ganawilda mesakuTreebsa da sawarmos Soris.

pirvel rigSi marTebulia wliuri mogebidan reinvestirebuli mogeba

gamoiyos, radgan, am reformis ZiriTadi mizani sawarmoSi mogebis maRali


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reinvestireba, warmoebis gafarToeba da dasaqmebis zrdaa. davuSvaT, wliuri

mogebidan 5120 lari reinvestirebis mizniT gamoiyo. e.i. mesakuTreebze

ganawilebuli mogeba 8000 l iqneba (13120 – 5120), romelic daibegra mogebis

gadasaxadiT (8000-is 15% = 1200).

cxrili 2.4.2 s s `kolxeTis~ mogeba/zaralis angariSgeba 2011 w. (danaxarjTaA elementebis mixedviT)

mMa C v e n e b e l e b i

Tanxa aT. lari

Semosavali realizaciidan daumTavrebeli da mza produqciis naSTebis zrda Mmasalis xarjebi SromiTi xarjebi cveTis xarjebi sxva saoperacio fuladi xarjebi ------------------------------------------------------------------ saoperacio mogeba saprocento xarjebi saprocento Semosavali --------------------------------------------------------------------- Mmogeba dabegvramde (wliuri mogeba) mogebis gadasaxadis xarji ------------------------------------------------------------- wminda mogeba daricxuli dividendi (8000 – 1200)) mogebidan Seqmnili rezervebi (reinvestirebuli mogeba) Semosavali erT aqcize (sabaziso (gazavebuli)

95 690 120 (44 870) (32 500) (2 240) (2 060) ------------- 14 140 (1220) 200 ------------ 13 120 (1 200) -------------- 11 920 (6 800) (5 120) _

saanalizo sawarmos fuladi nakadebis angariSgebaSi (ix. cxrili 2.4.3),

warmodgenilia fuladi nakadebi sxvadasxva saqmianobidan da Sesabamisad mas

sami ganayofi aqvs, rogoricaa:

I. wminda fuladi nakadi saoperacio saqmianobidan,

II. wminda fuladi nakadi sainvesticio saqmianobidan

III. wminda fuladi nakadi safinanso saqmianobidan.

yoveli ganayofis bolos gamoiTvleba `wminda fuladi nakadi~, romelic

sawarmoSi Semosuli da gasuli fuladi Tanxebis sxvaobis tolia. aq

warmodgenilia pirdapiri meTodiT momzadebuli fuladi nakadebis

angariSgeba, romelic finansuri angariSgebis saerTaSoriso standartebiT

(fass) aRiarebulia rogorc sabaziso meTodi, radgan mas didi praqtikuli

da analizuri mniSvneloba aqvs.

gamomdinare iqedan, rom finansuri angariSgeba erTiani safinanso-

ekonomikuri operaciebis Sedegebzea Sedgenili, maT Soris arsebobs

Sinagani urTierTkavSirebi, rac ricxvebis meSveobT dasturdeba. finansuri

angariSgebis analizis dawyebis win, saWiroa analitikosma Seamowmos,

daculia Tu ara kavSirebi angariSgebis komponentebs Soris.


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85

cxrili 2.4.3 Ffuladi nakadebis angariSgeba

(pirdapiri meTodiT)


Tanxa aT. lari

I. fuladi nakadebi saoperaco saqmianobidan

- myidvelebidan miRebuli fuli - momwodeblebze gadaxdili fuli - TanamSromlebze gacemuli xelfasi - sxva arasawarmoo saoperacio fuladi xarjebi

---------------------------------------------------------------- saoperacio saqmianobidan miRebuli fuladi Tanxebi

- gadaxdili procentebi - gadaxdili mogebis gadasaxadi - gacemuli dividendi

------------------------------------------------------------------------ wminda fuladi nakadi saoperacio saqmianobidan II. fuladi nakadebi sainvesticio saqmianobidan

- ZiriTadi saSualebebis SeZena - aramaterialuri aqtivebis SeZena - obligaciebis Sesyidva - zedmeti ZiriTadi saSualebebis gayidvidan miRebuli fuli - miRebuli procentebi - finansuri investiciebi

------------------------------------------------------------------------------ wminda fuladi nakadi sainvesticio saqmianobidan

III. fuladi nakadebi safinanso saqmianobidan

- gamoSvebuli aqciebidan miRebuli fuli - sakuTari aqciebis ukan gamosyidva - aRebuli sesxebi

-------------------------------------------------------------------------------- wminda fuladi nakadi safinanso saqmianobidan saerTo wminda fuladi nakadi fuladi Tanxebis sawyisi naSTi fuladi Tanxebis saboloo naSTi

94 690 (46 200) (33 000) (2 060) ------------- 13 430 (1 300) (740) (5 160) -------------- 6 230 (6 600) (1 530) _ _ 150 _ --------------- (7 980) 1 200 (820) 2 000 ------------- 2 380 630 4 100 4 730

saanalizo sawarmos finansuri angariSgebis magaliTze davaxasiaToT

mis komponentebs Soris arsebuli kavSirebi. esenia:

1. wlis ganmavlobaSi myidvelebze gagzavnilia 95690 laris produqcia. wlis

bolos, 31 dekembris mdgomareobiT myidvilebidan miRebulia 94690 lari. maSin,

wliur finansur angariSgebaSi ricxvebi Semdegnairad ganlagdeba:

Semosavali realizaciidan 95690 lari aisaxeba – mogeba/zaralis angariSgebaSi;


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myidvelebidan miRebuli fuli 94690 lari aris – fuladi nakadebis angariSgebaSi

(sakaso principiT). xolo, naSTad darCenili moTxovna miwodebidan - 1000 lari –

naCvenebia buRaltrul balansSi (sabalanso wonasworobis dacva)

marTlac, Semosavali realizaciidan (mogeba/zaralis angariSgebidan) 95 690

moTxovna miwodebidan, sawyisi naSTi (balansidan) 1 100 moTxovna miwodebidan, saboloo naSTi (balansi) (2 100) ----------------------------------------------------- ----------- F myidvelebidan miRebuli fuli _ (fuladi nakadebidan) 94 690 (95 690+1100_2100)

2. daxarjuli masalebi (mogeba/zaralidan) 44 870 masalis sawyisi naSTi (balansiT) (1 710) masalis saboloo naSTi (balansiT) 3 100 ------------------------------------------------- --------- masalis Sesyidvebi (mogeba/zaralSi) 46 260 (44870 - 4100 + 4730)

3. valdebuleba mowodebidan: sawyisi naSTi (balansiT) - 4 040

valdebuleba mowodebidan; saboloo naSTi (balansiT) - (4 100) masalis Sesyidvebi - 46 260 (gaangariSebiT, vinaidan mocemul magaliTSi masalebis aRricxvis uwyveti meTodia miRebuli. Tu aRricxvis perioduli meTodi iqneboda gamoyenebuli, maSin masalis Sesyidvebi mocemuli iqneba mogeba/zaralis angariSgebaSi). ------------------------------------------------------------------------------------------------ momwodeblebze gadaxdili fuli (fuladi nakadebSi) 46 200 (4040 + 46260 – 4100)

4. valdebuleba xelfasiT, sawyisi naSTi (balansiT) 2 100

daricxuli xelfasi (mogeba /zaralis angariSgeba) 32 500 valdebuleba xelfasiT, saboloo naSTi (balansiT) (1 600) -------------------------------------------------------------------------- Ggacemuli xelfasi (fulad nakadebSi) 33 000

5. gadasaxdeli procenti, sawyisi naSTi (balansidan) 650

daricxuli saprocento xarji (mogeba/zaralis angariSgebidan) 1220 gadasaxdeli procenti wlis bolos (balansidan) (570) --------------------------------------------------------------------------------------------------- gadaxdili procentebi (fuladi nakadebis angariSgeba) 1300

6. misaRebi procentis sawyisi naSTi 200 daricxuli saprocento Semosavali 200 misaRebi procentis saboloo naSTi (250) ------------------------------------------------------------------------------------------------------------ miRebuli saprocento Semosavali 150

7. valdebuleba mogebis gadasaxadze, sawyisi naSTi (balansiT) 0 daricxuli mogebis gadasaxadi (mogeba.zaralidan) 1 200 valdebuleba mogebis gadasaxadze, saboloo naSTi (blansidan) (460) ------------------------------------------------------------------------------------------------ Ggadaxdili mogebis gadasaxadi (fuladi nakadebis ang.) 740


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8. gasacemi dividendis sawyisi naSTi (balansiT) 0

daricxuli dividendi (mogeba/zaralis angariSgebidan) 6800 gasacemi dividendis saboloo naSTi (balansiT) (1640) -------------------------------------------------------------------------------------------------------- Ddividendze gacemuli fuli (fuladi nakadebis angariSgeba) 5 160

9. aqciebis gamoSvebidan miRebuli fuladi Tanxebi, (1200) naCvenebi fuladi nakadebis angariSgebaSi, unda daemTxves sakuTar kapitalis angariSgebaSi saaqcio da saemiso kapitalis cvlilebis maCveneblebs da igive unda daemTxves balansSi gadmocemul sakuTari kapitalis maCveneblebs.

10.Aaqtivi wlis bolos =

= vald. + saaqcio da saemis. kapit. + gadafasebis rezervi +sawyisi gaunaw. mogeba da rezervebi + wl.Semos. – wl.xarji _ dividendi

17 970 + 12240 (10720 +2200 -820 + 140) + 800 + 95890 _ 83 970 _ 6800 = 36 130 l (vinaidan mogebis dabegvris regulaciebi Seicvla, davuSvaT rom sawyisi gaunawlebeli mogeba, menejmentis gadawyvetilebiT, SeuerTda sawyis saaqcio kapitals da amitom 800+500 = 1300; 95690 +200 = 95890;)

11. Ffulis naSTis cvlileba = valdebulebebis cvlileba _ arafuladi

aqtivebis zrda + sakuTari kapitalis zrda (4730 – 4100) = 630 l 6 180 – 10 690 + 5140 = 630 l

12. saoparacio saqmianobidan miRebuli fuli agreTve udris:

a. amonagebi realizaciidan (m/z) 95 690

saoperacio xarjebi cveTis gamoklebiT (79430-120) (79 310)

---------------------------------------------------------------- mogeba sabrunav saSualebebSi cvlilebamde 16 380 materialuri maragebis naSTebis zrda (1510) miwodebidan moTxovnebis naSTis zrda (1000) mowodebidan valdebulebebis naSTebis zrda 60 gasacemi xelfasisi naSTebis zrda (500) ---------------------------------------------------------------------------- saoperacio saqmianobidan miRebuli fuli 13 430

an, b. wminda mogeba 11 920 mogebis gadasaxads xarji 1 200 saprocento xarjebi 1 220 saprocento Semosavali (200) cveTis xarji 2 240 -------------------------------------------------------------------------------------- mogeba sabrunav saSualebebSi cvlilebamde 16 380 amis Semdeg 16380 lari Seswordeba imave naSTebis cvlilebiT, rogorc `a`

punqtSia mocemuli da miiReba saoperacio saqmianobidan miRebuli fuli 13430 l. an,


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b. Semosavali realizaciidan ------------------------------------ 95 690 realizebuli produqciis TviTRirebuleba ------------- (73 600) komerciuli xarjebi ---------------------------------------------- (3 300) saerTo administraciuli xarjebi ------------------------ (4 650) cveTis xarji ---------------------------------------------------------- 2 240 ------------------------------------------------------------------------ mogeba sabrunav saSualebebSi cvlilebamde 16 380 Semdeg, imave naSTebis safuZvelze, mogeba sabrunav saSualebebSi cvlilebamde

(16380) daiyvaneba saoperacio saqmianobidan miRebuli fulis sidideze.

amrigad, finansuri analizis dawyebis win, aucilebelia analitikosma gadaamowmos finansuri angariSgebis komponentebs Soris arsebuli kavSirebi sworadaa Tu ara asaxuli angariSgebaSi. romelime toloba Tu ar dadasturda, imaze miuTiTebs rom, angariSgebaSi raRac uzustobebi da xarvezebia daSvebuli. kiTxvebi TviTSemowmebisaTvis: 1. CamoTvaleT finansuri angariSgebis komponentebi; 2. CamoTvaleT finansuri angariSgebis ZiriTadi momxmareblebi; 3. CamoTvaleT finansuri angariSgebis ZiriTadi xarisxobrivi maxasiaTeblebi; 4. daaxasiaTeT finansuri angariSgebis analizis mizani; 5. daaxasiaTeT finansuri angariSgebis analizis meTodebi; 6. axseniT kavSiri finansuri angariSgebis komponentebs Soris.

t e s t e b i

1. finansuri angariSgebis komponentebia: a. balansi, fuladi nakadebi, sakuTari kapitali, sacdeli balansi b. sacdeli balansi, cvlilebebi sakuTar kapitalSi, mogeba /zarali,

fuladi nakadebi, axsna-ganmartebebi g. fuladi nakadebi, cvlilebebi sakuTar kapitalSi, buRaltruli

balansi, mogeba/zarali, axsna-ganmartebebi 2. finansuri angariSgebis elementebi:

a. aqtivebi, mogeba/zarali, Semosavlebi, xarjebi b. aqtivebi, Semosavlebi, valdebulebebi,sakuTari kapitali, xarjebi g. sakuTari kapitali, aqtivebi, maragebi, Semosavlebi, xarjebi

3. mogeba/zaralis angariSgebaSi SromiTi xarjebi Seadgens 14300 lars; buRaltruli balansiT valdebulebebi gasacemi xelfasiT wlis dasawyisSi Seadgenda 3500 lars, romelic wlis bolos 20%iT Semcirda.

ras udris gacemuli xelfasis sidide: a. 10800 l b. 15000 l g. 13600 l

4. mimdinare wels sawarmom myidvelebze 120000 laris produqcia gadaagzavna. realizebuli produqciis TviRirebuleba 97200 laria. wlis bolosaTvis myidvelebis mier gadaxdilia 105000 lari.

ras udris mogeba realizaciidan: a. 22 800 l b. 15 000 l g. 7 800 l


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5. masalis sawyisi naSTi 12200 l. saboloo naSTi – 15000 l. mimdinare wels daixarja 149700 laris masala.

ramdeni laris masalaa Sesyiduli wlis ganmalobaSi: a. 146 900 l b. 152 500 l g. 161 900 l 6. sawarmom wlis ganmavlobaSi 240500 laris masala iyida. momwodeblebTan valdebulebebis sawyisi naSTi 12700 l da saboloo naSTi 14200 l.

ras udris momwodebleze gadaxdili fuli: a. 239 000 l b. 149 000 l g. 150 500 l 7. sawarmos mier wlis ganmavlobaSi gadaxdilia 67200 l mogebis gadasaxadi. valdebuleba mogebis gadasaxadze wlis daswyisSi 5200 l da wlis bolos 4100 l iyo.

ras udris wlis ganmavlobaSi daricxuli mogebis gadasaxadi: a. 71 700 l b. 68 300 l g. 66 100 l 8. mimdinare wels daricxuli mogebis gadasaxadi 36700 lars Seadgens. gadaxdili iqna 46000 l gadasaxadi da valdebuleba mogebis gadasaxdze wlis bolos darCaA 11700 l.

ramdeni lari iyo mogebis gadasaxdze valdebulebis sawyisi naSTi: a. 21 000 l b. 9 300 l g. 48 400 l 9. finansuri angariSgebis ZiriTadi xarisxobrivi maxasiaTbelebia: a. Sesabamisoba da Sesadarisoba b. Sesabamisoba da samarTliani wardgena g. Sesabamisoba da Semowmebadoba 10. finansuri angariSgebis xarisxobrivi maxasiaTeblebi, romlebic amaRleben informaciis sargeblianobas, aris:

a. Sesabamisoba, Sesadarisoba, Semowmebadoba da drouloba b. Sesadarisoba, Semowmebadoba, drouloba, aRqmadoba g. samarTliani wardgena, drouloba da aRqmadoba

a m o c a n e b i amocana 2.1. wlis bolos mdgomareobiT sawarmos buRalterma Seadgina sacdeli balansi,

romlis informacia Semdegia: naSTebi sacdeli balansidan 31.12.12

angariSebis dasaxeleba lari 1.Ffuladi Tanxebi 2. saqonlis sawyisi naSTi 3. saqonlis Sesyidvebi 4. saqonlis saboloo naSTi 5. Senobebi cveTis gamoqviTviT 6. danadgarebi cveTis gareSe 7. saerTo administraciuli xarjebi 8. saprocento xarjebi 9. Semosavali realizaciidan 10. valdebulebebi 11. sakuTari kapitali

15 600 6000 43000 4000 38 000 25 000 11 000 3 000 67 000 35 000 39 600


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moTxovna: a. gamoTvaleT mogeba realizaciidan da mogeba dabegvramde; b. gamoTvaleT sawarmos aqtivis saerTo sidide; c. daasabuTeT sabalanso toloba.

amocana 2.2. erT-erTi sawarmos buRaltruli balansisa da mogebazaralis angariSgebis

inofrmaciiT cnobili gaxda Semdegi (larSi): Semosavali realizaciidan ----------------------------------- 57 800 realizebuli produqciis TviTRirebuleba ------ 35 900 komerciuli xarjebi --------------------------------------- 7 600 saerTo administraciuli xarjebi -------------------- 9 200 cveTis xarji ----------------------------------------------- 10 400 miwodebidan moTxovnebis naSTebis zrda –----------- 4 500 mowodebidan valdebulebebis naSTebis zrda ---------- 3 600 materialuri maragebis naSTebis Semcireba ------------ 1 500 moTxovna: gamoTvaleT, 1). mogeba sabrunav saSualebebSi cvlilebamde 2). saoperacio saqmianobidan miRebuli fuli amocana 2.3. arsebobs Semdegi informacia (larSi): myidvelebidan miRebuli fuli ----- 234 900 momwodeblebze gadaxdili fuli ------ 178 000 TanamSromlebze gacemuli fuli ------ 35 600

gadaxdili mogebis gadasaxadi ----------------- 7 800 gadaxdili procentebi ---------------------------- 5 400 gadaxdili dividendi --------------------------- 16 000

moTxovna: gamoTvaleT. 1. saoperaco saqmianobidan miRebuli fuli 2. wminda fuladi nakadi saoperacio samianobidan 3. gaakeTeT komentari amocana 2.4. saanalizo kompaniis buRaltruli balansiT arsebobs Semdegi informacia:

sakuTari kapitalis Semadgenloba buRaltruli balansidan Semdegia (aTas larebSi):

wlis wlis gadaxra dasawyisSi bolos (+, -) saaqcio kapitali 18 400 20 000 +1 600 saemisio kapitali 6 000 6 400 + 400 rezervebi mogebidan 2 000 2 900 + 900 gadafasebis rezervi 2 400 1 100 -1 300 gaunawilebeli mogeba 800 700 - 100 jami 29 600 31 100 + 1 500 daricxuli dividendi 3000 lari. moTxovna: gamoTvaleT mogeba dabegvramde anu wliuri mogeba.


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Tavi 3. buRaltruli balansis analizi

buRaltruli balansi aris sawarmos finansuri

mdgomareobis Sefasebis mniSvnelovani dokumenti.

am TavSi ganxiluli iqneba:

buRaltruli balansis mniSvneloba analizSi;

buRaltruli balansis vertikaluri analizi;

buRaltruli balansis horizontaluri analizi;

buRatruli balansis koeficientebis analizi.

3.1. buRaltruli balansis analizuri

mniSvneloba

buRaltruli balansi, rogor ukve iTqva, finansuri angariSgebis erT-

erTi komponentia. masSi mocemulia informacia aqtivebis, valdebulebebisa

da sakuTari kapitalis Semadgenlobis Sesaxeb, periodis dasawyisisa da

bolosaTvis. rogorc adre aRvniSneT, buRaltrul balanss finansuri

angariSgebis saerTaSoriso standartebi agreTve `finansuri mdgomareobis

angariSgebas~ uwodebs.

sxvadasxva samarTlebrivi tipis sawarmoTa buRaltruli balansebi

erTmaneTisagan, ZiriTadad sakuTari kapitalis struqturiT gansxvavdebian.

cxrilSi 3.1.1 - mocemulia sxvadasxva samarTlebrivi tipis sawarmoTaA

sakuTari kapitalis struqtura Sedarebis mizniT.

cxrili 3.1.1. sakuTari kapitalis struqtura sxvadasxva iuridiuli formis sawarmoebSi

sakuTari kapitalis stuqtura saaqcio sazogadoebaSi

sakuTari kapitalis struqtura amxanagobaSi

sakuTari kapitalis struqtura individualur sawarmoSi da Sps-Si

sakuTari kapitali - saaqcio kapitaliprivile- girebul aqciebSi – 3000 -saaqcio kapitali Cveulebriv aqciebSi _ 6000 - saemisos kapitali _ 2000 - sarezervo kapitali – 1300 - gaunawilebeli mogeba - 1170 --------------------------------------- jami 13470

partniorTa kapitali ZiriT. Mmimdinare sul angariSi angariSi laSxi 10000 8000 18000 lebaniZe 8000 5000 13000 loria 7000 15000 22000

jami 25000 28000 53000

individualuri kapitali ( sawesdebo kapitali ) kapitali wlis dasawyisSi – 9800 wliuri wminda mogeba _ 3000 mflobelis mier kapitalis Cadeba (an amoReba) _ 1500 ------------------------------------ jami 14300

3.1.1. cxrilSi mocemuli Sedarebidan naTlad Cans, rom saaqcio

sazogadoebebSi Tavdapirvelad investirebul kapitals `saaqcio kapitali

ewodeba~; amxanagobebSi - `partniorTa kapitali~ da individualuri tipis

sawarmoebsa da SezRuduli pasuxismgeblobis tipis sawarmoebSi –


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`individualuri~ an `sawesdebo kapitali~. saxelmwifo kontrols

daqvemdebarebul sawarmobSic sawyis kapitals sawesdebo kapitali ewodeba.

saaqcio sazogadoebebis saaqcio kapitali SeiZleba arsebobdes

gamoSvebuli Cveulebrivi an privilegirebuli aqciebis saxiT.

Cveulebrivi aqciebi iseTi aqciebia, romelzec winaswar ar aris

dadgenili dividendis ucvleli ganakveTi. Aamitom, maT mflobelebs aqvT

xmis ufleba da monawileoben kompaniis marTvaSi.

privilegirebul aqciebze dadgenilia dividendis ucvleli saprocento

ganakveTi. misi mflobelebi ar monawileoben kompaniis marTvaSi, radgan

maTi dividendi damokidebuli araa aqciebis gamomSvebi kompaniis mogebis

sidideze.

agreTve SeiZleba arsebobdes aqciebi gadavadebuli dividendebiT, rac

imas gulisxmobs, rom maTze dividendi gaicema privilegirebuli aqciebis

mflobelebis moTxovnebisa da Cveulebrivi aqciebis minimaluri

dividendebis dafarvis Semdeg.

saemiso kapitali aris sxvaoba gamoSvebuli aqciebis gayidvis fassa da

nominalur Rirebulebas Soris.

gacemuli Tamasuqebisa da gamoSvebuli obligaciebis mflobelebi ar

SeiZleba kompaniis mesakuTreebi iyos.

amxanagobis tipis sawarmoebSi sawyisi kapitali arsebobs partniorTa

kapitalis saxiT, romelic ori tipis angariSebs - ZiriTad da mimdinare

angariSebs moicavs. ZiriTadi angariSebi amxanagobaSi partnoirTa mier

Semotanil wils axasiaTebs. ZiriTadi angariSi ar gamoiyeneba biznesidan

partnioris mier Tanxebis amoRebis an mogebis ganawilebisas. igi gamoiyeneba

iseTi mniSvnelovani cvlilebebis dros, rogoricaa: amxanagobidan

partnioris gasvla an axlis miReba da aqtivebis gadafaseba. partniorTa

mimdinare angariSi partniorebsa da sawarmos Soris mudmivi operaciebis

aRsaricxavad gamoiyeneba, rogoricaa: mogebis ganawileba, kapitalze

daricxuli procentebi, partniorTa xelfasebi, amoRebuli kapitalis

yovelTviuri wili mogebidan (mas mogebis uaryofiT wilsac uwodeben,

radgan gasanawilebel mogebas amcirebs).

amxanagobis balansSi gaunawilebeli mogebis maCvenebli araa, radgan mas

rogorc wesi, partniorebi mTlianad inawileben. xelSekrulebiT

ganisazRvreba partniorebis Setanili wili, partniorebs Soris mogebis

ganawilebis Tanafardoba, procenti Setanil kapitalze, biznesidan fulis

amoRebis wesi. Aaseve, partniorebs SeiZleba daeniSnoT xelfasi sawarmos

xelmZRvanelobaSi maTi monawileobis Sesabamisad, romelic Cveulebriv

SromiT xarjebs ar warmoadgens. igi partniorebis kuTvnili mogebidan

gamoiqviTeba.

Mmogeba/zaralis angariSgebis Sedgenamde, jer Sedgeba `partniorTa

Soris mogebis ganawilebis uwyisi~. Ppartniorebze ganawilebuli Tanxebi

Semdeg mogeba/zaralis angariSgebaSi aisaxeba. TiToeuli partnioris


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93

kapitalis ZiriTadi da mimdinare angariSebis naSTebi mTavari sabuRaltro

wignidan sacdel balansSi gadaitaneba, aqedan ki buRaltrul balansSi.

individualuri tipis sawarmoSi sawyis kapitals SeiZleba ewodos

individualuri kapitali an sawesdebo kapitali (aseve Sps – Si da

saxelmwifo kompaniebSi). individualuri kapitalis sawyis naSTs emateba

wliuri wminda mogeba da mflobelis mier fulis biznesSi Cadeba, xolo

akldeba mesakuTris mier fulis amoReba. Sedegad, miiReba sawesdebo

kapitalis sidide wlis bolosaTvis.

rac Seexeba mogebidan Seqmnil rezervebs, igi SeiZleba nebismieri tipis

sawarmoSi Seiqmnas, Tuki misi saWiroeba iarsebebs da mfobelebi amas

gadawyveten.

ganxiluli samarTlebrivi tipis sawarmoTagan, kidev ufro

gansxvavebulia aramomgebiani organizaciebis: klubebis, sazogadoebebis,

saqvelmoqmedo organizaciebis, fondebis da politikuri organizaciebis

buRaltruli balansis struqtura (ix. cxrili 3.1.2). cxrili 3.1..2 K klubebisa da sazogadoebebis buRaltruli balansis struqtura

Aa q t i v i

Tanxa lari

Pp a s i v i Tanxa lari

I. grZelvadiani aqtivebi

_ Senobebi _ pavilioni _ sxva danarCeni --------------------------- jami

II. mimdinare aqtivebi

_ kafe-baris saqonlis maragi _ winaswar gaweuli xarjebi _ fuladi Tanxebi _ specialuri fondis aqtivebi _ danarCeni ---------------------------- jami -------------------------- sul

5000 2000 _

7000 1200 300 800 500 _ ------- 2800 -------- 9800

I. sakuTari kapitali a). saerTo dagrovili fondi _ naSTi wlis daswyisSi Mminus: _ deficiti _ specialur fondSi gadatana Pplus: _ Semosavlebis metoba xarjebze ---------------------------------- jami b). specialuri fondebis dagrovili fondidan gadmotana ---------------------------------------- jami II. valdebulebebi _ kreditorebi _ daricxvebi Dda a.S. ------------------------------------------- jami ------------------------------------------ sul

6000 (550) (500) _ ------- 4950 500 -------- 5450 3000 1350 _ --------- 4350 --------- 9800

klubebisa da sazogadoebebis sawyis kapitals saerTo fondi an

dagrovili fondi ewodeba. gansakuTrebuli miznebisaTvis SeiZleba

dafuZnebul iqnes specialuri fondebi, rogoricaa: samSeneblo fondi,

saprizo fondi, saarCevno fondi da a.S. es fondebi SeiZleba saerTo anu

dagrovili fondidan an naCuqari saxsrebidan Seiqmnas.


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94

Mmogebaze araorientirebuli organizaciebi mogeba/zaralis angariSgebis

nacvlad waradgenen Semosavlebisa da danaxarjebis angariSgebas, romelic

SeiZleba rogorc vertikaluri, ise horizontaluri formatiT Sedges (ix.

cxrili 2.1.3).

cxrili 3.1..3 sazogadoebebis Semosavlebisa da xarjebis angariSgeba

S e m o s a v l e b i d a n a x a r j e b i

- sawevro Senatanebi 8000 - Semowirulobebi 500 - bankis procentebi 200 - mogeba kafe-baridan 150 - da a.S.

----------------------------- ---------- jami 8850

- gacemuli xelfasebi 5100 - satelefono xarjebi 1800 - ijara 2000 - sxvadasxva xarjebi 500

------------------------- ---------- jami 9400 Semosavlebis deficiti (550)

aqtivebisa da sakuTari kapitalis yvelaze rTuli da sruli struqtura

saaqcio sazogadoebebs gaaCniaT. Aamitom, finansuri analizis meTodika

ZiriTadad samrewvelo tipis saaqcio sazogadoebebis finansuri

angariSgebis magaliTzea ganxiluli, rogorc ukve wina sakiTxebidan iciT.

bass-is moTxovnebis Sesabamisad, saaqcio sazogadoebebis buRaltruli

balansis struqtura Semdegi saxisaa (ix. cxrili 3.1.4).

buRaltrul balanss sawarmos finansuri mdgomareobis sarkes uwodeben.

masSi mocemulia sawarmos resursebisa da maTi dafinansebis wyaroebis

struqtura, mocemuli TariRisaTvis. Aanu balansis aqtivi asaxavs

sainvesticio gadawyvetilebebs, xolo, pasivi – gadawyvetilebebs

dafinansebis wyaroebis arCevis Sesaxeb. aqve aRvniSanvT, rom finansuri

angariSgebis da buRaltruli aRricxvis saerTaSoriso standartebi

buRaltruli balansis meore mxares `pasivs~ ar uwodebs. am termins ar

iyenebs. balansis meore mxars uwodebs – `valdebulbebi da sakuTari

kapitali~. Cveni azriT, vinaidan valdebulebebi da sakuTari kapitali

resursebis dafinansebis wyaroa, marTebulia maTi saerTo cnebiT moxsenieba,

rogroc - `pasivi~.

romeli tipis samarTlebrivi sawarmos balansic ar unda iyos,

yovelTvis igi eyrdnoba Semdeg tolobas, romelic sabalanso tolobiTaa

cnobili:

aqtivi = sakuTari kapitali + valdebulebebi

sabalanso tolobis safuZvelze sxva tolobebic SeiZleba Sedges. davasaxelebT ramdenime magaliTs:

mimdinare aqtivebi + grZelvadiani aqtivebi =

= sakuTari kapitali + mimdinare valdebulebebi + grZelvadiani valdebulebebi sakuTari kapitali = aqtivebi – valdebulebebi


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cxrili 3.1.4 buRaltruli balansi 2017 wlis 31.17. (pirobiTi samrewvelo kompania `kolxeTi~) (aTas l) a q t i v i

2017 w Pp a s i v i

2017 w 1/01

31 / 12 1/01 1/12

I. mimdinare aqtivebi

- fuladi Tanxebi - masalebi - daumTavrebeli poduqcia - mza produqcia - saqoneli - moTxovna miwodebidan - misaRebi procentebi ------------------------------- jami

4100 1710 810 2000

270 1100 200 ------- 10190

4730 3100 430 2500 270 2100 250 ------- 13380

I. valdebulebebi a. grZelvdiani sesxebi

b. mimdinare valdebu - lebebi

- moklevadiani sesxebi - valdebuleba mowodebidan - gasacemi xelfasi - gadasaxdeli procentebi - gasacemi dividendi - mogebis gadasaxadi

----------------------------- jami ------------------------------ sul valdebulebebi

5000 - 4040 2100 650 - - ------ 6790 ------ 11790

7040 2560 4100 1600 570 1640 460 ------- 10930 ------ 17970

II. grZelvadiani aqtivebi

- miwa - Senobebi - danadgarebi - nayidi obligacicebi - aramaterialuri aqtivebi

-------------------------------- jami

1000 6360 5260 2000 - ------ 14620

1000 10220 9000 2000 1530 ------- 22750

II. sakuTari kapitali - saaqcio kapitali privilegirebul aqciebSi - saaqcio kapitali Cveu-

lebriv aqciebSi - - saemisio kapitali

- ukan gamosyiduli aqciebi - mogebidan Seqmnili rezervebi

- gadafasebis rezervi - gaunawilebeli mogeba

--------------------------- jami

3000 5820 2000 - 800 500 900 ------ 13020

3000 7720 2200 (820) 5920 140 - ------ 18160

s u l 24810 36130 s u l 24810 36130

sakuTari kapitali wlis bolos = = wminda mimdinare aqtivi + grZelevadiani aqtivebi _ grZelvadiani sesxebi 18160 = (13380 – 10930) + 22750 - 7040 amasTan, buRltrul balansSi informacia mocemulia wlis dasawyisisa

da wlis bolosaTvis, rac iZleva imis SesaZleblobas, rom Seswavlil iqnes

sawarmos gadaxdisunarianobis da likvidurobis cvlileba wlis

ganmavlobaSi. buRaltruli balansi saSualebas iZleva dadgenil iqnes,

ramdenad SeuZlia sawarmos dafaros Tavisi valdebulebebi, ramdenad

aqtiuria biznesi, ramdenad aris igi damokidebli sxvaze (kreditorebze), ra

resursebi gaaCnia mocemul momentSi da rogoria maTi dafinansebis

wyaroebis struqtura. agreTve, SeiZleba Sefasdes, sawarmoSi


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96

SenarCunebulia Tu ara kapitali, rasac kapitalis finansuri SenarCunebis

koncefcia ewodeba.

kapitalis finansuri SenarCunebis koncefciis Tanaxmad, sawarmos mier

mogebis aRiareba xdeba mxolod im SemTxvevaSi, rodesac wminda aqtivebis

fuladi Rirebuleba saangariSgebo periodis bolos aRemateba wminda

aqtivebis fulad Rirebulebas saangariSgebo periodis dasawyisisaTvis,

romelic rCeba mocemul periodSi kapitalis yovelnairi gadanawilebisa da

mesakuTreTa mier ganxorcielebuli yovelgvari damatebiTi Senatanebis

gamoqviTvis Semdeg. finansuri kapitalis SenarCuneba izomeba nominalur

fulad erTeulebSi an mudmivi msyidvelobiTi unarianobiT.

Awminda aqtivebi mTliani Rirebuleba aqtivebisa da valadebulebebis

sxvaobis tolia anu igivea rac sakuTari kapitali.

Cvens magaliTze, saanalizo sawarmos balansis Tanaxmad, wminda aqtivebi

wlis bolos 5140 aTasi lariT (18160_13020) gaizarda (cxrili 2.1.5). Tu

moxdeba wminda aqtivebis Tanxis koreqtireba saaqcio kapitalis, saemisio

kapitalis da gadafasebis rezervebis cvlilebebiT, daricxuli

dividendisa da mogebis gadasaxadis TanxiT, miiReba wliuri mogeba

dabegvramde _ 13120 aT.lari (ix. cxrili 3.1..5). cxrili 3.1..5

ss `kolxeTis~ sakuTari kapitalis cvlileba

sakuTari kapitalis muxlebi wlis dasawyi-

sSi

wlis

bolos

Ggadaxra

(+; _ )

1. saaqcio kapitali

2. saemisio kapitali

3. ukan gamosyiduli aqciebi

4. mogebidan Seqmnili rezervi

5. gadafasebis rezervi

6. gaunawilebeli mogeba

-------------------------------------------

jami

8 820

2 000

-

800

500

900

------------

13 020

-

10 720

2 200

(820)

5 920

140

-

--------------

18 160

+ 1900

+ 200

(820)

+ 5120

- 360

- 900

------------

+ 5140

-

Mmogeba dabegvramde (anu wliuri mogeba) arapirdapiri gziT gamoiTvleba

Semdegnairad:

sakuTari kapitalis saerTo zrda 5140 saaqcio kapitalis zrda (1900) saemisio kapitalis zrda (200) ukan gamosyiduli aqciebis zrda 820 gadafasebis rezervis Semcireba 360 daricxuli dividendi 6800 mogebis gadasaxadi 1200 gaunawilebeli mogeba wlis dasawyisSi 900 -------------------------------- --------------- mogeba dabegvramde 13 120


--------------------------------------------------------------------------------------------

97

sakuTari kapitalis saerTo gadaxris koreqtirebis dros, sakuTari

kapitalis mxolod im muxlebis cvlilebebi gaiTvaliswineba, romlebic

mogebis muxlebs ar warmoadgenen. oRond, mocemul SemTxvevaSi rogorc

xedavT, gaangariSebaSi monawileobs gaunawilebeli mogebis sawyisi naSTis

maCvenebeli, magram es gamonaklisia, vinaidan mimdinare wels moxda mogebis

dabegvris wesebis Secvla da adre arsebuli gaunawilebeli mogeba am wlis

finansur Sedegebze gavlenas veRar axdens. momavali wlidan es maCvenebeli

aRar iarsebebs. igi SeuerTdeba saaqcio kapitals an mesakuTreebi pirdapir

amoiReben kompaniidan, Tanac ise, rom ar daibegreba.

buRaltruli balansis (anu finansuri mdgomareobis angariSgebis)

informacia mravalmxriv mniSvnelovania sawarmos finansuri analizis

miznebisaTvis. kerZod:

1. balansis informaciiT gamovlindeba aqtivebis, valdebulebebis da

sakuTari kapitalis Semadgeneli muxlebis cvlilebis sasurveli da

arasasurveli tendenciebi ganvlili mravalwliani periodis ganmavlobaSi;

2. buRaltruli balansi aCvenebs sawarmos finansur pozicias. Ppasuxs

iZleva kiTxvaze: sawarmo finansurad damoukidebelia Tu sxvebzea

(kreditorebzea) damokidebuli.

3. balansis informacia saSualebas iZleva saTanado daskvnebi gakeTdes

imis Sesaxeb, SeuZlia Tu ara kompanias droulad dafros mimdinare

valdebulebebi. D

4. Seiswavleba sawamos finansuri stabilurobis absoluturi

maCveneblebi da maTi tendenciebi;

5. gamovlindeba debitoruli da kreditoruli davalianebebis

cvlilebis kavSiri fuladi nakadebis cvlilebebTan;

6. gaaCnia Tu ara sakuTari sabrunavi kapitali da faravs Tu ara

materialur maragebs.

7. Sefasdes kapitalis finansuri SenarCunebis mdgomareoba;

8. analitikoss exmareba Seiswavlos da gamoikvlios sawarmos saqmiani

aqtiurobis xarisxi;

9. SesaZlebelia kapitalis finansuri leverijis zogierTi maCveneblis

Seswavla;

10. SesaZlebelia daskvnebis gakeTeba, ramdenad zrunavs sawarmos

xelmZRvaneloba biznesis ganviTarebasa da personalis stimulirebaze.

CamoTvlili miznebis misaRwevad Seiswavleba buRaltruli balansis

absoluturi da fardobiTi maCveneblebi, romlebic, rogorc adre

aRvniSneT, finansur angariSgebaze damokidebulebis mixedviT SeiZleba

kerZo (anu sakuTari) an kombinirebuli xasiaTis iyos.

I. balansis maCveneblebi iseTi maCveneblebia, romelTa gamosaTvlelad

sakmarisia mxolod balanis informacia. maT agreTve SeiZleba balansis

kerZoO (individualuri an avtonomiurad) maCveneblebi vuwodoT.

esenia: balansis vertikaluri da horizontaluri maCveneblebi.


--------------------------------------------------------------------------------------------

98

a. balansis vertikaluri maCveneblebia: struqturuli koeficientebi,

likvidurobis koeficientebi, finansuri stabilurobis

koeficientebi, likvidurobis koeficientebi; sakuTari sabrunavi

kapitaliT (saxsrebiT) uzrunvelyofis koeficientebi.

b. balansis horizontaluri maCveneblebia: dinamikuri koeficientebi,

sakuTari sabrunavi kapitalis da finansuri stabilurobis

moculobiTi maCveneblebi.

II. kombinirebuli maCveneblebi iseTi maCveneblebia, romelTa gamoTvla

mxolod balansis informaciis safuZvelze SeuZlebelia. Eesenia:

aqtivebis momgebianoba, maragebis brunvadoba, moTxovnebis

inkasaciis da kreditoruli davalianebebis dafarvis ricxvi da

nebismieri sxva koeficienti, romlis gamoTvla angariSgebis

sxvadasxva komponentis informacias saWiroebs.

buRaltruli balansis zogadi analiziT SeiZleba davaskvnaT aris Tu

ara sawarmo gadaxdisunariani, gaaCnia Tu ara sakuTari sabrunavi saxsrebi

da finansuri stabilurobis rogori pozicia ukavia mas.

dadebiTi finansuri poziciis mqone balansi unda akmayofilebdes Semdeg

eqvs ZiriTad pirobas:

I. balansis jami wlis bolosaTvis unda izrdebodes wlis dasawyisTan

SedarebiT. xolo, misi zrdis tempi unda aRematebodes inflaciis

zrdis temps, magram ar unda uswrebdes realizaciis zrdis temps;

II. mimdinare aqtivebis zrdis tempi win unda uswrebdes ZiriTadi

saSualebebisa da moklevadiani valdebulebebis zrdis temps;

III. sakuTari kapitalisa da grZelvadiani valdebulebebis jami da zrdis

tempi unda aRematebodes grZelvadiani aqtivebis moculobas da zrdis

temps;

IV. sakuTari kaptalis wili aqtivebSi ar unda iyos 50%-ze dabali;

V. savaWro debitoruli da kreditoruli davalianebebis moculoba,

tempi da wili daaxloebiT erTnairi unda iyos;

VI. balansSi ar unda arsebobdes daufaravi zarali.

3.2. buRaltruli balansis vertikaluri

analizi

buRaltruli balansis vertikaluri analizis meSveobiT Seiswavleba

sawarmos qonebisa da misi dafinansebis wyaroebis struqtura, romelic

xvedriTi wilis maCveneblebiT xasiaTdeba. rogorc iciT, struqtura niSnavs

nawilis xvedriT wils mTelSi.

buRaltruli balansis muxlebi ucvleli araa. isini wina periodebTan

SedarebiT SeiZleba Seicvalon. am cvlilebebis (gadaxrebis) Seswavla ukve

iZleva STabeWdilebas imis Sesaxeb, Tu rogori iqneba sawarmos finansuri

Sedegebi, misi gadaxdisunarianoba.


--------------------------------------------------------------------------------------------

99

balansis vertikaluri analizi SeiZleba Semdegi TanmimdevrobiT

Catardes:

I. agregirebuli anu dajgufebuli muxlebis mixedviT, rogoricaa aqtivis

(mimdinare da grZelvadiani muxlebi) da dafinansebis wyaroebis

ZiriTadi jgufebis (valdebulbebi da sakuTari kapitalis)

Tanafardobis dadgena;

II. vertikaluri struqturis ganxilva – balansis yvela muxlis

procentuli wilis daxasiaTeba balansis mTliani jamis mimarT;

III. mimdinare aqtivebis struqturis Seswavla;

IV. grZelvadiani aqtivebis struqturis Seswavla;

V. valdebulebebis struqturis Seswavla;

VI. sakuTari kapitalis struqturis Seswavla;

VII. analizis im mimarTulebebis gansazRvra, sadac saWiroa ufro

detaluri analizis Catareba.

Bsawarmos aqtivebis dafinansebis wyaroebSi sasurvelia sakuTari

kapitalis xvedriTi wili valdebulebebis wils aRematebodes, rac

finansuri stabilurobis erT-erTi mniSvnelovani mimarTulebaa. cxrili 3.2.1.

saanalizo sawarmos aqtivebisa da dafinansebis wyaroebis

zogadi struqtura (%-ad)

m a C v e n e b l e b i wina

wels

mimdinare

wels

1. mimdinare aqtivebi (10190 * 100 /24810)

2. grZelvadiani aqtivebi (14620 * 100 / 24810)

---------------------------------------------------

jami

1. sakuTari kapitali (13020 * 100 / 24810)

2. valdebulebebi (11790 * 100 / 24810)

---------------------------------------------------------

Jami

41.1

58,9

--------------------

100

52,5

47,5

-----------------

100

37,0

63,0

-------------

100

50,3

49,7

------------

100

(cxrili 3.2.1. momzadehulia buRaltruli balansis informaciis safuZvelze.

ix. cxrili 3.1.4.)

rogorc 3.2.1. cxrilidan Cans, saanalizo sawarmos aqtivebis 50%-ze meti

dafinansebulia sakuTari kapitaliT, rac dadebiT movlenas warmoadgens,

Tumca 2017 wels sakuTari kapitalis wili 50,3%-mde Semcirda, rac ukve

kritikuli zRvaria da amdenad, menejmentisaTvis sayuradReboa.

buRaltruli balansis pasivis anu dafinansebis wyaroebis struqturuli

koeficientebi imavdoulad finansuri stabilurobis maCveneblebs

warmoadgenen.


--------------------------------------------------------------------------------------------

100

TvalsaCinoebisaTvis, warmodgenil unda iqnes struqturuli diagrama

(ix. diagrama 3.2.1.). masze naTlad Cans mimdinare da grZelvadiani aqtiievbsi

wili mTel aqtivebSi.

Semdeg moxdeba mimdinare da grZelvadiani aqtivebis struqturis

Seswavla da am mizniT, struqturuli cxrilebi Sedgeba, romlisTvisac

gamoiyeneba igive balansis informacia (cxrili 3..2.2). Sedgeba struqturuli

diagramac. Tu aRmoCnda rom izrdeba moTxovnebis xvedriTi wili, es imaze

miuTiTebs, rom sawarmo droulad ver iRebs Tanxebs myidvelebisagan, rac

gamoiwvevs fuladi aqtivebis Semcirebas. materialuri maragebis xvedriTi

wilis zrda mianiSnebs rom maTi xarjvis da realizaciis procesebi

Senelda an sawarmoo programa gaizarda da momavali wlisaTvis meti

maragebi gaxda saWiro. analitikosma unda gaarkvios ra iyo amis mizezi.

diagrama 3.2.1.

saanalizo sawarmos aqtivebis struqtura 2017 wels

3.2.2. cxrili aCvenebs saanalizo sawarmos buRaltruli balansis mTlian

(vertikalur) struqturas, rac imas niSnavs, rom aqtivis TiToeuli muxlis

wili Seiswavleba mTliani aqtivebis mimarT. kerZod, 2017 wlis bolosTvis,

fuladi Tanxebi mTeli aqtivebis 13,1%-s Seadgenda. moTxovna miwodebadan

mTeli aqtivis 5,81%-ia. mokled, aqtivebSi yvelaze maRali wili uWiravs

Senobebisa da danadgarebis muxlebs. es mosalodnelic iyo, radgan

saanalizo sawarmo samrewvelo tipis kompaniaa da bunebrivia grZelvadiani

aqtivebi mTavar rols asruleben.

aseve, dafinansebis wyaroebis TiToeuli muxlis wili mTliani jamis

mimarT aCvenebs, rom Zalian maRali iyo grZelvadaini sesxebis wili wina

wels da odnav daiwia (1 perocentuli punqtiT) mimdinare wels. saaqcio

kpitalis wili wina wels 35,56% iyo, mimdinare wels ki 28,67%-mde daeca,

rac sayuradReboa menejmentisaTvis. Tumca es SesaZloa imis mizezic iyos,

rom mogebidan Seqmnili rezervebis wili mimdinare wels Zalian gaizarda.

kerZod, igi 3,22%-dan gaizarda 16,39%.mde. Tumca moculobiT saaqcio

kapitali mimdinare wels gacilebiT metia, vidre wina wels iyo. amdenad,

aseTi suraTi SeiZleba struqturuli Sefasebis SezRudulobis mizezic

iyos, radgan, erTi muxlis procentuli wilis cvlileba iwvvs sxva muxlis


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101

cvlilebas, Tundac, moculobiT igi saerTodac ar Seicvalos. magaliTad,

saaqcio kapitali privilegirebul aqciebSi ar Secvlila, magram

procentuli wilis maCveneblebi sxadasxvaa. aseT SezRudulobas, rogorc

adre iTqva, dinamikuri analizi avsebs.

cxrili 3.2.2 ss `kolxeTis~ buRaltruli balansis vertikaluri

struqtutura %-ad 2017 წელს

maCveneblebi

wlis dasawyisSi wlis bolos xv/w-ის gadaxra

aT. l xv/w % aT. l xv/w %

aqtivebi - fuladi Tanxebi - masalebi - daumTavrebeli produqcia - mza produqcia - saqoneli - moTxovna miwodebidan - misaRebi procentebi - miwa - Senobebi - danadgarebi - nayidi obligaciebi - aramaterialuri aqtivebi ------------------------------------------- sul aqtivebi

4100 1710 810 2000 270 1100 200 1000 6360 5260 2000 - --------- 24810

16,5 6,89 3,3 8,1 1,1 4,4 0,8 4,0 25,6 21,2 6,1 ---------- 100

4730 3100 430 2500 270 2100 250 1000 9220 9000 2000 1530 --------- 36130

13,09 8,58 1,19 6,92 0,75 5,81 0,69 2,77 25,52 24,91 5,54 4,23 ------- 100

-3,41 +1,69 -2,11 -1,18 -0,35 +1,41 -0,11 -1,23 -0,08 +3,71 -0,56 +4,23 -------- -

Ddafinansebis wyaroebi I. valdebulebebi

- grZelvadiani sesxebi - moklevadiani sesxebi - valdebuleba mowodebidan - gasacemi xelfasi - gadasaxdeli procenti - gadasaxdeli mogebis gadasaxadi - gasacemi dividendi - saaqcio kapitali privilegire- B ul aqciebSi - saaqcio kapitali Cveulebriv aqciebSi - saemisio kapitali - ukan gamosyiduli aqciebi - rezervi mogebidan - gadafasebis rezervi - gaunawilebeli mogeba --------------------------------------------- sul dafinanseba

5000 - 4040 2100 650 - - 3000 5820 2000 - 800 500 900 --------- 24810

20,15 - 16,28 8,46 2,62 -

12,09 23,47 8,06 - 3,22 2,02 3,63 ---------- 100

7040 2560 4100 1600 570 460 1640 3000 7720 2200 (820) 5920 140 - --------- 36130

19,49 7,09 11,35 4,43 1,58 1,27 14,54 8,30 21,37 6,09 (2,27) 16,39 0,38 - --------- 100

-0,66 +7,09 -4,93 -4,06 -1,04 +1,27 +14,54 -3,79 -3,1 -1,97 +2,27 +13,17 -0,64 - 3,63 -------- -


--------------------------------------------------------------------------------------------

102

buRaltruli balansis saerTo struqturuli suraTis daxasiaTebis

Semdeg xdeba calkeuli elementebis: mimdinare da grZelvadiani aqtivebis,

valdebulebebis da sakuTari kapitalis truqturis gamokvleva.

cxrili 3.2.3.

ss `kolxeTis~ mimdinare aqtivebis struqtura

mimdinare aqtivebi

wlis dasawyisSi wlis bolos

aTas l xv.wili

% - ad

aTas l xv. wili

%-ad

1. fuladi Tanxebi

2. masalebi

3. daumTavrebeli produqcia

4. mza produqcia

5. saqoneli

6. moTxovna miwodebidan

7. misaRebi procentebi

8. winaswar gaweuli xarjebi

----------------------------------------

Jami

4100

1710

810

2000

270

1100

200

-

--------------

10190

40,24

16,78

7,95

19,63

2,65

10,79

1,96

-

----------

100

4730

3100

430

2500

270

2100

250

-

------------

13380

35,35

23,17

3,21

18,68

2,02

15,70

1,87

-

------------

100

cxrilSi 3.2.3. xvedriTi wilis koeficientebi, rogorc iciT,

gamoiTvleba TiToeuli Semadgeneli elementis fardobiT mimdinare aqtvebis

jamTan da gamravebuli asze. ase magaliTad:

4100 * 100 / 10190 = 40,24; 1710 * 100 / 10190 = 16,78 da a.S.

cxrili 3.2.2.-is safuZvelze SegiZliaT moamzadoT 2.2.1. struqturuli

diagramis msgavsi diagramebi.

imave 3.2.2 cxrilidan Cans, rom mimdinare aqtivebis SemadgenlobaSi

mniSvnelovnad Semcirda fuladi Tanxebis, mza produqciisa da moTxovnebis

naSTebis wili, rac Semdeg Seswavlas moiTxovs, raTa gairkves, ra aris maTi

gamomwvevi mizezebi. kerZod, xomar Seferxda an fulis Semodineba sawarmoSi

an mza produqciis warmoebis procesi da ratom. cxrili 3.2.4

saanalizo sawarmos mimdinare aqtivebis struqtura

%-ad 2013-1017 wlebSi

Mmimdinare aqtivebis muxlebi 2013 2014 2015 2016 2017

1. fuladi Tanxebi 26,7 28,4 36,5 40,24 35,35

2. masalebi 12,4 13,6 15,0 16,78 23,17

3. daumTavrebeli produqcia 5,6 3,2 5.0 7,95 3,21

4. mza produqcia 20,3 15,6 20,7 19,63 18,68

5. saqoneli 3,0 4,1 3,2 2,65 2,02

6. moTxovna miwodebidan 8,9 9,0 9,0 10,79 15,70

7. misaRebi procetebi 2,0 2,0 3,0 1,96 1,87

jami 100 100 100 100 100


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103

3.2.2. cxrilis analogiurad momzaddeba grZelvadiani aqtivebis,

valdebulebebis da sakuTari kapitalis struqturuli cxrilebi da

daigramebi. gakeTdeba Sesabamisi daskvnebi.

struqturuli cxrili agreTve sainteresoa momzaddes ramdenime wliani

(minimum xuTwliani) peridosaTvis Semdegi saxiT (ix. cxrili 3.2.4).

cxrili 3.2.4-is monacemebis mixedviT, aRebuli xuTi wlis ganmavlobaSi

mimdinare aqtivebis jgufSi izrdeboda fuladi Tanxebis, masalebis da

moTxovnebis muxlebis xvedriT wili. xolo masalebis wili meryeobiT

xasiaTdeboda. mza poduqciis xvedriTi wili ki Semcirebulia. rac SeiZleba

gamowveuli iyos waრmoebis moculobis SemcirebiT an realizaciis tempebis

zrdiT.

sakuTari kapitalis jgufSi sasurvelia izrdebodes mogebidan Seqmnili

rezervebis wili, rac imaze mianiSnebs, rom sawarmos xelmZRvaneloba

warmoebisa da personalis ganviTarebaze zrunavs.

balansis struqturis mTliani suraTi SeiZleba Semdegnairad iqnes

warmodgenili (ix. cxrili 3.2.5). masSi warmodgenilia balansis elementebis

struqtura 2017 wlis dasawyisia da bolosaTvis.

amrigad, buRaltruli balansis vertikaluri analizi pasuxs iZleva

kiTxvebze: finansurad ramdenad damoukidebelia sawarmo da ra

mimarTulebiTaa dabandebuli finansuri saxsrebi; Bbalansis romeli

muxlebi icvleba da ra moculobiT; savaWro moTxovnebisa da

kreditoruli davalianebebis cvlilebis tempebi rogor TanafardobaSia

maragebis cvlilebis tempebTan; sawarmos gaaCnia Tu ara sakuTari sabrunavi

saxsrebi; pasivebSi ra wili uWiravs valdebulebebs biujetTan,

TanamSromlebTan da bankebTan

saerTod, buRaltruli balansis struqturuli analizis dros

uaryofiT movlenad iTvleba fuladi Tanxebis wilis Semcireba, maragebisa

da moTxovnebis wilis zrda, valdebulebebis zrda da sakuTari kapitalis

wilis Semcireba.Ees yvelaferi imaze metyvelebs, rom avansirebuli

Rirebulebis brunvadoba neldeba, izrdeba kreditorebze sawarmos

damokidebulebis xarisxi da finansuri mdgomareoba iZabeba.

rogorc ukve aRvniSneT, struqturuli analizis SezRudulobas

warmoadgens is garemoba, rom aqtivis an pasivis erTi romelime muxli

SesaZloa Tanxobrivad ucvleli iyos, magram xvedriTi wilis koeficienti,

sxva muxlebis cvlilebis zegavleniT SeiZleba Seicvalos. marTlac,

ganxilul magaliTze, saqonlis naSTebi wlis dasawyissa da wlis bolos

270 aTasi lari iyo, magram xvedriTi wilis koeficiemtebi gansxvavebulia.

aseve, nayidi obligaciebis moculoba wlis dasawyissa da bolos 2000 aT.

lari iyo, magram misi xvedriTi wili 15,14 %-idan 9,07 %-mde daeca (cxrili

2.2.3). aseve, ar Secvlila gadafasebis rezervis moculoba, magram mis wili

sakuTar kapitalSi 3,84 %-dan, wlis bolosaTvis 2,75%-mde daeca.

yoveliveEes gamowveulia danarCeni muxlebis cvlilebebis zegavleniT.


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104

cxrili 3.2.5

ss `kolxeTis~ buRaltruli balansis

elementebis struqtutura %-ad 2017 წელს

maCveneblebi

wlis dasawyisSi wlis bolos xv/w-ის gadaxra

aT. l xv/w % aT. l xv/w %

aqtivebi I. mimdinare aqtivebi

- fuladi Tanxebi - masalebi - daumTavrebeli produqcia - mza produqcia - saqoneli - moTxovna miwodebidan - misaRebi procentebi - winaswar gaweuli xarjebi -------------------------------------- jami II. grZelvadiani aqtivebi

- miwa - Senobebi - danadgarebi - nayidi obligaciebi - aramaterialuri aqtivebi ------------------------------------------- jami ---------------------------------------------- sul aqtivebi

4100 1710 810 2000 270 1100 200 - ---------- 10190 - 7360 5260 2000 - --------- 14620 ---------- 24810

38,4 16.0 7,58 18,72 2,5 10,3 1,9 - ------- 100 - 50,34 35,98 13,68 - -------- 100 --------- -

4730 3100 430 2500 270 2100 250 - ---------- 13380 - 10220 9000 2000 1530 --------- 22750 --------- 36130

35,35 23,17 3,21 18,68 2.02 15,70 1,87 - ------ 100 - 44,92 39,56 8,79 6,73 --------- 100 --------- -

_3,05 +7,17 _4,37 -0,04 -0,03 +5,40 -0,03

_5,42 +3,58 -4,89 +6,73 --------- - -------- -

Ddafinansebis wyaroebi II. valdebulebebi

- grZelvadiani sesxebi - moklevadiani sesxebi - valdebuleba mowodebidan - gasacemi xelfasi - gadasaxdeli procenti - gadasaxdeli mogebis gadasaxadi - gasacemi dividendi ---------------------------------------------- mimdinare valdebulebebi ------------------------------------------------ sul valdebulebebi

III. sakuTari kapitali - saaqcio kapitali privilegire- B ul aqciebSi - saaqcio kapitali Cveulebriv aqciebSi - saemisio kapitali - ukan gamosyiduli aqciebi - rezervi mogebidan - gadafasebis rezervi - gaunawilebeli mogeba --------------------------------------------- jami ---------------------------------------------- sul dafinanseba

5000 - 4040 2100 650 - - ----------- 6790 ---------- 11790 3000 5820 2000 - 800 500 900 --------- 13020 ---------- 24810

42,41 - 34,27 17,81 5,51 - - ---------

--------- 100 23,04 44,71 15,36 - 6,14 3,84 6,91 ---------- 100

7040 2560 4100 1600 570 460 1640 --------- 10930 --------- 17970 3000 7720 2200 (820) 5920 140 - --------- 18160 --------- 36130

39,18 14,25 22,82 8,90 3,17 2,56 9,12 --------- --------- 100 16,52 42,51 12,11 (4,51) 32,60 0.77 - --------- 100

_3,23 +14,25 _11,45 _8,91 _2,34 +2,56 +9,12 --------- - -------- - -6,52 -2,2 -3,25 (4,51) 26,46 -3,07 -6,91


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105

sawarmos buRaltruli balansi iTvleba absoluturad likvidurad,

anu ar arsebobs valdebulebebis dafarvis raime safrTxe, roca daculia

Semdegi pirobebi:

fuli da misi ekvivalentebi ≥ vadadamdgari valdebulebebi;

Ffulis, misi ekviv. da debit dav. jami ≥ moklevadiani valdebulebebi

@@@

materialuri maragebi ≥ valdebuleba mowodebidan

grZelvadiani aqtivebi ≥ prmenentuli kapitali (grZelvad. vald. da sakuT.

kap. jami)

struqturuli analizis am SezRudulobas avsebs dinamikuri analizi,

romelsac buRaltruli balansis horizontalur analizs uwodeben.

3.3.BbuRaltruli balansis horizontaluri

analizi

buRaltruli balansis horizontaluri analizis dros Seiswavleba misi

muxlebis cvlilebis tendenciebi ramdenime wliani periodisaTvis.

horizontaluri analizis dros gamoiTvleba da Seiswavleba aqtivebis,

valdebulebebis da sakuTari kapitalis dinamikuri koeficientebi

procentulad, sabaziso welTan SedarebiT; wminda mimdinare aqtivebis (anu

wminda sabrunavi kapitalis) da sakuTari sabrunavi saxsrebis dinamika;

finansuris stabilurobis moculobiTi maCveneblebis dinamika.

dinamikis maCveneblebi axasiaTeben, Tu ramdeni procentiT Seicvala esa

Tu is maCvenebeli wina sabaziso welTan SedarebiT.

balansis horizontaluri analizis dros saWiroa Semdegi safexurebis

gavla:

I. dinamikuri cxrilebis Sedgena mimdinare wlis dasawyisTan SedarebiT

da Semdeg ramdenimewliani periodisaTvis (ix. cxrili 2.3.1.da 2.3.2);

II. dinamikis mxolod procentuli cxrilis Sedgena TvalsaCinoebisa da

prezentaciisaTvis (ix. cxrili 2.3.3).

III. wminda mimdinare aqtivebis (sakuTari sabrunavi saxsrebis) dinamikis

cxrilis momzadeba;

IV. daskvnebi da interpretaciebi yoveli cxrilis momzadebis Semdeg.

V. mimdinare aqtivebis da ZiriTadi saSualebebis mdgomareobis

gamokvleva;

VI. unda gairkves arsebobs Tu ara vadagadacilebuli valdebulebebi.


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106

cxrili 3.3.1 ss `kolxeTis~ balansis mTavari elementebis cvlileba 2017 wlis dasawyisTan SedarebiT

Bbalansis elementebi wlis dasawyisSi

wlis bolos

cvlileba aT. l. %-ad

- mimdinare aqtivebi - grZelvadiani aqtivebi

sul aqtivebi - sakuTari kapitali - valdebulebebi

10 190 14 620 24 810 13 020 11 790

13 380 22 750 36 130 18 160 17 970

+ 1170 + 7910 + 11320 + 5140 + 6180

+ 10,9 + 55,9 + 45,6 + 39,4 + 52,4

pirvel rigSi ganixileba balansis mTavari ganayofebis procentuli

cvlileba wlis dasawyisTan Sedarebi (ix. cxrili 3.3.1). cxrilis

maCveneblebidan Cans, Semdegi dadebiTi tendenciebi: aqtivebis moculoba

wlis dasawyisTan SedarebiT 45,6%-iT gazrdilia. sakuTari kapitalis zrdis

tempi CamorCeba valdebulebebis zrdis temps, da mimdinare aqtivebis zrdis

tempi CamorCeba ZiriTadi saSualebebis zrdis temps,

rac arasasurveli movlenebia.

cxrilSi 3.3.2. warmodgenilia aqtivebis, valdebulebebisa da sakuTari

kapitalis ricxviTi mniSvnelobebi da gamoTvlilia dinamikis procentuli

maCveneblebi. dinamikuri koeficientebi gamoTvlilia erTi sabaziso 2013

wlis mimarT, rac iZleva balansis muxlebis cvlilebebis tendenciis

Sefasebis saSualebas saanalizo periodis ganmavlobaSi (ix. cxrili 3.3.2). am

cxrilis safuZvelze Sedgeba balansis elementebis dinamikis grafiki.

% +30 +20 +10

3 2 4 1

2014 2015 2016 2017

Ddiagrama 3..3..1 balansis ZiriTadi elementebis dinamika 1 – mimdinare aqtivebi 2 – grZelvadiani aqtivebi 3 – sakuTari kapitali 4 – valdebulebebi


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107

cxrili 3.3.2

ss `kolxeTis~ buRaltruli balansis muxlebis dinamikis samuSao cxrili %-ad 2013 welTan SedarebiT maCveneblebi

sabaziso 2013 w. aT.l

2014 2015 2016 2017 aT.l

%-ad 2013 welTan

aT.l

%-ad 2013 welTan

aT.l

%-ad 2013 welTan

aT.l

%-ad 2013 welTan

I. mimdinare aqtivebi -fuladi Tanxebi -masalebi -daumTavrebeli produqcia -mza produqcia -saqoneli -moTxovna miwodebidan -misaRebi procentebi -------------------------------------- jami II. grZelvadiani aqtivebi

-miwa -Senobebi -danadgarebi -obligaciebi -aramaterialuri aqtivebi ---------------------------------------- jami ---------------------------------------- sul aqtivebi I. valdebulebebi: -grZelvadiani sesxebi -moklevadiani sesxebi -valdebuleba mowodebidan -gasacemi xelfasi -gadasaxdeli procenti -mogebis gadasaxadi -gasacemi dividendi --------------------------------------- jami II. sakuTari kapitali -saaqcio kapitali -saemisio kapitali -ukan gamosyiduli aqciebi -rezervebi mogebidan -gadafasebis rezervi -gaunawilebeli mogeba -------------------------------------- jami -------------------------------------- sul dafinanseba

4200 1400 780 1800 580 1000 180 -------- 9940 1000 5000 4760 2000 - --------- 12760 --------- 22700 4200 - 3760 1900 1800 200 900 -------- 12760

5730 1500 - 1100 580 1030 -------- 9940 --------- 22700

3900 1460 800 1700 500 1100 190 ------ 9650 1000 5200 4580 2000 - ------- 12780 ------ 22430 4000 - 3500 1860 640 - - ------ 10000 8190 1600 - 1200 580 860 ------ 12430 -------- 22430

93 104 103 94 86 110 105 ------ 97 100 104 96 100 - -------- 100 -------- 99 95 - 93 98 36 - - -------- 78 143 107 - 109 100 83 -------- 125 ---------- 99

4350 1500 820 1800 440 1350 150 ---- 10410 1000 5150 4900 2000 - ---- 13050 ----- 23460 4300 - 3820 1900 700 - - ----- 10720 8500 1150 - 800 790 1500 ---- 12740 ------- 23460

104 107 105 100 76 135 83 ---- 105 100 103 103 100 - ---- 102 ---- 103 102 - 102 100 39 - - ---- 84 148 77 - 73 136 146 ---- 128 ------- 103

4100 1710 810 2000 270 1100 200 ------ 10190 1000 6360 5260 2000 - ------ 14620 ------ 24810 5000 - 4040 2100 650 - - ------ 11790 8820 2000 - 800 500 900 ------ 13020 ------- 24810

98 122 104 111 47 110 111 ----- 103 100 127 111 100 - ------ 115 ------ 109 119 - 107 111 36 - - ------ 92 154 133 - 73 86 87 ----- 131 -------- 109

4730 3100 430 2500 270 2100 250 ------ 13 380 1000 9220 9000 2000 1530 ------ 22750 ------- 36130 7040 2560 4100 1600 570 460 1640 ------- 17970 10720 2200 (820) 5920 140 - ------ 18160 ------- 36130

113 221 51 139 47 210 139 ------ 135 135 100 184 189 100 - ------- 178 -------- 159 168 - 109 84 32 230 182 ------ 141 187 147 - 538 24 - -------- 183 -------- 159

D2.3.1. diagramidan naTlad Cans, rom mimdinare aqtivebis zrdis tempi

mniSvnelovnad win uswrebda grZelvadiani aqtivebis tempebs. es ukanskneli

piriqiT, yovelwliurad mcirdeboda, 2017 wels ki erTbaSad Zalian maRali

tempiT gaizarda da gauswro mimdinare aqtivebis zrdis temps. es mianiSnebs

ZiriTadi saSaulebebis ganaxlebis araorganizebul dagegmvaze. sakuTari


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108

kapitalisa da valdebulebebis zrdis tempebi maRalia, vidre mimdinare

aqtivebis tempebi, rac resursebis gamoyenebis dabal efeqtianobasa da

biznesis Senelebul aqtivobaze miuTiTebs. cxrili 3.3.3 ss `kolxeTis~ buRaltruli balansis muxlebis dinamika %-ad 2013 welTan

maCveneblebi

sabaziso 2013

2016

2017

2014

2015

I. mimdinare aqtivebi - fuladi Tanxebi - masalebi - daumTavrebeli produqcia - mza produqcia - saqoneli - moTxovna miwodebidan - misaRebi procentebi -------------------------------------- jami II. grZelvadiani aqtivebi

- miwa - Senobebi - danadgarebi - obligaciebi - aramaterialuri aqtivebi ---------------------------------------- jami ---------------------------------------- sul aqtivebi I. valdebulebebi: - grZelvadiani sesxebi - moklevadiani sesxebi - valdebuleba mowodebidan - gasacemi xelfasi - gadasaxdeli procenti - mogebis gadasaxadi - gasacemi dividendi --------------------------------------- jami II. sakuTari kapitali - saaqcio kapitali - saemisio kapitali - ukan gamosyiduli aqciebi - rezervebi mogebidan - gadafasebis rezervi - gaunawilebeli mogeba -------------------------------------- jami ------------------------------------- sul dafinanseba

100 100 100 100 100 100 100 ------------ 100 100 100 100 100 100 ------------ 100 ------------- 100 100 100 100 100 100 100 100 ------------- 100 100 100 100 100 100 100 --------- 100 ------------- 100

93 104 103 94 67 110 105 -------- 97 - 103 96 100 - -------- 100 -------- 99 95 - 93 98 36 - - -------- 78 143 107 - 109 100 83 -------- 125 --------- 99

104 107 105 100 67 135 83 ------ 105 - 103 103 100 - ---- 102 ---- 103 102 - 102 100 39 - - ---- 84 148 77 - 73 136 146 ---- 128 ---------- 103

98 122 104 111 90 110 111 ------- 107 - 123 111 100 - ------ 111 ------ 109 119 - 107 111 36 - - ------ 92 154 133 - 73 86 87 ----- 131 --------- 109

113 221 51 139 90 210 139 -------- 119 - 148 189 100 - ------- 173 -------- 149 168 - 109 84 32 230 182 ------ 123 187 147 - 436 24 161 -------- 183 ----------- 159


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109

cxrili 3.3.2. – samuSao cxrilia. amitom, masSi mocemulia Tanxobrivi

da procentuli maCveneblebi erTad. sabaziso wlad aRebulia 2013 weli da,

rogorc uve iciT, yvela momdevno wlis maCvenebeli 2013 wlis

maCveneblebTan aris Sefardebuli. 100-is zemoT procentuli maCvenebeli _

matebas, 100-ze qvemoT ki Semcirebas niSnavs. magaliTad, 2013 welTan

SedarebiT, 2014 wels fuladi Tanxebis zrdis tempi Semcirda 7%-iT, 2015

wels matebam Seadgina 4% da a.S. 2017 wels ki fuladi Tanxebi 13%-iT

gaizarda. amdenad, aRebuli xuTi wlis ganmavlobaSi fuladi Tanxebis

naSTebis tempebi meryeobiT xasiaTdeba, rac uaryofiT movlenas warmoadgens

da sawarmos gadaxdisunarianobis cvalebadobaze miuTiTebs. menejmentma

unda gaarkvios misi gamomwvevi mizezebi da aRmofxvras igi.

analogiurad gamoiTvleba dinamikis maCveneblebi balansis yvela

elementis mixedviT. Semdeg, ufro TvalsaCinoebisa da prezentaciisaTvis

mosaxerexebelia axali cxrilis Sedgena (ix. cxrili 3.3.3), romelSic

mxolod procentuli maCveneblebi gadaitaneba. es cxrili TvalsaCinodD

aCvenebs balansis muxlebis dinamikur cvlilebebs, vidre wina 3.3.2. cxrili,

radgan masSi mxolod dinamikuri saprocento maCveneblebia warmodgenili.

amitom, analizuri cxrilis momzadebis Semdeg aucilebelia momzaddes

aseTi saxis cxrili da daskvnebis gakeTeba ufro martivdeba.

ase magaliTad: fuladi nakadebisa da daumTavrebeli produqciis

naSTebi Semcirebis tendenciiT xasiaTdeba, rac imaze miuTiTebs, rom

sawarmos Seferxeba aqvs sawarmoo ciklSi. moTxovnebis naSTebi Zalian

maRali tempebiTaa gazrdili, rac imaze miuTiTebs rom sawarmo droze ver

ibrunebs Tanxebs myidvelebidan.

3.3.3. cxrilis informaciis safuZvelze aigeba dinamikuri grafikebi

tendenciebis SedarebiTi daxasiaTebis miznebisaTvis.

balansis horizontaluri analizis dros agreTve Seiswavleba wminda

mimdinare aqtivebis dinamikac, romelic aris sxvaoba mimdinare aqtivebsa

da mimdinare valdebulebebs Soris. magram, igi yovelTvis SeiZleba ar

warmoadgendes sakuTar sabrunav saxsrebs. amas mimdinare aqtivebis marTvis

strategia gansazRvravs. kerZod, Tanamedrove midgomebiT, SesaZlebelia

mimdinare aqtivebi ara mxolod moklevadiani sesxiT, arameg, grZelvadiani

sesxebiTac dafinansdes. dawvrilebiT wminda mimdinare aqtivebis analizis

sakiTxebi ganxilul iqneba meSvide TavSi, amitom aq metad aRar SevexebiT.


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110

3.4. buRaltruli balansis individualuri

da kombinirebuli koeficientebis

analizi

finansuri angariSgebis analizis mesame mimarTuleba, vertikaluri da

horizontaluri analizis Semdeg, aris koeficientebis analizi. magram,

rogorc adre ukve visaubreT, aris iseTi koeficientebi, romlebic erTi

romlime saxis angariSgebis informaciis safuZvelze gaiangariSeba da

iseTebic, romelTa gamosaTvlelad angariSgebis erTi romelime

komponentis informacia ar kmara.

zemoTqmulidan gamomdinare, finansur angariSgebaze damokidebulebis

mixedviT Cven marTebulad migvaCnia gamoiyos angariSgebis kerZo (anu

individualuri) da kombinirebuli koeficientebi.

ucxour literaturaSi mecnierebi ar iyeneben termins ~finansuri angariSgebis kerZo

koeficientebi~, magram Cven vTvliT rom SeiZleba am cnebis gamoyeneba. magaliTad,

mecnier-ekonomisti kaplani, iyenebs Semdeg gansazRvrebebs: balansis anu sabalanso

(balansuri) koeficientebi, mogeba/zaralis angariSgebis koeficientebi, fuladi

nakadebis angariSgebis koeficientebi da ixilav yvela koeficients, romelic gamoiTvleba angariSgebis romelime erTi komponentis Tu ramdenime komponentis

informaciis safuZvelze.

Cveni azriT, Tu koeficientis gamoTvlas romelime ori an sami saxis angariSgebis komponentis informacia Wirdeba, mas marTebulia kombinirebuli koeficientebi vuwodoT.

buRaltruli balansis individudaluri maCveneblebi iseTi

absoluturi da fardobiTi maCveneblebia, romelTa gamoTvla mxolod

buRaltruli balansis informaciis safuZvelzea SesaZlebeli. esenia:

I. balansis struqturuli da dinamikuri koeficientebi, romelTa

analizis meTodika ganxilulia wina sakiTxebSi;

II. likvidurobis koeficientebi. maT miekuTvneba absoluturi, swrafi

da saerTo likvidurobis keoficientebi da aCveneben, ramdenad

SeuZlia sawarmos arsebuli da misaRebi fuliT dafaros mimdinare

valdebulebebi. likvidurobis koeficientebi gamoiTvleba mimdinare

aqtivebis Semadgeneli jgufebis SefardebiT mimdinare

valdebulebebTan. am koeficientebis analizis sakiTxebs axla ar

SevexebiT, radgan igi Tematur anlizSi iqneba ganxiluli.

III. finansuri stabilurobis absoluturi maCveneblebi – axasiaTeben

ramdenad faravs sakuTari sabrunavi saSualebebi da dafinansebis

`normaluri~ wyaroebi materialur maragebs;

IV. finansuri stabilurobis fardobiTi maCveneblebia valdebulebebisa

da sakuTari kapitalis koncentraciis koeficientebi da sxva.

V. wminda mimdinare aqtivebi da sakuTari sabrunavi saSualebebi. es

ukanskneli axasiaTebs sakuTari kapitalis im nawils, romelic

dabandebulia mimdinare aqtivebSi.


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111

VI. Lfinansuri leverijis zogierTi koeficienti, rogoricaa aqtivebis

fardoba sakuTar kapitalTan. agreTve, valdebulbebis fardoba

sakuTar kaitalTan. Tu es koeficentebi erTze metia, maSasadame

finansuri riskebi arsebobs.

buRaltruli balansis kombinirebuli maCveneblebia:

I. aqtivebis momgebianobis maCveneblebi, romelTa gamoangariSebas

Wirdeba balansisa da mogeba/zaralis angariSgebis informacia;

II. sakuTari kapitalis ukugebis maCveneblebi, romelTa gaangariSebas

Wirdeba balansisa, sakuTari kapitalis da mogeba/zaralis

angariSgebis informacia;

III. sabrunavi saSualebebis brunvadobis maCveneblebi – maT gamoTvlas

Wirdeba balnasisa da mogeba/zaralis angariSgebis informacia.

zemoT CamoTvlili kerZo da kombinirebuli maCveneblebis analizis

dros Seiswavleba am maCveneblebis dinamika, gamovlindeba gadaxrebi,

Cataradeba maTi faqtoruli da korelaciuri analizi, rac Semdeg TavebSi,

Tematur analizSi iqneba ganxiluli.

amdenad, buRaltruli balansis informaciis analizi pasuxobs

kiTxvebze: aqvs Tu ar sawarmos sakmarisi sakuTari kapitali, mocemul

momentSi SeuZlia TuU ara dafaros moklevadiani valdebulebebi, rogoria

materialuri maragebis dafinansebis strategia da finansuri

stabilurobis xarisxi. SenarCunebulia Tu ara kapitali da izrdeba Tu

ara biznesi.

zogadad, buRaltruli balansi maSinaa pozitiuri, Tuki mimdinare

ativebis zrdis tempi win uswrebs grZlvadiani aqtivebis zrdis tems,

skauTari kapitalis zrdis tempi win uswrebs valdebulebebs zrdis temps

da balansSi araa zarali.

kiTxvebi TviTSemowmebisaTvis:

1. daasaxeleT sabalanso tolobis magaliTebi;

2. axseniT buRaltruli balansis vertikaluri analizis arsi;

3. daasaxeleT buRaltruli balanis kerZo da kombinirebuli

maCveneblebi.


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112

t e s t e b i

1. buRaltrul balansSi mimdinare wlis ganmavlobaSi valdebulebebi gaizarda 34 mln lariT, aqtivebi gaizarda 20 mln lariT.

rogor Seicvleboda sakuTari kapitali: a. Semcirdeba 14 mln lariT b. gaizrdeba 20 mln lariT g. Semcirdeba 34 mln lariT

2. grZelvadiani aqtivebi gaizarda 12 mln lariT, valdebulebebi gaizarda 7 mln lariT, sakuTari kapitali Semcirda 3 mln lariT. rogor Seicvleboda mimdinare aqtivebi:

a. Semcirdeboda 10 mln lariT b. gaizrdeboda 3 mln lariT g. Semcirdeboda 8 mln lariT

3. buRaltrululi balansis koeficientebia: a. mimdinare da absoluturi likvidurobis b. mimdinare likvidurobis da aqtivebis momgebianobis g. fulis brunvis ricxvi 4. romeli tolobaa swori: a. sakuTari kapitali = aqtivebi + valdebulbebi b. sakuTari kapitali wlis bolos = wmind mimdianre aqtivi +grZelvadiani aqtivi – grZelvadiani sesxebi g. sakuTari kapitali wlis bolos = wmind mimdianre aqtivi +grZelvadiani aqtivi – grZelvadiani sesxebi 5. Semosavali realizaciidan 380000 laria. moTxovnebi miwodebidan wlis bolos

34800 lari da myidvelebidan miRebuli Ffuladi Tanxebi 380900 laria. moTxovnebis sawyisi naSTi udris (l): a. 34 600 b. 37 800 g. 35 700

6. miwodebidan moTxovnebis naSTebis zrda fulad Tanxebs: a. amcirebs

b. zrdis g. ar cvlis

7. masalis mowodebidan warmoqmnili valdebulebebis naSTebis zrda, fulad Tanxebs:

a. amcirebs b. zrdis g. ar cvlis

8. balansSi moTxovna miwodebidan wlis bolos gaizarda 4500 lariT, wliuri Semosavali realizaciidan aris 7500 lari.

ras udris myidvelebidan miRebuli fuli: a. 3000 l b. 12000 l g. 7500 l

9. mimdinare wels daricxulia sesxze gadasaxdeli procenti 5000 lari. wlis bolomde gadaxdili iqna 3400 lari.

ras niSnavs sxvaobis Tanxa da sad aisaxeba igi: a. moTxovna 1600 lari, aisaxeba buRaltrul balansSi b. valdebuleba 1600 lari, aisaxeba mogeba/zaralis angariSgebaSi

g. valdebuleba 1600 lari, aisaxeba buRaltrul balansSi 10. sawarmos wminda mimdinare aqtivi aris:

a. mimdinare aqtivebisa da valdebulebebis jami


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113

b. sxvaoba mimdinare aqtivebsa da fulad Tanxebs Soris g. sxvaoba mimdinare aqtivebsa da mimdinare valdebulebebs Soris

a m o c a n e b i

amocana 3.1. saanalizo sawarmos buRaltruli balansi

(larebSi)

B

balansis muxlebi

wlis

dasawyisSi

wlis

bolos

aqtivebi I. mimdinare aqtivebi 1. fulis naSTi 2. materialuri maragebi 3. moTxovna miwodebidan --------------------------------- jami II. grZelvadiani aqtivebi 1. Senobebi 2. mowyobilobebi 3. nayidi obligaciebi -------------------------------- jami --------------------------------- sul aqtivi

10900 17800 16300 ------------ 45000 50000 23800 10000 ------------ 83800 ----------- 128800

12700 19000 15000 ---------- 46700 51000 25400 11000 --------- 87400 --------- 134100

Ddafinansebis wyaroebi 1. grZlvadiani sesxebi II. moklevadiani valdebulebebi 1. moklevadaini sesxebi 2.. valdebuleba mowodebidan 3. valdebuleba gasacemi xelfasiT 4. valdebuleba biujetTan --------------------------------------------- Mmimd. valdeb. jami ---------------------------------------------- sul valdebulebebi II. sakuTari kapitali 1. saaqcio kapitali 2. saemisio kapitali 3. mogebidan Seqmnili rezervebi -------------------------------------- jami --------------------------------------- sul pasivebi

20000 10000 9600 7900 5400 ---------- 32900 ----------- 52900 52000 7000 16900 ----------- 75900 ------------ 128800

21000 12000 10000 6000 3000 ---------- 31000 -------- 52000 49000 8000 25100 ---------- 82100 --------- 134100

amasTan, mTliani wliuri Semosavali 195200, mTliani wliuri xarji 177000

laria. imave wlis ganmavlobaSi gasacemi dividendi ki 10000 laria.

moTxovna: SeamowmeT Semdegi tolobebi:


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114

1. sakuTari kapitali wlis bolos = wminda mimdinare aqtivebi + grZelvadiani

aqtivebi – grZelvadiani sesxebi;

2. Ffulis naSTis cvlileba = valdebulebebis cvlileba _ arafuladi

aqtivebis zrda + sakuTari kapitalis zrda

3. Aaqtivi wlis bolos =

= vald. w.bolos + saaqcio da saemis. kap. wis bolos + gadafasbis rezervi

wlis bolos + sawyisi gaunawileb. mogeba da rezervebi + wl.Semos. – wl. xarjebi

_ daricxuli dividendi

amocana 3.2.

buRaltruli balansis struqtura

moTxovna: moamzadeT pirvel amocanaSi motanili balansis vertikaluri

struqturis cxrili.

amocana 3.3.

erT-erTi sawarmos oTxi wlis buRaltruli balansi Semdeg informacias

moicavs:

balansis informacia (lari)

maCveneblebi 2013 2014 2015 2016 2017

I. grZelvadaini aqtivebi

-miwa

-Senobebi

-danadgarebi

-satransporto saSualebebi

-aveji da inventari

---------------------------------

jami

10300

24000

36700

15900

6000

---------

92900

10300

24000

38000

15900

6000

-------

94200

11800

26700

38000

16300

6000

-------

98800

11800

26700

39500

16300

8900

------

103200

13200

29500

39500

16300

8900

-------

107400

moTxovana: warmoadgineT mimdinare aqtivebis muxlebis dinamika %-ad 2013

welTan SedarebiT.


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115

Tavi 4. mogeba/zaralis angariSgebis

analizi

mogeba/zaralis angariSgebis informacia aCvenebs

biznesis finansur aqtiurobas periodis ganmavlobaSi.

masSi mocemulia sawarmos saqmianobis finansuri

Sedegi da SesaZlebelia Seswavlil iqnes biznesis

finansur-ekonomikuri efeqtianoba.

am TavSi ganxiluli iqneba Semdegi sakiTxebi:

mogeba/zaralis angariSgebis wardgena da analizuri mniSvneloba;

mogeba/zaralis angariSgebis vertikaluri da horizontaluri analizi;

mogeba/zaralis angariSgebis koeficientebis analizi

4.1.Mmogeba/zaralis angariSgebis wardgena da

analizuri mniSvneloba

mogeba/zaralis angariSgeba upirvelesi dokumentia, romelic kompaniam

safondo birJaze unda waradginos vinaidan, masSi garda mogebis

maCveneblebisa, warmodgenilia maCvenebeli - Semosvali erT aqciaze,

romelic sainteresoa potenciuri investorebisaTvis. polemika:Ffinansuri angariSgebis saerTaSoriso standartebSi 2009 wlis

cvlilebiT, mogeba/zaralis angariSgebas `sruli Semosavlebis angariSgeba~ ewodeba, Tumca sawarmoebs SeuZliaT saxelwodeba kvlav `mogeba/zaralis angariSgeba~ gamoiyenon, rac ufro marTebulad mimaCnia, vinaidan,Mmogeba ganisazRvreba ori elementiT: Semosavlebi da xarjebi. Semosavlebi ki ar ganisazRvreba SemosavlebiT da xarjebiT.

amdenad, `sruli Semosavlebis anagariSgebis~ saxelwodebis SemoRebiT, erTamenTSi aRreulia cnebebi: `Semosavali~ da `mogeba~. SesaZloa es inglisuridan Targmanis mizezic iyos, radgan inglisurSi Semosavali aris – Reveniu. xolo – Income _ zogjer Semosavalsac niSnavs da mogebasac. magaliTad, bass 12 - mogebis gadasaxdi, inglisurad iwereba rogorc - Income Tax. imave me-12 standartSi saaRricxvo mogeba inglisurad aris - Accounting Profit. agreTve gamoiyeneba Semdegnairi gamoTqmebic: gains and losses (mogeba da zarali), profit or losses (mogeba an zarali). termini `profit~ bass 1-Si Semdeg winadadebaSicaa gamoyenebuli:

`An entity shall present all items of income and expense recognised in a period: (a) in a single statement of comprehensive income, or (b) in two statements: a statement displaying components of profit or loss (separate statement of

comprehensive income) and a second statement beginning with profit or loss and displaying components of other comprehensive income (statement of comprehensive income~ (IAS 1 – item 81).

yovelive zemoTqmulidan gamomdinare, ekonomikuri TvalsazrisiT marTebulia gamoyenebul iqnas `mogeba/zaralis` angariSgebis saxelwodeba miuxedavd imisa, igi erTi angariSgebis Tu ori angariSgebis saxiT inqeba wardgenili.

Mmogeba/zaralis angariSgeba SeiZleba ori meTodiT momzaddes. Ppirveli, roca danaxarjebi dajgufebulia ekonomikuri elementebis mixedviT da


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116

meore, roca danaxarjebi klasificirebulia funqciuri daniSnulebis mixedviT. GganvixiloT, TiToeuli cal-calke.

cxrili 4.1.1 ss `kolxeTis~ mogeba/zaralis angariSgeba 2017 wels (danaxarjTaA elementebis mixedviT) (aT.l)

mMa C v e n e b e l e b i

Tanxa aT. lari

Semosavali realizaciidan daumTavrebeli da mza produqciis naSTebis zrda Mmasalis xarjebi SromiTi xarjebi cveTis xarjebi sxva saoperacio fuladi xarjebi ------------------------------------------------------------------ saoperacio mogeba saprocento xarjebi saprocento Semosavali --------------------------------------------------------------------- Mmogeba dabegvramde (wliuri mogeba) mogebis gadasaxadis xarji ------------------------------------------------------------- wminda mogeba daricxuli dividendi rezervebi Semosavali erT aqciaze (sabaziso da gazavebuli)

95 690 120 (44 870) (32 500) (2 240) (2 060) ------------- 14 140 (1 220) 200 ----------- 13 120 (1 200) -------------- 11 920 (6 800) (5 120) _

rogorc xedavT, cxrilSi 4.1.1. – motanili saoperacio xarjebi

warmodgenilia erTgvarovani saxis xarjebis elementebis saxiT. magaliTad,

sawarmoSi sul ramdeni laris masala daixarja, miuxedvad misi

miznobriobisa; sul ramdeni laris SromiTi xarjia gaweuli kompaniaSi,

miuxedavad imisa, ra mizniT ixarjeboda igi da a.S. AdanaxarjTa elementebis

mixedviT mogeba/zaralis angariSgebis wardgena evaleba materialuri

warmoebis (mrewvelobis, soflis meurneobis da mSeneblobis) seqtoris

sawarmoebs. SegaxsenebT, rom analizSi gamoyenebuli pirobiTi saaqcio

sazogadoeba `kolxeTi~, garda sakuTari warmoebis produqciis

realizaciisa, axdens nayidi saqonlis realizacias da naerT angariSgebaSi

misi Sedegebic aisaxeba.

Tuki, materialuri warmoebis sferos sawarmoebi mogeba/zaralis

angariSgebas waradgenen danaxarjTa fuqnciuri daniSnulebis mixedviT,

aucilebelia danaxarjTa elementebi, finansuri angariSgebis werilobiT

ganmartebebSi gadmoscen.

rogorc adre aRvniSneT, saqarTveloSi mogebis gadasaxadis axali

regulaciebis safuZvelze, sawarmoebSi aRar iarsebebs gaunawilebeli

mogebis naSTi, radgan mogeba mTlianad ganawildeba saxelmwifo bijets,

sawarmoTa meskuTreebsa da sawarmoebs Soris.


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117

cxrili 4.1.2 mogeba/zaralis angariSgeba (danaxarjTa funqciuri daniSnulebis mixedviT)

Mm a C v e n e b l e b i Tanxa

aT. lari Semosavali realizaciidan realizebuli produqciis TviTRirebuleba --------------------------------------------------------------------- Mmogeba realizaciidan Mkomerciuli xarjebi saerTo-administraciuli xarjebi ----------------------------------------------------------------------- saoperacio mogeba saprocento xarjebi saprocento Semosavlebi ----------------------------------------------------------------------- Mmogeba dabegvramde mogebis gadasaxadis xarji ---------------------------------------------------------------------- wminda mogeba daricxuli dividendi rezervebi ------------------------------------------------------------------------ Semosavali erT aqciaze: sabaziso da gazavebuli

95 690 (73 600) --------------- 22 090 (3 300) (4 650) --------------- 14 140 (1 220) 200 -------------- 13 120 (1 200) ------------- 11 920 (6 800) (5 120) ------------- _

cxrilSi 4.1.2. – mogeba/zaralis angariSgeba warmodgenilia danaxarjTa

funqciuri daniSnulebis klasifikaciis safuZvelze. aq danaxarjebi

klasificirebulia sawarmoo da arasawarmoo danaxarjebad. sawarmoo

danaxarjebi: pirdapiri masalis, pirdapiri Sromis da sawarmoo zednadebi

xarjebis jami warmodgenilia realizebuli produqciis TviTRirebulebis

saxiT. xolo marketingis da saerTo administraciuli xarjebi saoperacio,

magramM arasawarmoo xarjebia.

mogeba/zaralis angariSgebaSi asaxulia kapitalis fizikuri

SenarCunebis koncefcia. am koncefciis Tanxamad sawarmos mier mogebis

aRiareba xdeba mxolod im SemTxvevaSi, rodesac saangariSgebo periodis

bolos sawarmos fizikuri mwarmoebluroba (an mimdinare simZlavre)

aRemateba sawarmos mwarmoeblurobas (an resursebs an saxsrebs), romelic

saWiroa mimdinare simZlavis misaRwevad. kapitalis fizikuri SenarCunebis

koncefciiT, mogeba Semosavlebsa da xarjebs Soris sxvaobis tolia.

rogorc wina sakiTxSi aRvniSneT, buRaltrul balansSi asaxulia

kapitalis finansuri SenarCunebis konceficia da rogorc xedavT, orive

koncefciis safuZvelze gamoTvlili mogebis maCvenebeli erTi da igivea

(13120 l)..


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118

2009 wlidan, finansuri angariSgebis saerTaSoriso standartebSi

Setanili cvlilebebis Semdeg, mogeba/zaralis angariSgebidan amoRebulia

`saoperacio mogebis~ maCvenebeli. Mmagram, sawarmos xelmZRvanelobas Sida

marTvisaTvis misi analizi roca daWirdeba, informacia SeuZlia

Tavisuflad moipovos.

finansuri angariSgebis standartebiT, rogorc ukve AaRvniSneT,

mogeba/zaralis angariSgebas meore saxelwodeba: `sruli Semosavlebis

angariSgeba~ ewoda. igi SeiZleba wardgenil iqnas erTi angariSgebis an

ori angariSgebis saxiT [ix. bass 1 – finansuri angariSgebis wardgena]

erTi angariSgebis saxiT wardgenili `sruli Semosavlebis angariSgebis~

formati Semdegnairia (ix. cxrili 4.1.3). rogorc cxrilidan Cans, pirveli

nawili moicavs Cveulebrivi sameurneo operaciebidan miRebul mogeba-

zarals. meore nawilSi ki danarCeni operaciebidan miRebuli

mogeba/zaralia warmodgenili, rac ar warmoadgens sawarmos Cvulebrivi

saqmianobis nawils.

sawarmo sruli Semosavlebis angariSgebas ori angariSgebis saxiT Tu

waradgens, maSin, erTi aris `mogebisa da zaralis~ angariSgeba da meorea

`sxva sruli Semosavlebis angariSgeba~. Sinaarsi erTi da igivea orove

tipis formatis dros.

amrigad, pirvel nawilSi warmodgenilia Cveulebrivi saqmianobid

amiRebuli Semosavlebi da xarjebi, romelTa Soris sxvaobis Sedegad

miRebulia `saangariSgebo wlis mogeba~, romelic realurad wminda mogebaa.

aqac terminologiuri gaugebrobaa.

meore nawilSi mocemulia danarCeni operaciebidan miRebuli mogeba an

zarali da gamoTvlilia maT Soris sxvaoba - `saangariSgebo wlis sxva

sruli Semosavali mogebis gadasaxadis gamoklebiT~.

`mTliani sruli Semosavali aris periodis manZilze sameurneo

operaciebiTA da sxva movlenebiT ganpirobebuli sakuTari kapitalis

cvlileba, im cvlilebebis garda, romlebic gamowveulia mesakuTreebTan,

rogorc aqcionerebTan Sesrulebuli operacieiT~ [bass 1, muxli 7].

mTliani sruli Semosavali moicavs `mogebisa an zaralis~ da `sxva

sruli Semosavali~ muxlebis yvela komponents.

unda aRiniSnos, rom buRaltruli aRricxvis pirevl standartSi

miTiTebulia: `marTalia am standartSi gamoiyeneba `sxva sruli

Semosavali~, `mogeba an zarali~ da `mTliani sruli Semosavali~, magram

sawarmos jamuri muxlebis aRsaniSnavad SeuZlia sxva terminebis gamoyeneba,

Tu maTi Sinaarsi naTeli iqneba. magaliTad, sawarmos `mogebisa an

zaralis~ aRsaniSnavad SeuZlia termini `wminda Semosavali~ gamoiyenos~

[bass 1, muxli 8].


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119

cxrili 4.1.3. 2917 wlis sruli Semosavlebis angariSgeba (wardgena erT angariSgebaSi)

m a C v e n e b l e b i Tanxa (aT.l)

A I. mogeba/zarali

amonagebi

realizebuli produqciis TviTRirebuleba

------------------------------------------------------------------

saerTo mogeba (mogeba realizaciidan)

danarCeni Semosavali

komerciuli danaxarjebi

administraciuli xarjebi

sxva xarjebi

finansuri danaxarjebi

mekavSire sawarmoebis mogebis wili

-----------------------------------------------------------------------------

Mmogeba dabegvramde

mogebis gadasaxadis xarji

-------------------------------------------------------------------------

wliuri mogeba gangrZobiTi saqmianobidan (wminda mogeba)

saangariSgebo wlis zarali Sewyvetili samianobidan

-----------------------------------------------------------------------------

saangariSgebo wlis mogeba

95 690

(73 600)

--------

22 090

200

(3 300)

(4 650)

-

(1 220)

-

---------

13 120

(1 200)

---------

11 920

_

-----------

11 920

II. sxva sruli Semosavali

- ucxouri qvedanayofis angariSgebis warsadgen valutaSi

gadaangariSebis Sedegad warmoqmnili sakurso sxvaobebi

- gasayidad arsebuli finansuri aqtivebi

- fuladi nakadebis hejireba

- qonebis gadafasebidan miRebuli Semosuloba

- aqtuaruli Semosuloba (zarali) dadgenil gadasaxdeliani

sapensio programebidan

- mekavSire sawarmoebis sxva sruli Semosavlebis wili

- sxva sruli Semosavlebis komponentebTan dakavSirebuli mogebis

gadasaxadi

--------------------------------------------------------------

saangariSgebo wlis sxva sruli Semosavali mogebis gadasaxadis

gamoklebiT

-----------------------------------------------------------

sul saangariSgebo wlis sruli Semosavali

-------------------------------------------------------

mogeba misakuTvnebeli:

saTao sawarmos mesakuTreebze

aramakontrolebel wilebze

sul sruli Semosavali misakuTvnebeli:

saTao sawarmos mesakuTreebze

aramakontolebel wilebze

Semosavli erT aqciaze (fulad erTeulebSi):

sabaziso da gazavebuli

_

_

_

_

_

_

_

--------------

--------------

11 920

---------------


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120

rogorc 4.1.3. cxrilidan Cans, sxva sruli Semosavlebis muxlebSi

Sedis aqtuaruli Semosuloba (zarali) dadgenil gadasaxdeliani sapensio

programebidan, romelsac iwvevs kadrebis denadobis, pensiaze naadrevad

gasvlis, sikvdilianobis, xelfasis, samedicino momsaxurebis,

diskontirebis

ganakveTis cvlilebebi. Ham ganayofSi Sedis agreTve fuladi nakadebis

hejirebis xarjebi, romelic aris mosalodneli riskebisagan Tavdacvis

xarji. mogeba/zaralis angariSgebaSi kompaniebma agreTve unda aCvenon erT

aqciaze sabaziso da gazavebuli Semosavlis maCveneblebi.. Aam maCveneblebis

gamoTvlis meTodika meore nawilis meaTe TavSi iqneba ganxiluli.

Mmogeba/zaralis angariSgebis maCveneblebis analizis Sedegad

investorebi igeben ramdenad kargad da gamarTulad muSaobs sawarmo,

gamoimuSavebs Tu ara igi fuls. rogorc wesi, sawarmom meti fuli unda

miiRos, vidre xarjavs. amaze naTlad miuTiTebs iseTi viTareba, roca

mogeba/zaralis angariSgebaSi Semosavlebi aRemateba xarjebs. mogeba/zaralis angariSgeba maSin iTvleba pozitiurad, roca masSi ar aris

zarali da Semosavebis zrdis temepebi win uswreba danaxarjbis zrdis tempebs.

Mmogeba/zaralis angariSgebaSi arsebobs Semdegi tolobebi:

Mmogeba realizaciidan = = Semosavali realizaciidan – realizebuli produqciis TviTRirebuleba; wminda mogeba = Semosvali _ real. T/R + danarCeni Semosavlebi – marketingis xarji – administer. xarji – danarCeni xarjebi – mogebis gadasaxadi an, wminda mogeba = Semosavlebi – saoperacio xarjebi –arasaoperacio xarjebi –

mogebis gadasaxadi (95 690 + 200) _ (81 670 – 120) – 1 220 – 1 200 = 11 920 l

Mmogeba/zaralis angariSgebis analizis meSveobiT SesaZlebeli xdeba

Sefasdes:

1. ramdenad momgebianad iyenebs sawarmo resursebs;

2. rogoria danaxarjebis struqturuli cvlilebebi;

3. rogoria xarjebis ukugeba;

4. mogebis maCveneblebis zrdis tempebi;

5. rogoria momgebianobis sxvadasxva maCveneblebis tendenciebi;

6. tardeba realizaciidan miRebuli mogebis faqtoruli analizi;

7. Seiswavleba finansuri leverijis zogierTi koeificenti

8. SemuSavebul iqneba mogebis zrdis RonisZiebebi.

Mamdenad, mogeba/zaralis angariSgebis informaciis analizis mniSvneloba

masSi gamoixateba, rom mis safuZvelze SeiZleba Seswavlil iqnes:


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121

I. mogeba/zaralis angariSgebis moculobiTi maCveneblebi, rogoricaa:

mogeba realizaciidan, saoperacio mogeba, mogeba dabegvramde, wminda

mogeba, gauanwilebli mogeba, maTi dinamika da wili xarjebis mimarT;

II. mocemul periodSi ramdeni Semosavali hqonda sawarmos, ramdeni

daxaraja da rogoria sxvaoba maT Soris;

III. Semosavlebis, xarjebis da mogebis maCveneblebis struqturisa da

dinamikis koeficientebi;

IV. momgebianobis sxvadasxva maCveneblebis dinamikuri da faqtoruli

analizi

V. Ffinansuri leverijis zogierTi koeficientis gamokvleva.

amrigad, mogeba/zaralis angariSgebis meSveobiT, mis momxmarebels

SeuZlia miiRos mniSvnelovani informacia sawarmos finansuri Sedegebis

Sesafaseblad. arsebobs Tu ara mniSvnelovani cvlilebebi Semosavlebs,

xarjebsa da mogebaSi. Semosavlebis zrda ukve pirveli niSania sawarmos

Zlierebis Sesaxeb. mogebis zrda miuTiTebs sawarmos efeqtianobis da

momgebianobis zrdaze da imis Sesaxebac, umklavdeba Tu ara sawarmo

konkurentul brZolas.

mogeba/zaralis angariSgebaSi sasurvelia Semosavlebis zrdis tempi win

uswrebdes xarjebis zrdis temps; saoperacio mogebis zrdis tempi win

uswrebdes realizaciidan miRebuli mogebis zrdis temps, wliuri mogebis

zrdis tempi unda uswrebdes saoperacio mogebis zrdis temps da wminda

mogebis zrdis tempi toli an meti unda iyos wliuri mogebis zrdis

tempze.

Mmogeba/zaralis angariSgebis analizis safexurebia:

1. Semosavlebisa da xarjebis vertikaluri analizi

2. Semosavlebisa da xarjebis horizontaluri analizi

3. mogebis maCveneblebis dinamikuri analizi

4. mogebis maCveneblebis gadaxrebis analizi

5. mogeba/zaralis angariSgebis kerZo da kombinirebuli koeficientebis

dinamikuri da faqtoruli analizi

6. sawarmos mogebisa da momgebianobis Sefaseba da daskvnebis gakeTeba.

4.2.Mmogeba/zaralis angariSgebis vertikaluri

analizi

Mmogeba/zaralis angariSgebis analizi, rogorc TqvenTvis ukve

cnobilia, misi vertikaluri da horizontaluri analiziT iwyeba.

vertikaluri analizis dros gamokvleul unda iqnas:

1. mogeba/zaralis angariSgebis saerTo struqturuli suraTi

2. sawarmos xarjebis struqturis mimoxilva

3. Semosavlebis struqturis mimoxilva


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122

mogeba/zaralis angariSgebis struqturuli suraTi misi momzadebis

meTodis Sesabamisad momzaddeba. mogeba/zaralis angariSgebis

vertikalauri anlizis dros, gamoiTvleba misi yvela muxlis procentuli

wili realizaciidan miRebuli Semosavlis mimarT. ixileT cxrili 4.2.1,

romelic momzadebulia saanalizo sawarmos magaliTze. cxrili 4.2.1 mogeba/zaralis angariSgebis saerTo struqtura 2017 wels

maCveneblebi aTas larebSi xv/w %-ad Semosavali realizaciidan realizebuli produqciis TviTRirebuleba ------------------------------------------- Mmogeba realizaciidan Mkomerciuli xarjebi saerTo-administraciuli xarjebi ----------------------------------------- saoperacio mogeba saprocento xarjebi saprocento Semosavlebi ------------------------------------------- mogeba dabegvramde mogebis gadasaxadis xarji --------------------------------------------- wminda mogeba daricxuli dividendi reinvestirebuli mogeba

95 690 (73 600) --------------------- 22 090 (3 300) (4 650) ------------------- 14 140 (1 220) 200 ------------------ 13 120 (1 200) ------------------ 11 920 (6 800) (5 120)

100 (76,9) -------------- 23,1 (3,4) (4,9) --------------- 14,8 (1,3) 0,2 ________ 13,7 (1,3) ---------------- 12,5 (7,1) (5,4)

procentuli maCveneblebi Semdegnairad gamoiTvleba:

73600 / 95690 * 100% = 76,9% da a.S. 11920 / 95690 * 100% = 12,5% da a.S.

amrigad, gamoTvlebi aCveneben, rom realizaciidan miRebuli

Semosavlebis mimarT realizebuli produqciis TviTRirebuleba 76,9%-s

Seadgens; komerciuli xarjebi 3,4%-s, saerTo administraciuli xarjebi

4,9%-s, mogeba realizaciidan 23,1%-s, da ase Semdeg, mogebis gadasaxadi

1,3%-s da wminda mogeba 12,5%-s Seadgens. es maCveneblebi wina wlebis igive

maCvenbelebs unda SeudaroT da saintereso daskvnebis saSualebas iZleva.

xolo finansur menejments SeuZlia ufro Rrma analizi Caataros da

gamoikvlios magaliTad, calkeuli saxis produqciidan miRebul

SemosavalSi ra wili uWiravs mogebis gadasaxads da a.S.

roca mogeba/zaralis angariSgeba mzaddeba danaxarjTa elementebis

mixedviT, maSin Seiswavleba danaxarjTa calkeuli, erTgvarovani xarjis

xvedriTi wili da xarjebis struqturuli cxrili Semdeg saxes miiRebs

(ix. cxrili 4.2.2.).

cxrili 4.2.2 momzadebulia 4.1.1. cxrilis informaciis safuZvelze.

cxrilidan Cans, rom saanalizo sawarmoSi, orive wels, danaxarjebSi

yvelaze dabali xvedriTi wili saprocento xarjebisa da mogbs gadasaxadis

xarjis muxlebs ukaviaT. yvelaze maRali xvedriTi wili ki materialur da


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123

SromiT xarjebs uWiravs. maSasadame, Semdgomi analizi ZiriTadad am

mimarTulebiT unda gaZlierdes.

cxrili 4.2.2. mogeba/zaralis angariSgebis danaxarjebis struqtura elementebis mixedviT danaxarjTa elementebi

wina wels mimdinare wels AaT. lL xv.w. % aT. l xv.w. %

1. materialuri danaxarjebi 2. daumTavrebeli da mza produq-

ciis naSTebis zrda 3. SromiTi danaxarjebi 4. cveTa da amortizacia 5. fuladi saoperacio xarjebi 6. saprocento xarjebi 7. mogebis gadasaxadis xarji

------------------------------- sul xarjebi

38 000 _ 24 900 2 000 1 900 1 000 1 300 ---------- 69 100

55,0 _ 36,0 2,9 2,7 1,5 1,9 ---------- 100

44 870 (120) 32 500 2 240 2 060 1 220 1 200 --------- 83 970

53,4 (0,1) 38,7 2,7 2,5 1,5 1,4 ----------- 100

roca sawarmo mogeba/zaralis angariSgebas waradgens danaxarjTa

funqciuri daniSnulebis mixedviT, maSin, danaxarjebis struqtura

Sesabamisi midgomiT iqneba Sedgenili (ix. cxrili 4.2.3). cxrili 4.2.3. mogeba/zaralis angariSgebis danaxarjebis struqtura funqciuri daniSnulebis mixedviT Semosavlebi

2016 wels 2017 wels AaT. lL xv.w. % aT. l xv.w.%

1. raelizebuli produqciis TviTRirebuleba

2. komerciuli xarjebi 3. saerTo administraciuli xarjebi 4. saprocento xarjebi (sesxebze) 5. mogebis gadasaxadis xarji

------------------------------- sul xarjebi

65 400 300 1 100 1 000 1 300 ----------- 69 100

94,6 0,4 1,6 1,5 1,9 ---------- 100

73 600 3 300 4 650 1 220 1 200 ----------- 83 970

87,7 3,9 5,5 1,5 1,4 ------- 100

cxrili 4.2.3 momzadebulia 4.1.2 cxrilis informaciis safuZvelze.

xarjebis struqturis Sedarebisas aRmoCnda, rom gansakuTrebiT

gazrdilia sxva arasaoperacio xarjebis wili, wina welTan SedarebiT.

amitom menejmentma unda gadaamowmos, risgan Sedgeba es xarjebi.

msgavsad danaxarjebis struqturisa, momzaddeba Semosavlebis struqturuli cxrili (ix. cxrili 4.2.3). am UcxrilSi warmodgenili relizaciidan miRebuli Semosavlis maCvenebeli ra Tqma unda daemTxveva 3.1.2. cxrilSi mocemul igive maCveneblebs.

SemosavlebSi yvelaze mTavari realizaciidan miRebuli Semosavlebia da bunebrivia, mas maRali wili uWiravs: wina wels - 95,7% da mimdinare wels – 99,8% iyo. Aamitom, Semdgomi analizis mTavari obieqti is iqneba.


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Tumca, finansurma menjmentma yuradRebis gareSe ar unda datovos saprocento da sxva Semosavlebis maCveneblebi. ufro sruli suraTi gamoCndeba, Tuki danaxarjebis struqtura minimum ganvlili xuTwliani periodisTvis Seiswavleba.

cxrili 4.2.3 Semosavlebis struqtura Semosavlebi

wina wels mimdinare wels AaT. lL xv.w. % aT. l xv.w. %

1. Semosavali realizaciidan 2. saprocento Semosavlebi 3. sxva Semosavlebi -------------------------------

sul Semosavlebi

77 800 1 400 - ------------ 79 200

98,2 1,8 - ---------- 100

95 690 200 _ ----------- 95 890

99,8 0,2 - ----------- 100

struqturuli cxrilebis safuZvelze momzaddeba Sesabamisi

diagramebi.

rac Seexeba `danarCeni sruli Semosavlebis~ muxlebs, maTi struqtura

calke Seiswavleba ganxiluli struqturuli analizis meTodikis

Sesabamisad.…am nawilSi gansakuTrebiT sayuradReboa kursTa Soris

sxvaobiT gamowveuli Sedegebi da riskebisagan dacvis politikis analizi,

romelsac garkveulwilad fuladi nakadebis hejirebis xarjebi asaxaven.

4.3. mogeba/zaralis angariSgebis horizontaluri

analizi

Mmogeba/zaralis angariSgebis struqturis mimoxilvis Semdeg tardeba

horizontaluri analizi, romelsac miekuTvneba mogeba/zaralis

angariSgebis elmentebis dinamikisa da gadaxrebis mimoxilva, maTi

cvlilebebis tendenciebis gamokvleva ganvlili ramdenimewliani

periodisaTvis.

davuSvaT saanalizo sawarmoSi arsebobda ganvlili xuTi wlis

mogeba/zaralis angariSgebis Semdegi informacia (ix. cxrili 4.3.1).

saanalizo sawarmos mogeba/zaralis angariSgebis dinamikuri analizi

aCvenebs, rom 2013-2017 wlebis periodSi mniSvnelovnadaa gazrdili

realizaciidan miRebuli Semosavlebis da realizaciidan miRebuli

mogebis zrdis tempebi. magram, dabalia saoperacio mogebis zrdis tempi,

rac gamowveuli komerciuli da saerTo administraciuli xarjebis zrdis

Zalian maRali tempiT. informaciis gare momxmareblebis

gadawyvetilebebze aman SesaZloa negatiuri zegavlena moaxdinos.

sawarmos finansuma menejmentma ki unda Caataros Semdgomi Siga analizi

misi mizezebis gamovlenisa da viTarebis stabilurobis miRwevis mizniT.


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cxrili 4.3.1 mogeba/zaralis angariSgebis 2013-2017 wlebis dinamikis samuSao cxrili

M mogeba/zaralis elementebi

2013 aTas lar- ebSi

2014 2015 2016 2017 aTasi l

%-ad 2013 w-Tan.

aTasi l

%-ad 2013 w-Tan

aTTas l

%-ad 2013 w-Tan

aTasi l

%-ad 2013 w-Tan

Semosavali raelizaciidan realizebuli Pprod. T/R -------------------------------- mogeba realizaciidan komerciuli xarjebi saerTo administer.xarji --------------------------------- saoperacio mogeba sa-% xarjebi sa-% Semosavali -------------------------------- mogeba dabegvramde mogebis gadasaxadi -------------------------------- wminda mogeba wliuri Ddividendi rezervi ganviTarebaze riskis rezervi ---------------------------- gaunawilebeli mogeba

79000 (64000) -------- 15000 (905) (1200) --------- 12895 (1200) 1800 -------- 13495 (1620) -------- 11875 (5900) (2300) (2000) -------- 1675

73000 (62000) --------- 11000 (500) (1000) --------- 9500 (900) 1600 -------- 10200 (1200) -------- 9000 (4800) (1700) (1300) -------- 1200

92,4 96,9 ------- 73,3 55,2 63,3 ------- 73,7 75,0 88,9 -------- 75,6 74,1 ------- 75,8 81,4 73,9 65,0 -------- 71,6

76000 (64500) --------- 11500 (500) (1000) -------- 10000 (800) 1600 --------- 10800 (1250) --------- 9550 (5000) (1800) (1500) -------- 1250

96,2 100,8 -------- 76,7 55,2 83,3 -------- 77,5 66,7 88,9 -------- 80,0 77,2 -------- 80,4 84,7 78,3 75,0 -------- 74,6

77800 (65400) ---------- 12400 (300) (1100) ---------- 11000 (1000) 1400 --------- 11400 (1300) --------- 10100 (7000) (1000) (1200) --------- 900

98,5 102,2 ------- 82,7 33,1 91,7 -------- 85,3 83,3 77,8 -------- 84,5 117.3 -------- 85,1 118,6 43,5 60,0 -------- 53,7

95690 (73600) -------- 22090 (3300) (4650) -------- 14140 (1220) 200 -------- 13120 (1200) -------- 11920 (6800) (3120) (2000) -------- 0

121,1 99,4 -------- 147,3 364,6 387,5 --------- 109,7 101,7 11,1 --------- 97,2 74,1 -------- 100,4 115,3 135,7 100 -------- 0

dinamikis samuSao cxrilSi (4.3.1) mocemulia rogorc absoluturi, aseve

procentuli maCveneblebi. mis safuZvelze warmodgenil unda iqnes dinamika

mxolod procenetebSi (ix. cxrili 4.3.2).

cxrili 4.3.2 ufro TvalsaCinod warmoadgens dinamikuri tendenciebis

suraTs. am cxrilis safuZvelze agebuli Semosavlebisa da mogebis

maCveneblebis dinamikuri grafikebi, kidev ufro naTlad aCvenebs maT

arastabilurobas (ix. grafiki 4.3.1).

+40

+30

+20

+10

1

_10

_20

_30

2914 2015 2916 2017

grafiki 4.3.1. amonagebis da mogebis maCveneblebis dinamika

1. amonagebi realizaciidan; 2. wliuri mogeba


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126

cxrili 4.3.2 mogeba/zaralis angariSgebis muxlebis dinamika %-ad 2013 welTan SedarebiT

M mogeba/zaralis elementebi

2013

2014

2015

2016

2017

Semosavali raelizaciidan realizebuli Pprod. TviTRireb. -------------------------------- mogeba realizaciidan komerciuli xarjebi saerTo administer.xarji --------------------------------- saoperacio mogeba sa-% xarjebi sa-% Semosavali -------------------------------- mogeba dabegvramde mogebis gadasaxadi -------------------------------- wminda mogeba wliuri Ddividendi rezervi ganviTarebaze riskis rezervi ---------------------------- gaunawilebeli mogeba

100 100 ------ 100 100 100 ------- 100 100 100 ------- 100 100 -------- 100 100 100 100 ------- 100

92,4 96,9 ------- 73,3 55,2 63,3 ------- 73,7 75,0 88,9 -------- 75,6 74,1 ------- 75,8 81,4 73,9 65,0 -------- 71,6

96,2 100,8 -------- 76,7 55,2 83,3 -------- 77,5 66,7 88,9 -------- 80,0 77,2 -------- 80,4 84,7 78,3 75,0 -------- 74,6

98,5 102,2 ------- 82,7 33,1 91,7 -------- 85,3 83,3 77,8 -------- 84,5 117.3 -------- 85,1 118,6 43,5 60,0 -------- 53,7

121,1 99,4 -------- 147,3 364,6 387,5 --------- 109,7 101,7 11,1 --------- 97,2 74,1 -------- 100,4 115,3 135,7 100 -------- 0

Semdeg Seiswavleba mogebis maCveneblebis da misi elementebis

gadaxrebi wina welTanA da mimdinare wlis gegmasTan SedarebiT, radgan

sawarmos menejmentisTvis gare momxmareblebisagan gansxvavebiT,

xelmisawvdomia gegmuri informacia, rac ufro siRrmiseuli analizis

SesaZleblobas iZleva.

Semdeg xdeba realizaciidan miRebul mogebaze moqmedi faqtorebis:

realizaciis moculobis, fasebis da TviTRirebulebis cvlilebis gavlenis

gazomva. misi meTodika gadmocemulia `mogebisa da momgebianobis analizis~

TemaSi.

Semdeg SeiZleba calke iqnes warmodgenili mxolod mogebis

maCveneblebis dinamikuri cxrili, risTvisac informacia aiReba 4.3.2

cxrilidan. Sedgeba Semdegi saxis cxrili (ix. cxrili 4.3.4).

4.3.4 cxrilSi ufro naTlad Cans mxolod mogebis maCveneblebis

cvlilebis tendenciebi saanalizo periodis ganmavlobaSi.


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cxrili 4.3..3 mogeba/zaralis angariSgebis muxlebis gadaxrebi


wina wels aT.l

mimdinare wels aT.l

gadaxra aT.l

%-ad

Semosavali raelizaciidan realizebuli poduqciis TviTRirebuleba -------------------------------- mogeba realizaciidan komerciuli xarjebi saerTo administer.xarji --------------------------------- saoperacio mogeba sa-% xarjebi sa-% Semosavali -------------------------------- mogeba dabegvramde mogebis gadasaxadi -------------------------------- wminda mogeba wliuri Ddividendi rezervi ganviTarebaze riskis rezervi ------------------------------ gaunawilebeli mogeba

77800 (65400) ---------- 12400 (300) (1100) ---------- 11000 (1000) 1400 --------- 11400 (1300) --------- 10100 (7000) (1000) (1200) --------- 900

95690 (63600) -------- 22090 (3300) (4650) -------- 14140 (1220) 200 -------- 13120 (1200) -------- 11920 (6800) (3120) (2000) -------- 0

+17890 _1800 ----------- +9690 +3000 +3550 ----------- +3140 +220 _1200 ------------ +1720 _100 ------------ +1820 _200 +2120 +800 ----------- - 900

+22,99 _2,77 --------- +78,1 +1000 +322,7 -------- +28,5 +22,0 _85,7 -------- +15,1 _7,7 -------- +18,0 _2,9 +212,0 +66,7 --------- _100

mogeba/zaralis angariSgebis informaciis safuZvelze agreTve

Seiswavleba sawarmos momgebianobis sxvadasxva maCveneblebi

cxrili 4.3.4 mogebis maCveneblebis dinamika %-ad sabaziso 2013 welTan SedarebiT maCveneblebi 2013 2014 2015 2016 2017

1. mogeba realizaciidan 2. saoperacio mogeba 3. wliuri mogeba 4. wminda mogeba 5. gaunawilebeli mogeba

100 100 100 100 100

73,3 73,7 75,6 75,8 71,6

76,7 77,5 80,0 80,4 74,6

82,7 85,3 84,5 85,1 53,7

147,3 109,7 97,2 100,4 0

. mogebisa da momgebianobis maCveneblebis korelaciuri da faqtoruli

analizis meTodika gadmocemulia meTormete TavSi.

4.4. mogeba/zaralis angariSgebis individualuri

da kombinirebuli koeficientebis analizi

mogeba/zaralis angariSgebis informaciis safuZvelze SeiZleba

Seswavlil iqnes misi sakuTari anu kerZo da kombinirebuli fardobiTi

maCveneblebi.

I. mogeba/zaralis angariSgebis kerZo anu individuauri koeficientebia:

1. struqturuli da dinamikuri koeficientebi,


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128

2. fasnamati, marJa, xarjebis momgebianoba,

3. mogebis xarjtevadoba,

4. finansuri leverijis Semdegi koeficientebi: saoperacio mogebis

fardoba wliur mogebasTan, wminda mogebis procentuli cvlilebis

fardoba saoperacio mogebis procentul cvlilebasTna, sesxis

saprocento xarjis fardoba wliur mogebasTan, saoperacio mogebis

procentuli fardoba realizaciis procentul cvlilebasTan.

II. mogeba/zaralis angariSgebis kombinirebuli koeficientebi iseTi

maCveneblebia romelTa gamosaTvlelad saWiroa mogeba/zaralisa da

angariSgebis sxvadasxva komponentebis informacia. esenia:

1. momgebianobis sxvadasxva koeficientebi. rogoricaa, aqtivebis

ekonomikuri da finansuri momgebianoba, sakuTari kapitalis

ukugeba, ZiriTadi saSualebebis momgebianoba da sxva.

2. fasnamatis da mogebis marJis koeficientebi

analizi iwyeba am koeficientebis dinamikis SeswavliT. Semdeg Catardeba

maTi faqtoruli da korealaciuri analizi, Sesabamisi daskvnebis gakeTeba

da saWiro winadadebebis SemuSaveba. es sakiTxcebi meTormete TavSi iqneba

ganxiluli.

Pmogeba/zaralis angariSgebaSi pirvel rigSi sainteresoa marJisa da

fasnamatis koeficientebis dinamikuri analizi. marJa, rogorc wesi,

sxvadasxva doneze SeiZleba iqnas gamoTvlili, rogoricaa, mogebis

sxvadasxva maCveneblis fardoba realizaciidan miRebul SemosavalTan da

gamravlebuli 100%-ze. xolo, fasnamati aris mogebis fardoba

TviTRirebulebasTan da gamravlebuli 100-ze. am gamoTvlebisaTvis saWiroa

4.3.1. cxrilis informacia. cxrili 4.4.1. marJa da fasnamati saanalizo periodSi koeficientebi

2013 2014 2015 2016 2017

1. marJa (%):

a. mogeba realizaciidan, Sefardebuli amonagebTan

b. saoperacio mogebis fardoba amonagebTan

2. fasnamati (%): a. mogeba realizaciidan Sefar-

debuli r/pr TviRirebulebasTan b. saoperacio mogebis fardoba r/pr

srul TviTRirebulebasTan

18,99 16,33 23,44 19,51

15,07 13,01 17,74 14,96

15,13 13,16 17,83 15,15

15,94 14,14 18,96 16,47

23,08 14,78 34,73 19,76

marJis koeficientebi gamoTvlilia Semdegnairad: 2013 weli:

a. 15000/79000 * 10% = 18,98 %


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129

b. 12895/79000 + 100% = 16,32 % Ffasnamatis koeficientebis gaangariSebis meTodika:

a. 15000/64000 * 100% = 23,44 % (am maCvnebels mogebis normasac uwodeben)

b. 12895/66105 * 100% = 19,51 % rogorc 3.3.5 cxrilidan Cans, aRebul periodSi 2017 wlamde marJisa da

fasnamatis koeficientebi Semcirebis tendenciiT xasiaTdeba, rac imaze

miuTiTebs, rom saanalizo sawarmos produqciis fasebi mcirdeboda.

bolo wels ki odnav zrda SeiniSneba.

rogor ukve aRvniSneT, mogeba/zaralis angariSgebis safuZvelze aseve

Seiswavleba momgebianobis da finansuri leverijis sxvadasxva

koeficientebi, romelTa analizis meTodika mecamete TavSia ganxiluli.

kiTxvebi TviTSemowmebisaTvis: 1. daaxasiaTeT, mogebis romeli maCveneblebia warmodgenili mogeba/zaralis

angariSgebaSi; 2. daaxasiaTeT marJa da fasnamati; 3. daasaxeleT mogeba/zaralis angariSgebis kerZo da kombinirebuli

koeficientebi; 4. ras niSnavs wminda mogeba.

t e s t e b i 1. mogeba/zaralis angariSgebaSi warmodegniia: a. Semosavlebi da saaqcio kapitali b. danaxarjebi da saoperacio saqmianobidan miRebuli fuli g. Semosavlebi da xarjebi 2. wliuri mogeba aris sxvaoba: a. Semosavlebsa da xarjebs Soris b. Semosavlebsa da fulad xarjebs Soris g. danaxarjebsa da mogebis gadasaxads Soris 3. realizaciidan miRebuli mogeba aris sxvaoba: a. realizaciidan miRebul Semosavalsa da pirdapir xarjebs Soris b. realizaciidan miRebul Semosavalsa da realizebuli produqciis TviTRirebulebas Soris g. realizaciidan miRebul Semosavalsa da saprocento xarjebs Soris 4. saoperacio mogeba aris sxvaoba: a. relizaciidan miRebul mogebasa da arasawarmoo xarjebs Soris b. realizaciidan miRebul mogebasa da sawarmoo xarjebs Soris g. Semosavlebsa da xarjebs Soris 5. wminda mogeba aris sxvaoba: a. wliur mogebasa da mogebis gadasaxads Soris b. wliur mogebasa da saoperacio mogebas Soris g. arcerTi pasuxi araa swori 6. rogor gamoiTvleba mogebis norma: a. mogeba realizaciidn Sefardebuli realizaciidan miRebul SemosavalTan b. saoperaco mogeba Sefardebuli sawarmoo xarjebTan g. TviTRirebuleba Sefardebuli wminda mogebasTan


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130

7. rogor gamoiTvleba danaxarjebis ukugeba: a. mogeba Sefardebuli aqtivebis jamTan b. mogeba Sefardebuli valdebulebebTan g. mogeba Sefardebuli danaxarjebTan 8. danaxarjTa elementebia: a. ZiriTadi xarjebi da saerTo administraciuli xarjebi b. masalis, Sromis, cveTis da sxva fuladi xarjebi 9. masalis, sawarmoo zedandebi da komerciuli xarjebi 9. mogeba/zaralis angariSgeba SeiZleba momzaddes ori meTodiT. esenia: a. danaxarjTaA elementebis an cvladi xarjebis meTodiT b. danaxarjTa funqciuri muxlebiT an arasaoperacio xarjebis mixedviT g. danaxarjTa elementebis an danaxarjTa funqciuri daniSnulebis mixedviT 10. sawarmos wliuri Semosavali realizaciidan 107000 laria. realizebuli

produqciis TviTRirebuleba 70000, komerciuli xarjebi 9000, saerTo administraciuli xarjebi 11800 da sapocento xarjebi 5700 laria.

ras udris saoperacio mogeba: a. 37000 l b. 16200 l g. 10500 l

amocanebi amocana 4.1. erT-erT sawarmos gaaCnia Semdegi maCveneblebi: Semosavali realizaciidan 670 000 l saprocento Semosavali 8000 saprocento xarjebi 12000 realizebuli prodquciis TviTRirebuleba 495000 masalis xarji 219300 SromiTi xarji 160000 cveTis xrji 54800 danarCeni fuladi xarjebi 123900 komerciuli xarjebi 25000 administraciuli xarjebi 36700 daumTavrebeli da mza produqciis naSTebis zrda 1300 moTxovna: SeadgineT mogeba/zaralis angariSgeba danaxarjTA funqciuli muxlebis mixedviT

amocana 4.2. pirvel amocanaSi motanili informaciis safuZvelze, moamzadeT mogeb/zaralis

angariSgeba danaxrjTaA elementebis mixedviT. amocana 4.3. meore amocanis amoxsnis Sedegad momzadebuli mogeba/zaralis angariSgebis

safuZvelze SeadgineT vertikaluri analizis cxrili da gaakeTeT Sesabamisi komentarebi.


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131

Tavi 5. fuladi nakadebis angariSgebis

analizi

fuladi nakadebis analizi mniSvnelovania sawarmos fuladi usafrTxoebis SefasebisaTvis. am TavSi ganxilulia Semdegi sakiTxebi:

fuladi nakadebis angariSgebis roli analizSi;

fuladi nakadebis angariSgebis vertikalri da horizontaluri analizis meTodika;

fuladi nakadebis angariSgebis koeficientebis analizi.

5.1. fuladi nakadebis angariSgebis analizuri

mniSvneloba

fuladi nakadebis angariSgeba asaxavs sawarmos fuladi Tanxebisa da

misi ekvivalentebis miRebis wyaros da gamoyenebas mTeli wlis

periodisaTvis. igi mzaddeba sakaso principiT anu asaxavs uSualod fuladi

Tanxebis moZraobas.

fulad saSualebebs (saxsrebs) miekuTvneba naRdi fuli da fulis

sabanko angariSebze arsebuli fuladi Tanxebi, rogorc erovnul ise

ucxour valutaSi. fulad Tanxebs yvelaze maRallikvidur anu

absoluturad likvidur aqtivebs uwodeben, vinaidan maTi gamoyeneba

gacvlis saSualebad, nebismier momentSi SeiZleba.

fuladi Tanxebis ekvivalentebia maRallikviduri finansuri investiciebi

(fasiani qaRaldebi), romelTaA dafarvis vada sam Tvemdea ise, rom vada

dafiqsirebuli araa, romlebic daubrkoleblad SeiZleba gadaicvalon naRd

fulze da romelTa Rirebulebis Secvlis riski umniSvneloa. Tu fasian

qaRalds dafarvis vada aweria, igi fulis ekvivalentad ar CaiTvleba.

fulad eqvivalentad SeiZleba agreTve CaiTvalos overdraftis ufleba.

gamoyenebuli overdrafti ki fuladi Tanxebidan gamoiqviTeba.

buRaltruli aRricxvis saerTaSoriso standartebiT, sawarmom fuladi

nakadebi angariSgebaSi unda asaxos saqmianobis sferoebis mixedviT. Aam

moTxovnis Sesabamisad, fuladi nakadebis angariSgeba sami ganayofisagan

Sedgeba da yoveli ganayofis Semded gamoTvlilia `wminda fuladi nakadi~,

romelic udris sxvaobas Semosul da gasul fulad Tanxebs Soris.

fuladi nakadebis angariSgebis ganayofebia:

I. fuladi nakadebi saoperacio saqmianobidan – aq mocemulia sawarmos

ZiriTad saqmianobasTan dakavSirebuli fuladi nakadebi. rogoricaa,

myidvelebidan miRebuli Tanxebi, momwodeblebze, sawarmos personalze

da partniorebze gacemuli Tanxebi, samewarmeo an savaWro mizniT


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132

dadebul kontraqtebTan dakavSirebiT miRebuli da gacemuli fuladi

Tanxebi.

saoperacio saqmianoba aris sawarmos mTavari saqmianoba, romelic misi

biznesisaTvis aris damaxasiaTebeli, ZiriTadad maszea koncentrirebuli

danaxarjebi da moaqvs mTavari Semosavlebi. Aarasaoperacio xarjebi da

Semosavlebi ki saoperacio saqmianobis Seuferxeblad ganxorcielebas

emsaxureba.

amave ganayofSi mocemulia gadaxdili procentebi, mogebis gadasaxadi

da dividendi, radgan iTvleba, rom sawarmos normaluri finansuri

mdgomareobis dros, es xarjebi saoperacio saqmianobidan miRebuli fuladi

TanxebiT unda ifarebodes.

garda amisa, is fuladi xarjebi, romelic arasawarmoo mizniT

daixarja, rogoricaa: reklamis, komunikaciis, sakancelario, qiris,

dazRvevis, sabanko momsaxurebis, sakonsultacio, sagarantio momsaxurebis,

saeWvo moTxovnebTan dakavSirebuli xarjebi, mivlinebis da sxva msgavsi

fuladi xarjebi aqve mieTiTeba, rogorc `gaweuli arasawarmoo fuladi

xarjebi~.

saoperacio saqmianobidan miRebuli fuladi nakadebi iTvleba sawarmos

saqmianobis Sefasebis mTavar indikatorad, radgan, aqedan Cans, sawarmos

ZiriTadi saqmianobidan Semovida Tu ara sakmarisi fuladi saxsrebi

sesxebisa da sxva valdebulebebis dasafaravad, sawarmos simZlavreebis

asaTviseblad, dividendebis gasacemad da axali investiciebis

gansaxorcieleblad, garedan moziduli fuladi saxsrebis gareSe.

II. fuladi nakadebi sainvesticio saqmianobidan – am ganayofSi naCvenebia

grZelvadiani aqtivebis SeZenasa da realizaciasTan dakavSirebuli

gacemuli da miRebuli fuladi Tanxebi. igi gviCvenebs Tu ra fuladi

danaxarjebi iqna gaweuli im resursebisTvis, romlebmac unda Seqmnan

samomavlo Semosavlebi da fuladi nakadebi.

sainvesticio saqmianobasTan dakavSirebul fuladi nakadebis

magaliTebia: ZiriTadi saSualebebis, aramaterialuri da sxva grZlevadiani

aqtivebis SeZenaze gadaxdili fuladi Tanxebi; samecniero-kvleviT

samuSaoebze gaweuli kapitalizebuli danaxarjebi da sakuTari warmoebis

ZiriTadi saSualebebi; wili sxva sawarmoebis sakuTari kapitalSi an

sasesxo insrumentebis SesaZenad gadaxdili fuladi saxsrebi, Tu isini ar

iTvleba fulad ekvivalentebad an araa SeZenili samewarmeo mizniT; sxva

pirebze avansad an sesxad gacemuli fuladi saxsrebi (garda sakredito-

safinanso dawesebulebebisa) da maT dasafarad miRebuli fuladi saxsrebi;

fiuCersuli, forvarduli, saopcio da svop kontraqtebiT gadaxdili an

miRebuli fuladi saxsrebi garda im SemTxvevebisa, roca kontraqtebi

Seexeba samewarmeo, savaWro an safinanso saqmianobas.

III. safinanso saqmianoba iseTi sferoa, romelic iwvevs raodenobriv da

struqturul cvlilebebs sawarmos sakuTar kapitalsa da nasesxeb

saSualebebSi. am xasiaTis fuladi nakadebis calke gamoyofa


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sasargebloa im mizniT, rom Sefasdes kapitalis momwodeblebis

mosalodneli pretenziebi samomavlo fuladi saxsrebis mimarT.

cxrili 5.1.1. Ffuladi nakadebis angariSgeba

(pirdapiri meTodiT)


Tanxa aT. lari

IV. fuladi nakadebi saoperaco saqmianobidan

myidvelebidan miRebuli fuli momwodeblebze gadaxdili fuli TanamSromlebze gacemuli xelfasi sxva rasawarmoo saoperacio xarjebi ---------------------------------------------------------------- saoperacio saqmianobidan miRebuli fuladi Tanxebi gadaxdili procentebi gadaxdili mogebis gadasaxadi gadaxdili dividendi ------------------------------------------------------------------------

wminda fuladi nakadi saoperacio saqmianobidan V. fuladi nakadebi sainvesticio saqmianobidan

ZiriTadi saSualebebis SeZena aramaterialuri aqtivebis SeZena obligaciebis Sesyidva zedmeti ZiriTadi saSualebebis gayidvidan miRebuli fuli miRebuli procentebi ------------------------------------------------------------------------------ wminda fuladi nakadi sainvesticio saqmianobidan

VI. fuladi nakadebi safinanso saqmianobidan gamoSvebuli aqciebidan miRebuli fuli sakuTari aqciebis ukan gamosyidva aRebuli sesxebi -------------------------------------------------------------------------------- wminda fuladi nakadi safinanso saqmianobidan saerTo wminda fuladi nakadi fuladi Tanxebis sawyisi naSTi fuladi Tanxebis saboloo naSTi

94 690 (46 200) (33 000) (2 060) ------------- 13 430 (1 300) (740) (5 160) -------------- 6 230 (6 600) (1 530) _ _ 150 --------------- (7 980) 1 200 (820) 2 000 ------------- 2 380 630 4 100 4 730

safinanso saqmianobasTan dakavSirebuli fuladi nakadebis magaliTebia:

aqciebisa da sakuTari kapitalis sxva instrumentebis gamoSvebis Sedegad

miRebuli fuladi saxsrebi; mesakuTreebisaTvis aqciebis SeZenis an

gamosyidvis mizniT gadaxdili fuladi saxsrebi; savalo fasiani

qaRaldebis, sesxebis, Tamasuqebis, obligaciebis, giraoebis da sxva

moklevadiani da grZelvadiani sesxebis Sedegad miRebuli fuladi saxsrebi;

sesxebis dafarva; moijarisgan finansuri ijaris valdebulebebis

dasafaravad miRebuli fuladi saxsrebi.


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fuladi nakadebis angariSgeba SeiZleba momzaddes pirdapiri an

arapirdapiri meTodiT. aRricxvis standartebiT sabaziso meTodia –

pirdapiri meTodi, radgan mas ZiriTadi analizuri mniSvneloba aqvs. cxrili 5.1.2 Ffuladi nakadebis angariSgeba (arapirdapiri meTodiT)

Mm a C v e n e b l e bi

Tanxa aTas. Llar.

I. fuladi nakadebi saoperacio saqmianobidan

wminda mogeba mogebis gadasaxadi ---------------------------------------------------------------------------------- mogeba dabegvramde cveTis xarji saprocento xarji saprocento Semosavali winaswar gaweuli xarjebis zrda (emateba) ----------------------------------------------------------------------------------------- Mmogeba sabrunav saSualebebSi cvlilebamde Mmaragebis naSTebis zrda miwodebidan moTxovnis naSTis zrda mowodebidan valdebulebebis naSTis zrda xelfasiT valdebulebis naSTis Semcireba ---------------------------------------------------------------------------------- saoperacio saqmianobidan miRebuli fuli gadaxdili procenti gadaxdili mogebis gadasaxadi gadaxdili dividendi ----------------------------------------------------------------------------------------- wminda fuladi nakadi saoperacio saqmianobidan

11 920 1 200 -------------- 13 120 2 240 1 220 (200) _ -------------- 16 380 (1 510) (1000) 60 (500) ------------ 13 430 (1 300) (740) (5 160) ----------------- 6 230

fuladi nakadebis angariSgeba pirdapiri meTodiT, mzaddeba mTavari

wignis fuladi Tanxebis aRmricxveli angariSebidan (ix. cxrili 5.1.1.).

rogorc ukve aRvniSneT, fuladi nakadebis angariSgeba SeiZleba

momzaddes arapirdapiri meTodiT, romelic praqtikaSi ar gamoiyeneba,

vinaidan arasrulyofilia analizisaTvis. igi SeiZleba gamoyenebul iqnes

mxolod im SemTxvevaSi, Tu raRac obieqturi mizezebis gamo kompaniis

mTavar buRalters an auditors ar gaaCnia sruli buRaltruli Canawerebi

(mTavari sabuRaltro wignSi arasruli Canawerebi).

arapirdapiri meTodis gamoyenebis dros (ix. cxrili 5.1.2.) icvleba

mxolod fuladi nakadebis pirveli ganayofis Sevsebis wesi. danarCeni ori

ganayofi igivea, rac pirdapiri meTodis dros.


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arapirdapiri meTodiT saoperacio saqmianobidan miRebuli fuladi

saxsrebis gamoiTvlisaTvis A aiReba dasabegri an wminda mogebis

maCvenebeli, romelic Seswordeba xarjebiT da SemosavlebiT. kerZod, jer

emateba arafuladi xarjebi, rogoricaa, cveTis xarji, gadavadebuli

gadasaxadebi, kursTaA Soris sxvaobiT gamowveuli mogeba an zarali,

zedmeti ZiriTadi saSualebebis realizaciidan miRebuli mogeba (akldeba)

an zarali (emateba). Semdeg,saprocento xarjebi emateba da saprocento

Semosavlebi akldeba. winaswar gaweuli xarjebis zrda emateba. Sedegad,

miiReba mogeba sabrunav saSualebebSi cvlilebamde.

Semdeg xdeba miRebuli maCveneblis koreqtireba debitoruli

davalienebebis, momwodebelTa winaSe davalianebebisa da saxelfaso

davalianebebis naSTebis cvlilebebiT, am koreqtirebis Sedegad

gamoiTvleba saoperacio saqmianobidan miRebuli fuladi Tanxebi (ix.

cxrili 5.1.2).

Aarapirdapiri meTodiT fuladi nakadebis angariSgebis momzadeba

SesaZlebelia imitom, rom arsebobs Sesabamisi kavSirebi finansuri

angariSgebis komponentebs Soris, romelic pirvel TavSi ukve ganxiluli

iyo.

fuladi saxsrebis moZraobis angariSgebas Tan unda axldes fuladi

Tanxebisa da maTi ekvivalentebis gaSifrva, danarTis saxiT. am danarTs Semdegi saxe aqvs:

fuladi saxsrebi da maTi ekvivalentebi wlis wlis dasawyisSi bolos naRdi fuli 485 540 fuli sabanko angariSebeze 3015 1370 fuli savaluto angariSebze 600 300 moklevadiani investiciebi _ _ ( 3 Tvemde) sxva fuladi dokumentebi _ _ fuladi nakadebis angariSgebis analizi saSualebas iZleva Seswavlil

iqnes:

1. ramdenad faravs sawarmo ZiriTad valdebulebebs skuTari aqtiurobiT

gamomuSavebuli fuliT;

2. Wirdeba Tu ara damatebiTi saxsrebis mozidva da romeli gzebiTaa es

SesaZlebeli;

3. gaaCnia Tu ara fulis deficiti da romeli mimarTulebiT;

4. rogoria fulis brunvis siCqare;

5. ramdenad ifareba debitoruli da kreditoruli davalianebebi.

Ffuladi nakadebis angariSgebis analizis safexurebia:

I. vertikaluri analizi

II. horizontaluri analizi


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III. fuladi nakdebis angariSgebis koeficientebis dinamikuri, faqtoruli

da korelaciuri analizi.

sawarmos ar unda hqondes fulis deficiti gansakuTrebiT saoperacio

da safinanso saqmianobidan, rac imaze mianiSnebs, rom sawarmos fulis

problema ar gaaCnia.

5.2. fuladi nakadebis angariSgebis vertikaluri

D analizi

finansuri angariSgebis vertikalur analizSi, rogorc ukve iciT,

procentuli zomis erTeulebi gamoiyeneba. fuladi nakadebis angariSgebis

vertikaluri analizi iwyeba wminda fuladi nakadebis saerTo struqturis

daxasiaTebiT. oRond, fuladi nakadebis angariSgebis analizis dawyebis

win unda Semowmdes Semdegi toloba: wminda fuladi nakadi = valdebulebebis zrda _ arafuladi mimdinare

aqtivebis zrda _ grZelvadiani aqtivebis zrda + sakuTari kapitalis zrda.

motanil magalTze saerTo wminda fuladi nakadi saanalizo sawarmos

fuladi nakadebis angarSgebis informaciiT (ix. cxrili 4.2.1) aris 630 lari,

romelis motanili maCvnebelebis clilebebis toli unda iyos. valdebulebebis zrda - 6180 l arafuladi mimdinare aqtivebis zrda - 2560 l. grZelvadiani aqtivebis zrda - 8130l sakuTari kapitalis zrda – 5140 l marTlac, 6180 _ 2560 _ 6180 + 5140 = 630 l fuladi nakadebis vertikaluri analizis dros jer moxdeba fuladi

nakadebis angariSgebis saerTo suraTis mimoxilva (ix. cxili 4.2.1).

analizSi gamoiyeneba pirdapiri meTodiT momzadebuli angariSgeba, radgan

mas gaaCnia analizuri Rirebuleba da amitom, finansuri angariSgebis

saerTaSoriso standartebiT miRebulia sabaziso meTodad.

saerTo mimoxilvis dros, mowmdeba romelime ganayofis mixedviT xomar

arsebobs deficiti anu gasuli fulis moculoba xomar aRemateba

Semosuli fulis moculobas. finansurad gansakuTrebiT saSiSia

deficitis arseboba saoperacio saqmianobis segmentis (mimarTulebis)

mixedviT, radgan aq warmodgenilia sawarmos ZiriTadi saqmianobidan

miRebuli da gasuli fuladi Tanxebi, romlebic xarjebis dafarvis

yvelaze usafrTxo wyaros warmoadgens. igi aCvenebs sawarmos finansuri

aqtiurobis xarisxs.

fuladi nakadebis angariSgebis informaciis analizi asabuTebs,

buRaltrul balansSi warmodgenili fuladi Tanxebis naSTebis zrda

realurad ramdenad pozitiuria. igi pasuxobs kiTxvaze, arsebuli fuladi


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aqtivebi sakuTari saqmianobis Sedegadaa gamomuSavebuli, Tu aRebuli

sesxebis meSveobiT arsebobs.

SeiZleba aRmoCndes, rom fuladi Tanxebi balansSi sakmarisi

raodenobiTaa da wlis bolosaTvis gazdilia kidec, magram, fuladi

nakadebis angariSgebaSi, saoperacio samqianobis mimarTulebiT, deficiti

arsebobdes.

zemoTqmulida gamomdinare, metad mniSvnelovania wminda fuladi

nakadebis xarisxis analizi saqmianobis sferoebis mixedviT.

rogorc fuladi nakadebis angariSgebis saerTo suraTi aCvenebs

(ix.cxrili 5.2.2), saanalizo sawarmoSi mimdinare wels fulis deficiti

arsebobs mxolod sainvesticio saqmianobis mimarTulebis mixedviT. unda

aRiniSnos, rom sanvesticio saqmianobis sferoSi SeiZleba fulis

deficiti arsebobdes, magram es negatiur movlenas ar warmoadgendes,

Tuki ZiriTadi saSualebebis ganaxleba xdeba. oRond es mxolod aRebuli

sesxebis xarjze ar unda xdebodes.

maSasadame, saanalizo sawarmoSi saoperacio saqmianobis mixedviT ki

fulis preficiti (siWarbe) arsebos. es imaze miuTiTebs rom biznesma

fuladi saxsrebi sakuTari Cvveulebrivi saqmianobidan gamoimuSava. aseve,

wminda fuladi nakadi dadebiTi ricxvia safinanso saqmianobis sferoSic. cxrili 5.2.1. wminda fuladi nakadi saqmianobis saxeebis mixedviT fuladi nakadebi

wminda fuladi nakadi wina wels mimdinare wels

1. wminda fuladi nakadi saoperacio saqmianobidan

2. wminda fuladi nakadi sainvesticio saqmianobidan

3. wminda fuladi nakadi safinanso saqmianobidan ----------------------------------- wminda fuladi nakadi sul

2300 (1200) 1900 ---------------- 3000

6230 (7980) 2380 ---------- 630

rogroc 5.2.2. cxrilis maCveneblebidan sCans, wina welTan SedarebiT

wminda fuladi nakadi Semcirda, magram es ZiriTadi saSualebebis

ganaxlebis Sedegia. amis Semdeg gamokvleul iqneba Semosuli da gasuli

fuladi Tanxebis struqtura (ix. cxrili 5.2.2).

rogorc wesi, saanalizo sawarmoSi, mimdinare da wina wels Semosul

fulad aqtivebSi yvelaze maRali xvedriTi wili uWiravs myidvelebidan

Semosul fulad Tanxebs, rac dadebiTi movlenaa. Tumca, mimdinare wels

misi wili da saerTo moculoba, wina welTan SedarebiT Semcirebulia.

Aamitom, menejmentma pirvel rigSi unda gamoarkvios, ra iyo amis mizezi.


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cxrili 5.2.2 saanalizo sawarmoSi Semosuli fuladi nakadebis

saerTo struqtura

m a C v e n e b l e b i

wina wels mimdinare wels

aT.l xv/w % aT.l xv/w % F I. fulis Semodineba - myidvelebidan miRebuli fuli - miRebuli procentebi - aqciebis gamoSvebidan miRebuli fuli - aRebuli sesxebi - zedmeti ZiriTadi saSualebebis gayidva ----------------------------------- Semosuli fuli sul

98900 120 - 1700 - ---------- 100720

98,2 0,1 1,7 - --------- 100

94 690 150 1 200 2 000 - --------- 98 040

96,6 0,2 1,2 2,0 - --------- 100

Semdeg cal-calke Seiswavleba sawarmodan gasuli da Semosuli fuladi

nakadebis struqtura (ix. cxrili 5.2.3). cxrili 5.2.4

saanalizo sawarmodan gasuli fuladi nakadebis saerTo struqtura



aT.l xv/w % aT.l xv/w % I. fulis gadineba

momwodeblebze gadaxdili fuli F - gacemuli xelfasebi - gadaxdili procentebi - gadaxdili mogebis gadasaxadi - gacemuli dividendi - ZiriTadi saSulebebis SeZena - aramaterialuri aqtivebis SeZena - ukan gamosyiduli aqciebi - sxva saoperacio xarjebi

-------------------------------- jami

52 650 34 600 1 400 2 000 4 500 1 230 - - - 1 340 ---------- 97 720

53,9 35,4 1,4 2,0 4,6 1,3 - - - 1,4 -------- 100

46 200 33 000 1 300 740 5 160 6 600 1 530 - 820 2 060 ---------- 97 410

47,4 33,9 1,3 0,8 5,3 6,8 1,6 - 0,8 2,1 ------- 100

amrigad, rogorc mimdinare, ise wina wels yvelaze maRali xvedriTi wili

uWiravs momwodeblebze da xelfasebze gadaxdili fulis moculobas.


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5.3. fuladi nakadebis angariSgebis

horizontaluri analizi

finansuri angariSgebis horizontaluri analizi, rogorc ukve iciT,

wamoadgens finansuri angariSgebis muxlebis cvlilebebis gamokvlevis

xerxs, minimum ori wlis periodisaTvis. kvlevis periodi rac ufro

xangrZlivi iqneba, miT ufro realuri tendenciebis aRmoCenaa SesaZlebeli.

kvlevis dros sainteresoa rogorc Semosavlebisa da aqtivebis zrdis,

aseve xarjebisa da valdebulebebis cvlilebebis Seswavla. cvlilebebi

gamoixateba procentebSi wina periodebTan SedarebiT.

pirvel rigSi calkeuli ganayofebis wminda fuladi nakadebis dinamikis

mimoxilva moxdeba (ix. cxrili 5.3.1). rogorc gamoTvlebidan Cans, wminda

fuladi nakadi saoperacio saqmianobidan 2017 wels 96%-mde daeca. wminda

fuladi nakadi safinanso saqmianobidan 2016 wlade zrdis tendenicii T

xasiaTdeboda, 2018 wels ki 97%mde daeca. aseve, saanalizo xuTwlian

periodSi mudmivad izrdeboda fulis deficiti sainvesticio saqmianobidan,

rac imaze miuTiTebs, rom saanalizo kompaniaSi SemuSavebuli araa

grZelvadiani aqtivebis ganaxlebis optimaluri gegma. cxrili 5.3.1. saanalizo sawarmos saerTo wminda fuladi nakadebis dinamika %-ad 2013 welTan SedarebiT maCvveneblebi 2013 2014 2015 2016 2017 I. wminda fuladi nakadi saoperacio saqmianobidan II. wminda fuladi nakadi sainvesticio saqmianobidan III. wminda fuladi nakadi safinanso saqmianobidan

100 100 100

102 (103) 103

100 (98) 104

98 (98) 106

96 (230) 97

rogorc wina sakiTxebSi iqna ganxiluli, fuladi nakadebis

angariSgebis mTliani dinmikis SeswavlisaTvis, momzaddeba samuSao cxrili

3.3.1–is msgavsad, saidanac Semdeg TvalsaCinoebisaTvis mxolod procentuli

cxrili Sedgeba (ix. cxrili 5.3.2).


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cxrili 5.3.2 fuladi nakadebis angariSgebis muxlebis dinamika procentulad 2013 welTan SedarebiT

maCveneblebi 2013 2014 2015 2016 2017

I. fuladi nakadebi saoperacio saqmianobidan

- myidvelebidan miRebuli fuli - momwodeblebze gadaxdili fuli - TanamSromlebze gacemuli xelfasi - sxva saoperacio fuladi xarjebi

----------------------------------------------------------- saoperacio saqmianobidan miRebuli fuladi Tanxebi

- gadaxdili procentebi - gadaxdili mogebis gadasaxadi

- gacemuli dividendi - -------------------------------------------

wminda fuladi nakadi saoperacio saqmianobidan

II. fuladi nakadebi sainvesticio saqmianobidan

- ZiriTadi saSualebebis SeZena - aramaterialuri aqtivebis SeZena - obligaciebis Sesyidva - zedmeti ZiriTadi saSualebebis gayidvidan

miRebuli fuli - miRebuli procentebi

---------------------------------- wminda fuladi nakadi sainvesticio saqmianobidan

III. fuladi nakadebi safinanso

saqmianobidan

- gamoSvebuli aqciebidan miRebuli fuli - sakuTari aqciebis ukan gamosyidva - aRebuli sesxebi

-------------------------------------------------- wminda fuladi nakadi safinanso saqm-dan

saerTo wminda fuladi nakadi fuladi Tanxebis sawyisi naSTi fuladi Tanxebis saboloo naSTi

100 100 100 100 ------- 100 100 100 100 ----- 100 100 100 100 100 100 ----- 100 100 100 100 ----- 100 100 100 100

101 102 101 0 ----- 100 102 102 100 ----- 102 104 - 100 120 102 ---- (103) 103 - 102 ---- 103 103 101 102

98 97 100 0 ----- 98 100 101 98 ---- 100 97 - 103 - 103 ---- (98) - - 104 ----- 104 98 102 98

97 97 100 0 ---- 98 99 100 102 ---- 98 - - - 102 96 ---- (98) - - 106 ---- 106 101 103 100

95 94 100 102 ----- 96 100 98 103 ---- 96 -102 -100 - - 97 ----- (230) 106 - 87 ----- 97 98 97 98


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5.3.1 da 5.3.2 cxrilebis safuZvelze momzaddeba dinamikis grafikebi,

romelzec samive tipis fuladi nakadebis mrudi iqneba agebuli, rac metad

TvalsaCino iqneba SedarebiTi daxasiaTebisaTvis.

5.4. fuladi nakadebis angariSgebis

individualuri da kombinirebuli

koeficientebis analizi

fuladi nakadebis anagariSgebis informacia Rirebulia rogorc misi

gare momxmareblebisaTvis - aqcionerebisa da kreditorebisaTvis, aseve TviT

sawarmos menejmentisaTvis. oRond am ukansknels, rogorc ukve iTqva, ara

aqvs informaciis misawvdmobis problema da amdenad, Tavisuflad SeuZlia

siRrmiseuli analizi Caataros.

sawarmos xelmZRvaneloba gamudmebiT akontrolebs mis

gadaxdisunarianobas, raTa saWiroebis SemTvxvevaSi miiRos operatiuli

RonisZiebebi, SeimuSaos fuladi saxsrebis moZiebis da gamoyenebis efeqtiani

politika.

analizSi, rogorc wesi, farTod gamoiyeneba koeficientebis analizis

meTodi. es koeficientebi or jgufad SeiZleba daiyos: fuladi nakadebis

angariSgebis koeficientebi da kombinirebuli koeficientebi.

I. fuladi nakadebis angariSgebis kerZo koeficientebia mxolod misi

informaciis safuZvelze gamoTvladi koeficientebi. esenia struqturuli

da dinamikuri koeficientebi da fulis Semdegi koeficientebi:

fulis sarTo efeqtianobis koeficienti = = fulis Semodineba periodSi) / fulis gadineba periodSi (5.4.1) es koeficieti erTze naklebi ar unda iyos.

procentis dafarvis done = = saoperacio saqmianobidan miRebuli fuli gadasaxadebis gadaxdamde / gadaxdili procenti (5.4.2) dividendis dafarvis done = saoperacio saqmianobidan miRebuli wminda fuladi nakadi / igive wminda fuladi nakadi dividendis gadaxdamde (5.4.3) wminda investiciebis dafarvis xarisxi = wminda fuladi nakadi saoperacio saqmianobidan / wminda fuladi nakadi sainvesticio saqmianobidan (5.4.4.) igi axasiaTebs, sainvestico saqmianobidan miRebuli wminda fuladi

nakadi ra xarisxiT ifareba saoperacio saqmianobidan miRebuli fuliT. fulis efeqtianobis saerTo koeficienti = = saerTo wminda fuladi nakadi / fulis gadineba weliwadSi (5.4.5)


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saerTo gadaxdisunarianoba =

= (fulis sawyisi naSTi + fulis Semodineba) / fulis gadineba sul (5.4.6)

II. fuladi nakadebis angariSgebis kombinirebuli koeficientebia iseTi

koeficientebi, romelTa gaangariSebas angariSgebis ori an meti komponentis

informacia Wirdeba. saoperacio saqmianobidan miRebuli wminda fuladi nakadis efeqtianoba = = wminda fuladi nakadi saoperacio saqmianobidan / Semosavali saoperacio saqmianobidan (5.4.7) sainvesticio samianobidan miRebuli wminda fuladi nakadis efeqtianoba = = sainvest. saqmianobidan miReb. wminda fuladi nakadi / Semosavali sainvesticio saqmianobidan (5.4.8) safinanso saqmianobidan miRebuli wminda fuladi nakadis efeqtianoba = = safin. saqm-dan miRebuli wm. fuladi nakadi / Semosavali safinanso saqmianobidan (5.4.9) Pprocentis dafarvis koeficienti = = (saop.saqm. mireb. fuli – wl.mog.gadsaxadi) / wl. saprocento xarji (5.4.10) reinvestirebis koeficienti =(saerTo wminda fuladi nakadi – daricxuli dividendi) / grZelvadiani aqtivebis zrda (5.4.11) dadebiTi wminda fuladi nakadis rentabeloba = = wminda mogeba / saerTo wminda fuladi nakadi (5.4.12) fuladi usafrTxoebis intervali = = saerTo wminda fuladi nakadi / dRiuri xarjebi (5.4.13) fulis brunvis koeficientebi da sxva, romelTa analizi tardeba

Tematuri finansuri analizis dros. fulis koeficientebis dinamikuri,

korelaciuri da fqtoruli analizis meTodika ganxilulia meTerTmete

TavSi. kiTxvebi TviTSemowmebisTvis: 1. ra informacias moicavs fuladi nakadebis angariSgeba 2. ramdeni ganayofi aqvs fuladi nakadebis angariSgebas 3. ras niSnavs fuladi nakadebis momzadeba pirdapiri meTodiT 4. ras niSnavs fuladi nakadebis momzadeba arapirdapiri meTodiT 5. romeli koeficientebis gamoTvla SeiZleba fuladi nakadebis angariSgebis informaciis safuZvelze


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t e s t e b i 1. romeli saxis saqmianobas miekuTvneba myidvelebidan miRebuli fuladi nakadi a. sainvesticio samiqnobas b. saoperacio saqmianobas g. safinanso saqmianobas 2. romeli saxis saqmianobas miekuTvneba gadaxdili saprocento xarji: a. saoperacio saqmianobas b. sainvesticio saqmianobas g. safinanso saqmianobas 3. wlis dasawyisSi valdebuleba gadasaxdel procentze iyo 6700 l, wlis bolos

ki 12500 lari. wlis ganmavlobaSi daricxuli gadasaxdeli procenti 56800 lars Seadgenda.

ras udris gadaxdili saprocento xarji (l): a. 56 800 b. 51 000 g. 62 600 4. wlis ganmavlobaSi kompaniaSi myidvelebidan miRebulia 56000 l da miRebulia saprocento Tanxa 12900 lari. momwodeblebze gadaxdilia 23000 lari. ras udris miRebuli saerTo fuladi nakadi: a. 56 800 b. 68 900 g. 62 600 5, wlis ganmavlobaSi kompaniaSi myidvelebidan miRebulia 56000 da proceneteboda 12900 lari. momwodeblebze gadaxdilia 23000 lari. ras udris saerTo wminda fuladi nakadi: a. 45 900 b. 68 900 g. 62 600 6. saoperacio saqmianobidan miRebuli wminda fuladi nakadis efeqtianoba aris: a. mogebisa da wminda fuladi nakadis fardoba b. wminda fuladi nakadi saoperacio saqmianobidan Sefardebuli saoperacio saqmianobidan miRebul SemosavalTan g. wminda fuladi nakadi saoperacio saqmianobidan Sefardebuli sainvesticio saqmianobidan miRebul SemosavalTan 7. fuladi usafrTxoebis intervali aris: a. saerTo wminda fuladi nakadi Sefardebuli dRiur xarjebTan b. wminda fuladi nakadi saoperacio saqmianobidan Sefardebuli dRiur xarjebTan g. wliuri Semosavali Sefardebuli wminda fuladi nakadis moculobasTan 8. fulis efeqtianobis saerTo koeficienti aris: a. saerTo wminda fuladi nakadis fardoba mogebasTan b. fulis gadinebis fardoba Semosul fulTan g. saerTo wminda fuladi nakadis fardoba fulis mTlian gadinebasTan 9. safinanso saqmianobidan miRebuli wminda fuladi nakadis efeqtianoba aris: a. safinanso saqmianobidan miRebuli wminda fuladi nakadis fardoba safinanso saqmianobidan miRebul SemosavalTan b. safinanso saqmianobidan miRebuli wminda fuladi nakadis fardoba sainvesticio saqmianobidan miRebul SemosavalTan g. arcerTi pasuxi araa swori 10. reinvestirebis koeficienti aris: a. (saerTo wminda fuladi nakadi – daricxuli dividendi) Sefardebuli grZelvadiani aqtivebis zrdasTan


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144

b. daricxuli dividendis fardoba grZelvadiani aqtivebis zrdasTan g. mimdinare aqtivebis zrdis fardoba grZelvadiani aqtivebis zrdasaTan

a m o c a n e b i amocana 5.1.

erT-erT sawarmoSi wina da mimdinare welს adgilი hqonda fulis Semodიnebas Semdegi opercaiebidan (ix. cxrili):

saanalizo sawarmoSi Sesuli fuladi nakadebi



aT.l xv/w % aT.l xv/w % F I. fulis Semodineba - myidvelebidan miRebuli fuli - miRebuli procentebi - aqciebis gamoSvebidan miRebuli fuli - aRebuli sesxebi - zedmeti ZiriTadi saSualebebis gayidva ----------------------------------- Sesuli fuli sul

35 000

800

3 000

2 100

-

----------

40 900

32 000

700

5 000

4 000

900

---------

42 600

moTxovna: gamoiangariSeT saerTo fuladi nakadebis struqturuli koeficientebi orive wels da gaakeTeTeT Sesabamisi daskvnebi.

amocana 5.2.. kompaniis finansuri angariSgebidan cnobilia Semdegi informacia (aT.larebSi): mogeba dabegvramde 9150 cveTis xarji 410 dazRvevis xarji 60 saproceno xarji 1700 saprocento Semosavali 1400 mogeba kursTaASoris sxvaobidan 50 materialuri maragebis naSTebis zrda 90 debitoruli davalianebebis naSTebis zrda 100 kreditoruli davalianebebis naSTebis zrda 80 moTxovna: gamoTvaleT sawarmoSi saoperacio saqmianobidan Sesuli fuladi Tanxebi

arapirdapiri meTodiT.


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145

Tavi 6. sakuTari kapitalis

cvlilebebis angariSgebis

analizis meTodika

sakuTari kapitali warmoadgens sawamoTa

resursebis dafinansebis sakuTar wyaros. mis

moculobasa da efeqtian gamoyenebaze

mniSvnelovnadaa damokidebuli sawarmos finansuri

stabilurobis xarisi da finansuri usafrTxoeba.

am TavSi Seiswavleba Semdegi sakiTxebi:

sakuTari kapitalis cvlilebebis angariSgebis analizuri

mniSvneloba;

sakuTari kapitalis cvlilebis angariSgebis vertikaluri da

horizontaluri analizi;

sakuTari kapitalis cvlilebebis angariSgebis koeificientebis

analizi.

6.1. sakuTari kapitalis cvlilebis

angariSgebis analizuri mniSvneloba

angariSgebaSi `sakuTari kapitalis cvlilebebis Sesaxeb~, mocemulia

informacia saaqcio kapitalis, saemisio kapitalis da rezervebis Sesaxeb

saangariSgebo wlis wminda mogebis gamoyenebisa da zaralis Sesaxeb.

mocemulia yvela is cvlileba, romelic Seexeba sakuTari kapitalis

romelime elements. masSi agreTve mocemulia saaRricxvo politikaSi

momxdari cvlilebebis Sedegebi da arsebiTi Secdomebis koreqtireba.

aRricxvis standartebi, rogorc cnobilia ganmartavs, rom sakuTari

kapitali aris aqtivebis is nawili, romelic rCeba valdebulebebis

dafarvis Semdeg. imavdroulad, sakuTari kapitali igive wminda aqtivebia.

sakuTari kapitalis struqtura saaqcio sazogadoebebSi moicavs:

saaqcio da saemisio kapitals, mogebidan Seqmnil rezervebs, gadafasebis

rezervs da gaunawilebel mogebas.

sawarmos balansiT, sakuTar kapitalSi momxdari cvlileba wlis

dasawyisTan SedarebiT, aCvenebs sawarmos wminda aqtivebis zrdas an

Semcirebas saangariSo periodSi. xolo, sawarmos sakuTari kapitalis

jamuri cvlileba, garda aqcionerebTan ganxorcilebuli operaciebisa

(rogoricaa, wilis Senatanebi, sakuTari kapitalis instrumentebis

xelaxali Sesyidva da dividendebis ganawileba), aCvenebs saangariSgebo

periodSi sawarmos saqmianobidan miRebul mTlian mogebas an zarals.


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146

sakuTari kapitalis angariSgeba svetebiani cxrilis saxiT dgeba (ix:

cxrili 6.1.1.)

cxrili 6.1.1. s. s. `kolxeTis~ sakuTari kapitalis

cvlilebebis angariSgeba 2017 w. (aT .lari) Sinaarsi

saaqcio kapitali

saemisio Kkapita- li

rezervebi mogebidan

gadafasebis rezervi

Ggaunaw. (wminda) mogeba

umcir- sobis wili

sul

- naSTi wlis dasawyisSi - Secdomebis gasworeba - cvlilebebi saaRricxvo po- litikaSi

8820 _

2000 _

800 _

500 _

900 _ _

_ _ _

13020 _ _

Sesworebuli sawyisi naSTi -qonebis gadafasebis nameti -investiciebis Camofaseba -fuladi nakadebis hejireba -ucxouri qvedanayofis gadaa- ngariSebiT sakurso sxvaoba ------------------------------------- jami -aqciebis gamoSveba -aqciebis ukan gamosyidva -mimdin. wlis wminda mogeba -daricxuli dividendi -rezervebi mogebidan - gadafasebis rezervi -gaunaw. mogebis sawyisi naSTi

8820 ------- 8820 1000 (820) - 900

2000 -------- 2000 200

- - - -

800 (_) ------ 800 - 5 120 -

500 _ (_) (_) -------- 500

- (360) -

900 -------- 900 - 11920 (6800) (5120) (900)

_ (_) ------ _ - _ _ _

13020 _ (_) (_) (_) ----- 13 020 1200 (820) 11 920 (6 800) (360) - 0

naSTi wlis bolos

9 900 2 200 5 920 140 0 _ 18 160

sakuTari kapitalis cvlilebebis angariSgeba aCvenebs aqciebis

gamoSvebis gziT miRebuli investiciebis sidides da biznesis

ganviTarebisaTvis sakuTari mogebidan gamoyofil dafinansebas. sakuTari

kapitalis elementebi or nawilad SeiZleba dajgufdes. rogoricaa,

investirebuli kapitali (saaqcio da saemisio kapitali) da

reinvestirebuli (mogebidan Seqmnili rezervebi).

saaqcio kapitalis angariSgebaSi wardgenili naSTebi, unda emTxveodes

buRaltrul balansSi mocemuli sakuTari kapitalis elementebis naSTebs

wlis dasawyisisa da bolosaTvis.

saaqcio kapitali aris investirebuli kapitali, romelic sawarmoSi

misma mflobelebma, aqcionerebma daabandes. saaqcio kapitalis aRiareba

xdeba gamoSvebuli aqciebis nominaluri RirebulebiT, romlis

proporciulad gaicema dividendi sawarmos wminda mogebidan. saaqcio

kapitali SeiZleba arsebobdes gamoSvebuli Cveulebrivi aqciebis an

privilegirebuli aqciebis saxiT.

privilegirebul aqciebs aqvs winaswar gamocxadebuli dividendis

ucvleli saprocento ganakveTi. amitom, maT ara aqvT xmis ufleba


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147

kompaniis marTvaSi. Cveuleriv aqciebze ar arsebobs garantirebuli

dividendis ufleba. misi dividendi damokidebulia aqciis gamomSvebi

kompaniis mogebaze. amitom, Cveulebrivi aqciis mfloblebi monawiloben

kompniis marTvaSi da aqvT xmis ufleba.

Aaqciebi SeiZleba gamoSvebul iqnes ofcioniT (SeRavaTiani fasiT) an

ufasod (bonusis saxiT), gaunawilebeli mogebis xarjze.

saemisio kapitali rezervis erT-erT saxed SeiZleba CaiTvalos,

romelic gayiduli aqciebis gayidvis fasis nametia maT nominalur

Rirebulebaze. rogorc wesi, saemisio kapitalis dividendebze gacema ar

xdeba. igi gamoiyeneba sakuTari aqciebis ukan gamosyidvis dros

warmoSobili zaralis dasafaravad.

gadafasebis rezervi warmoiSoba grZelvadiani aqtivebis gadafasebis

dros maTi Rirebulebis gazrdisas. misi sidide ganisazRvreba aqtivis

axal da wina sabalanso Rirebulebas Soris sxvaobiT.

gaunawilebeli mogeba aris wminda mogebis nawili, romelic rCeba misi

gamoyenebis Semdeg. igi yovelwliurad grovdeba da SeiZleba axali

aqciebis gamoSvebis an warmoebis gafarToebisaTvis iqnes gamoyenebuli. mas

xSirad Semosavlebis rezervs, xolo saemisio kapitals da gadafasebis

rezervs – kapitalis rezervs uwodeben.

sawarmos aqcionerTa krebis gadawyvetilebiT, wminda mogebis

(sxvaobawliur mogebidan mogebis gadasaxadi) nawili gamoiyofa

dividendebis gasacemad. Seiqmneba specialuri rezervebi riskisaTvis,

warmoebis gafarToebisaTvis, muSakTa premirebisaTvis da sxva. Tu kidev

darCeba naSTi, igi warmoadgens gaunawilebel mogebas. Tumca, finansurma

menejmentma SeiZleba gansazRvros gaunawilebili mogebis aucilebeli

minimumi, romelic unda gadados kompaniam mosalodneli inflaciuri

movlenebisagan TavdacvisaTvis. Aam mizniT, wminda mogebidan gamoiTvleba

mosalodneli inflaciis procentuli Tanxa. davuSvaT, cnobilia

inflaciis prognozuli zrda 7,06%-iT. maSin, wminda mogebidan minimum 760

lari (10760*7,06%%) datovebuli unda iqnes gaunawilebeli mogebis saxiT.

saqarTveloSi mogebis gadasaxadis axali wesiT wminda mogeba mTlianad

unda ganawildes aqcionerebsa da kompanias Soris. Tumca kanoniT

akrZaluli araa menejmentma zogjer gaunawilebeli mogebac datovos.

saxelmZRvaneloSi warmodgenil saanalizo sawarmoSi, menejmnetma

davuSvaT sawyisi gaunawilebeli mogeba saaqcio kapitals SeuerTa.

cxrilSi 5.1.1. mocemulia sakuTari kapitalis cvlilebis angariSgebis

nimuSi.

sakuTari kapitalis cvlilebis angariSgebaSi mocemulia Semdegi

komponentebi:

sawyisi naSTebi, romlebic emTxveva buRaltrul balansSi wardgenil

naSTebs. igi Sesworebuli araa wina periodSi momxdari Secdomebis an

saaRricxvo politikis cvlielebebiT. romlebic gamovlinda Semdgom


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148

periodSi. es cvlilebebi mocemulia mxolod sakuTari kapitalis

cvlilebis angariSgebaSi da asaxvas hpovebs mimdinare wlis kapitalSi..

ramdenadac, saaRricxvo politikis cvlilebiT gamowveuli Sedegebis

asaxvis retrospeqtuli midgomiT es cvlilebebi unda aisaxos periodis

dasawyisSi ise, rom igi TiTqos yovelTvis gamoiyeneboda.

daSvebuli Secdomebis koreqtirebis efeqti Camoiwereba im

maCveneblidan, romelzec is iwvevs cvlilebas.

Sesworebuli sawyisi naSTis Semdeg warmodgenilia mimdinare wels

aqtivebis gadafasebis, fuladi nakadebis hejirebis da ucxouri

qvedanayofis gadaangariSebis kursTa Soris sxvaobebis Sedegebi.

mesame segmentSi warmodgenilia TviT saaqciokapitalsa da mogebaSi

momxdari cvlilebebi.

amdenad, sawarmom sakuTari kapitalis angariSgebaSi iseTi informacia

unda gaaSuqos, rom finansuri angariSgebis momxmarebelma SeZlos

kapitalis marTvasTan dakavSirebuli sawarmos miznebis, politikisa da

procedurebis Sefaseba.

finansuri angariSgebis ganmartebiT SeniSvnebSi ki sawarmom unda

gaaSuqos rogor aris Sesrulebuli sawarmos miznebi kapitalis marTvis

Sesaxe; Seasrula Tu ara man saangariSgebo periodis ganmvalobaSi

kapitalis Sesaxeb gare savaldebuo moTxovnebi da Tu ar Sesarula es

valdebulebi maSin, unda aCvenos am darRvevis Sedegebi.

maSasadame, sakuTari kapitalis angariSgeba iZleva informacias

investirebuli da reinvestirebuli kapitalis analizisaTvis. mis

safuZvelze SeiZleba daskvnis gakeTeba imis Sesaxeb, wlis bolos

mdgomareobiT, sawarmom finansurad SeinarCuna Tu ara kapitali da

ramdenad efeqturia rezervebis Seqmnis politika.

sakuTari kapitalis angariSgebis analizis safexurebia:

I. sakuTari kapitalis struqturuli analizi;

II. sakuTari kapitalis dinamikuri analizi;

III. sakuTari kapitalis gadaxrebis analizi;

IV. sakuTari kapitalis ukugebis maCveneblebis analizi;

V. erT aqciaze Semosavlebis maCveneblebis analizi;

VI. dividendis uzrunvelyofis analizi;

mogebis reinvestirebis tendenciebis analizi;


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149

6.2. sakuTari kapitalis angariSgebis

vertikaluri analizi

sakuTari kapitalis vertikaluri analizi misi procentuli Semadgenlobis

Seswavlas niSnavs. igi aris sxvaoba romelic rCeba valdebulebebis

dafarvis Semdeg:

sakuTari kapitali = mTliani aqtivebi – mTliani valdebulebebi es formula, romelic moicavs mTlian aqtvebsa da vadlebulebebs,

gamosayeneblad martivia da saaRricxvo tolobis safuZvels warmoadgens.

es toloba momentaluri, dauyovneblivi sainvesticio gadawyvetilebebis

miRebis saukeTeso saSualebaa. igi aris saaqcio kapitalis Sesaxeb

gadawyvetilebis miRebis yvelaze swarfi saSualeba. agreTve SeiZleba

aseTi tolbis wardgena:

sakuTari kapitali = saaqcio kapitali + saemisio kapitali + gaunawilebeli (an reinvestirebui) mogeba – ukan gamosyiduli aqciebi

am formuliT SeiZleba ganisazRvros gaunawilebeli mogebis sidide

anu reinvestirebuli mogebis sidide, romelic mniSvnelovania kompaniis

ganviTarebisaTvis. mas investorebis gantolebas uwodeben, romliTac jer

gaiTvaliswineba kompaniis saaqcio kapitali da Semdeg gairkveva biznesSi

reinvestirebuli mogeba.

gaunawilebeli mogebac komapniis mogebaa. kompaniis direqtorTa sabWoO

wyvets, rogor iqnas igi gamoyenebuli. kerZod, kompaniaSi daabandon da

dividendebis saxiT gaices.

sakuTari kapitalis struqturaSi mniSvnelovania saaqcio kapitalis

maCvenebeli. aqcionerTa kapitali aris Tanxa, romelic aCvenebs Tu

rogoraa kompania dafinansebuli Cveulebrivi da privilegirebuli

aqciebiT. dafinansebis pirveli wyaro aris aqcionerebis mier

Tavdapirvelad Setanili fuli. meore wyaro ki aris TviT komapniis mier

gamomuSavebuli fuli, romelic sawarmom daagrova.

sakuTari kapitalis vertikaluri analizis dros Seiswavleba misi

struqtura (ix. cxrili 6.2.1.). masSi mocemulia sakuTari kapitalis

TiToeuli muxlis xvedriTi wilis maCveneblebi, mTliani sakuTari

kapitalis mimarT.

pirobiTad, saanalizo sawarmos sakuTari kapitalis Semadgenloba Tu

iseTi iqneboda, rogorc es 6.2.1. cxrilSia, maSin, SeiZleba gakeTdes

daskvna, rom wina welTan SedarebiT, mimdinare wels Semcirebulia

saaqcio kapitalis wili, Tumca absolutur sidideSi gazrdilia. aseve

gaizarda mogebidan Seqmnili rezervebisa da gaunawilebli mogebis wili,

rac dadebiT movlenad unda CaiTvalos.


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150

cxrili 6.2.1 sakuTari kapitalis struqtura

sakuTari kapitalis muxlebi wina wels mimdinare wels aT.l xv/w % aT.l xv.w %

saaqcio kapitali

saemisio kapitali

sakuTari aqciebis ukan gamosyidva

mogebidan Seqmnili rezervebi

gadafasebis rezervi

gaunawilebeli mogeba ------------------------ jami

8 820 2 000 - 800 500 900 --------- 13 020

67,7 15,4 - 6,2 3,8 6,9 --------- 100

10 720 2 200 (820) 5 920 140 - --------- 18 160

57,0 12,1 (4,5) 32,6 2,8 - ---------- 100

A 6.2.1. cxrilSi mocemulia calkeuli muxlis procentuli wili sakuTari

kapitalis mTliani jamis mimarT. vertikaluri anlizis dros ki agreTve

xdeba erTi centraluri maCveneblis SerCeva da danarCeni elementebi

procentuli wili mis mimarT ganisazRvreba.

6.2.2 cxrilSi warmodgenilia sakuTari kapitalis elementebis

procentuli wili saaqcio kapitalis mimarT. ase magaliTad, saemisio

kapitali Seadgens saaqcio kapitalis 22,7%-s, rac miuTiTebs ramdeni

procentiT meti gadaixada aqcionerma SeZenil aqciebSi; mogebidan Seqmnili

rezervebi saaqcio kapitalis mimarT 9,1%-ia, rac imaze miuTiTebs, rom

momaval wels investoris kapitalis namati 9,1%-iT afarToebs warmoebas

momaval wels; Tuki wlis dasawisSi arsebobs gaunawilebeli mogeba, es imis

garantias iZleva, rom mimdinare wels kompania maRal mogebas Tuki ver

miiRebs, aqcioners garantirebuli aqvs misi investirebuli kapitalis

minimum 10,2% dividendis miReba. cxrili 6.2.2 saaqcio kapitalis struqturuli xarisxi

sakuTari kapitalis muxlebi wina wels mimdinare wels aT.l xv/w % aT.l xv.w %

saaqcio kapitali

saemisio kapitali



gadafasebis rezervi

gaunawilebeli mogeba

------------------------

jami

8 820 2 000 - 800 500 900 --------- 13 020

- 22,7 - 9,1 5,7 10,2 --------- -

10 720 2 200 (820) 5 920 140 - --------- 18 160

- 20,5 (7,6) 55,2 1,3 - ---------- -

amis Semdeg Seiswavleba sakuTari kapitalis muxlebSi warmoSobili

gadaxrebi wina welTan SedarebiT. gadaxrebis analizi aCvenebs, rom (ix.

cxrili 6.2.3) sakuTari kapitalis yvela muxli gazrdilia, rac miuTiTebs,


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151

rom sawarmos menejmenti aqtiurad cdilobs resursebis dafinansebis

skuTari wyaroebis wili izrdebodes.

cxrili 5.3.3. muxlobrivi gadaxrebi sakuTar kapitalSi

sakuTari kapitalis muxlebi

wina wels aT.l

Mmimdinare wels aT.l

gadaxra (+, _)

saaqcio kapitali

saemisio kapitali



gadafasebis rezervi

gaunawilebeli mogeba ----------------------- jami

8 820 2 000 - 800 500 900 --------- 13 020

10 720 2 200 (820) 5 920 140 - --------- 18 160

+ 1900 + 200 (820) +5 120 -360 (900) _--------- +5 140

maSasadame, rogorc 6.2.3 cxrilidan Cans, yvelaze didi cvlileba moxda

mogebidan Semnil rezervebSi, rac imaze miuTiTebs, rom kompaniis menejments

warmoebis gafarToeba aqvs degegmili, rac metad dadebiT movlenas warmoadgens

rogorc investorebisaTvis (momavalSi meti mogeba ganawildeba dividendebze),

aseve kompaniis personalisTvis (SesaZlebeli gaxdeba Sromis stimulirebis

RonisZiebebis gatareba), saxelmwifo biujetisaTvis (gaizrdeba mosalodneli

Semosavlebi mogebisa da saSemosavlo gadasaxadebidan) da sazogadoebrivi

socialuri miznebisaTvis (gaizrdeba dasaqmeba).


horizontaluri analizi

sakuTari kapitalis angariSgebis horizontaluri analizis dros

Seiswavleba masSi Semavali elementebis cvlilebis tendenciebi ganvlil,

minimum xuTwliani periodisaTvis. am miznisaTvis, ganvlili erTi weli

aiReba sabaziso wlad da yvela danarCeni wlis maCveneblebis Sedareba

moxdeba masTan.

statistikidan iciT, rom dinamikuri mwkrivi SinaarsiT SeiZleba iyos

jaWvuri an sabaziso. jaWvuri indeqsebis mwkrivSi yoveli momdevno wlis

maCveneblis cvlileba gamoiTvleba misi wina wlis maCvenebelTan

SedarebiT. magram, angariSgebis horizontaluri analizi aris trenduli

analizi raTa gamovlindes ama Tu im maCveneblis cvlilebis tendeciebi

erTidaigie sabaziso wlis mimarT. maSasadame, gamoiyeneba sabaziso

indeqsebi

jer momzaddeba samuSao cxrili, romelSic Tavmoyrilia Tanxobrivi

monacmebi da maT safuZvelze gamoTvlili indeqsebi (ix. cxrili 6.3.1).


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152

cxrili 6..3.1. sakuTari kapitalis angariSgebis dinamikis samuSao cxrili


2013 2014 2015 2016 2017 aT. l aT. l % aT. l % aT. l % aT.l %

-saaqcio kapitali

-saemisio kapitali

-ukan gamosyiduli aqciebi

-rezervebi mogebidan

-gadafasebis rezervi

-gaunawilebeli mogeba

--------------------------------------

jami

5730

1500

-

1100

580

1030

--------

9940

8190

1600

-

1200

580

860

------

12430

143

107

-

109

100

83

--------

125

8500

1150

-

800

790

1500

----

12740

148

77

-

73

136

146

----

128

8820

2000

-

800

500

900

------

13020

154

133

-

73

86

87

-----

131

10720

2200

(820)

5920

140

-

------

18160

187

147

-

538

24

-

--------

183

samuSao cxrilis 6.3.1-idan Sedgeba mxolod procentuli cxrili,

romelic TvalsaCinod warmoaCens mxolod tendenciebs (ix. cxrili 6.3.2).

cxrili 6.3.2. sakuTari kapitalis angariSgebis dinamikur tendenciebi %-ad 2013 welTan SedarebiT sakuTari kapitalis muxlebi 2013 2014 2015 2016 2017 saaqcio kapitali 100 143 148 154 187

saemisio kapitali 100 107 77 133 147

ukan gamosyiduli aqciebi 100 - - - -

rezervebi mogebidan 100 109 73 73 538

gadafasebis rezervi 100 100 136 86 24

Ggaunawilebei mogeba 100 83 146 87 -

jami 100 125 128 131 183

rogorc xedavT zrdis yvelaze maRali tempi axasiaTebs mogebidan

Seqmnil rezervebs da saaqcio kapitals. es imas niSnavs, rom mimidanre

wels gazrdilia wminda mogeba da biznesis aqtivoba.

Aamdenad, ramdenimewliani periodisaTvis dinamikuri cxrilis momzadeba

da sakuTari kapitalis muxlobrivi cvlilebebis tendenciebis gamovlena

saintereso daskvnebis saSualebas iZleva. aseve, sainteresoa sakuTari

kapitalisa da valdebulebebis tempebis SedarebiTi daxasiaTeba.

sakuTari kapitalis angariSgebdan aseve kargad Cans, sawarmoSi adgili

aqvs Tu ara kapitalis finansuri SenarCunebas da matebas.


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sakuTari kapitalis angariSgebis mixedviTac arsebobs misi kerZo da

kombinirebuli koeficientebi.

sakuTari kapitalis angariSgebis kerZoO koeficientebia:

1. struqturuli da dinamikuri koeficientebi, romelic ukve ganxilul

iqna.

II. kombinirebuli koeficientebi, rogoricaa:

sakuTari kapitalis koncentraciis koeficienti =

= sakuTari kapitali / aqtivebis jami (6.4.1)

es koeficienti 0,0.5-ze dabali ar unda iyos.

sakuTari kapitalis leveriji =

= (valdebulebebi / sakuTari kapitali) (6.4.2)

es koeficienti erTis zemoT ukve finansuri riskis arsebobaze

miuTiTebs.

saaqcio kapitalis ukugeba =

= wminda mogeba / saaqcio kapitali (6.4.3)

igi aCvenebs ramdeni procenti mogeba miiReba yovel erT lar saaqcio

kapitalze.

sabaziso Semosavali 1 aqciaze = (wminda mogeba -–privivilegirebuli aqciebis dividendi = ------------------------------------------------------------------------------------------------; (6.4.4) Cvulebrivi aqciebis saSualo Sewonili raodenoba

Catardeba maTi dinamikuri, korelaciuri da faqtoruli analizi. am

da sxva maCveneblebis analizi sakuTari kapitalis analizis TemaSi iqneba

gadmocemuli.

kiTxvebi TviTSemowmebisaTvis: 1. ra funqcias asrulebs sakuTari kapitali 2. axseniT kapitalis SenarCunebis koncefciis arsi 3. ra informacias moicavs sakuTari kapitalis angariSgeeba 4. daaxasiaTeT maCveneblebi: sabaziso da gazavebuli Semosavali erT aqciaze


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t e s t e b i 1. romel aqciebs ewodeba privilegirebuli aqciebi: a. aqciebs, romlebic bazarze Tavisuflad mimoiqceva b. aqciebs, romlebzec gamocxadebulia dividendis ucvleli saprocento ganakveTi g. aqciebs, romlebic bazarze ar iyideba 2. ras ewodeba Cveulebrivi aqcia: a. romelsac ara aqvs winaswar gamocxadebuli dividendis ucvleli saprocento ganakveTi b. romlis mflobels ara aqvs xmis ufleba g. romlis Tavisuflad gayidva dauSvebelia 3, ras aCvenebs saaqcio kapitali a. aqcionerebis wils sawarmos aqtivebSi b. daricxuli dividendebis moculobas g. grZelvadiani aqtivebis moculobas

4. saaqcio kapitali buRaltrul balansSi aRiarebulia: a. gamoSvebuli aqciebis nominaluri RirebulebiT b. nayidi aqciebis nominaluri RirebulebiT g. gamoSvebuli aqciebis sabazro fasiT

5. sakuTari kapitalis cvlilebebis angariSgeba aris: a. finansuri angariSgebis elementi b. finansuri angariSgebis komponenti g. arcerTi pasuxi araa swori 6. sawarmos mogebis cvlileba:

a. cvlis sawarmos fulad Tanxebs b. cvlis sawarmos sakuTar kapitals g. cvlis ZiriTad saSualebebs

7. sakuTari kapitalis koncentraciis koeficienti aris: a. valdebulebebis fardoba sakuTar kapitalTan b. sakuTari kapitalis fardoba valdebulebeTan g. sakuTari kapitalis fardoba aqtivebis jamTan 8. saaqcio kapitalis ukugeba aris: a. wminda mogebis fardoba sakuTar sabrunav saxsrebTan b. wminda mogebis fardoba saaqcio kapitalTan g. saaqcio kapitalis fardoba sakuTar kapitalTan 9. 1 cali 100 l nominaluri Rirebulebis obligacia SeiZleba gadaicvalos oci

laris nominaluri Rirebulebis 5 Cveulebriv aqciaze. sul gamoSvebulia 15000 cali obligacia.

ras udris gazavebis efeqtis mqone Cveulebrivi aqciebis ricxvi: a. 75 000 erT

b. 15 000 erT g. 90 000 erT

10. koeficienti: valdebulebebi Sefardebuli sakuTar kapitalTan, Tu gaizrdeba, gamoiwvevs sawarmos finansuri riskebis: a. zrdas

b. Semcirebas g. aranair zegavlenas ar moaxdens


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a m o c a n e b i amocana 6.1. erT-erTi kompaniis sakuTari kapitalis Sesaxeb mocemulia Semdegi informacia (aT. l):

saaqcio kapitali 2340 saemisio kapitali 900 ukan gamosyiduli aqciebi (23) rezervebi mogebidan 780 gadafasebis rezervi 200 gaunawilebeli mogeba 50

moTxovna: moamzadeT sakuTari kapitalis struqturuli cxrili amocana 6.2. sawarmos sakuTari kapitalis Sesaxeb arsebobs oTxi wlis informacia (aT.l): 2014 2015 2016 2017

saaqcio kapitali 2340 3450 4300 5700 saemisio kapitali 900 1200 1300 1300 rezervebi mogebidan 780 920 1100 1500 gadafasebis rezervi 200 200 320 390 gaunawilebeli mogeba 50 80 - - moTxovna: SeadgineT sakuTari kapitalis angariSgebis dinamikis samuSao cxrili


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Tavi 7. sawarmos qonebrivi

mdgomareobis analizi

yoveli sawarmo sakuTari safinanso-ekonomikuri miznebis misaRwevad saTanado saxis resursebs flobs, romelTa marTvis doneze didadaa damokidebulia sawarmos saboloo safinanso-ekonomikuri Sedegebi. arsebuli resursebis efeqtiani marTvis miznebisaTvis mimdinareobs

sawarmos gankargulebaSi arsebuli qonebis yovelmxrivi analizi. mocemul TavSi ganxilulia Semdegi sakiTxebi:

sawarmos qonebrivi mdgomareobis maCveneblebi;

sawarmos aqtivebis dafinansebis mimarTulebebi;

mimdinare aqtivebis struqturuli da dinamikuri analizi;

wminda mimdinare aqtivebis analizi.

7.1. sawarmos qonebrivi mdgomareobis

analizis amocanebi, maCveneblebi

da informaciuli baza sawarmos qonebrivi mdgomareobis analizis dros Seiswavleba sawarmos

gankargul;ebaSi myofi materialuri, fuladi da aramaterialuri

resursebis moculobis, struqturis da dinamikis maCveneblebi. amasTan,

sawarmos resursebi anu aqtivebi ganixileba erTi mxriv funqcionaluri

saxeebis mixedviT da dafinanesebis wyaroebis mixedviT - meore mxriv.

sawarmos qonebrivi mdgomareobis analizis amocanebia:

sawarmos qonebis anu aqtivebis struqturis Seswavla;

mimdinare aqtivebis struqturisa da dinamikis Seswavla.

grZelvadiani aqtivebis struqturis, dinamikis da mdgomareobis

Seswavla.

aqtivebis dafinansebis wyaroebis struqturuli Seswavla.

analizis mizania gamonaxos aqtivebisa da maTi dafinansebis wyaroebis

optimaluri struqturis miRwevis gzebi.

analizis informaciul wyaros warmoadgens buRaltruli balansis

mimdinare da wina wlebis faqtobrivi da gegmuri informacia (Sida

analizisaTvis, romelsac finansuri menejmenti atarebs). finansur

menejments SesaZloa daWirdes sxva ufro detaluri informaciac.

magaliTad, informacia moZvelebuli aqtivebis da danakargebis Sesaxeb.

sawarmos qonebrivi mdgomareoba Seiswavleba maTi struqturuli da

dinamikuri keoficientebis, mdgomareobis da gamoyenebis maCveneblebis

meSveobiT.

es maCveneblebia:


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A aqtivebis moculobis cvlileba anu gadaxrebi wina welTan an gegmasTan

SedarebiT, romelic buRaltruli balansis monacemebis safuZvelze

ganisazRvreba. aRricxvis saerTaSoriso standartebis moTxovnis

Sesabamisad, balansSi, aqtivebis SemadgenlobaSi ZiriTadi saSualebebi

narCeni RirebulebiTaa mocemuli (anu cveTisa da gaufasurebis zaralis

Tanxebis gamoricxviT). xolo, moTxovnebi (anu debitoruli davalianebebi)

Semcirebulia saeWvo moTxovnebis TanxiT. aqtivebis sabalanso Rirebuleba

cxadia, xSirad ar emTxveva maT mimdinare sabazro Rirebulebas. Aamitom,

periodulad xdeba grZelvadiani aqtivebis gadafaseba. Sesabamisad, aqtivebis

realuri zrdis da efeqtianobis gansazRvrisTvis, analizis dros

mizanSewonilia, gadafasebis Sedegebis gavlena aqtivebis moculobidan

gamoiricxos. aqtivebis moculobis zrda sawarmos ekonomikuri potencialis

zrdas niSnavs.

mimdinare aqtivebis xvedriTi wili aqtivebSi – gaiangariSeba mimdinare

aqtivebis SefardebiT aqtivebis mTlian jamTan, gamravlebuli 100%-ze. igi

aCvenebs ra wili uWiravs mimdinar aqtivebs mTel aqtivebSi. Mmimdinare

aqtivebi iseTi qonebaa, romelic balansis Sedgenis dRidan Tormeti Tvis

ganmavlobaSi navaraudevia gadaiqces gacvlis saSualebad anu gadaiqceva

fulad saxsrebad. amis gamo, mimdinare aqtivebs mobilur aqtivebs an

sabrunav saSualebebs an sabrunav kapitalsac uwodeben.

grZelvadiani aqtivebis xvedriTi wili mTlian aqtvebSi – gamoiTvleba

aseve buRaltruli balansis informaciis safuZvelze, grZelvadiani

aqtivebis moculobis SefardebiT aqtivebis saerTo jamTan, gamravlebuli

100%-ze. grZelvadiani aqtivebi aramobilur anu nela mbrunav aqtivebs

warmoadgenen. isini balansis Sedenis TariRidan erT welze meti xnis vadiT

gamoiyeneba sawarmoSi.

grZelvadian aqtivebs miekuTvneba ZiriTadi saSualebebi, aramaterialuri

aqtivebi, grZelvadiani nayidi fasiani qaRaldebi da grZlvadiani

moTxovnebi.

ZiriTadi saSualebebi sawarmos teqnikuri bazis dgomareobis

ganmsazRvrelia. igi Tavis mxriv aqtiur da pasiur nawilad iyofa.

Aanalizis dros interess iwvevs aqtiuri ZiriTadi saSualebebis (muSa

manqana-mowyobilobebis) xvedriTi wili mTel ZiriTad saSualebebSi,

romelic gaiangariSeba manqana-danadgarebis sabalanso Rirebulebis

SefardebiT ZiriTadi saSualebebis mTlian moculobasTan.

aseve, Seiswavleba ZiriTadi saSualebebis cveTis koeficienti, romelic

gaiangariSeba dagrovili cveTis Tanxis SefardebiT ZiriTadi saSualebebis

pirvandel RirebulebasTan. igi aCvenebs ZiriTadi saSualebebis

Rirebulebis ra nawilia gadatanili Seqmnili prodqciis

TviTRirebulebaSi. igi agreTve ZiriTadi saSualebebis asakobriv

mdgomareobasac axasiaTebs. cveTis koeficienti rac ufro axlosaa erTTan,

ZiriTadi saSualebebi miT ufro Zvelia. cveTis koeficienti SeiZleba

procentuladac gamoisaxos.


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158

ZiriTadi saSualebebis vargisianobis koeficienti aris ZiriTadi

saSualebebis sabalanso Rirebulebis fardoba mis pirvandel Rirebuleba-

sTan. igi axasiaTebs ramdeni procenti darCa ZiriTadi saSualebebis

Rirebulebis amowurvamde anu eqsploataciidan gasvlamde.

ZiriTadi saSualebebis ganaxlebis koeficienti – gaiangariSeba wlis

ganmavlobaSi SeZenili axali ZiriTadi saSualebebis Rirebulebis

SefardebiT wlis bolos arsebuli ZiriTadi sasualebebis RirebulebasTan.

igi axasiaTebs ZiriTadi saSualebebis ganaxlebis dones mocemul periodSi.

wminda aqtivebis Rirebuleba – warmoadgens sxvaobas aqtivebis sabalanso

Rirebulebasa da valdebulebebis moculobas Soris. igi axasiaTebs qonebis

im nawils, romelic mewarmes sakuTari saxsrebiT aqvs SeZenili. rac ufro

maRalia wminda aqtivebis wili sabalanso Rirebulebis mimarT, miT ufro

dabalia biznesis finansuri riskebi.

mimdinare anu sabrunavi saSualebebis gamoyenebis mdgomareobis

daxasaTebisaTvis gamoiyeneba Semdegi maCveneblebi:

sakuTari sabrunavi saxsrebi, romelic mimdinare aqtivebsa da mimdinare

valdebulebebisa da mimdinare aqtivebSi dabandebuli grZelvadiani

valdebulebebis jams Soris sxvaobiT ganisazRvreba.

sakuTari sabrunavi saxsrebiT uzrunvelyofa – aCvenebs, materialuri

maragebi ifareba Tu ara sakuTari sabrunavi saxsrebiT. ganisazRvreba

sakuTar sabrunav saxsrebsa da moklevadiani materialuri aqtivebis naSTebs

Soris sxvaobiT an xvedriTi wilis koeficientiT.

sawarmoo maragebis wili mimdinare aqtivebSi da ase Semdeg.

A amdenad, aqtivis struqturuli koeficientebi mTlianad balansis

informaciis safuZvelze gamoiTvleba..

qonebrivi mdgomareobis analizis dros Seiswavleba agreTve ama Tu im

saxis aqtivis cvlilebis tempebi dinamikaSi anu maTi cvlilebebi ramdenime

wlian periodSi.

dinamikuri analizi, rogorc wesi, pasuxobs kiTxvaze, mocemuli

maCvenebeli aRebul sakvlev periodSi izrdeboda, mcirdeboda, stabilurad

icvleboda Tu meryeobda. amasTan adgens, mocemuli maCveneblis dinamikuri

cvlilebebi rogor gavlenas axdenda saboloo finansur Sedegebze

(mogeba/zaralze).

7.2. mimdinare aqtivebis struqturuli

da dinamikuri analizi

sawarmos aqtivebis struqturuli analizis mizania dadgindes, wlis

ganmavlobaSi, mimdinare aqtivebis SemadgnelobaSi rogori strqturuli

Zvrebi moxda. kerZod, wlis dasawyisTan SedarebiT, wlis bolos

mniSvnelovnad romeli saxis mimdinare aqtivi gaizarda an Semcirda. amasTan,

aucileblad gaTvaliswinebul unda iqnas sawarmos dargobrivi da

teqnologiuri Taviseburebebi. Tu magaliTad saanalizo sawarmo Rvinisa da


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koniakis kompaniaa, maSin mza produqciis maragebis wilis zrda Cvulebriv

movlenad iTvleba, radgan es produqtebi rac ufro daZvelebulia, miT

ufro Zvirfasi. magram, igive ver gavrceldeba xilis wvenebis, sakvebi

produqtebis mwarmoebel, tansacmlis, fexsacmlis da sxva msgavs sawarmoTa

mimdinare aqtivebze.

saWiroa Semdegi safexurebis gavla:

1. mimdinare aqtivebis samuSao struqturuli cxrilis momzadeba

ramdenime wlisaTvis (ix. cxrili 7.2.1.);

2. struqturuli cxrilis warmodgena mxolod procentulad (ix.

cxrili 7.2.2.) da misi interpretaciebi;

3. TvalsaCinoebisaTvis diagraebis momzadeba;

3. gadaxrebis dadgena wlis dasawyisTan SedarebiT da

interpretaciebi.

cxrili 7.2.1 mimdinare aqtivebis struqturis samuSao cxrili

Mmimdinare aqtivebi 2013 2014 2015 2016 2017

aT.l xv.w.% aT.l xv.w.% aT.l xv.w% aT.l xv.w.% aT.l xv.w.% fuladi Tanxebi masalebi daumTavrebeli produqcia mza produqcia saqoneli moTxovna miwodebidan misaRebi procentebi -------------------------- jami

4200 1400 780 1800 580 1000 180 ------ 9940

42,25 14,08 7,85 18,11 5,84 10,06 1,81 ----- 100

3900 1460 800 1700 500 1100 190 ------ 9650

40,41 15,13 8,29 17,62 5,18 11,40 1,97 ----- 100

4350 1500 820 1800 440 1350 150 ---- 10410

41,79 14,41 7,88 17,29 4,23 12,96 1,44 ----- 100

4100 1710 810 2000 270 1100 200 ---------- 10190

40,24 16.78 7,95 19,63 2,65 10,79 1,96 ------ 100

4730 3100 430 2500 270 2100 250 ------ 13 380

35,35 23,17 3,21 18,68 2.02 15,70 1,87 ------ 100

samuSao cxrilSi 7.2.1. – rogorc xedavT, Setanilia Tanxobrivi

maCveneblebi da yovel wels gamoTvlilia xvedriTi wilis koeficientebi

procentulad jamis mimarT. magaliTad, 2017 wels, 4730/13380 * 100% = 35,35%;

3100/13380 * 100% = 23,17% da a.S. samuSao cxrilis safuZvelze Sedgeba

mimdinare aqtivebis struqturuli cxrili mxolod procentebSi (ix. cxrili

7.2.2.).

rogorc struqturuli cxrilidan Cans, mimdinare aqtivebSi yvelaze

maRali wili, mTeli periodis ganmavlobaSi, fulad Tanxebs eWira. Tumca,

igi yovelwliurad mcirdeboda da 2017 wels misi wili mimdinare aqtvebSi

6,9 procentuli punqtiT daeca (35,35-42,25). imave periodSi gazrdilia

masalebis da moTxovnebis wili. rogorc wesi, moTxovnebis zrda iwvevs

fuladi Tanxebis Semcirebas. masalebis naSTebis zrda SesaZloa warmoebis

Seferxebis Sedegi iyos. amitom, menejmenti kvlevas am mimarTulebiT

gaaZlierebs, raTa ipovos misi gamomwvevi mizezebi.

struqturuli analizis cxrilSi yuradReba unda mieqces im muxlebis

Semdgom detalur analizs, romlis xvedriTi wilic yvelaze metad

Seicvala (gadaixara) wlis dasawyisTan SedarebiT. 7.2.2. cxrilis

maCveneblebidan Cans, rom mimdinare aqtivebis SemadgenlobaSi yvelaze

metad Semcirda fuladi Tanxebis xvedriTi wili (19,75 punqtiT). xolo


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yvelaze metad gaizarda masalebisa da moTxovnebis xvedriTi wili. Ees

sayuradRebo movlenaa da analitikosma (finansurma menejerma) am

mimarTulebiT detalurad unda gamoikvlios maTi gamomwvevi mizezebi da

daadginos, ramdenad warmoadgens igi safrTxes firmis

gadaxdixunarianobisaTvis. cxrili 7.2.2. saanalizo sawarmos mimdinare aqtivebis struqtura procentebSi M mimdinare aqtivebi 2013 2014 2015 2016 2017 - fuladi Tanxebi -masalebi -daumTavrebeli produqcia -mza produqcia -saqoneli -moTxovna miwodebidan -misaRebi procentebi -------------------------- jami

42,25 14,08 7,85 18,11 5,84 10,06 1,81 ----- 100

40,41 15,13 8,29 17,62 5,18 11,40 1,97 ----- 100

41,79 14,41 7,88 17,29 4,23 12,96 1,44 ----- 100

40,24 16.78 7,95 19,63 2,65 10,79 1,96 ------ 100

35,35 23,17 3,21 18,68 2.02 15,70 1,87 ------ 100

Semdeg Seiswavleba mimdinare aqtivebis gadaxrebi mimdinare wlis

bolos, wlis dasawyisTan SedarebiT (ix. cxrili 7.2.3.). rogorc imave

cxrilidan Cans, saanalizo sawarmo `kolxeTSi~ wlis bolosaTvis, wlis

dasawyisTan SedarebiT, mimdinare aqtivebi 1000 aT. lariT (13380-10190)

gaizarda.

Semdeg detalurad ganixileba da Sefasdeba mimdinare aqtivebis calkeuli muxlebis gadaxrebi. magaliTad, mimdinare aqtivebSi arsebuli calkeuli gadaxrebi SeiZleba Semdegnairad iqnas naCvenebi (ix. cxrili 7.2.3. romlis maCveneblebi aRebulia 7.2.1. cxrilidan).

cxrili 7.2.3 saanalizo sawarmos mimdinareEaqtivebis gadaxrebi 2017 wlis bolos, wlis dasawyisTan SedarebiT (aTas larebSi)

Mmimdinare aqtivebi wlis dasawyisSi

wlis bolos

Ggadaxra (+, _)

fuladi Tanxebi masalebi daumTavrebeli warmoeba mza produqcia saqoneli moTxovna miwodebidan misaRebi procentebi

--------------------- jami

4 100 1 710 810 2 000 270 1 100 200 -------- 10 190

4 730 3 100 430 2 500 270 2 100 250 ---------- 13 380

+ 630 +1 390 _ 380 + 500 _ +1 000 + 50 ---------- +3 190

gadaxrebis analizi aCvenebs, rom saanalizo sawarmoSi, mimdinare

aqtivebSi wlis bolos, wlis dasawyisTan SedarebiT, yvelaze metad

gaizarda masalis maragis muxli, rac SeiZleba obieqturi mizezebiT iyos

gamowveuli, magaliTad, sawarmoo programis gazrdiT an fasebis zrdiT.


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SeiZleba arasasurveli faqtiTac iyos gamowveuli, rogoricaa, warmoebis

procesis Seferxeba an masalis moZveleba. uaryofiT movlenad SeiZleba

CaiTvalos moTxovnebis naSTebis zrda sul 1000 aT.lariT. maSin, rodesac

fuladi Tanxebi mxolod 630 aTasi lariT gaizarda.

rac Seexeba mimdinare aqtivebis dinamikas (ix. cxrili 7.2.4.), saanalizo

periodis ganmavlobaSi igi zrdis tendenciiT xasiaTdeboda. gansakuTrebiT

maRali tempiT, orjer da metad gaizarda masalebis da moTxovnebis

naSTebi, rac arasasurveli movlenaa. amitom, menejmentma am mimarTulebebiT

ufro detaluri analizi unda Caataros. cxrili 7.2.4.

saanalizo sawarmos mimdinare aqtivebis dinamika

%-ad 2013 welTan SedarebiT

Mmimdinare aqtivebi 2013 2014 2015 2016 2017

fuladi Tanxebi masalebi daumTavrebeli warmoeba mza produqcia saqoneli moTxovna miwodebidan misaRebi procentebi

--------------------- jami

100 100 100 100 100 100 100 ----- 100

93 104 103 94 67 110 105 -------- 97

104 107 105 100 67 135 83 ------ 105

98 122 104 111 90 110 111 ------- 107

113 221 51 139 90 210 139 -------- 135

SevniSnavT, rom dinamikuri cxrilebis pirvel svetSi sabaziso

wlis done aris 100%. masze maRali procentuli maCvenebeli matebas,

dabali ki Semcirebas niSnavs. amis TvalsaCinoebisaTvis 2013 wels yvela

maCvenebeli 100 %-iTaa naCvenebi. dinamikur cxrilebSi amieridan sabaziso

weli naCvenebi aRar iqneba, radgan amis aucilebloba ar arsebobs.

saerTod, uaryofiT movlenad iTvleba fuladi Tanxebis wilis

Semcireba, maragebisa da moTxovnebis wilis zrda, valdebulebebis

winmswrebi tempiT zrda mimdinare aqtivebTan SedarebiT.Ees yvelaferi

imaze metyvelebs, rom avansirebuli Rirebulebis brunvadoba neldeba,

izrdeba kreditorebze sawarmos damokidebulebis xarisxi da finansuri

mdgomareoba mZimdeba.

7.3. grZelvadiani aqtivebis struqturuli

da dinamikuri analizi

finansuri angariSgebis saerTaSoriso standartebis gansazRvrebiT

grZelvadian aqtivebs miekuTvneba erT welze meti vadis qoneba. kerZod:

ZiriTadi saSualebebi, investiciebi, grZelvadiani fasiani qaRaldebi,

aramaterialuri aqtivebi, grZelvadiani moTxovnebi.


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162

pirvel rigSi grZelvadiani aqtivebis struqtura Seiswavleba (ix.

cxrili 7.3.1), romelic saerTo warmodgenas qmnis sawarmos sainvesticio

da finansuri politikis Sesaxeb. Tuki sawarmos grZelvadian aqtivebSi

maRali xvedriTi wili miwas da Senoba-danadgarebs uWiravs, imaze

mianiSnebs, rom biznesi farTovdeba.

cxrili 7.3.1. grZelvadiani aqtivebis struqturis samuSao cxrili

grZelvadiani aqtivebi 2013 2014 2015 2016 2017

aT.l xv.w.% aT.l xv.w.% aT.l xv.w% aT.l xv.w.% aT.l xv.w.% -miwa -Senobebi -danadgarebi -obligaciebi -aramaterialuri aqtivebi -------------------------- jami

1000 5000 4760 2000 - ----- 12760

7,84 39,18 37,30 15,68 - ---- 100

1000 5200 4580 2000 - ----- 12780

7,82 40,69 35,84 15,65 - ----- 100

1000 5150 4900 2000 - ----- 13050

7,66 39,46 37,55 15,33 - ---- 100

1000 6360 5260 2000 - ------ 14620

7.0 43,0 36,0 14,0 - ----- 100

1000 9220 9000 2000 1530 ---- 22750

4,40 40,53 39,56 8,79 6,72 ---- 100

grZelvadian aqtivebSi Tuki maRali xvedriTi wili nayid obligaciebs

ukavia, es imas niSnavs, rom kompanias Tavisufali fuladi aqtivi Seeqmna,

romelic damatebiTi fulis miRebis mizniT daabanda. aseve, maRali

investiciebi niSnavs, rom wili gaaCnia sxvis sakuTar kapitalSi, romelsac

aseve damatebiTi Semosavlebi moaqvs dividendis saxiT da maSasadame,

biznesi aqtiuria.

samuSao cxrilis safuZvelze Sedgeba struqturuli cxrili 7.3.2.,

romelic mxolod procentul maCveneblebs asaxavs da amdenad, Zalian

TvalsaCinoa. analitikosebi aseTi cxrilis safuZvelze struqturul

diagramebsac ageben. rogorc cxrilidan Cans, saanalizo sawarmos

grZelvadian aqtivebSi yvelaze maRalia Senobebisa da danadgarebis

procentuli wili, rac imaze miuTiTebs, rom menejmenti warmoebas

afarToebda. cxrili 7,3,2,

saanalizo sawarmos grZelvadiani aqtivebis

struqtura %-ad

gZelvadiani aqtivebi 2013 2014 2015 2016 2017

- miwa - Senobebi - danadgarebi - obligaciebi - aramaterialuri aqtivebi -------------------------- jami

7,84 39,18 37,30 15,68 - ---- 100

7,82 40,69 35,84 15,65 - ----- 100

7,66 39,46 37,55 15,33 - ---- 100

7,0 43,0 36,0 14,0 - ----- 100

4,40 40,53 39,56 8,79 6,72 ---- 100


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163

saanalizo sawarmos agreTve Sesyiduli aqvs obligaciebi, saidanac

saprocento Semosavals iRebs. amrigad, menejmenti Semosavlebis

diversifikaciis politikas axorcielebs, riTac saerTo Semosavlianobis

stabilurobas uwyobs xels.

cxrili 7.3.3.

saanalizo sawarmos grZelvadiani aqtivebis

dinamika %-ad 2013 welTan SedarebiT

grZelvadiani aqtivebi 2014 2915 2016 2017

- miwa - Senobebi - danadgarebi - obligaciebi - aramaterialuri aqtivebi -------------------------- jami

100 103 96 100 - -------- 100

100 103 103 100 - -------- 102

100 127 111 100 - ------ 115

100 184 189 100 - ------- 178

grZelvadiani aqtivebis dinamikuri analizi (ix. cxrili 7.3.3.) aCvenebs

grZelvaidani aqtivebi aRebul periodSi zrdis tendenciiT xasiaTdeboda.

dinamikuri analizis dros mowmdeba mimdinare aqtivebis zrdis tempi

aRemateba Tu ara grZelvadiani aqtivebis zrdis temps. saanalizo

sawarmoSi piriqiT, grZelvadiani aqtievbis zrdis tempi mniSvnelovnad

aRemateba mimidanre aqtivbis zrdis temps, rac arasasurveli movlenaa.

finansuri menejmenti ganskuTrebul yuradRebas aqcevs ZiriTadi

saSualebebis mdgomareobis xarisxs. am mizniT, struqturisa da dinamikis

ganxilvis Semdeg, Seiswavleba ZiriTadi saSualebebis mdgomareobis

maCveneblebi, rogoricaa cveTis, vargisianobis, ganaxlebis da brunvadobis

koeficientebi. GSeZenili axali ZiriTadi saSualebebi

K ganaxlebis = --------------------------------------------------------------------------- (7.3.1.) ZiriTadi saSualebebis pirvandeli Rirebuleba

igi aCvenebs, ZiriTadi saSualebebis ganaxlebis dones anu axali ZiriTadi saSualebebis wils mTel ZiriTad saSualebebSi.

D dagrovili cveTa K cveTis = ---------------------------------------------------------------------- (7.3.2) ZiriT. saS. Ppirvandeli RirebulebiT igi aCvenebs ZiriTadi saSualebebis Rirebulebis ra nawilia gadasuli

Seqmnili produqciis TviTRirebulebaSi. EagreTve, es koeficienti rac

ufro maRalia, miT metad daZvelebulia ZiriTadi saSualebebi.

ZirT. saS. sabalanso RirebulebiT K vargisianobis = -------------------------------------------------------------------- (7.3.3.) ZiriT. saS. Ppirvandeli RirebulebiT


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164

vargisianobis koeficienti rac ufro maRalia, niSnavs, rom ZiriTadi

saSualebebis ganaxlebis donec maRalia. cveTisa da vargisianobis

koeficientebis cvlilebebs urTierTSebrunebuli tendencia axasiaTebT.

maTi jami yovelTvis erTis toli unda iyos.Gganaxlebis koeficienti roca

izrdeba, izrdeba vargisianobis koficienti da mcirdeba cveTis

koeficienti. Tu dinamikaSi, ganaxlebis koeficienti ecema da vargisianobis

koeficienti izrdeba, es imaze metyvelebs, rom cveTis xarjebi

xelovnuradaa Semcirebuli.

wliuri cvTis xarji

K ZiriTadi saSualebebis brunvadobis = ------------------------------------------------- (7.3.4.)

Zir. saS. pirvandeli Rirebuleba

es koeficienti pasuxobs kiTxvaze: ZiriTadi saSualebebis pirvandeli

Rirebulebis (TviTRirebulebis) ramdeni procenti Semobrundeba weliwadSi

anu gadadis xarjebSi da ukan brundeba fulis saxiT. magaliTad, sanalizo

sawarmos 2017 wlis mogeba/zaralis angariSgebiT, cveTis xarji 2240 aT.

lars Seadgens. xolo pirvandeli Rirebuleba finansur angariSgebaSi ar

Cans. amitom, SeiZLeba Semdegi damokidebulebis gamoyeneba:

ZiriTadi saSualebebis pirvandel Rirbulebas minus pirvandeli

Rirebulebisa da vargisianobis koeficientis namravli, udris maT

sabalanso Rirebulebas.

ZiriTadi saSualebebis pirvandeli Rirebuleba radgan vargisianobis

koeficientebi mocemulia, maSin, pirvandeli Rirebuleba aRvniSnoT x-iT.

SeiZleba Sedges Semdegi toloba:

x – 0,708x = 11000 aT.l.

aqedan, ZiriTadi saSualebebis pirvandeli Rirebuleba 2017 wlis

blosaTvis aris 37672 aT.l. amis Semdeg gamoiTvleba ZiriTadi saSualebebis

brunvadoba: 2240/37672 = 0,0595 anu 5,95%. maSasadame, ZiriTadi saSualebebis

Rirebulebis 5,95% Semobrundeba weliwadSi anu gadaiqceva fulad

saSualebad.

ZiriTadi saSualebebis mdgomareobis maCveneblebi warmodgenilia 7.3.4.

cxrilSi, imave saanalizo sawarmos magaliTze.

cxrili 7.3.4. ZiriTadi saSualebebis mdgomareobis koeficientebi maCveneblebi

2013 2014 2015 2016 2017

ganaxlebis koeficienti

cvTis koeficienti

vargisianobis koeficienti

Zir.saS, brunvadoba

0,105

0,161

0,839

0,124

0,222

0,778

0

0,275

0,725

0,080

0,307

0,693

0,245

0,292

0,708

0,0595


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165

gamoTvlebi aCveneben, rom saanalizo sawarmoSi, ZiriTadi

saSualebebis ganaxlebis koeficienti didi meryeobiT xasiaTdeboda. 2015

wels igi nulis toli iyo. xolo cveTis koeficienti gansakuTrebiT

maRalia 2016 wels, roca mosalodneli iyo, rom cveTis Tanxa

mniSvnelovnad ar unda gazrdiliyo, radgan ganaxlebis done Zalian

dabali iyo. SeiZleba vivaraudoT, rom cveTis Tanxa xelovnurad aris

gazrdili. menejmentma unda gadaamowmos cveTis daricxvis arebuli

saaRricxvo politika.

mocemuli koeficientebis meryeobis xarisxis SedarebisaTvis SeiZleba

maTi variaciis koeficientebis gamoTvla. misi gamoTvlis formula

pirvel TavSia mocemuli. variaciis koeficieti rac ufro axlosaa 100-

Tan, miT maRalia maCveneblis meryeobis xarisxi. cxrili 7.3.5

ZiriTadi saSualebebis mdgomareobis K koeficientebis dinamika (%-ad 2007 welTan SedarebiT)

maCveneblebi 2013 2014 2015 2016 2017

ganaxlebis koeficienti

cveTis koeficienti

vargisianobis koeficienti

100

100

100

13

138

93

0

171

86

76

191

83

233

181

84

7.3.5. cxrilSi motanili maCveneblebis gamoTvla wliuri finansuri

angariSgebis informaciiT cxadia SeuZlebelia, magram, rogorc adre

aRvniSneT, finansuri menejmentisaTvis am informaciis mopoveba advilia.

rogorc imave cxrilidan Cans, 2017 wels ZiriTadi saSualebebis

ganaxlebis koeficienti orjer gaizarda, vargisianobis koeficientis

tempi ki Semcirebulia. menejmentma detalurad unda gamoikvlios ra aris

amis mizezi. SesaZloa ZiriTadi saSualebebis SefasebaSi raRac xarvezebi

arsebobs. unda gadamowmdes, rogor tardeba ZiriTadi saSualebebis

gadafaseba da testireba gafasurebaze.

7.4. sawarmos aqtivebis dafinansebis

wyaroebis struqturuli analizi

sawarmoTaAqonebrivi daxasiaTebisaTvis, garda maTi struqturisa da

dinamikis Seswavlisa, agreTve aucilebelia maTi dafinansebis wyaroebis

struqturis optimalurobis dadgena. Tuki aRmoCndeba, rom sawarmos

aqtivebis 50%-ze meti valdebulebebiTaa dafinansebuli, aseTi sawarmoebi

finansur sandoobas kargaven (garda komerciuli bankebisa, radgan isini

TavianTi saqmianobis Taviseburebebidan gamomdinare, ZiriTadad sxvisi

fuliT muSaoben). ase rom, kompanias SeiZleba didi qoneba gaaCndes, magram


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166

Tuki am qonebis naxevarze meti valdebulebebis xarjzea SeZenili, es

niSnavs, rom is qoneba realurad misi araa da gakotrebis maRali riskebi

arsebobs.

sawarmos qonebis dafinansebis wyaroebi, rogorc wesi, buRaltruli

balansis pasivSia warmodgenili. cnobili sabalanso toloba, rom aqtivi

udris sakuTari kapitalisa da valdebulebebis jams, SeiZleba Semdegi

saxiTac iqnes warmodgenili: ga + (ma _ mv) _ gv = sk + r + gm; sadac, (7.4.1.) ga – aris grZelvadiani aqtivebi; ma – aris moklevadiani aqtivebi; mv – aris moklevadiani valdebulebebi; gv – aris grZlevadiani valdebulebebi; sk – saaqcio kapitali; r – rezervebi, saemisio kapitalis CaTvliT; gm – gaunawilebeli mogeba.

A anu, grZelvadiani aqtivebisa da sakuTari sabrunavi saxsrebis jams,

gamoklebuli grZelvadiani valdebulebebi, miiReba sakuTari kapitalis

moculoba.

marTlac, saanalizo sawarmos buRaltruli balansis informaciis

mixedviT 2017 wlis bolos miiReba:

22750 + (13380 _ 10930) _ 7040 = 18160

maSasadame, sakuTari sabrunavi saxsrebis zrda sakuTar capitals, sxva

Tanabar pirobebSi zrdis, xolo valdebulebebis zrda – amcirebs.

dReisaTvis sawarmos qonebis dafinansebis wyaroebi moicavs rogorc

tradiciul, ixe axal instrumentebs.

Ddafinansebis tradiciul wyaroebs miekuTvneba; wilobrivi fasiani

qaRaldebi (aqciebi da obligaciebi), sabanko sesxebi, sagadasaxado

sainvesticio krediti (igi gulisxmobs gadasaxadebis gadavadebas. sawarmos,

romelic aseTi kreditiT sargeblobs, SeuZlia qonebis gadasaxadi 10%-iT

Seamciros. oRond, zogierT saxelmwifoSi sagadasaxado kreditis sididem

kalendaruli wlis mogebis gadasaxadis 50%-s ar unda gadaaWarbos. aseTi

kreditis misaRebad sawarmom sagadasaxado inspeqciasTan specialuri

xelSekruleba unda gaaformos). dafinansebis tradiciul wyaroebs agreTve

miekuTvneba saemisio kapitali da gaunawilebeli mogeba.

rac Seexeba moklevadian valdebulebebs (sabanko sesxis garda), isini

pirdapiri mniSvnelobiT dafinansebis instrumentebs ar warmoadgenen,

magram, qmnian sawarmos moklevadian mozidul saxsrebs, romlebic

uzrunvelyofen saqonlis moZraobas mimwodeblebsa da myidvelebs Soris.

sawarmos grZelvadiani dafinanseba SeiZleba moxdes grZelvadiani

dafinansebis axali instrumentebiT, rogoricaa: ofcioni, lizingi,

frenCaizingi, giravnobis operaciebi, saprocento svopebi.


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167

ofcioni warmoadgens SeTanxmebas or investors Soris, romelTaganac

erTi gamoiwers da yidis ofcions, xolo meore yidulobs mas da iZens

uflebas ofcionis periodis ganmavlobaSi fiqsirebuli fasiT iyidos an

gayidos dasaxelebuli aqtivi.

msoflioSi cnobilia sami saxis ofcioni: kompaniis aqciis SeRavaTiT

Sesyidvis ufleba, varanti, gamyidvelisa da myidvelis ofcionebi.

SeRavaTebiT aqciebis Sesyidvis ufleba warmoadgens specifikur finansur

instruments, romlis aucileblobas iwvevs aqcionerebis survili, Tavidan

aicilon Semosavlebis wilis SemcirebiT gamowveuli danakargebi, axali

aqcionerebis gamoCeniT an aqciebis damatebiTi emisiiT. ofcionis fasian

qaRaldze miTiTebulia aqciebis raodenoba, romelTa SeZena fiqsirebuli

SeRavaTiani fasiT anu xelmoweris fasiT unda moxdes. aseTi ofcionis vada

erT wlamdea. SeRavaTiani aqciebi bazarze Tavisuflad mimoiqceva. Ffasi

erT aqciaze ganisazRvreba sabazro fasze dabla.

varanti sityva-sityviT, raime garantirebul movlenas niSnavs. Ffinansur

menejmentSi varanti warmoadgens fasian qaRalds, romelic uflebas iZleva,

misma mflobelma, gansazRvrul periodSi fiqsirebuli fasiT iyidos an

gayidos aqciebi. varantis vada SeiZleba ramdenime wliTac ganisazRvros.

varantebi Cveulebriv kompaniis saobligacio sesxTan erTad gamoicema.

aucileblobis SemTxvevaSi, SeiZleba varantis dabruneba da sakuTari

fulis miReba.

myidvelisa da gamyidvelis ofcionebi aseve warmoadgens kontraqtis

saxesxvaobas, romelic finansuri instrumentis fiqsirebuli fasiT yidva-

gayidvis uflebas iZleva, drois garkveul periodSi. amasTan, saWiroa

aRiniSnos, rom myidvelisa da gamyidvelis ofcionebs uSualo kavSiri

sawarmos finansur menejerTan ara aqvs, radgan aseTi kontraqtebidan

Semosavlebs sabrokero kompaniebi iReben, romlebic fasiani qaRaldebis

operaciebiT arian dakavebulni. myidvelebica da gamyidvelebic cdiloben

aqciebis kursis cvlilebis Sedegad mogeba miiRon. ofcionis myidvelebi –

aqciis fasis daweviT, ofcionebis gamyidvelebi ki _ fasis aweviT arian

dainteresebulni.

girao warmoadgens valdebulebebis uzrunvelyofis xerxs, romlis

drosac kreditori, anu giraos mimRebi uflebas iZens, valis amoRebis mier

valdebulebebis Seusruleblobis SemTxvevaSi, sanacvlod dagiravebuli

qoneba daitovos.

Tanamedrove pirobebSi, komerciuli bankebi grZelvadiani sesxebis gacemis

dros, giraos moiTxoven. SeTanxmeba giravnobis Sesaxeb dgeba kanoniT

dadgenili werilobiTi formiT da mtkicdeba notariusiT. Ggiravnobis

nivTebs SeiZleba warmoadgendes aveji, fasiani qaRaldebi an sxva qoneba.

xolo girao, romelic uSualod dakavSirebulia SenobebTan da miwasTan,

ipoTekas warmoadgens.

lizingi warmoadgens moZravi da uZravi qonebis grZelvadian ijaras. igi

aris sawarmos saqmianobis dafinansebis arapirdapiri forma, rodesac


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168

sawarmos ar SeuZlia ZiriTadi saSualebebi uSualo SesyidviT SeiZinos.

Aarsebobs lizingis sami saxe: pirdapiri, dabrunebadi da Sereuli.

pirdapiri lizingi– ijaris obieqtis moijaris sakuTrebaSi gadasvlas

iTvaliswinebs.

dabrunebadi lizingis dros, sawarmo Tavis aqtivs miyidis salizingo

firmas da dauyovnebliv ukan ibrunebs grZelvadiani ijariT. salizingo

kontraqtis damTavrebis dros qonebaze sakuTrebis ufleba kvlav moijare

(ijaris amReb) sawarmoze gadadis.

Sereuli lizingi iTvaliswinebs lizingis obieqtis SeZenis xarjebSi

moijarisa da salizingo firmis wilobriv monawileobas. ijaris es saxe

gansakuTrebiT ZviradRirebuli qonebis SeZenis dros gamoiyeneba.

mowyobilobebis lizingis dros, salizingo operaciebis subieqtebs

warmoadgenen: mowyobilobebis mimwodebeli (mwarmoebeli firma), lizingis

gamcemi (salizingo firma) da lizingis mimRebi (moijare).

frenCaizingi warmoadgens kompaniis mier fizikur an iuridiul pirebze

gacemul nebarTvas, raTa mocemuli firmis markiT an misi teqnologiiT

awarmoos an gayidos saqoneli. xelSekrulebiT SeTanxmeba xdeba nebarTvis

periodis, teritoriis da anazRaurebis formis Sesaxeb. frenCaizingi

arsebiTad ar warmoadgens sawarmos pirdapir dafinansebas, magram igi

uzrunvelyofs arapirdapir dafinansebas warmoebis teqnologiebis

damuSavebaze danaxarjebis Semcirebisa da bazris dapyrobis mizniT.

frenCaizingis operacia xelsayrelia nebarTvis gamcemi pirisaTvis, radgan

xdeba am kompaniis reklama da agreTve miiReba gadasaxadi am nebarTvis

gamoyenebisaTvis.

svopi warmoadgens SeTanxmebas or subieqts Soris aqtivebis an

valdebulebebis gacvlis Sesaxeb maTi struqturis gaumjobesebis, xarjebisa

da riskis Semcirebis mizniT. yvelaze metad gavrcelebulia saprocento da

savaluto svopebi. saprocento svopi warmoadgens SeTanxmebas or kompanias

Soris arsebuli davalianebebis an gacemuli sesxis wliuri saprocento

ganakveTis Sesaxeb. savaluto svopi warmoadgens SeTanxmebas sxvadasxva

qveynis kompaniebs Soris nacionaluri valutis gacvlaze, Tu garkveuli

drois Semdeg moxdeba Sebrunebuli operacia.

sawarmos aqtivebis da maTi dafinansebis wyaroebis saerTo struqtura

buRaltruli balansis informaciis safuZvelze, naCvenebia 7.4.1. cxrilSi,

2017 wlis daswyisisa da bolosaTvis.

rogorc 7.4.1 cxrilis gaangariSebebidan Cans, aqtivebis

SemadgenlobaSi, mimdinare aqtivebis xvedriTi wili Semcirda,

grZelvadiani aqtivebis wili ki gazrdilia.Ees SeiZleba dadebiT movlenad

CaiTvalos, radgan, marTalia fuladi Tanxebi Semcirda wlis bolosaTvis,

magram rogroc Cans fuladi Tanxebi grZelvadiani aqtivebis SeZenaze

daixarja, romelsac momavalSi moaqvs fuladi nakadebi. imave cxrilis

informaciiT, valdebulebebis wili aqtivebis dafinansebaSi wlis bolos


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169

gaizarda, sakuTari kapitalis wili ki 52%-dan 50,3%-mde daeca, rac

menejmentisaTvis sayuradRebo faqtia.

cxrili 7.4.1 saanalizo sawarmos aqtivebis da maTi dafinansebis wyaroebis zogadi struqtura

maCeneblebi

wlis dasawyisSi wlis bolos aT. l xv/w-is % aT.l xv/w-is %

Mmimdinare aqtivebi grZelvadiani aqtivebi ------------------ sul aqtivebi valdebulebebi sakuTari kapitali -------------------- sul dafinansebis wyaroebi

10 190 14 620 ------------- 24 810 11790 13020 ----------- 24 810

43 57 --------- 100 48 52 ---------- 100

13 380 22 750 ---------- 36 130 17 970 18 160 --------- 36 130

37 63 --------- 100 49,7 50,3 --------- 100

valdebulebebisa da sakuTari kapitalis xvedriTi wilis koeficientebs, saerTaSoriso praqtikaSi maTi konentraciis koeficientebs uwodeben.

sakuTari kapitali K sakuTari kapitalis koncentraciis = ---------------------------------; (7.4.2.) aqtivebis jami es koeficienti 0,5-ze meti unda iyos. valdebulebebi K moziduli kapitalis koncentraciis = --------------------------------; (7.4.3.) aqtivebis jami es koeficieneti 0,5–ze naklebi unda iyos.

valdebulebebi K kapitalis ZiriTadi struqturis = ----------------------------------; (7.4.4.) sakuTari kapitali

kapitalis ZiriTadi struqturis koeficienti aCvenebs sakuTari

kapitalis yoveli erTi lari ramdeni laris valdebulebebiTaa

datvirTuli. Aam koeficientis zrda finansur riskebs zrdis da

kreditorebze sawarmos finansuri damokidebulebis xarisxs aZlierebs.

misi minimaluri done erTia da erTze meti ar unda iyos (garda

komerciuli bankebisa).

rogorc 7.4.2. cxrilis monacemebi aCvenebs, oTxive elementi zrdis

tendenciiT xasiaTdeboda. amasTan, mimdinare aqtivebis zrdis tempi 2017

wels odnav CamorCeba mimdinare valdebulebebis zrdis temps, rac

dadebiTad ver Sefasdeba. grZelvadiani valdebulebebis zrdis tempi

CamorCeba grZelvadiani aqtivebis zrdis temps, rac dadebiT movlenas


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170

warmoadgens, radgan, iTvleba rom danarCeni sakuTari kapitaliTaa

dafinansebuli.

cxrili 7.4.2. Aaqtivebisa da dafinansebis wyaroebis D dinamika %-ad 2013 welTan SedarebiT

maCveneblebi

sabaziso 2013 w

2014 w %-ad 2013 w-Tan

2015 w %-ad 2013 w-Tan

2016 w %-ad 2013w-Tan

2017 w %-ad 2013w-Tan

-mimdinare aqtivebi -grZelvadiani aqtivebi sul aqtivebi -grZelvadiani valdebulebebi -mimdinare valdebulebebi sul valdebulebebi -sakuTari kapitali

100 100 100 100 100 100 100

97 100 99 95 70 78 125

105 102 103 102 75 84 128

103 111 109 119 79 92 131

135 173 149 168 136 141 183

TvalsaCinoebisaTvis agreTve efeqturia dinamikuri grafikebis momzadeba.

anlizis dros yuradReba unda mieqces, xom ar aris mogeba xelovnurad

gazrdili amortizaciis Semcirebis gziT, raTa sawarmom investorebi

miizidos.

7.5. wminda mimdinare aqtivebis

analizi wminda mimdinare aqtivi aris sxvaoba mimdinare aqtivebsa da mimdinare

valdebulebebs Soris.

ekonomikur literaturaSi mimdinare aqtivebiTan dakavSirebiT mravali

termini gamoiyeneba. amitom, gaugebrobebis Tavidan acilebis mizniT,

aRvniSnavT, rom cnebebi – mimdinare aqtivebi, moklevadiani aqtivi,

saoperacio aqtivebi, sabrunavi kapitali (saSualebebi), samuSao kapitali,

mobiluri an likviduri aqtivebi - sinonimebia.

sabrunavi kapitalis marTvis farglebSi pasuxi unda gaeces Semdeg or

kiTxvas:

ramdeni unda daabandos sawarmom mimdinare aqtivebSi;

rogor unda moxdes samuSao kapitalSi dabandebebis dafinanseba.

mimdinare aqtivebSi dabandebebis marTva SesaZlebelia ganxilul iqnas

erT-erTi gziT, Semdegi oridan:

mimdinare aqtivebis an valdebulebebis individulauri doniT, an

jamur kapitalze moTxovnis TvalsazrisiT.

mimdinare aqtivebisa da valdebulebebis individulauri elementebi

(maragi, debitorebi, fuli, kreditorebi) ganxiluli iqneba SemdegSi.

Aamjerad ki ganvixiloT jamuri dabandebebi samuSao kapitalSi.


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171

Mjamur kapitalSi mTliani dabandebebis Sesaxeb gadawyvetilebebis

miReba aris Semdegis kompromisi _ likviduroba Tu momgebianoba, an

fuladi nakadebi Tu mogeba. gadwyvetilebebis miRebis dros sawarmoebma

mimdinare aqtivebSi dafinansebis danaxarjebs unda daupirispiron miRebuli

sargebeli. sabrunav kapitalSi dabandebebis gareSe ar iqneba arc maragi,

arc debitoruli davalianeba. Sedegad iqneba mcire moculobis gayidvebi da

mogeba.

sawarmos xelmZRvaneloba gamudmebiT unda ganixilavdes momgebianobasa

da likvidurobas Soris kompromisis sakiTxs. mniSvnelovani savaWro zrda

Cveulebriv iwvevs:

momgebianobis zrdas, da

dafinansebis gazrdis saWiroebas ZiriTad saSualebebsa da

samuSao (sabrunav) kapitalSi;

kreditiT gayidvebis zrda da gazrdili momgebianoba zRudavs naRd

fuls. gadaWarbebulma savaWro brunvam SeiZleba gamoiwvios kompaniis

uunaroba– dafaros kreditoruli davalianebebi. xSirad kompaniebi

warumateblobas ganicdian ara imitom, rom sakmarisi mogeba ar gaaCniaT,

aramed imitom, rom maTi valdebulebebis (xelfasebis, momwodeblebis,

gadasaxadebis, procentebis da sxva) gastumrebisaTvis saWiro fuladi

Tanxebi aWarbebs maT xelT arsebul Tanxebs.

magaliTad, ZiriTadi saSualebebis SeZena naRd fulze iwvevs naRdi

fulis mTlianad gasvlas sawarmodan, roca ZiriTadi saSualebebis SeZena

moxda. mogebaze ki igi ramdenime wlis ganmavlobaSi aisaxeba maTi

momsaxurebis vadis periodSi, cveTis daricxvis saxiT. Aaseve, produqciis

kreditiT gayidvis dros mogeba mTlianad aRiarebuli iqneba gayidvebis

dros, Tumca naRdi fuli garkveuli periodis Semdeg miiReba.

amrigad, samuSao kapitalis marTvis mniSvnelovani mimarTulebaa, rogor

dafinansdes mimdinare aqtivebi. ibadeba kiTxva: gamoyenebuli iqnas

moklevadiani sesxebi Tu grZelvadiani kreditebi.

tradiciulad iTvleboda, rom mimdinare aqtivebi dafinansdes

moklevadiani, ZiriTadi saSualebebi ki grZelvadiani wyaroebiT (nasesxebi

da sakuTari kapitali). aseTi midgomis dros sxvaoba mimdinare aqtivebsa da

mimdinare valdebulebebs Soris mTlianad sakuTar sabrunav saxsrebs

warmoadgenda.

Tanamedrove biznesSi mimdinare aqtivebic SeiZleba dafinansdes

grZelvdiani sesxebiT. gansakuTrebiT, mimdinare aqtivebis mudmivi nawili

(materialuri maragebi). Tuki materialuri maragis garkveuli sidide

mudmivad unda arsebobdes, maSin SeiZleba grZelvadiani sesxis gamoyenebac.

Tumca SeiZleba piriqiTac moxdes. ZiriTadi saSualebebis dasafinanseblad

gamoyenebuli iqnas moklevadiani sesxebi. yvelaferi damokidebulia

sawarmos finansuri menejmentis gadawyvetilebebze da sesxebis riskis

xarisxze (romeli ufro iafia).


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172

roca mimdinare aqtivebi grZelvadiani vadebulebebiTacaa dafinansebuli,

mas Warb kapitalizacias uwodeben.

moklevadiani dafinanseba moicavs savaWro kreditebs, romelic

Cveulebriv iTvleba yvelaze `iaf~ dafinasebad maSin, rodesac sesxebze

procentebi gaicema. xolo sakuTari kapitaliT dafinanseba Zviri ujdeba

mesakuTres, vinaidan dividendi ufro maRalia da ar gamoiqviTeba dasabegri

mogebidan, vidre sesxis saprocento ganakveTebi. amasTan, moklevadiani sesxi

ufro iafia, vidre grZelvadiani, radgan am ukanasknelis SemTxvevaSi banki

ufro met risks eweva. Tumca zogjer sawinaaRmdego tendenciebic SeiniSneba.

moklevadiani krediti ufro Zviria, vidre grZelvadiani. es maSin xdeba,

roca bazarze grZlevadian perspeqtivaSi saprocento ganakveTebis dacemas

moelian.

moklevadiani dafinanseba ufro moqnilia grZelvadianTan SedarebiT.

magaliTad, Tu saxsrebi miRebulia overdraftis xarjze da gamoiyeneba

sabrunavi saSualebebis (mimdinare aqtivebis) cvladi nawilis

dafinansebisaTvis, maSin isini SeiZleba dabrundes rodesac maTze aRar

aris saWiroeba. amiT gakeTdes ekonomia gadasaxdel procentze. amasTan, Tu

saxsrebi nasesxebi iqneboda grZelvadiani periodisaTvis, maSin valis adre

dafarva an SeuZlebeli iqneboda, anda dakavSirebuli iqneboda jarimis

dakisrebasTan. Aamrigad, moklevadiani kreditis moqnilobam SeiZleba

dawios misi saerTo Rirebuleba.

marTalia, moklevadiani dakrediteba `iaf~ dafinasebad iTvleba, magram

SeiZleba warmoiSvas Semdegi problemebi: moklevadiani dakrediteba

SeiZleba saWiroebdes mudmivad ganaxlebad molaparakebebs vadebis swrafi

amowurvis an kompaniis finansuri mdgomarebis gamo xelSekrulebis

ganaxlebisaTvis. Tu kompanias mudmivad uwevs dafinansebaze Tavisi

xelSekrulebis ganaxleba, maSin igi imyofeba moklevadiani saprocento

ganakveTebis mudmivi ryevebis gavlenis qveS.

moklevadiani (aseve saSualovadiani - sam wlamde) dafinansebis yvelaze

gavrcelebuli wyaroebia:

sabanko overdraftebi da sesxebi;

kerZo sesxebi;

savaWro da sagasavlo kreditebi;

lizingi da kreditis dafarva procentTan erTad;

debitorebTan dakavSirebuli saxsrebis sxvadasxva saxeoba –

faqtoringi da angariS-faqturebis diskontireba.

faqtoringi gulisxmobs kompaniis valis (debitoruli davalianebis)

amoRebaze pasuxismgeblobis gadacemas sxva specializebul dawesebulebaze

(bankebze).

angariS-faqturis diskontireba aris misaRebi valis mesame pirze

miyidva diskontiT, naRdi fulis dauyovnebliv miRebis sanacvlod. igi aris

savaWro debitoruli davalianebebis garantiis qveS saxsrebis SeZenis


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173

sistema. Ffaqtoruli kompaniebis momaxurebisagan gansxvavebiT, aseTi

momsaxurebis warmomdgeni kompaniebi mxolod saxsrebis mowodebas

axorcieleben. isini ar sTavzoben momsaxurebas gayidvebis registris

warmoebis Sesaxeb an uimedo valebisagan dacvas. anu saxsrebi gaicema

gamoyenebis uflebiT kompania-klientze. kerZod, angariS-faqturebis

aRricxvis organizacia dauyovnebliv ixdis avansad Sesyiduli angariS-

faqturis Rirebulebis 75%-s, akontrolebs am angariS-faqturebis damfaravi

fuladi Tanxebis miRebas da darCenil 25%-s gadascems miRebisas. gadasaxadi

aRniSnul momsaxurebaze TveSi ar unda aRematebodes 1%-s.

dafinansebis wyaroebis gadawyvetilebebze idealuri rekomendaciebi ar

arsebobs. bevri ram damokidebulia risksa da ukugebas Soris kompromisze,

romelic yovelma kompaniam individualurad unda gansazRvros.

gadawyvetilebis miRebisas, Tu rogori TanafardobiT unda moxdes

mimdinare aqtivebis dafinanseba moklevadiani da grZelvadiani sesxebiT,

xelmZRvanelobam unda ganixilos kompromisi moklevadiani dafinansebis

siiafiTa da moqnilobiT miRebul sargebelsa da saprocento ganakveTebTan

dakavSirebul riskebs Soris.

samuSao kapitalis adekvaturobis (sakmarisobis) gansazRvra SesaZlebelia

arsebuli wyaroebisa da moTxovnebis detaluri (dawvrilebiTi) analizis

meSveobiT.

mbrZanebluri ekonomikis pirobebSi, sawarmoTa mimdinare aqtivebis

dafinanseba grZelvadiani valdebulbebiT dauSvebeli iyo. dadebiTi

sxvaoba mimdinare aqtivebsa da mimdinare valdebulebebs Soris mxolod

sakuTari kapitaliT finansdeboda. aqedan gamomdinare, mimdinare aqtivebis

namets mimdinare valdebulebze, erTmniSvnelovnad, sakuTari sabrunavi

saSualebebi ewodeboda. igi meore mxriv, axasiaTebs sakuTari kapitalis im

nawils, romelic mimdinare aqtivebSi aris avansirebuli.

Tanamedrove biznesis samyaroSi, rogroc ukve aRvniSneT, ganviTarda

aratradiciuli midgoma, roca mimdinare aqtivebis dafinanseba agreTve

grZelvadiani valdebulebebiT xdeba. efeqti masSi mdgomareobs, rom

grZlevadiani sesxi ufro iafia. aseTi strategiis pirobebSi,

gaumarTleblia, sxvaobas mimdinare aqtivebsa da mimdinare valdebulebebs

Soris, erTmniSvnelovnad ewodos sakuTari sabrunavi saSualebebi.

finansuri angariSgebis saerTaSoriso standartebi iyenebs termins -

mimdinare aqtivebi. „sawarmom aqtivi mimdinare aqtivad unda miiCnios maSin,

Tu navaraudevia aqtivis realizacia, an gamiznulia gasayidad an

moxmarebisaTvis Cveulebrivi sawarmoo ciklis ganmavlobaSi; ZiriTadad

gamoiyeneba savaWro daniSnulebiT; navaraudevia misi realizeba

saangariSgebo periodis Semdeg Tormeti Tvis ganmavlobaSi; fuladi

saxsrebi da misi ekvivalentebi, garda im SemTxvevisa, rodesac misi

gacvla an valdebulebis dasafarad gamoyeneba SezRudulia saangariSgebo

periodis Semdeg sul mcire Tormeti TviT mainc. yvela sxva aqtivi unda

miekuTvnos grZelvadian aqtivebs“ [1.1.66].


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174

maSasadame, termini mimdinare aqtivi aris resursi, romelic

aucilebelia sawarmos normaluri funqcionirebisaTvis da

gaTvaliswinebulia, rom erTi wlis ganmavlobaSi gadaiqceva gacvlis

saSualebad. anu dabrundeba fuladi resursis saxiT. .

mimdinare aqtivebSi avansirebul Rirebulebas, brunvis siCqaris gamo,

rogorc cnobilia, sabrunavi saSualebebi anu sabrunavi kapitali

ewodeba. aq igulisxmeba maTi Rirebulebis moZraoba. amitom, roca

brunvadobis sakiTxi Seiswavleba, gmoyenebul unda iqnas terminebi

sabrunavi saSualebebi an sabrunavi kapitali.

maSasadame, mimdinare aqtivebi da sabrunavi aqtivebi sinonimebia.

sabrunavi saSualebebi da sabrunavi kapitali - sinonimebia. xolo,

mimdinare aqtivi da sabrunavi kapitali - „erTi medlis ori mxarea“. isini

erTmaneTis gareSe ar arseboben. erTi fizikuri mdgomareobis, meore masSi

dabandebuli Rirebulebis gamoxatulebaa.

mimdinare aqtivebis marTvis mniSvnelovani mimarTulebaa misi

dafinansebis wyaroebis optimizacia. Tanamedrove ekonomikur

urTierTobebSi, radgan mimdinare aqtivebi grZelvadiani

valdebulebebiTac finansdeba, gaumarTlebelia sxvaobas mimdinare

aqtivebsa da mimdinare valadebulebebs Soris sakuTari sabrunavi

kapitali (an sakuTari sabrunavi saSualebebi) ewodos. amitom, viziarebT

im ekonomistebis azrs, romlebic sxvaobas mimdinare aqtivebsa da

mimdinare valdebulebebs Soris wminda mimdinare aqtivs uwodebs. [4. gv:

549].

praqtikaSi, mimdinare aqtivebi SesaZloa mimdinare valdebulebebze

meti, naklebi an toli aRmoCndes. wminda mimdinare aqtivi arsebobs

mxolod maSin, roca mimdinare aqtivebi mimdinare valdebulebebze metia.

amis Semdeg saWiro xdeba gairkves, wminda mimdinare aqtivi sakuTari

kapitaliT Tu grZelvadiani sesxebiTaa dafinansebuli. Tu oriveTi

erTad. es damokidebulia mimdinare aqtivebis dafinansebis strategiaze,

romelic arCeuli aqvs sawarmos menejements.

ekonomikur literaturaSi zogierTi ucxoeli avtori wminda mimdinare aqtivebs

samuSao kapitals uwodebs. magram, realurad mTeli mimdinare aqtivebi samuSao anu sabrunavi kapitalia. amitom, sxvaobas mimdinare aqtivebsa da mimidnare

valdebulebs Soris sauSao kapitali rom ewodos, ver veTanxmebiT. ufro marTebulia termini `wminda mimdinare aqtivi~-is gamoyeneba.

rogorc ukve aRiniSna, wminda mimdinare aqtivis dafinansebis wyaro

moklevadiani valdebulebebis garda SeiZleba iyos permanentuli kapitali

anu sakuTari kapitali da grZelvadiani valdebulebebi. sawarmos

buRaltruli balansis informaciis safuZvelze, rogorc gamoTvlebi

adastureben, misi gamoTvla SesaZlebelia aRaraa.


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175

ase magaliTad, sabalanso tolobs safuZvelze (ix. cxrili 7.5.1.) wminda

mimdinare aqtivi 100 aT. laria (800-700). vinaidan, permanentuli kapitali

(900+200) aRemateba grZelvadian aqtivebs da es ukanaskneli naklebia

permanentul kapitalze, SeiZleba vivaraudoT, rom wminda mimdinare aqtivi

mTlianad sakuTari kapitaliTaa dafinansebuli? SesaZloa grZelvadaini

valdebulbebi mTland ar iyos grZelvadian aqtivebSi dabandebuli. nawili

iqneb mimdinare aqtivebSicaa gamoyenebuli.

cxrili 7.5.1.

martivi sabalanso toloba (larebSi)

aqtivi pasivi

1. mimdinarea aqtivebi 800

2. grZelvadiani aqtivebi 1000

---------------------

jami 1800

1. mimidanre valdebulebebi 700

2. grZelvadaini valdebulbebi 200

3. sakuTari kapitali 900

-------------------------------

jami 1800

anda, Tuki grZelvadiani aqtivebi sakuTar kapitalze da mTlian

permanentul kapitalzec naklebia, maSin, SeiZleba Tu ara CavTvaloT, rom

wminda mimdinare aqtivi dafinansebulia sakuTari kapitaliTa da

grZelvadiani valdebulebebiT erTdroulad. SeiZleba igi mxolod

sakuTari kapitaliT iyos dafinansebuli da a.S.

amrigad, buRaltruli balansis informaciiT aRaraa SesaZlebeli

ganisazRvros sakuTari sabrunavi saSaulebebis sidide. amitom, sawarmoebma

finansuri angariSgebis werilobiT ganmartebebSi unda waradginon

informacia gamoyenebulia Tu ara grZelvadiani sesxebi mimdinare aqtivebSi

da ra raodenobT.

maSasadame, Tanamedrove midgomebis gaTvaliswinebiT, sakuTari

sabrunavi saSualebebi (saxsrebi) Semdegnairad gamoiTvleba:

sakuTari sabrunavi saSualebebi =

= mimdinare ativebi – mimdinare valdebulebebi – mimidinare aqtivebSi

dabandebuli grZelvadiani valdebulebebi. (7.5.1.)

an:

sakuTari sabrunavi saSauebebi = wminda mimdinare aqtivebi – mimdinare

aqtivebSi dabandebuli grZelvadaini valdebulebebi (7.5.2.)

aqtivebis dafinansebis marTvis procesSi finansuri menejmenti

eyrnoba Semdeg tolobas:

peramanentuli kapitali = sak. kap. + greZelvad. valdebulebebi (7.5.3)

wm. mimd. aqtivi = mimd. aqtivi - mimd. valdebulebebi (7.5.4.)


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176

dafinansebis politikis ganxorcilebis dros, finansuri menejmenti

agreTve iyenebs mimdinare aqtivebis dayofas mis mudmiv (sawarmoo

maragebi) da cvalebad (fuladi Tanxebi, moTxovnebi da danarCeni)

nawilebad. Aam niSniT:

mimdinare aqtivi = mudmivi nawili + cvalebadi nawili (7.5.5.)

finansur menejmentSi mimdinare aqtivebis dafinansebis strategiis

ramdenime modeli arsebobs: idealuri, agresiuli, konservatoruli da

kompromisuli.

idealuri modelis dros mimdinare aqtivi mimdinare

valdebulebebis tolia. e.i. wminda mimdinare aqtivi nulis tolia.

realobaSi aseTi SemTxveva TiTqmis ar gvxvdeba. garda amisa,

likvidurobis poziciidan igi ufro riskiania, radganac arasasurveli

SemTxvevis dros (magaliTad yvela valdebulebis aucilebeli gadaxda

erTdroulad) sawarmo SeiZleba iZulebuli gaxdes gayidos ZiriTadi

saSualebebis nawili mimdinare valdebulbebis dasafaravad. am strategiis

arsi masSi mdgomareobs rom permanentuli kapitali dgindeba

grZelvadiani aqtivebis doneze. sabalanso toloba miiRes Semdeg saxes:

grZelvadiani aqtivebi = permanentuli kapitali - (idealuri modeli)

marTlac: 1000 = 100 + 900

imave 7.5.2. cxrilSi buRaltruli balansis pasivSi mocemulia

informacia dafinansebis oTxive tipis modelisaTvis. cxrili 7.5.2.

sawarmos pirobiTi balansis ZiriTadi struqtura

(aT. l)

aqtivi

Tanxa

pasivi

idealuri

modeli

I

Agresi-

uli

Modeli

II

konserva

toruli

modeli

III

kompro-

misuli

modeli

IV

1.mimdinare aqtivi

m.S. saw/maragi

800

350

1.mimdinare

valdebuleba

800

450

0

225

2. grZelvadiani

aqtivi

1000

2.

grZelvadiani

valdebuleba

100

400

840

575

3.sakuTari

kapitali

900

950

960

1 000

jami 1 800 jami 1 800 1 800 1 800 1 800


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177

sawarmoebisaTvis ufro realuria Semdegi sami modelidan erT-erTi,

romelTa safuZvelia wanamZRvari, rom likvidurobis uzrunvelsayofad,

mimdinare aqtivebis minimum mudmivi nawili da grZelvadiani aqtivebi unda

ifarebodes permanentuli kapitaliT. maSasadame: grZvad. aqtivi + saw.maragebi = sak.kapit. + grZelvad. vald.- (agresiuli

modeli)

anu, 1000 + 350 = 950 + 400

agresiuli modeli aRniSnavs, rom permanentuli kapitaliT unda

dafinansdes grZelvadiani aqtivebi da mimdinare aqtivebis mudmivi nawili

anu sawarmoo maragebi, rac aucilebelia sawarmos Seuferxebeli

sameurneo saqmianobisaTvis. am SemTxvevaSi:

wminda mimd. aqtivi = sawarmoo maragebi; (800 – 450 = 350)

mimdinare aqtivebis cvalebadi nawili mTlianad ifareba moklevadiani

kreditoruli davalianebebiT. likvidurobis poziciidan, es strategiac

Zalian riskiania, radgan praqtikulad SeuZlebelia mimdinare aqtivebis

mxolod minimumis sazRvrebis gansazRvra.

konservatoruli modeli varaudobs, rom mimdinare aqtivebis cvalebadi

nawili aseve ifareba permanentuli kapitaliT. am SemTvevaSi sawarmos ar

gaaCania moklevadiani kreditoruli davalianebebi da likvidurobis

dakargvis riskic ar arsebobs.

wminda mimd. aqtivi = mimdnare aqtivebs; (800 – 0 = 800)

es modeli xelovnur xasiaTs atarebs. es strategia varaudobs, rom

permanentuli kapitali Semdeg tolobas abalansebs:

grZelvadiani aqtivebi + saw.maragebi + mimd.aqt.cvalebadi nawili =

= permanentuli kapitali; (konservatoruli modeli)

MmarTlac, (1000 + 350 + 450) = (960 + 840)

kompromisuli modeli ufro realuria. am dros, grZelvadiani aqtivebi,

sawarmoo maragebi da mimdinare aqtivebis cvalebadi nawilis TiTqmis

naxevari ifareba permanentuli kapitaliT. wminda mimdinare aqtivi udris

sawarmoo maragebisa da cvalebadi nawilis naxevris jams.

wm.mimd.aqtivi = saw.maragi + 0,5 cvalebadi nawili

anu, (800 – 225) = (350 + 450/2)

calkeul momentebSi sawarmos SesaZloa aRmoaCndes Warbi mimdinare

aqtivi, rac uaryofiTad zemoqmedebs mogebaze, magram es ganixileba

rogorc likvidurobis danakargis riskis saWiro doneze SeCerebis

„gadasaxadi“. strategia iTvaliswinebs grZelvadiani pasivebis

(permanentuli kapitalis) SenarCunebas Semdegi sabalanso tolobis

(modelis) bazaze:


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178

permanentuli kapitali =

grZelvadiani aqtiv + saw.maragi + 0,5 * mimd.aqt.cvalebadi nawili =

= permanentuli kapitali; (kompromisuli modeli)

Anu, (1000 + 350 + 450/2) = (1000 + 575)

gamomdinare iqedan, rom wminda mimdinare aqtivi aris sxvaoba

mimdinare aqtivebsa da mimdinare valdebulebebs Soris. amitom, nebismieri

komponentis cvlileba pirdapir an arapirdapir gavlenas axdens mis

sidideze. rogorc wesi, wminda mimdinare aqtivis zrda ganixileba

rogorc dadebiTi tendencia, oRond, SeiZleba arsebobdes gamonaklisic.

magaliTad, misi swrafi zrda vadagadacilebuli debitorebis xarjze, ar

daakmayofilebda finansur menejments.

amrigad, wminda mimdinare aqtivebi yovelTvis ar daemTxveva sakuTari sabrunavi saSualebebis sidides. garda im SemTxvevisa, roca sawarmoSi grZelvadiani valdebulebebi araa gamoyenebuli mimdinare aqtivebis dasafinansebad. ix. formula (7.5.1).

sakuTari sabrunavi saSualebebi aCvenebs ramdeni laris mimdinare aqtivia dafinansebuli sakuTari kapitaliT. rogorc wesi, mTliani sakuTari wyaroebis sidide sakuTari kapitalis moculobis tolia. sakuTari kapitalis dabandeba bunebrivia xdeba rogorc mimdinare, ise grZelvadian aqtivebSi.

saerTod, sasurvelia, rom sakuTari sabrunavi saxsrebi materialur

maragebs faravdes. Aam mizniT gamoiTvleba sakuTari sabrunavi saxsrebis

wili mimdinare aqtivebSi. buRaltruli balansis informaciis safuZvelze

Sedgeba sakuTari sabrunavi saxsrebis (anu saSualebebis) dinamikis cxrili

(ix. cxrili 7.5.3). magaliTSi daSvebulia, rom saanalizo sawarmos

`kolxeTis~ menejmentma 2016 wlidan, mimdinare aqtivebis dasafinanseblad

grZelvadiani sesxebic gamoiyena. cxrili 7.5.3. sakuTari sabrunavi saSualebebis (wminda mimdinare aqtivebis) dinamika D

maCveneblebi

sabaziso 2013 w aT.lar

2014 2015 2016 2017 aTasi lari

%-ad 2007 w

aTasi lari

%-ad 2007 w

aTasi lari

%-ad 2007 w

aTasi lari

%-ad 2007 w

M -mimdinare aqtivebi -mimdinare valdebulebebi -mimidanre aqtivebSi da- Bbandebul grZelvadiani sesxi ------------------------------------ sakuTari sabr.saxsrebi materialuri maragebi sakuTari sabr. saxsrebis wili mater. maragebSi (%)

9940 (8560) - --------- 1380 4280 32

9650 (6000) - ------- 3650 4160 88

97 70 - ----- 264 97 -

10410 (6420) - -------- 3990 4320 92

105 75 - ------ 289 101 -

10190 (6790) (60) -------- 3340 4790 70

107 79 - ------ 242 112 -

13380 (10930) (180) ------ 2270 6300 36

135 128 - ------ 164 147 -


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rogorc 7.5.3. cxrilis monacemebidan Cans, sawarmos sakuTari sabrunavi

saxsrebi yovelwliurad hqonda magram, dinamikaSi Semcirebis tendenciiT

xasiaTdeboda. Sedegad, Semcirda materialur maragebSi sakuTari wyaroebis

wili. kerZod, Tu 2013 wels materialuri maragebis 92% sakuTari sabrunavi

saxsrebiT iyo dafinansebuli, 2016 wels igi 70%-mde da 2017 wels 36%-mde

daeca. maSasadame, menejmentma unda gamoikvlios misi gamomwvevi mizezebi da

aRmofxvras igi.

amrigad, sakuTari sabrunavi saxsrebi Semdegnairadac gamoiTvleba:

sss = sak.kapit. + grZelvad. valdeb. – grZelvad. aqtivebi

sakuTari sabrunavi saxsrebis Semcirebis mizezebi SeiZleba iyos:

1. fuladi saxsrebis aradaniSnulebisamebr (araoptimalurad) gamoyeneba;

2. fuladi saxsrebis brunvis Seferxeba;

3. Seferxebebi debitoruli davalianebebis amoRebaSi;

4. masalis moulodneli gaZvireba bazarze;

5. mza produqciis maragebis zrda;

6. Seferxebebi mza produqciis realizaciaSi araefeqturi marketingis

gamo.

damatebiTi moTxovna sakuTar sabrunav saSualebebze ki Semdegi wesiT

gamoiTvleba: damatebiTi moTxovna sss –ze =

= maragebisa da debit. dav.-is namati _ kredit. dav.-is namati (7.5.6.)

agreTve Seswavleba sabrunavi kapitalis anu mimdinare aqtivebis uzrunvelyofiskoeficienti.

Kსაბრ.კაპიტ. უზრუნველყოფის = (sakuT.kapitali – Zir. saS.) / mimdinare aqtivebi es koeficienti Tu uaryofiTi aRmoCnda, miuTiTebs rom sakuTari

kapitali mimdinare aqtivebSi dabandebuli araa.


1. CamoTvaleT sawarmos dafinansebis wyaroebi; 2. axseniT buRaltruli balansis vertikaluri analizis arsi; 3. axseniT buRaltruli balansis horizontaluri analizis arsi; 4. daaxasiaTeT ZiriTadi saSualebebis cveTisa da vargisianobis koeficientebi; 5. daaxasiaTeT wminda mimdinare aqtivebi da sakuTari sabrunavi saSualebebi; 6. axseniT finansuri leverijis arsi; 7. axseniT operaciuli leverijis arsi.

t e s t e b i

1. ras axasiaTebs struqturis koeficineti: a. maCveneblis gadaxras wina welTan SedarebiT b. nawilis xvedriT wils mTelSi g. sxvaobas aqtivebsa da valdebulbebs Soris


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180

2. kompaniis balansiT, wlis dasawyisSi mimdinare aqtivebi 24500 lari da wlis bolos 28900 lari iyo. ramdeni procentia mimdinare aqtivebis mateba wlis bolos:

a. 118 % b. 100 % g. 18 %

3. kompaniis balansiT, ZiriTadi saSualebebi wlis dasawyisSi 76900 lars da wlis bolos – 86000 lars Seadgenda. ras udris ZiriTadi saSualebebis zrdis tempi:

a. 112 % b. 89 % g. 12%

4. kompaniis balansiT, sakuTari kapitali wlis dasawyisSi 67800 lari iyo da wlis bolos igi 10%-iT gaizarda. ras udris sakuTari kapitali wlis bolos:

a. 80 000 l b. 74 580 l g. 61 020 l

5. sawarmos buRaltruli balansiT, mimdinare aqtivebia 34500 lari, grZelvadiani aqtivebi – 54000 lari, sakuTari kapitali 47000 lari. ras udris sakuTari kapitalis wili aqtivebSi:

a. 53 % b. 40 % g. 45 %

6. sawarmos mimdinare aqtivia 34900 lari, grZlevadiani aqtivi – 45700 lari, mimdinare vadebulebebi – 29500 lari. grZelvadiani sesxi gamoyenebuli araa mimdianre aqtivebSi. ras udris sakuTari sabrunavi saxsrebi:

a. 16 200 l b. 5 400 l g. 6 700 l

7. ZiriTadi saSualebebis pirvandeli Rirebuleba 79000, sabalanso Rirebuleba 47800 da wliuri cveTis xarji 3450 lars Seadgens. ras udris ZiriTadi saSualebebis cveTis koeficienti:

a. 27,2 % b. 44,4 % g. 39,5 %

8. sawarmos mimdinare aqtivia 34900 lari, grZelvadiani sesxebi – 45700 lari, m.S. 3000 l gamoyenebulia materialuri maragebis dasafinanseblad. mimdinare valdebulebebi aris 27800 l. ras udris sakuTari sabrunavi saxsrebi (l): a. 7 100 b. 4 100

g. 3 000 9. sawarmos mimdinare aqtivia 34900 lari, grZelvadiani sesxi – 45700 lari,

m.S. 3000l gamoyenebulia materialuri maragebis dasafinanseblad. mimdinar valdebulebebi aris 27800 l. ras udris wminda mimdinare aqtivi: a. 7 100 b. 4 100 g. 3 000

10. kompaniis ZiriTadi saSualebebis pirvandeli Rirebuleba 79000, sabalanso Rirebuleba 47800 da wliuri cveTis xarji 3450 lars Seadgens. ras udris ZiriTadi saSualebebis vargisianobis koeficienti (%):


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181

a. 61 b. 40

g. 45

amocana 7.1. mocemulia amonaridi kompaniis buRaltruli balansidan: I weli II w III w IV w Mmimdinare aqtivebi

fuladi Tanxebi 1500 1800 3400 2900

saqoneli 2100 1900 2200 2400

moTxovna miwodebidan 700 900 1200 1700 mimdinare valdebulebebi

moklevadiani sesxebi 1400 1200 1600 1500

valdebuleba mowodebidan 3100 2400 2800 3200

gasacemi xelfasi 400 320 440 500

gadasaxdeli procenti 500 400 200 300 moTxovna: 1. moamzadeT mimdinare aqtivebis struqturis da mimdinare

valdebulebebis dinamikuri cxrilebi da gaakeTeT saTanado komentarebi;

2.gamoTvaleT sakuTari sabrunavi saxsrebi oTxive wels gaakeTeT Sesabamisi daskvna.

amocana 7.2.

arsebobs Semdegi informacia: I w II w ZiriTadi saSualebebi pirvandeli RirebulebiT 20000 23500 dagrovili cveTa 8600 10000 moTxovna:

1. gamoTvaleT ZiriTadi saSualebebis cveTisa da vargisianobis koeficientebi; 2. gansazRvreT gadaxrebi wina welTan SedarebiT da gaakeTeT Sesabamisi

komentari.


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182

Tavi 8.sawarmos gadaxdisunarianobis

da finansuri stabilurobis

analizi sawarmos finansuri mdgomareoba gulisxmobs misi

gadaxdisunarianobisa da momgebianobis unars. sawarmos

finansuri stabiluroba mis myar finansur mdgomareobas

niSnavs. Tuki sawarmo gamudmebiT (minimum, bolo xuTi

wlis ganmavlobaSi) Seuferxeblad faravs davalianebebs

da aris momgebiani, misi finansuri mdgomareoba

stabiluria da masTan urTierToba yvela sferoSi usafrTxoa.

sawarmoTa gadaxdisunarianobiT dainteresebulia ara mxolod maTi

mmarTveloba, aramed, maTTan urTierTobaSi myofi yvela iuridiuli Tu

fizikuri piri. ekonomikaSi erTmaneTisagan damoukideblad (izolirebulad)

vercerTi subieqti ver arsebobs. erT sawarmoSi warmoqmnili

arastabiluroba jaWvuri reaqciis msgavsad, mTel ekonomikaze vrceldeba.

amitom, sawarmoTa finansuri stabiluroba mTeli sazogadoebis

interesebSic Sedis. sawarmos finansuri stabilurobis mniSvnelovani

mimarTuleba ki misi myari gadaxdisunarianobaa.

Mmocemul TavSi ganxilulia Semdegi sakiTxebi:

sawarmoTa gadaxdisunarianobis analizi;

sawarmoTa finansuri stabilurobis maCvenebelTa sistema;

finansuri stabilurobis analizis meTodika.

8.1. sawarmos gadaxdisunarianobis

maCvenebelTa sistema da

analizis amocanebi

sawarmos gadaxdisunarianobas misi likvidurobis xarisxi axasiaTebs.

termini `likviduri~ laTinuridan _ Txevads, moZravs niSnavs. ekonomikaSi

man gadataniTi mniSvneloba SeiZina da sawarmoSi yvelaze swrafad moZravi

saSualebebis – fuladi Tanxebis arsebobas gulisxmobs.

likviduria iseTi qoneba, romelic erTi wlis ganmavlobaSi

SesaZlebelia gadaiqces gacvlis saSualebad. Aamdenad, fuladi Tanxa

absoluturad likvidur aqtivs warmoadgens. radgan, misi gamoyeneba

gacvlis saSualebad, nebismier momentSi SeiZleba.

likvidur aqtivebs miekuTvneba mimdinare aqtivebi: fuladi Tanxebi da

maTi ekvivalentebi, materialuri maragebi, moklevadiani moTxovnebi da

fasiani qaRaldebi.

likvidur aqtivebs sabrunavi saSualebebic anu swrafad mbrunavi

saSualebebi ewodeba, radgan maTSi avansirebuli Rirebuleba weliwadSi


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183

ramdenjerme Semobrundeba. magaliTad, wlis dasawyisSi 14000 larad

SeZenili masalis maragi mza produqciis TviTRirebulebaSi ramdenime

dReSi gadava, masala gadaiqceva mza produqtad da misi gayidvis Sedegad

dabrunebuli fuliT kvlav moxdeba masalis axali partiis Sesyidva da ase

Semdeg, procesi uwyvetad meordeba wlis ganmavlobaSi. maSasadame,

fizikurad erTi da igive masala ki ar moZraobs weliwadSi ramdenjerme,

aramed maTSi avansirebuli Rirebuleba anu masalis maragSi gadaxdili

fuladi Rirebuleba. amitom, roca saubaria imaze, rom mimdinare aqtivebi

swrafad brunvadi aqtivebia, aq igulisxmeba ara fizikurad erTi da igive

nimuSis aqtivis brunva, aramed maTi Rirebulebis moZraoba. Mmza produqtSi

ganivTebul masalas TiTqos tovebs misi Rirebuleba da mza prodquciis

gayidvis Semdeg ukan brundeba fulis saxiT, romelic axal maragebSi

dabanddeba da a.S.

fizikuri anu materialuri saxiT warmoebaSi masalis axal-axali nakadi

Sedis, romelic mza produqtad gardaqmnis momentidan masalis saxiT

arsebobas wyvets. magram, rogorc Rirebulebis moZraoba anu masalebSi

avansirebuli Rirebulebis moZraoba, igi moZraobas agrZelebs da uwyvet

process waroadgens. es kanonzomiereba gamomdinareobs iqedan, rom zogadad,

yoveli saxis resurss (saqonels) gaaCnia saxmari Rirebuleba da sacvleli

Rirebuleba. saxmari Rirebuleba aris saqonlis unari, daakamyofilos esa

Tu is mTxovnileba, sacvleli Rirebuleba ki aris saqonlis Tviseba, sxva

saxis saqonelze gaicvalos. SeiZleba davaskvnaT: termini: mimdinare aqtivi –

gulisxmobs maT fizikur saxes, saxmar Rirebulebas. sabrunavi saSualebebi

(an sabrunavi saxsrebi) ki gulisxmobs mimdinare aqtivebSi avansirebul

Rirebulebas.

zemoTqmulidan gamomdinare, rac ufro Cqara moxdeba avansirebuli

Rirebulebis brunva, miT ufro droulad SeZlebs sawarmo dafaros Tavisi

valdebulebebi da maRla aswios misi gadaxdisunarianobis done da

maSasadame, likviduroba.

gadaxdisunarianoba niSnavs sawarmos unars, droulad dafaros

valdebulebebi. radgan, vadagadacilebuli davalianebebi didi raodenobiT

jarimebis gadaxdas iwvevs, sawarmos menejmenti dainteresebulia gamudmebiT

akontrolos gadaxdisunarianobis donis cvlilebebi. sawarmos

gadaxdisunarianobis xarisxi agreTve aintersebT mesakuTreebs,

kreditorebs, partniorebs, samTavrobo struqturebs da mTel sazogadoebas.

sawarmos likviduroba niSnavs saWiro fuladi Tanxebis arsebobas

valdebulebebis doulad dasafaravad. Mamdenad, sawarmos likviduroba da

gadaxdisunarianoba erTmaneTTan arsiT dakavSirebuli cnebebia.

sawamos gadaxdisunarianoba sxvadasxva maCveneblebiT xasiaTdeba.

rogoricaa: gadaxdisunarianobis balansi, likvidurobis koeficientebi da

maragebis dafarvis maCveneblebi.

sawarmos gadaxdisunarianobisa da likvidurobis analizis safexurebia:

gadaxdisunarianobis balansis Sedgena;


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184

likvidurobis koeficientebis dinamikis (trendebis) Seswavla;

sawarmos finansuri stabilurobis maCveneblebis dinamikuri analizi

daskvnebis gakeTeba da saWiro RonisZiebebis SemuSaveba.

Ggadaxdisunarianobis balansi gviCvenebs mimdinare aqtivebisa da

mimdinare valdebulebebis struqturas da axasiaTebs, mimdinare

aqtivebi faravas Tu ara mimdinare valdebulebebs. rogorc wesi,

mimdinare aqtivebi mimdinare valdebulbebze meti unda iyos.

winaaRmdeg SemTxvevaSi adgili eqneba sabrunavi saSualebebis

deficits. Ggadaxdisunarianobis balansi dgeba buRaltruli balansis

safuZvelze (ix. cxrili 8.1.1.). cxrili 8.1.1.

ss `kolxeTis~ gadaxdisunarianobis balansi 2017 wlis bolos

mimdinare aqtivebi

aTasi lari

xv/w %

mimdinare valdebulebebi

aTasi lari

xv.w % %

fuladi Tanxebi masalebi daumTavr. produqti mza produqti saqoneli moTxovna miwodebidan misaRebi procentebi ------------------------

jami

4730 3100 430 2500 270 2100 250 ------- 13 380

18,65 23,17 3,21 18,68 2,02 15,70 1,87 -------- 100

moklevadiani sesxebi valdeb. mowodebidan gasacemi xelfasi gadasaxdeli procenti mogebis gadasaxadi gasacemi dividendi -----------------------

Jami

2560 4100 1600 570 460 1640 ------- 10 930

23,42 37,50 14,64 5,22 4,22 15,0 -------- 100

100 saaqcio sazogadoebis `kolxeTis~ gadaxdisunarianobis balansidan Cans,

rom mimdinare aqtivebi aRemateba mimdinare valdebulebebs 2450 aT.lariT

(13380 – 10930), rac dadebiT movlenad iTvleba. dadebiT momentad SeiZleba

CaiTvalos isic, rom pirveli rigis gadasaxadebis: xelfasis, mogebis

gadasaxadisa da gadasaxdeli procentebis jami – 2630 laria, mocemul

momentSi arsebuli Tavisufali fuladi Tanxebze (4730l) naklebia da amiT

maTi dafarvis problema ar arsebobs.

amis Semdeg Seiswavleba likvidurobis koeficientebi, romlebic

aCveneben, ramdenad SeuZlia dafaros sawarmom Tavisi valdebulebebi. Ees

koficientebia:

absoluturi likvidurobis koeficienti = = fuladi Tanxebi / mimdinare valdebulebebi (8.1.1.)

igi aCvenebs, sawarmoSi mocemul monetSi arsebuli fuladi TanxebiT,

mimdinare valdebulbebis ra nawilis dafarvaa SesaZlebeli. igi valebis

dafarvis yvelaze utyuari maCvenebelia. idealur SemTxvevaSi, es

koeficienti 0,2 –ze anu 20%-ze naklebi ar unda iyos.

swrafi likvidurobis koeficienti = = (fuladi Tanxebi + moklevadiani moTxovnebi) / mimdinare valdebulebebi (8.1.2.)


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185

igi axasiaTebs sawarmoSi arsebuli da misaRebi fuladi Tanxebi, mimdinare

valdebulebebis ra nawils faravs. es koeficienti erTsa da ors Soris unda meryeobdes. minimaluri fardobaa 1:1.

mimdinare aqtivebi saerTo likvidurobis koeficienti = ---------------------------------------------- (8.1.3.)

mimdinare valdebulebebi mas mokled sabrunavi kapitalis (sabrunavi saSualebebis) koeficientsac

uwodeben. igi gviCvenebs mimdinare aqtivebi ramdenjer aRemateba mimdinare

valdebulebebs. anu, arsebuli da mTliand misaRebi fuladi TanxebiT

SesaZlebelia TuU ara mimdinare valdebulebebis dafarva. SeiZleba asec

ganimartos: mimdinare aqtivebSi avansirebuli Rirebulebis ra raodenoba

modis yovel erTi laris valdebulebebze. saerTaSoriso praqtikis

gamocdilebis mixedviT, es koeficienti orze naklebi da samze meti ar unda

iyos. misi Zalian maRali done sasurveli araa, radgan ukuSedegs iZleva

Tuki mimdinare aqtivebi Zalian maRali tempiT izrdeba. es imaze

mtyvellebs, rom produqciis warmoebisa da realizaciis procesebi

Seferxda, avansirebuli Rirebulebis brunva ecema da finansuri

mdgomareoba uaresdeba.

likvidurobis koeficientebTan erTad Seiswavleba sakuTari sabrunavi

saxsrebis (sss) manevrirebisa da fuladi usafrTxoebis maCveneblebi:

sss manevrirebis koeficienti = = fuladi saSualebebi / sakuTari sabrunavi saxsrebi (8.1.4)

igi gviCvenebs, sakuTar sabrunav saxsrebSi ra wili uWiravs yvelaze

likvidur saSualebebs. igi nulidan erTamde meryeobs. Aam maCveneblis zrda

dadebiT movlenas warmoadgens. misi sidide sawarmoSi Tavisufali fuladi

Tanxebis saWiroebazea damokidebuli.

fuladi usafrTxoebis (Tavdacvis) diapazoni = = (fuli + fasiani qaRaldebi + debitorebi) / saSaulo dRiuri xarjebi (8.1.5.)

esec sayuradRebo maCvenebelia. igi axasiTebs, ramdeni dRis xarjia

dafaruli fuladi aqtivebiT anu ramdeni dRis fuladi aqtivis maragi

arsebobs. saSualo dRiuri xarji gamoiTvleba mogeba/zaralis

angariSgebaSi mocemuli xarjebis gayofiT weliwadis dReTa ricxvze.

analizis dros agreTve Seiswavlian Sedeg maCveneblebs: fuladi Tanxebi

mimdinare gadaxdisunraianobis koeficienti = -------------------------------------------; (8.1.6) mimd. vald. _ mimd. moTxovnebi

wminda mogeba + amortizacia perspeqtiuli likviduroba = ---------------------------------------------------- ; (8.1.7) Semosavali realizaciidan


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186

fuladi Tanxebi + debit. dav. kritikuli likviduruba = ------------------------------------------------------------------------; (8.1.8) vadadamdgari vald. + moklevad. valdeb.

(8.1.8) koeficienti 0,7-0,8 DdiapazonSi unda moZraobdes. amrigad, likviduroba da gadaxdisunarianoba arsebiTad erTi da igive

Sinaarsis matarebelia daGgadaxdisunarianobis done likvidurobis

koeficientebiT izomeba.

sawarmos likvidurobisa da gadaxdisunarianobis analizis amocanebia:

gadaxdisunarianobis balansis daxasiaTeba;

likvidurobis donis gmokvleva;

saWiro fuladi Tanxebis arsebobis gamokvleva;

gadaxdisunarianobis donis amaRlebis winadadebebis SemuSaveba.

8.2. sawarmos gadaxdisunarianobis analizis

meTodika

rogorc wina sakiTxSi iqna ganxiluli, sawarmos gadaxdisunarianoba

likvidurobis koeficientebiT izomeba. maTi analizis mizania Seswavlil

iqnes am koeficientebis dinamikuri cvlilebis tempebi; daxasiaTdes maTi

meryeobis xarisxi aRebul sakvlev periodSi; gamoiTvalos gadaxrebi wina

wlis maCveneblebidan; dadgindes maTi cvlilebis mizezebi da SemuSavebul

iqnes likvidurobis anu gadaxdisunarianobis amaRlebis winadadebebi.

aqedan gamomdinare, gadaxdisunarianobis analizis safexurebi SeiZleba

Semdegnairad Camoyalibdes (romelime konkretul SemTxvevaSi, analizis

moculobidan gamomdinare, analizis safexurebis ricxvi SeiZleba

Seicvalos):

saWiro informaciis mogroveba;

likvidurobis koeficientebis gamoTvla TiToeuli sakvlevi

wlisaTvis;

likvidurobis koeficientebis dinamikis cxrilebis Sedgena da

komentarebi;

meryeobis xarisxis dasadgenad, variaciis koeficientebis gamoTvla;

likvidurobaze moqmedi faqtorebis gavlenis (korelaciis) gazomva;

wina wlidan an gegmuri maCveneblebidan gadaxrebis gamovlena da

analizi;

daskvnebi da winadadebebi gadaxdisunarianobis amaRlebisaTvis.

pirvel rigSi Sedgeba likvidurobis maCveneblebis dinamikis cxrili

(ix. cxrili 8.1.1). rogorc am cxrilidan Cans, rom dadgenil normebs

mxolod absoluturi likvidurobis koeficienti akmayofilebs. samive

koeficienti 2016 wlamde izrdeboda. 2017 wels ki adgili aqvs seriozul


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187

vardnas. maSasadame, isedac arasakmarisi gadaxdisunarianoba, kidev ufro

dabla daeca.

cxrili 8.2.1. ss `kolxeTis~ likvidurobis koeficientebi dinamika 2013 welTan SedarebiT

maCveneblebi

2013 Koefi- cienti

2014 2015 2016 2017

koeficienti

%-ad 2013 welTan

koef. %-ad 2013w

koef. %-ad 2007w

koef. %-ad 2007w

1. absoluturi likviduroba 2. swrafi likviduroba 3. saerTo likviduroba 4. fuladi usafrTxoeba (dReebSi)

0,491 0,661 1,161 35

38,3

0,65 0,915 1,608 38,9

132 138 139 111

102

0,678 0,949 1,621 39,0

139 144 140 112

102

0,604 0,795 1,501 27,98

123 120 74 80

0,433 0,648 1,224 31,0

88 97 105 89

absoluturi likvidurobis koeficienti aucilebel minimalur

zRvarze (0,2) marTalia yovelwliurad maRali iyo, magram, saerTo

likvidurobis koeficienti orze dabali iyo. es mosalodnelic iyo, radgan

mimdinare aqtivebis naSTebi zrda ufro dabali tempiT xasiaTdeboda, vidre

mimdinare valdebulebebis tempebi. Sedegad, finansuri mdgomareoba

TandaTan damZimda.

dinamikaSi saerTo likvidurobis koeficientis saSualo zrdis tempi

14,5%-s Seadgenda [(39+40_26 +5)/4].

imis daxasiaTebisaTvis, ramdenad meryevi iyo es maCveneblebi aRebul

xuTwlian periodSi, Seiswavleba variaciis koeficientebi. magaliTisaTvis,

analizis meTodika gadmocemulia saerTo likvidurobis koeficientis

magaliTze. variaciis koeficientis gamoTvlis formula ganxilulia pirvel

TavSi.

saerTo likvidurobis koeficienti aRvniSnoT –X-iT da warmovadginoT

mwkrivi Semdegi saxiT: wlebi X X2

2013 1,161 1,348 2014 1,608 2,586 20015 1,621 2,628 2016 1,501 2,253 2017 1,224 1,498

--------------- ---------- ---------- ∑ 7,115 10,313

X (saSualo) = 7,115/5 = 1,423 saSualo kvadratulki gadaxra = (10,313/5 – 1,4232 )1/2 = 0,194 igi axlosaa

nulTan, maSasadame, saerTo likvidurobis koeficienti didi meryeobiT ar

xasiaTdeboda.

V (variaciis koeficienti) = (0,194 * 100) / 1,423 = 13,63%.

maSasadame, saerTo likvidurobis koeficienti, aRebuli xuTi wlis ganmavlobaSi, saSualodan 13,63%-iT ixreboda saSualo ariTmetikulidan.


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sawarmos likvidurobaze gavlenas axdens mravali faqtori, rogoricaa:

fuladi Tanxebis, moTxovnebis, materialuri maragebis, mimdinare

davalianebebis, avansirebuli Rirebulebis brunvadobis anu saqmiani

aqtivobis maCveneblebi da sxv.

aRebul saanalizo periodis ganmavlobaSi, saerTo likvidurobis

cvlilebaze, erT-erTi faqtoris – fuladi aqtivebis cvlilebis tempebis

gavlenis SefasebsaTvis korelaciisa da determinacis koeficientebi

gamoiyeneba.

magaliTSi, x-iT aRniSnulia fuladi muxlebi (fuladi Tanxebi+moTxovnebi), y–iT ki – saerTo likvidurobis koeficienti.

wlebi x y x y x2 y2

2013 5,66 1,161 6,5713 32,0356 1,348 2014 5,4 1,608 8,6832 29,16 2,586 2015 6,09 1,621 9,872 37,0881 2,628 2016 5,40 1,501 8,1054 29,16 2,474 2017 7,08 1,224 8,6659 50,1264 1,423

----------- ---------- --------- ---------- ----------- -------- ∑ 29,63 7,115 41,898 163,7783 10,459

Kkorelaciis koeficientis formulaSi (ix. pirveli Tavi) Sesabamisi

mniSvnelobebis Casmisa da gamoTvlebis Sedegad miiReba:

r = 0,422, rac imas niSnavs rom kavSiri aRebul maCveneblebs Soris sakmaod

maRalia (korelaciis koeficienti rac ufro axlosaa erTTan, kavSiri miT ufro

Zlieria).

rogorc cnobilia, korelaciis koeficientis kvadrati, aris determinaciis

koeficienti (D), romelic faqtor-maCveneblis gavlenas procentebSi axasiaTebs.

D = 0,4222 = 0,178 anu 17,8 %.

Aanu, saanalizo xuTwlian periodSi, saerTo likvidurobis koficientis

cvlilebis 17,8% gamowveuli iyo fuladi aqtivebis cvlilebebiT. danarCeni ki

sxva faqtorebis gavlenis Sedegia.

analogiurad gamoiTvleba likvidaciis danarCeni koeficientebis

variaciis koeficientebi, romelic erTi cxrilis saxiT SeiZleba

warmoadginoT.

dinamikuri analizis Semdeg, unda gamovlindes mimdinare wlis

likvidurobis koeficientebis gadaxrebi gegmuri an wina wlis

maCvenebelebidan da SesaZleblobis Sesabamisad, gaizomos gadaxraze

moqmedi faqtorebi.

magaliTisaTvis, kvlav erT-erTi maCveneblis, saerTo likvidurobis

koeficientis ganvixiloT. rogorc cnobilia, saerTo likvidurobis

koeficienti mimdinare aqtivebisa da mimdinare valdebulebebis fardobiT

gamoiTvleba. Aamitom, mis gadaxraze am ukanasknelTa cvlilebebi axdenen

gavlenas.


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rogorc, analizis xerxebis Seswavlis dros iyo ganxiluli, roca

saanalizo maCvenebelsa da masze moqmed faqtor-maCveneblebs Soris kavSiri

gansazRvrulia (determinirebulia), gadaxraze moqmedi faqtorebis gavlenis

gasazomad jaWvuri Casmis an absoluturi sxvaobis xerxi gamoiyeneba.

jaWvuri Casmis xerxi gamoyenebul unda iqna maSin, rodesac faqtorTa

dakavSirebis mwkrivSi gayofis moqmedebac arsebobs. gavzomoT saerTo

likvidurobis, wina wlis donidan gadaxraze, moqmedi faqtorebis gavlena.

detalizaciis mizniT, mimdinare aqtivebi fulad aqtivebad da materialur

maragebad davyoT. SeiZleba maTi ufro dateluri dayofac.

fuladi aqtivebi + mater. maragebi saerTo likvidurobis koeficienti = ---------------------------------------------------------- (8.3.1)


cxrilSi 8.2.2. warmodgenilia analizisaTvis saWiro informacia: saerTo likvidurobis da masze moqedi faqtorebis maCveneblebi, rac (8.3.1.) formulaSia mocemuli. saerTo likvidurobis koeficienti wina welTan SedarebiT 0,2765 punqtiT Semcirda. gavzomoT am gadaxraze moqmedi faqtorebis gavlena.

cxrili 8.2.2. saerTo likvidurobis koeficientis gadaxra

maCveneblebi 2016

2017

gadaxra

saerTo likvidurobis koeficienti fuladi aqtivebi (aT.lar) materialuri maragebi mimdinare valdebulebebi

1.5007 5400 4790 6790

1,2242 7080 6300 10930

-0,2765 +1680 + 1510 + 4140

rogorc wesi, jaWvuri Casmis xerxis dros, dakavSirebis formulaSi

Tavdapirvelad, yvela ricxvi aiReba sabaziso doneze (wina wlis an gegmuri)

da Semdeg, yoveli faqtor-maCvenebeli TandaTan icvleba sabaziso

maCveneblebis mimdinare (faqtobrivi) mniSvnelobebiT.

gaangariSebebi 8.2.2. cxrilis monacemebis safuZvelze Catardeba.

daakvirdiT, qvemoT motanil gaangariSebebSi, TandaTan rogor icvleba

sabaziso wlis monacemebi, mimdinare wlis mniSvnelobebiT.

I gaangariSeba: (5400 + 4790) / 6790 = 1,5007 II gaangariSeba: (7080 + 4790) / 6790 = 1,7482 III gaangariSeba: (7080 + 6300) / 6790 = 1,9705 IV gaangariseba: (7080 + 6300) / 10930 = 1,2242

8.2.2. cxrilSi rogorc xedavT, saerTo likvidurobis gadaxra aris minus

0,2765, e.i. likviduroba wina welTan SedarebiT 0,2765 punqtiT Semcirda. am

gadaxraze moqmedi sami faqtoris cvlilebis gavlena jaWvuri Casmis xerxiT

gamoiTvleba ukve gaangariSebuli mwkrivebis Sedegebis safuZvelze.


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Aamdenad, fuladi Tanxebis cvlilebis gavlena = 1,7482 – 1,5007 = + 0,2475

materialuri maragebis cvlilebis gavlena = 1,9705 – 1,7482 = + 0,2223 valdebulebebis cvlilebis gavlena = 1,193 – 1,745 = - 0,7463

samive faqtoris gavlenis algebruli jami, saanalizo maCveneblis saerTo gadaxris tolia: 0,2475 + 0,2223 – 0,7463 = - 0.2765

analizis Sedegad gakeTdeba Semdegi daskvna: imis gamo, rom fuladi

aqtivebi wina welTan SedarebiT 1680 aTasi lariT gaizarda, saerTo

likviduroba 0.2475 punqtiT gaizarda; materialuri maragebis 1510 aTasi

lariT zrdam, gamoiwvia saerTo likvidurobis zrda 0,2223 pumqtiT,

valdebulebebis 3140 aTasi lariT zrdam ki, likviduroba 0,7463 punqtiT

Seamcira, rac uaryofiT movlenad iTvleba.

analizis Sedegad SemuSavebuli iqneba rekomendacia, rom sawarmos

menejmentma uzrunvelyos fuladi aqtivebis zrdis da mimdinare

valdebulebebis Semcirebis RonisZiebebis ganxorcieleba. kerZod, daCqardes

debitoruli da kreditoruli davalianebebis ganaRdebis procesi.

8.2.1. cxrilSi, garda likvidurobis koeficientebisa, agreTve mocemulia

fuladi usafrTxoebis diapazonis maCvenebeli, romelic metad sainteresoa

sawarmos finansuri marTvisaTvis.

Ffuladi usafrTxoebis diapazonis maCvenebeli axasiaTebs, ramdeni dRis

xarji ifareba fuladi aqtiviT anu arsebuli da potenciuri fuliT.

Aanalizis dros, aseve metad sainteresoa misi dinamikis da variaciis

Seswavla. masze gavlenas axdens dRiuri xarjebisa da fuladi aqtivebis

cvlilebebi. SeiZleba gamoiTvalos dRiuri xarjebisa da fuladi

usafrTxoebis maCveneblebs Soris korelacia ramdenimewliani

periosdisaTvis, an fuladi usafrTxoebisa da moTxovnebis maCveneblebs

Soris da a.S. wina magaliTis msgavsad. oRond, unda gvxsovdes, rom maT

Soris kavSiri ukuproporciulia. anu, dRiuri xarjebis zrda, fuladi

usafrTxoebis diapazons amcirebs da piriqiT. Aamitom, maTi kavSiris

variaciis koeficienti uaryofiTi ricxvi iqneba.

usafrTxoebis diapazonis wina wlidan gadaxraze moqmedi faqtorebis

gavlenis gasazomad ki, jaWvuri Casmis xerxi gamoiyeneba.

2016 2017 gadaxra finansuri usafrTxoebis diapazoni (dR) 27,98 31,22 + 3,24

fuladi aqtivebi (aT.l) 5400 7080 +1680 dRiuri xarjebi (aT.l) 193 226,8 +33,8

rogorc gadaxrebidan Cans, fuladi usafrTxoebis diapazoni 2017 wels, wina welTan SedarebiT 3,24 dRiT gaizarda, rac pozitiuria. masze moqmedi faqtorebis gasazomad isev jaWvuri Casmis xerxis gamoyenebaa

saWiro, radgan faqtorTa mwkrivSi gayofis moqmedebaa. I mwkrivi: 5400 / 193 = 27,98 II mwkrivi: 7080 / 193 = 36,68


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fuladi aqtivebis cvlilebis gavlena = 36,68 – 27,98 = + 7,7 dRe III mwkrivi: 7080 / 226,8 = 31,22 dRiuri xarjebis cvlilebis gavlena = 31,22 – 36,68 = - 5,46 dRe amrigad, fuladi aqtivebis 1680 aT. lariT zrdam, finansuri

usafrTxoebis diapazoni 7,7 dRiT gazarda. dRiuri xarjebis 33,8 lariT

matebam ki fuladi usafrTxoebis diapazoni 5,46 dRiT Seamcira, rac

uaryofiTi movlenaa. amrigad, saWiroa danaxarjebi ufro efeqtianad

iqnes gamoyenebeuli raTa fulis brunva daCqardes.

8.3. sawarmos finansuri stabilurobis

maCvenebelTa sistema

stabiluroba aris unari, wina aRudge droebiT problemebs,

rogoricaa gayidvebis Sekveca, kapitalis ukmarisoba, sayrdeni TanamSromlis an klientis dakargva. fnansuri stabiluroba. nebismieri kompania SeiZleba aRmoCndes siZneleebis winaSe, Tumac isini iSviaTad aRiareben amas. magram, finansuri angariSebis analizi yvela daintresebul subieqts exmareba, nebismeri kompaniis finansuri usafrTxoeba Seafasos.

kompania iqneba Tu ara didxans biznesSi, mocemuli kompaniisa da masTan urTierTobebSi moyofi kompaniebsis stabilurobazea damokidebuli. Tuki romelime sawarmo apirebs iyidos raime saqoneli garantiiT, is amas ar ganaxorcielebs gakotrebis piras myof kompaniasTan.

saerTod, mcire sawarmoebi ufro xSirad gadian biznesidan vidre didi kompaniebi. aseve, finansuri stabiluroba ufro metad mniSvnelovania mcire sawarmoebisaTvis, vidre msxvili kompaniebisaTvis. mcire kompaniebs samwuxarod aqvT `gaqrobis~ SiSi, roca isini finansur problemebSi vardebian. did kompaniebs ki aseTi SiSi ar aqvT, radgan moxdeba maTi resruqturizacia an sxva kompaniaze gaiyideba. xolo misi valdebulebi Sesruldeba myidveli kompaniis mier.

samwuxarod, kompaniebis finansuri stabilurobis donis erTi maCvenebliT gansazRvra rTulia da gansakuTrebiT mcire sawarmoebisaTvis.

finansuri stabiluroba sawarmos finansuri mdgomareobis erT-erTi

mniSvnelovani maxasiaTebelia da gulisxmobs sawarmos myar finansur

damoukideblobas. igi dakavSirebulia sawarmos saerTo finansur

struqturasTan, romelic Semdegnairad gamoixateba: `sakuTari kapitali –

nasesxebi saxsrebi~.

Tu nasesxebi kapitalis wili sakuTari kapitalis wils aRemateba, axlo

momavalSi sawarmo SeiZleba gakotrdes, radgan sawarmo valdebulebebis

dafarvas ver SeZlebs, yvela kreditorma valdebulebebis dafarva

erTdroulad rom moiTxovos.

amrigad, sawarmoTa finansuri stabilurobis doneze gavlenas axdens:


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1. sawarmos uzrunvelyofa saoperacio saqmianobis normaluri

ganxorcielebisaTvis aucilebeli finansuri resursebiT;

2. finansuri resursebis miznobrivi da efeqtiani dabandeba sawarmos

qonebSi da maTi racionalurri gamoyeneba;

3. saimedo partnioruli urTierTobebis damkvidreba myidvelebTan,

momwodeblebTan, sakredito dawesebulebebTan da saxelmwifosTan;

4. sawarmos reputacia dargSi da sazogadoebaSi.

Ffinansuri stabiluroba mewarmes perspeqtivis TvalsazrisiT

ainteresebs, raTa biznesis momavali warmatebuli iyos. finansuri

stabilurobis daxasiaTebisaTvis absoluturi da fardobiTi maCveneblebi

gamoiyeneba.

Ffinansuri stabilurobis fardobiTi maCveneblebia:

sakuTari da moziduli saxsrebis sakuTari kapitali Tanafardobis koeficienti = -------------------------------------- (8.3.1.)

Mmoziduli kapitali igi finansuri stabilurobis zogadi daxasiaTebisaTvis gmoiyeneba da

sawarmos zogad finansur struqturas axasiaTebs. misi zrda dadebiT

movlenas warmoadgens. winaaRmdeg SemTxvevaSi, sawarmos finansuri

mdgomareoba arasaimedo xdeba. Mmisi minimaluri sazRvari erTis tolia.

sakuTari kapitalis koncentraciis koeficienti =

= sakuTari kapitali / aqtivebis jami (8.3.2.)

igi axasiaTebs sakuTari kapitalis wils aqtivebSi. sasurvelia es

koeficienti 0,5-s aRematebodes. esEmaCvenebeli aCvenebs, Tu qonebis ra

nawilia koncentrirebuli anu SeZenili sakuTari kapitalis xarjze.

dasavleTis qveynebis gamocdilebiT, am maCveneblis optimaluri sidide 60%-

ia, xolo iaponiis mraval kompaniaSi 20%. maTi ekonomistebis azriT, amis

mizezia is, rom iaponiaSi saxsrebs ZiriTadad bankebidan izidaven, aSS-Si ki

mosaxleobidan. magram, saerTod miRebulia, rom sakuTari kapitalis wili

valdebulebebis wils aRematebodes. radgan am SemTxvevaSi ufro didia imis

albaToba, rom valebi sakuTari saxsrebiT daifaros. igi grZelvadiani

gadaxdisunarianobis maCvenebelia. grZelvadiani valdebulebebi kapitalizaciis koeficienti = -------------------------------------------------------------; (8.3.3)

(grZelvad. valdeb. + sak. kpitali) sakuTari kapitalis fardoba (sakuTari kapitali – privileg.saaqcio kapitali) permanentul kapitalTan = ----------------------------------------------------------------------------------------; (8.3.4.)

(aqtivebi – mimdinare valdebulebebi) (an, sakuTar kapitals + grZlevadiani valdebulebebi)

es maCvenebelic biznesis riskis xarisxis Sesafaseblad gamoiyeneba. is

sawarmo, romelsac ufro meti nasesxebi saxsrebi aqvs, vidre sakuTari

kapitali, ufro met risks eweva, vidre is, romelsac ufro naklebi


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193

nasesxebi kapitali aqvs an sulac ara aqvs igi, radgan nasesxeb kapitalze

procenti unda gadaixados maSinac ki, Tu mogeba ara aqvs.

sakuTari sabrunavi saxsrebiT uzrunvelyofa = sak.kapit. +grZlevad.valdeb. _ grZlevad.aqtivebi = ------------------------------------------------------------------------------- (8.3.5.) mimdinare aqtivebi

(8.3.4.) formulis mricxveli igivea rac, sakuTari sabrunavi saxsrebi

(sss), Tuki mimdinare aqtivebSi grZelvadiani sexebi dabandebui araa,

romelic wina TavSi iqna ganxiuli wminda mimdinare aqtivebTan

dakavSirebiT. amitom, formula (8.3.5.) unda Seicvalos (8.3.6.) formuliT.

sss = mimdinare aqtivebs - mimdinare valdebulebebi (8.3.6.) sss = mimdinare aqtivebs - mimdinare valdebulebebi – mimd. aqtivebSi dabandebuli grZelvadiani sesxebi (8.3.7.)

sakuTari kapitalis koncentraciis koeficientis Sebrunebul maCvenebels

sawarmos finansuri damokidebulebis koeficients uwodeben.

aqtivis jami

finansuri damokidebulebis koeficienti = ---------------------------------- (8.3.8.) sakuTari kapitali.

igi sakuTari kapitalis koncentraciis koficientis Sebrunebuli maCvenebelia da aCvenebs, aqtivi ramdenjer aRemateba sakuTar kapitals. misi idelauri donea erTi.Aam maCveneblis zrda niSnavs, rom sawarmo sul ufro metad damokidebuli xdeba sxvebze, kreditorebze da finansur stabilurobas safrTxe eqmneba. Tu es koeficienti erTamde daeca, niSnavs, rom mesakuTreebi sawarmos mTlianad akontroleben. Aamdenad, es maCvenebeli imavdroulad finansuri leverijis maCvenebelia, radgan misi zrda riskis zrdas moaswavebs.

valdebulebebi moziduli kapitalis koncentraciis koeficienti = --------------------------- (8.3.9.)

A aqtivebi

igi aCvenebs, yoveli erTi lari aqtivis valdebulebebiT datvirTvis xarisxs.Aam koeficientisa da sakuTari kapitalis koncentraciis koeficientis jami erTis tolia.

sss sakuTari kapitalis manevrirebis koeficienti = ------------------------------ (8.3.10)

sakuTari kapitali

igi axasiaTebs mimdinare saqmianobis dafinansebisaTvis gamoyenebuli

sakuTari kapitalis wils. anu, sakuTari kapitalis im wils, romelic

dabandebulia sabrunav saSualebebSi, danarCeni ki kapitalizebulia anu

grZelvadian aqtivebSia dabandebuli. Aam koeficientis normaluri sidide

dargis Taviseburebebzea damokidebuli.


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194

grZelvadiani valdebulebebi grZelvadiani dabandebis struqturis koeficienti = ------------------------------------------- (8.3.11.)

grZelvadiani aqtivebi

es koeficienti axasiaTebs, grZelvadiani aqtivebis ra nawilia

dafinansebuli kreditorebis mier da ra ekuTvnis sawarmos mesakuTreebs,

roca grZelvadiani valdebulebebi mxolod grZelvadiani aqtivebis

dasafinanseblad aris gamoiyenebuli. Tuki, sawarmos sesxebis marTvis

strategiiT grZelvadiani sesxebi mimdinare aqtivebSic gamoiyeneba, maSin

(8.3.10) formulis gamosaTvlelad menejmentma aucilebelad grZelvadiani

sesxebis miznobriobis analizuri informacia unda gamoiyenos. Sesabamisad,

imave (8.3.10.) formulis mricxvelSi grZelvadiani valdebulebebi

Semcirdeba mimdinare aqtivebSi dabadebuli grZelvadiani sesxebis

moculobiT. grZlev. valdebulebebi Pmoziduli kapitalis struqturis koeficienti = ------------------------------------------ (8.3.12)

valdebulebebi

igi axasaiTebs gZelvadiani valdebulebebis xvedriT wils valdebulebebSi. Mmisi normaluri done dargis Taviseburebebzea damokidebuli.

mogeba %-isa da gadasaxadis gadaxdamde

procentis uzrunvelyofis koeficienti = ------------------------------------------------ (8.3.13) saprocento Tanxa

es koeficienti procentis uzrunvelyofis xarisxs axasiaTebs. igi rac

ufro maRali iqneba erTze, sawarmos miT ufro ar eqneba problemebi

procentis gadaxdasTan dakavSirebiT. igi finansuri riskis xarisxsac

axasiaTebs. am maCveneblis Semcireba finansuri riskis zrdas moaswavebs.

igi aseve mWidro kavSirSia finansuri leverijis maCvenebelTan.

agreTve Seiswavleba maragebis dafarvis koeficientebi, rogoricaa

maragebis dafarvis saerTo koeficienti da sakuTari sabrunavi saxsrebiT

maragebis uzrunvelyofis koeficienti. Ddafinansebis `normaluri~ wyaroebi

maragebis dafarvis koeficienti = --------------------------------------------------------- (8.3.14) materialuri maragebi

maragebis dafarvis normaluri wyaroebia: sakuTari sabrunavi saxsrebi,

moklevadiani sesxebi, valdebuleba mowodebidan da miRebuli avansebi.

maragebis dafarvis `normalur~ wyarod ar iTvleba davalianeba

biujetisadmi, gasacemi xelfasi da dividendebi. Tu maragis dafarvis

koficienti erTze naklebi aRmoCnda, igi finansuri mdgomareobis

garTulebaze mianiSnebs.

materialuri maragebis sakuTari sabrunavi saxsrebi uzrunvelyofa sakuTari saxsrebiT = ---------------------------------------------- (8.3.15)

materialuri maragebi


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195

igi aCvenebs materialuri maragebis ra nawili ifareba sakuTari

sabrunavi saxsrebiT.

zemoT CamoTvlili maCveneblebidan, sakuTari da nasesxebi saxsrebis

Tanafardobis, sakuTari kapitalis koncentraciisa da procentis

uzrunvelyofis koeficientebs, sawarmos finansuri stabilurobis mTavar

fardobiT maCveneblebs uwodeben.

Cveni azriT, sakuTari da nasesxebi saxsrebis (anu sakuTari kapitalisa da

valdebulebebis) fardobis koeficienti aq ganxilul danarCen koeficientebTan SedarebiT, fundamentaluri mniSvnelobisaa. vfiqrobT, es fardoba gansazRvravs danarCeni koeficientebis dones. Tumca es momavali kvlevis sakiTxia. vimedovneb, magistrantebi amas yuradRebas miaqceven.

garda fardobiTi maCveneblebisa, sawarmos finansur stabiluroba

absoluturi maCveneblebiTac xasiaTdeba. Ggamoyofen sawarmos finansuri

stabilurobis oTx tips:

I. absoluturi finansuri stabiluroba, romelic gamoixateba Semdegi

utolobiT: materialuri maragebi < sakuTari sabrunavi saxsrebi

eseigi, materialuri maragebi mTlianad sakuTari sabrunavi saxsrebiT

ifareba. igi idealuri situaciaa. normalurad funqcionirebad sawarmoSi

sakuTari sabrunavi saxsrebis wili materialur maragebSi 50%-ze naklebi

ar unda iyos.

II. normaluri finansuri stabiluroba, roca adgili aqvs Semdeg utolobas:

sakuTari sabr. saxsrebi < materialuri maragebi < maragis formirebis `normaluri~wyaroebi

III. arastabiluri (aramyari) finansuri mdgomareoba, roca:

materialuri maragebi > maragebis dafinansebis `normaluri~ wyaroebi

IV. kritikuli finansuri mdgomareoba, roca, mesame tipis utolobasTan erTad, sawarmos gaaCnia gadauxdeli valdebulebebi da sesxebi da vadagadacilebili debitoruli davalianebebi.

amrigad, sawarmos finansuri stablurobis analizis dros menejments

SeuZlia yvela zemoT CamoTvlili maCvenebeli Seiswavlos da Sesabamisi

RonisZiebebi dagegmos finansuri stabilurobis Semdgomi gamtkicebis

mizniT.


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196

8.4.Ffinansuri stabilurobis analizis meTodika

sawarmos finansuri stabilurobis analizis Casatareblad Semdegi

proceduriebia saWiro:

1. analizis miznebis gansazRvra da Tematuri gegmis Sedgena;

2. saWiro informaciis mopoveba;

3. analizuri cxrilebis Sedgena da SerCeuli maCveneblebis gamoTvla;

4. saanalizo maCveneblebis dinamikuri analizi da tendenciebis

gamovlena;

5. finansuri stabilurobis tipis dadgena;

5. saanalizo maCveneblebis gadaxrebis Sefaseba;

6. mTavari koeficientebis faqtoruli da korelaciuri analizi;

7. daskvnebis da interpretaciebis gakeTeba;

8. sawarmos finansuri stabilurobis Sedgomi gamtkicebis

RonisZiebebis SemuSaveba da maTi danergvis pirobebis gansazRvra.

wina sakiTxSi ganxilulia finansuri stabilurobis ZiriTadi

koeficientebi da saxeebi. SeiZleba sxva koeficientebis gamoTvlac

detalizaciis nebismieri xarisxiT. analizis dros yvela maCvenebeli

SeiZleba SeviswavloT. Aamjerad ki, magaliTisaTvis, ramdenime

koeficienti ganvixiloT.

Aanalizis saerTo meTodikis Tanaxmad, pirvel rigSi, mopovebuli

informaciis safuZvelze gamoTvlil unda iqnes saanalizo maCveneblebi.

sawarmos finansuri stabilurobis mTeli rigi maCveneblebi buRaltruli

balansisa da mogeba/zaralis angariSgebis informaciis safuZvelze

gamoiTvleba (sss sidide gamoTvlilia cxrilSi 7.5.3). cxrili 8.4.1.

ss `kolxeTis~finansuri stabilurobis koeficientebi

maCveneblebi

2013 2014 2015 2016 2017

1. sakuTari da moziduli saxsrebis

fardoba

2. sakuTari kapitalis koncentracia

3. moziduli kapitalis koncentracia

4. finansuri damokidebulebis koeficienti

5. sak. sabr. saxsrebiT uzrunvelyofa

6. sak.kapitalis manevrirebis koeficienti

7. mater. maragebis dafarvis koeficienti

8. %-is uzrunvelyofis koeficienti

0,779

0,44

0,56

2,28

0,139

0,139

0,322

12

1,243

0,55

0,45

1,80

0,378

0,294

0,859

13,5

1,188

0,54

0.46

1,84

0,383

0,313

0,924

15

1,104

0,51

0,49

1,906

0,328

0,257

0,697

14

1,011

0,503

0,497

1,99

0,170

0,125

0,360

11,59


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197

saanalizo pirobiTi sawarmos magaliTze gamoTvlili stabilurobis

zogierTi koeficienti 8.4.1. cxrilSia warmodgenili. mocemul cxriliSi

aRebuli rva koeficientidan, sakvlevi xuTi wlis ganmavlobaSi mxolod

`sakuTari da moziduli kapitalis fardobis~ da Sesabamisad, `sakuTari

kapitalis koncentraciis~ koeficientebi gaumjobesda. Epirveli

koeficienti erTze maRla avida. rac imas niSnavs, rom sakuTari kapitali

aWarbebs moziduli kapitlis sidides. sakuTari kapitalis wili 44%-idan,

50%-mde gaizarda 2017 wels, rac dadebiT movlenad iTvleba (garda

bankebisa, maTi saqmianobis Taviseburebebidan gamomdinare, bankebis

kapitalSi sakuTari kapitalis 10-15% wili, Cveulebriv movlenad iTvleba),

Tumca arastabilurobiT xasiaTdeboda.

8.4.1. cxrilis safuZvelze Sedgeba dinamikis cxrili (sailustraciod

mxolod ramdenime maCvenebelia aRebuli), romelSic mocemulia

stabilurobis koeficientebis procentuli zrdis tempebi (ix. cxrili

8.4.2.). rogorc cxrilida Cans, 2013 welTan SedarebiT saanalizo

maCveneblebi izrdeboda, magram wina welTan SedarebiT Semcirebulia.

cxrilSi ufro TvalsaCinoa, rom zdris tempebi 100-ze maRalia pirveli

ori maCveneblis mixedviT. Mmaterialuri maragebisa da procentis

uzrunvelyofis koeficientebi ki 2017 wels Zalian daeca. tempebi 100-ze

dabalia. Aaqedan gamomdinare, ufro detaluri analizi unda gagrZeldes

materialuri maragebis zrdis mizezebis gamokvlevisaken, romelic wina

welTan SedarebiT 1,3-er gaizarda. xolo sakuTari sabrunavi saxsrebi

imave 2013 welTan SedarebiT 2-jer Semcirda (ix. cxrili 8.4.2.) da maTi

xvedriTi wili materialur maragebSi 81%-idan, 36%-mde daeca 2014 welTan

SedarebiT.

amrigad, analizma aCvena, rom, marTalia 2013 welTan SedarebiT

mdgomareoba gaumjobesebulia, magram 2014 welTan SedrebiT viTareba

TandaTan uaresdeba da saanalizo sawarmo finansuri riskebis zRvarze

imyofeba. cxrili 8.4.2.

finansuri stabilurobis zogierTi

maCveneblis dinamika %-ad 2013 welTanSedarebiT

maCvenebelebi

2013 2014 2015 2016 2017

1. sakuTari da moziduli saxsrebis

fardoba

2. sakuTali kapitalis koncentracia

3. . materialuri maragebis dafarvis

koeficienti


100

100

100

100

160

125

267

113

153

123

287

125

142

116

216

117

130

114

112

96


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198

dinamikis Seswavlis Semdeg, stabilurobis koeficientebis variacia

anu meryeobis xarisxi gamoikvleva, risTvisac, rogorc iciT, variaciis

koeficientebi unda gamoiTvalos (ix. cxrili 8.4.3.).

analizis dros aseve sainteresoa saanalizo maCveneblebis meryeobis

xrisxis Sefseba, risTvisac variaciis koeficenti gamoiyeneba. igi

gamoiTvleba rogorc saSualo kvadratuli gadaxris procentuli

fardoba saSualo ariTmetikulTan (ix. gv. 42). cxrili 8.4.3.

variaciis koeficientebi

maCveneblebi

variaciis

done %

1. sak. da moziduli saxsrebis Tanafardoba

2. sakuTari kapitalis koncentracia

3. mater. maragebis dafarvis koeficienti


15

8,4

42,3

11,2

rogorc 8.4.3. cxrilidan Cans (magaliTisTvis mxolod ramdenime

maCvenebelia aRebuli. praqtikaSi ki yvela koeficientis variacia

gamoiTvleba kompiuteruli teqnikis meSveobiT), yvelaze maRali meryeobis

xarisxi materialuri maragebis dafarvis koeficents gaaCnia (42,3%), rac

mosalodneli iyo. es kidev erTxel miuTiTebs imaze, rom materialuri

maragebis zrdis mizezebi iqnes gamokvleuli. igi SesaZloa gamowveuli iyos

warmoebisa da realizaciis procesebis Seferxebis mizeziT.

gamomdinare iqedan, rom sakuTari kapitalisa da valdebulebebis

fardoba aris kapitalis organuli struqturis koeficienti, igi sawarmos

finansuri stabilurobis mTavari maCvenebelia da sawarmos finansuri

stabilurobis analizis dros, saintereso iqneba am maCveneblis wina wlis

faqtobrivi an mimdinare wlis gegmuri donidan gadaxris faqtoruli

analizis Catareba Semdegi mravalfaqtoriani modelis safuZvelze:

sakuT. kapitali sak.kap. Semosavali mogeba aqtivi ------------------------------ = ------------ * ------------------ * ---------- * -------------- (8.4.1) valdebulebebi Semosav. mogeba aqtivi valdeb. sak.kapitali/Semosavli – niSnavs, yoveli erTi laris SemosavalSi ra wili

uWiravs sakuTar saxsrebs; Semosavali/mogeba – axasiaTebs Tu ramdeni laris Semosavali daWirda

yoveli erTi laris mogebis miRebas; mogeba/aqtivi – aCvenebs, ramdeni procenti mogeba miiReba yovel erT lar

aqtivze; aqtivi/valdebulebebi – aCvenebs ramdeni laris resursi arsebobs, yovel erT

lar mozidul kapitalze.


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199

vinaidan, faqtorTa dakavSirebis mwkrivSi mxolod gamravlebis

moqmedebebia, faqtorTa gavlenis gazomvis mizniT absoluturi sxvaobis

xerxi gamoiyeneba.

wina sakiTxSi ganxiluli iyo, rom moculobiT maCveneblebSi, sawarmos

finansuri stabilurobis oTxi done ganisazRvreba: absoluturi

finansuri stabiluroba, normaluri, arastabiluri da kritikuli.

Sesabamisi gamoTvlebi SeiZleba saanalizo sawarmos magliTzec iqnas

naCvenebi. gamoTvlebisTvis sakmarisia buRaltruli balansis informacia.

safuZvelze erTmaneTs SevudaroT materialuri maragebi, sakuTari

sabrunavi saxsrebi da maragebis dafarvis `normaluri~ wyaroebi.

2016 w 2017 w materialuri maragebi (aT.l) 4790 6300

sakuTari sabrunavi saxsrebi (sss) 3340 2270 dafarvis `normaluri~ wyaroebi 4040 6300

Mmotanili informaciis safuZvelze Sedgeba Semdegi utolobebi: 2016 weli:

sss < mater. maragebi > `normaluri~ wyaroebi 3340 < 4790 > 4040

2017 weli:

sss < mater. maragebi > `normaluri~ wyaroebi 2270 < 6300 = 6300

rogorc xedavT, TiTqos 2017 wels odnav ukeTesi mdgomareoba iyo,

vidre 2016 wels, magram aRmoCnda, rom orive wels arastabiluri

finansuri mdgomaroba arsebobda.

amrigad, saanalizo sawarmos menejmentma unda ganaxorcielos

matarialuri maragebis da valdebulebebis koncentraciis koeficientis

zrdis tendenciebis gamomwvevi mizezebis gamokvleva da ganaxorcielos

maTi Semcirebis sagangebo RonisZiebebi.

kiTxvebi TviTSemowmebisaTvis: 1. axseniT, ras axasiaTeben likvidurobis koeficientebi; 2. CamoTvaleT, sawarmos finansuri stabilurobis koeficientebi; 3. axseniT, sawarmos finansuri stabilurobis oTxi tipi; 4. axseniT, sakuTari sabrunavi saxsrebiT maragebis dafarvis

koeficientis arsi; 5. ras axasiaTebs procentis uzrunvelyofis koeficienti;


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200

t e s t e b i 1. Aabsoluturi likvidurobis koeficienti aris:

a. fuladi Tanxebis fardoba mimdinare aqtivebTan b. fuladi Tanxebis fardoba mimdinare valdebulebebTan g. mimdinare aqtivebis fardoba mimdinare valdebulebebTan

2. saerTo likvidurobis koeficienti aris: a. mogebis fardoba sakuTar kapitalTan b. mimdinare valdebulebebis fardoba mimdinare aqtivebTan g. mimdinare aqtivebis fardoba mimdinare valdebulebebTan

3. sasaqonlo materialuri maragebis dafarvis `normalur~ wyaroebs miekuTvneba: a. sakuTari sabrunavi saxsrebi, moklevadiani sesxebi, valdebuleba

mowodebidan, miRebuli avansebi b. sakuTari sabrunavi saxsrebi, grZelvadiani sesxebi, miRebuli avansebi g. valdebuleba mowodebidan, gasacemi xelfasebi, sakuTari sabrunavi

saxsrebi, miRebuli avansebi 4. buRaltruli balansiT, mimdinare aqtivebia – 21000, grZelvadiani aqtivebi -

55000, moklevadiani valdebulebebi – 8400 da grZelvadiani valdebulebebi – 15700 laria. ras udris saerTo likvidurobis koeficienti:

a. 2,5 b. 3,5 g. 3,0

5. buRaltruli balansiT arsebobs Semdegi informacia: valdebuleba mowodebidan – 4000, valdebuleba mogebis gadasaxadze – 1200, gasacemi xelfasi – 2400, moklevadiani sesxi – 5300, grZelvadiani sesxi – 7000, sasaqonlo-materialuri maragebi – 5700 da sakuTari sabrunavi saxsrebi – 3000 laria. ras udris maragebis dafarvis koeficienti:

a. 0,53 b. 3,07 g. 2,15

6. sakuTari sabrunavis saxsrebi aris: a. sxvaoba mimdinare aqtivebsa da grZlevadian valdebulebebs Soris b. sxvaoba mimdinare aqtivebsa da mimdinare valdebulebebs Soris g. sxvaoba mimdinare valdebulebebsa da mimdinare aqtivebs Soris

7. sakuTari sabrunavi saxsrebis manevrirebis koeficienti aris: a. fuladi Tanxebis fardoba sakuTar sabrunav saxsrebTan b. fuladi Tanxebis fardoba mimdinare aqtivebTan g. sakuTari sabrunavi saxsrebis fardoba mimdinare aqtivebTan

8. sakuTari kapitalis koncentraciis koeficenti aris: a. sakuTari sabrunavi saxsrebis fardoba aqtivis jamTan b. sakuTari kapitalis fardoba aqtivis jamTan c. aqtivis jamis fardoba sakuTar kapitalTan

9. moziduli kapitalis koncentaciis koeficienti aris: a. valdebulebebis fardoba aqtivis jamTan b. valdebulebebis fardoba sakuTar sabrunav saxsrebTan g. valdebulebebis fardoba sakuTar kapitalTan

10. sakuTari sabrunavi saxsrebiT uzrunvelyofis koeficienti aris: a. sakuTari sabrunavi saxsrebis fardoba fulad TanxebTan b. sakuTari sabrunavi saxsrebis fardoba mimdinare aqtivebTan c. valdebulebebis fardoba sakuTar sabrunav saxsrebTan

11. sawarmos finansuri damokidebulebis koeficienti aris:


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201

a. mogebis fardoba sakuTar kapitalTan b. sakuTari kapitalis fardoba aqtivis jamTan g. aqtivis jamis fardoba sakuTar kapitalTan

12. sakuTari kapitalis koncentraciis koeficientis zrda sawarmosaTvis: a. dadebiTi movlenaa b. araxelsayreli movlenaa g. gardauvali movlenaa

13. sakuTari kapitalis manevrirebis koficienti aris: a. sakuTari sabrunavi saxsrebis fardoba sakuTar kapitalTan b. sakuTari kapitalis farodba mimdinare valdebulebebTan g. sakuTari kapitalis fardoba sakuTar sabrunav saxsrebTan

14. sakuTari kapitalis manevrirebis koeficienti aCvenebs: a. ramdenjer aRemateba sakuTari kapitali sakuTar sabrunav saxsrebs b. sakuTari kapitalis im wils, romelic dabandebulia mimdinare

aqtivebSi g. sakuTari kapitalis im wils, romelic dabandebulia grZelvadian

aqtivebSi 15. grZelvadiani dabandebebis struqturis koeficienti aris:

a. grZelvadiani valdebulebebis fardoba mTlian valdebulebebTan b. grZelvadiani aqtivebis fardoba aqtivebis jamTan g. grZlevadiani valdebulebebis fardoba grZelvadian aqtivebTan

16. grZelvadiani dabandebebis struqturis koeficienti aCvenebs: a. grZlevadiani aqtievbis xvedriT wils aqtivebSi b. grZlevadiani aqtivebis ra nawilia dafinansebuli mflobelebis

mier g. grZelvadiani aqtivebis ra nawilia dafinansebuli kreditorebis

mier 17. procentis uzrunvelyofis koeficienti aris:

a. procentis fardoba saerTo mogebasTan b. mogeba %-isa da gadasaxadis gadaxdamde Sefardebuli saprocento

xarjebTan g. mogeba procentisa da gadasaxadis gadaxdamde Sefardebuli wminda

mogebasTan 18. ganvlili xuTi wlis ganmavlobaSi, sawarmos saerTo likvidurobis

koeficienti saSualod Seadgenda 2,345; saSaulo kvadratulma gadaxram Seadgina 0,452. ras udris variaciis koeficienti:

a. 42,86 b. 15,18 g. 19,3

19. sawarmoSi arsebobs absoluturi finansuri stabiluroba, roca: a. mimdinare aqtivi > grZelvadiani aqtivebi b. sakuTari sabrunavis saxsrebi < materialuri maragebi g. materialuri maragebi< sakuTari sabrunavi saxsrebi

20. oTxwlian periodSi, sawarmos damokidebulebis koeficienti Seadgenda: 2008 w - 1,50 2009 w - 1,54 2010 w - 1,59 2011 w - 1,71 Mmocemuli situacia firmisaTvis warmoadgens:

a. dadebiT movlenas b. uaryofiT movlenas g. ar cvlis finasur riskebs


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202

savarjiSo 8.1. informacia buRaltruli balansidan: wlis dasawyisSi wlis bolos mimdinare aqtivebi 45 000 46 200 mimdinare valdebulebebi 31 400 33 100 m.S. valdebuleba mowodebidan 10 000 15 000 moklevadiani sesxebi 5 400 6 900 materialuri maragebi 18 700 20 300 moTxovna:

1. gamoTvaleT sss da materialuri maragebis uzrunvelyofa sss-iT; 2. gamoTvaleT gadaxrebi da gaakeTeT komentarebi; 3. aCveneT, finansuri stabilurobis romeli tipi arsebobs wlis daswyisSi da

wlis bolos

savarjiSoO 8.2 mocemulia kompaniis finansuri stabilurobis ori koeficienti: wlebi Tanafardoba sakuTar %-is uzrunvelyofis da mozidul kapitals Soris koeficienti

2005 2,0 5.0 2006 1,9 5,9 2007 2,2 6,4 2008 2,3 7,8 2009 2,0 9,0 2010 2,5 10,0 2011 2,7 11,5 moTxovna:

1. gamoTvaleT variaciis koeficientebi 2. gamoTvaleT korelaciis koeficienti da gaakeTeT Sesabamisi komentarebi


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203

Tavi 9. moTxovnebisa da

valdebulebebis analizi moTxovnebisa da valdebulebebis drouli dafarvis

uzrunvelyofa, mniSvnelovan gavlenas axdens sawarmos

gadaxdisunarianobaze da saerTod, finansur

stabilurobaze. amitom, maTi maRali xarisxiT marTva,

kontroli da analizi erT-erTi arsebiTi xasiaTis

mimarTulebaa sawarmos finansur menejmentSi.

mocemul TavSi warmodgenilia:

moTxovnebisa da valdebulebebis arsi da mniSvneloba sawarmos

finansuri stabilurobis sferoSi;

savaWro debitoruli da kreditoruli davalianebebis analizis

meTodika;

moklevadiani da grZelvadiani sesxebis analizis xerxebi;

gamoSvebuli obligaciebiT warmoSobili valdebulebebis analizi;

9.1 moTxovnebis struqtura da analizis

amocanebi

sawarmoSi moTxovnebi warmoiSoba unaRdo angariSsworebis dros, roca

erTi sawarmo meore sawarmos gadascems (miyidis an asesxebs) raime saxis

aqtivs, romelsac imavdroulad ar axlavs ekvivalenturi naRdi fuladi

Tanxis moZraoba. amdenad, sawarmos moTxovnebi aris misi ufleba,

moTxovos sxva sawarmos misTvis kuTvnili Tanxa. maT meorenairad

debitorul davalianebebs uwodeben.

moTxovnebi sawarmoSi SeiZleba warmoiqmnas saqonlis (produqciis)

kreditiT anu Semdgomi ganaRdebis pirobiT gayidvvebis dros; avansad

gacemuli Tanxebis dros, raTaA momavalSi miRebuli iqnes raime saxis

momsaxureba; gacemuli sesxebis dros; agreTve arsebobs moTxovnebi

TanamSromlebis mimarT, partniorebis mimarT, damfuZneblebis mimarT

kapitalis Sevsebaze da a.S.

moTxovnebi miekuTvneba arawarmoebul finansur aqtivebs (bass 39, muxli

9), romelic kotirebuli ar aris aqtiur bazarze. igi aris fuladi aqtivi.

fuladi aqtivi aris flobili fuli da fiqsirebuli an gansazRvradi

fuladi Tanxis saxiT misaRebi aqtivebi. amdenad, moTxovna aris

gansazRvradi fuladi Tanxis saxiT misaRebi aqtivi.

aqtiuri bazari aris bazari, sadac arsebobs yvela Semdegi piroba:

bazarze arsebuli saqoneli erTgvarovania; rogorc wesi, yovelTvis


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204

arseboben dainteresebuli myidveebi da gamyidvelebi; fasebi cnobilia

sazogadoebisaTvis.

finansur instrumentebs miekuTvneba finansuri aqtivebi, finansuri

valdebulebebi da wilobrivi instrumentebi.

gamoiyofa grZelvadiani da moklevadiani moTxovnebi. grZlevadiani

moTxovnebi erT welze meti xnis vadaSi daubrundeba sawarmos fulis

saxiT. moklevadiani moTxovnebi ki navaraudevia, rom erTi wlis

ganmavlobaSi daifareba debitorebis mier.

arsebobs Semdgi saxis moTxovnebi (rogorc moklevadiani, ise

grZelvadiani):

Cveulebrivi moTxovnebi;

saTamasuqo moTxovnebi;

saijaro moTxovnebi;

daricxuli moTxovnebi;

sxva moTxovnebi.

analizis dros Seiswavleba moTxovnebis struqtura moklevadiani da

grZelvadiani jgufebis mixedviT cal-calke.

moTxovnebis analizis dros saWiroa Semdegi safexurebis gavla:

moklevadiani da grZelvadiani moTxovnebis struqturuli cxrilebis

momzadeba;

moTxovnebis dinamikis gamokvleva;

dinamikaSi, moklevadiani moTxovnebis zrdis tempebis Sedareba

fuladi Tanxebis, gayidvebis, moklevadiani valdebulebebis da sxva

saintereso maCveneblebis cvlilebis tempebTan;

savaWro debitoruli davalianebebis dinamikis cxrilis momzadeba;

debitoruli davalianebebis dafarvis periodis dinamikis Seswavla;

uimedo debitoruli davalianebebis dinamikis analizi;

vadagadacilebuli debitoruli davalianebebis gamokvleva;

saTanado daskvnebis gakeTeba da saWiro rekomendaciebis SemuSaveba.

struqturisa da dinamikis cxrilebis momzadebis wesi TqvenTvis ukve

cnobilia. ganvixiloT Semdegi pirobiTi magaliTi (ix. cxrili 9.1.1.).

davuSvaT, sawarmos gaaCnia, rogorc moklevadiani, ise grZelvadiani

moTxovnebi.

struqturuli analiziT irkveva, rom moklevadian anu mimdinare

aqtivebSi yvelaze maRali xvedriTi wili uWiravs miwodebidan warmoqmnil

moTxovnebs, romlis wili wina wels 51 % iyo, mimdinare wels ki 44,3 %-mde

Semcirda. aseTi movlena CaiTvleba dadebiT movlenad im SemTxvevaSi, Tuki

Semosavlebi gayidvebidan gaizrdeboda. winaaRmdeg SemTxvevaSi es niSnavs,

rom produqciis (saqonlis) miwodeba Semcirda an imitom, rom moTxovnebis

jamSi gazrdilia gacemuli avansebis wili 19%-dan, 22,6^-mde. amdenad,


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205

moTxovnebis TiToeuli muxlis struqtura unda daxasiaTdes. Semdeg ki maTi

dinamikis ganxilva unda moxdes.

9.1.1. cxrilSi warmodgenilia, Tu rogori SeiZleba iyos moTxovnebis

struqtura finansurma menejmentma agreTve detalurad unda gaanalizos

calkeuli saxis moTxovnebi maTi vadianobis mixedviT. xom ar arsebobs

raime safrTxis Semcveli perspeqtiva. finansuri stabilurobisaTvis erT-

erTi aucilebeli winapirobaa moTxovnebis drouli amoReba. cxrili 9.1.1.

sawarmos moTxovnebis struqtura moTxovnebi 2016 2017

lari xv/w % lari xv/w % I. moklevadiani moTxovnebi

- moTxovna miwodebidan - saeWvo moTxovnebi - moTxovna personalis mimarT - gacemuli avansebi - gacemuli sesxebi - miRebuli Tamasuqebi - daricxuli moTxovnebi - danarCeni moklevadiani moTxovnebi ------------------------------------------- jami

12900 (1700) 1100 4800 2300 4500 1400 ---------- 25 300

51.0 (6,7) 4,3 19.0 9,1 17,8 5,5 ---------- 100

13500 (2500) 3700 6900 4200 3700 1000 -------- 30 500

44,3 (8,2) 12,1 22,6 13,8 12,1 3,3 -------- 100

II. grZelvadiani moTxovnebi - saTamasuqo moTxovnebi - moTxovna finansuri ijariT - moTxovna sawesdebo kapitalis Sevsebaze - danarCeni grZelvadiani moTxovnebi

--------------------------------------- jami sul moTxovnebi maT Soris: - mimdinare moTxovnebi - grZelvadiani moTxovnebi

11 000 23 000 9 000 5 700 --------- 48 700 74 000 25 300 48 700

22,6 47,2 18,5 11,7 -------- 100 100 34,2 65,8

14 600 21 000 9 000 7 200 --------- 51 800 82 300 30 500 51 800

28,2 40,5 17,4 13,9 ------- 100 100 37,1 52,9

moTxovnebis SemadgenlobaSi ukeTesia maRali wili moklevadian

moTxovnebs ekavos. mocemul magaliTze, grZelvadiani moTxovnebis wili

mniSvnelovnad aRemateba mimdinare moTxovnebis wils, rac dabla wevs

sawarmos gadaxdisunarianobas.

struqturuli ganxilvis Semdeg Cveulebriv saanalizo maCveneblebis

dinamika Seiswavleba. dinamikuri analizis dros garda moTxovnebis

dinamikisa, mizanSewonilia moxdes Sedareba moTxovnebisa da sxva

romelime maCveneblebis dinamikur tendenciebs Soris. magaliTad,

mimdinare moTxovnebis dinamika Sedarebul iqnes fuladi Tanxebis,

realizaciidan Semosavlebis, sakuTari kapitalis, valdebulebebisa da

sxva maCveneblebis dinamikas. Sedgeba Sesabamisi cxrili, sadac monacemebi


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206

gadmoitaneba buRaltruli balansidan da mogeba/zaralis angariSgebidan

(ix. cxrili 9.1.2.).

rogorc 9.1.2. cxrilidan sCans, mimdinare moTxovnebis naSTebi ganvlili

xuTi wlis ganmavlobaSi zrdis tendenciiT xasiaTdeboda. moTxovnebis

zrda fulad Tanxebze uaryofiT gavlenas axdens. marTlac, fuladi Tanxebi

Semcirebis tendenciiT xasiaTdeba, garda 2017 wlisa. amis erT-erTi mizezi

aris is, rom rogorc 9.1.1. cxrilidan Cans, moTxovnebis SemadgenlobaSi

maRalia gacemuli avansebis xvedriTi wili (22,6%), rac Tavisufali fuladi

Tanxebis wilis Semcirebas gamoiwvevda. agreTve, SeiZleba arsebobdes

vadagadacilebuli debitoruli davalianebebi. cxrili 9.1.2. mimdinare moTxovnebis dinamikuri tendenciebis Sedareba sxva maCveneblebTan

maCveneblebi

2013 aT.l

2014 2015 2016 2017 aT.l % 2013

w-Tan aT.l % 2013

w-Tan aT.l % 2013

w-Tan aT.l %2017

w-Tan

moklevadiani moTxovnebi

fuladi Tanxebis naSTi

Semosavali realiz.-dan

mogeba realizaciidan


1180

4200

79000

15000

8560

1290

3900

73000

11000

6000

109

93

92

73

70

1500

4350

76000

11500

6420

127

104

96

77

75

1300

4100

77800

12400

6790

110

98

98

83

79

2350

4730

95690

22090

10930

199

113

121

147

128

rogorc 9.1.2. cxrilidan Cans, 2017 wels moTxovnebi orjeraa gazdili

2013 welTan SedarebiT. amasTan, Semosavlebisa da mogebis maCveneblebi

zrdis tendenciiT xasiaTdeboda. maSasadame, saanalizo sawarmo momgebiania,

vinaidan Semosavlebi da xarjebi daricxvis principiT aRiardeba, magram

misi gadaxdisunarianoba dabalia. mas ar gaaCnia sakmarisi fuladi Tanxebi,

rac finansur mdgomareobas auaresebs. mocemuli magaliTi naTlad

adasturebs im WeSmaritebas, rom ar kmara sawarmo iyos mxolod momgebiani.

aucilebelia mas valdebulebebis drouli dafarva SeeZlos. winaaRmdeg

SemTxvevaSi sawarmos finansuri poziciebi saimedo ver iqneba.

Semdeg safexurze analitikosebma unda gamoikvlion savaWro

debitoruli davalianebebis arsebobis, cvlilebebis da mdgomareobis

tendenciebi rac Semdeg sakiTxSi iqneba ganxiluli.

amrigad, moTxovnebis analizis amocanebia:

moTxovnebis struqturuli cvlilebebis mizezebis gamokvleva;

moTxovnebis dinamikuri cvlilebebis mizezebis gamokvleva;

savaWro debitoruli davalianebebis mdgomareobis Seswavla;

vadagadacilebuli da uimedo debitoruli davalianebebis mizezebis

gamokvleva;

moTxovnebis drouli amoRebis (dabrunebis) rekomendaciebis SemuSaveba

da ganxorcieleba.


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207

9.2. debitoruli davalianebebis

analizis meTodika savaWro debitoruli davalianebebi, rogorc ukve aRvniSneT, warmoiSoba

saqonlis, produqciis an momsaxurebis kreditiT gacemis dros. Kkompaniebis

umravlesobas Zalian xSirad uxdebaT TavianTi produqtis gayidva ara naRd

fulze aramed, Semdgomi gadaxdis pirobiT. amiT myidvelebs aZleven

garkveul dros, fulis gadasaxdelad. Sedegad, kompaniebi astimulireben

myidvelebs da inarCuneben mimoqcevis process. Semdeg, sawarmoebi elodebian

myidvelebisagan Tanxebis miRebas. xelSekrulebaSi aucileblad aris

miTiTebuli ganaRdebis vadebi, fasdaklebis SeTavazebis pirobebi,

mosalodneli jarimebi gadaxdis dagvianebisaTvis.

sawarmos mmarTveloba gamudmebiT adevnebs Tvals myidvelebisagan

fuladi Tanxebis miRebis droulobas. Mmyidvelebis mier davalianebebis

dagvianebebiT ganaRdebebi pirdapir axdens gavlenas sawarmos

gadaxdisunarianobaze. rac ufro dagviandeba myidvelebidan fulis amoReba

(anu inkasacia), Tavis mxriv, miT ufro dagvianebiT SeZlebs sawarmo

sakuTari valdebulebebis dafarvas. aqedan gamomdinare, kompaniebi udides

yuradRebas uTmoben savaWro debitoruli davalianebebis marTvas,

risTvisac aucilebelia maTi analizuri ganxilvebi.

debitoruli davalianebebis analizis amocanebia:

myidvelebis gadaxdisunarianobis Sefaseba da sworad SerCeva;

debitoruli davalianebebis dafarvis mdgomareobis gamokvleva;

saeWvo da uimedo davalianebebiT gamowveuli riskebis Sefaseba.

Adebitoruli davalianebebis analizis safexurebia:


debitoruli davalianebebis struqturisa da dinamikis analizi da

daskvnebis gakeTeba;

debitoruli davalianebebis vadianobis ganxilva;

uimedo davalianebebis arsebobis mizezebis gamokvleva;

debitoruli davalianebebis inkasaciis (dafarvis) periodulobis

maCveneblebis analizi da interpretaciebi;

debitoruli davalianebebis inkasaciis daCqarebis da riskebis

Semcirebis RonisZiebebis SemuSaveba da ganxorcielebaze

monitoringi.

debitoruli davalianebebis mdgomareobis Sefasebis maCveneblebia:

debitoruli davalianebebis xvedriTi wili mimdinare aqtivebSi;

debitoruli davalianebebis struqturuli da dinamikuri maCveneblebi;

saeWvo da uimedo valebis xvedriTi wili debitoruli davalianebebis

mimarT; debitoruli davalianebebis dafarvis (inkasaciis) periodi dReebSi

da dafarvis ricxvi weliwadSi; debitoruli davalianebebis leverijis

(riskis xarisxis) koeficientebi.


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208

Ddebitoruli davalianebebis cvlilebaze moqmedi faqtorebia:

• kreditiT gayidvebis moculoba;

• debitoruli davalienebebis dafarvis (ukan amoRebis) xarisxi;

• myidvelebis gadaxdisunarianoba;

• menejmentis unari, sworad SearCion myidvelebi;

• sawarmos produqciis moTxovna bazarze;

• miwodebuli produqciis samomxmareblo Tvisebebi.

• efeqturi kontroli debitoruli davalianebebis amoRebaze.

Ddebitoruli davalianebebis dinamikis SeswavlisaTvis, rogorc ukve

viciT, saWiroa erTi romelime wina weli aRebuli iqnes bazad da danarCeni

momdevno wlebis maCveneblebi vuprocentoT sabaziso wlis monacemebs.

magaliTad, saanalizo sawarmos `kolxeTis~ buRaltruli balansebis

informaciis safuZvelze moxdeba Semdegi gamoTvlebi:

cxrili 9.2.1. wlebi debitoruli %-ad

dav. naSTi 2013 welTan

2013 1000 100 2014 1100 110

2015 1350 135

2016 1100 110

2017 2100 210

rogorc gaangariSebebidan Cans, 2017 wels orjer gaizarda debitoruli

davalianebebis naSTi, risi mizezebic aucileblad unda iqnes gamokvleuli

sawarmos xelmZRvanelebis mier.

saSualo zrdis tempi aris 133% [(100+110+135+110+210) : 5]

debitoruli davalianebebis dinamikis Semdeg Seiswavleba maTi

dafarvis vadianobis mdgomareoba. davuSvaT arsebobs Semdegi informacia

(ix. cxrili 9.2.2). rogorc cxrilidan Cans, debitoruli davalianebebis

7,4% aris vadagadacilebuli, romelic jer uimedo araa, magram sawarmom

dauyovnebliv unda ganaxorcielos kontrRonisZiebebi mis aRmosafxvrelad.

cxrili 9.2.2 debitoruli davalianebebis struqtur vadianobis mixedviT 2017 wels

maCveneblebi

aT.larSi xv/w %-ad

Ddebitoruli davalianebebi sul maT Soris:

vadadaumdgari vadadamdgari vadagadacilebuli

13 500 5300 7200 1000

100 39,3 53,3 7,4


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209

Ddetalurad unda iqnes gamokvleuli, konkretulad romeli firmis

valdebuleba araa droulad dafaruli. TiToeuli vadagadacilebuli

debitoris mimarT unda gatardes saTanado RonisZiebebi. uimedo davalianebebis Tavidan acilebis mizniT, sawarmoebma unda

ganaxorcielon swori savaWro-sakredito politika, romelic moicavs

myidvelis gadaxdisunarianobis dadgenas Semdegi gzebiT:

1. informaciis mopoveba firmis saqmiani mdgomareobis Sesaxeb;

2. sabanko rekomendaciebi; informaciebis miReba sakredito

asociaciebidan, savaWro agentebidan, konkurentebidan;

3. myidveli kompaniis finansuri angariSgebis analizi;

4. kreditunarianobis Sefaseba qulebis meTodiT;

5. saqonlisa da angariS-faqturebis drouli miwodeba.

informaciebi myidveli sawarmos saqmiani mdgomareobis Sesaxeb:

savaraudo klients sTxoven, daasaxelos romelime ori arsebuli

momwodeblis vinaoba, romelic daadasturebs mis gadaxdisunarianobas.

amasTan, gasaTvaliswinebelia is SemTxvevac, rom firmam SeiZleba is

momwodebeli daasaxelos, romelsac droulad uxdis;

sabanko rekomendaciebi: saqonlis mimwodebeli sawarmo moipovebs

uflebas, mimarTos klientis banks, misi gadaxdisunairanobis ganxilvis

mizniT, radgan, bankebi zogjer Tavs arideben gascen informacia TavianTi

klientis Sesaxeb;

sakredito asociaciebi da sakredito informaciis saagentoebi: es

organizaciebi, garkveuli Tanxis safasurad, damoukideblad afaseben

firmis gadaxdisunarianobas da SeiZleba maTgan mokle monacemebis miReba

regularulad;

Setyobinebebi savaWro agentebisagan: savaWro agentebi xSirad

mimwodebeli sawarmoebis erTaderTi warmomadgenlebi arian. isini

uSualod xvdebian potenciuri klientis warmomadgenlebs da amdenad, maTi

finansuri mdgomareobis Sesaxeb garkveuli warmodgena gaaCniaT;

informacia konkurentebisagan: rig dargebSi mWidro kavSirebis

arsebobis gamo, konkurenti mimwodeblebi xSirad erTmaneTs ucvlian

sakredito informacias savaraudo klientebis Sesaxeb;

finansuri angariSgebis analizi: klientebis gadaxdisunarianobis

dasadgenad aucilebelia misi ukanaskneli wlebis (minimum sami weli)

finansuri angariSgebis analizi;

kreditunarianobis Sefaseba qulebis mixedviT: Sefaseba SeiZleba

moxdes magaliTad, alTmanis kredtirunarianobis formulis safuZvelze,

roca zemoT CamoTvlili kontrolisa da Sefasebis gzebi did danaxarjebs

moiTxovs.

angariS-faqturebis dauyovnebliv gamowera da saqonlis drouli

gagzavna, agreTve gavlenas axdens miwodebis ganaRdebis periodze. Aamitom,

aucilebelia minimumamde iqnes dayvanili dro saqonlis gagzavnasa da


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210

angariS-faqturebis gamoweras Soris, magaliTad, sakancelario da

administarciuli procedurebis gamartivebiT.

debitoruli davalianebebis moculobaSi saeWvo valebis wilis zrda

maRali riskebis maCvenebelia.

debitoruli davalianebebis inkasaciis (dafarvis) xarisxis

daxasiaTebisaTvis gamoiyeneba maCveneblebi: debitoruli davalianebebis

inkasaciis periodi da dafarvis ricxvi weliwadSi. am maCveneblebs

debitoruli davalianebebis brunvadobis maCveneblebsac uwodeben.

debitoruli davalianebebis inkasaciis (dafarvis) periodi izomeba

dReebSi da gamoiTvleba Semdegi formuliT: debit. dav. saS. wl. naSTi * 365 debit.dav.inkasaciis periodi = --------------------------------------------------- (9.2.1.) kreditiT gayidvebi weliwadSi debitoruli davalianebebis inkasaciis periodi aCvenebs ramdeni dRe

daWirda debitorebs misi dafarvisaTvis, davalianebebis warmoSobis

dRidan.

formulis mniSvnelSi mocemulia debitoruli davalianebebis saSulo

wliuri naSTi, romelic udris wlis dasawyisisa da wlis bolos

arsebuli naSTebis jamis naxevars.

igi SeiZleba gamoTvlili iqnes sxva gziTac, kerZod, debitoruli

davalianebebis saSualo naSTis gayofiT saSualo dRiur gayidvebze. Ddebitoruli davalianebebis wliuri kreditiT gayidvebi dafarvis ricxvi weliwadSi = ------------------------------------------------ ; an, (9.2.2.) debit. dav. saS. naSTi 365 dRe dafarvis ricxvi weliwadSi = -------------------------------------- (9.2.3.) inkasaciis periodi dR

saerTod, rac ufro dabali iqneba inkasaciis periodi, miT ufro

naklebi dro Wirdeba myidvelebs debitoruli davalianebebis

dafarvisaTvis da maSasadame, miT ukeTesia sawamosaTvis. Ddebitorebis

inkasaciis periodi meore mxriv axasiaTebs gayidvebis kontrolis

efeqturobas.

sailustracio magaliTi: davuSvaT, mocemulia, rom erT-erTi sawarmos kreditiT gayidvebi weliwadSi 45000 l Seadgenda da Ddebitoruli davalianebebi saS. wl. naSTi Seadgenda 4800 lars. Ddebitoruli davalianebebis inkasaciis periodi = (4800 * 365)/45000 = 39 dRe; an, 4800 / (45000/365) = 4800 / 123,29 = 39 dRe


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211

Ddebitoruli davalianebebis Ddafarvis ricxvi weliwadSi = 45000 / 4800 = 9,4 –jer; an, 365 / 39 = 9,4 – jer maSasadame, gamoTvlebi aCveneben, rom debitoruli davalianebebis

dafarvisaTvis myidvelebs saSualod 39 dRe WirdebaT. Aanu weliwadSi

dafarva xdeba 9,4-jer. Ees koeficientebi Sedarebuli unda iqnes arsebul

saSualo dargobriv maCveneblebTan da gakeTdes Seasabamisi daskvnebi.

A Semdeg etapze moxdeba debitoruli davalianebebis inkasaciis periodis

maCveneblebis dinamikuri analizi, raTa gamovlindes, rogori tendenciiT

xasiaTdeboda igi ganvlili wlebis ganmavlobaSi. maTi meryeobis xarisxis

Sesafaseblad ki variaciis koeficienti Seiswavleba (meTodika ix. Tavi

1.2.).Ddinamikuri analizis safuZvelze gakeTdeba Sesabamisi daskvnebi da

rekomendaciebi.

vadagadacilebuli davalianebebis arseboba auaresebs inkasaciis

maCveneblebs da sawarmos gadaxdisunarianobis dones. amitom, aucilebelia

valebis kontrolis procedurebis gatareba, rogoricaa: valis dabrunebis

weriliT (faqsiT) Sexseneba; satelefoni zaris gamoyeneba, saqonlis

miwodebis Sewyveta, mimarTva valebis dabrunebis specializebul

saagentoebs (Tuki aseTi arsebobs) da sasamarTlosTvis mimarTva (es

ukanaskneli saboloo da ukidures RonisZiebas warmoadgens).

mimwodebel sawarmos xSirad uxdeba vada gauxangrZlivos myidvelebs

(debitorebs), raTa ar dakargos klientebi. magram, meore mxriv, warmoebis

procesi rom ar Seferxdes, sawarmos SeuZlia gamoiyenos debitoruli

davalianebebis dafinasebis RonisZiebebi, rogoricaa: faqtoringi da

angariS-faqturebis aRricxva (diskontireba).

faqtoringi gulisxmobs kompaniis debitoruli davalianebebis amoRebaze

pasuxismgeblobis gadacemas mesame, specialuri organizaciisaTvis anu

faqtoruli kompaniisaTvis.

faqtoruli kompaniebi (ZiriTadad komerciuli bankebi) gamodian,

rogorc Suamavali sawarmoebi, romlebic axdenen klientis gayidvebis

registris warmoebas, uimedo valebisagan 100%-iani dacvis uzrunvelyofas,

winaswar dafinansebas, romlis garantia aris amosaRebi debitoruli

davalianebebis naSTi. momsaxurebisaTvis iReben sargebels gayidvebis

moculobidan,SeTanxmebuli saprocento ganakveTiT. faqtori-sawarmo

winaswar, avansad gascems debitoruli davalianebis sabalanso Rirebulebis

75-90%-s, danarCens ki, debitorebisagan valis amoRebis Semdeg.

angariS-faqturis aRricxva (diskontireba) aris misaRebi valis mesame

pirze miyidva diskontiT, naRdi fulis dauyovnebliv miRebis sanacvlod. es

aris savaWro debitoruli davalianebebis garantiis qveS saxsrebis SeZenis

sistema. Mmagram, faqtoruli kompaniebisagan gansxvavebiT, isini mxolod

saxsrebis miwodebas axorcieleben. isini ar sTavazoben momsaxurebas

gayidvebis registris warmoebis Sesaxeb an uimedo valebisagan dacvas. Aanu

kompania, angariS-faqturebis aRricxvis Semdeg ixdis avansad Sesyiduli


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212

angariS-faqturis 75%-s. akontrolebs angariS-faqturebis dafarvas da

bolos, darCenil 25%-s gadascems mas. MmomsaxurebisaTvis gadasaxads

axdevinebs yovelTviurad 1-2%-s (SeTanxmebiT).

debitoruli davalianebebis faqtoruli analizisaTvis gamoiyeneba

jaWvuri Casmis xerxi da korelaciuri analizis meTodi.

wlis dasawyisTan (an wina welTan) SedarebiT, wlis bolos arsebuli

debitoruli davalianebis naSTis gadaxaze moqmedi faqtorebis gazomis

mizniT gamoiyeneba Semdegi dakavSireba: kreditiT gayidvebi debit. dav. naSTi = kreditiT gayidvebi : ------------------------------------- (9.2.4.) debit. dav. saS. naSTi

motanili formula axasiaTebs, rom kreditiT gayidvebis zrda

debitoruli davalianebebis mosalodnel naSTebs zrdis, xolo

debitoruli davalianebebis inkasaciis (amoRebis, ganaRdebis) ricxvis

zrda, debitoruli davalienebebis naSTs amcirebs.

sailustracio magaliTi: davuSvaT arsebobs Semdegi informacia: wina weli mimdinare weli gadaxra kreditiT gayidvebi (Semosavali) 45600 53040 +7440 debitoruli davalianebis naSTi 4800 5200 +400 debit. davalianebis inkasaciis ricxvi 9,5 10,2 +0,7 moTxovna: jaWvuri Casmis xerxiT gazomeT debitoruli davalianebebis gadaxraze moqmedi faqtorebis gavlena. pasuxi: I mwkrivi: romelSic yvela maCvenebeli sabaziso donezea: 45600 : 9,5 = 4800 lari II mwkrivi: romelSic Seicvleba pirveli maCvenebeli: 53040 : 9,5 = 5583 lari kreditiT gayidvebis cvlilebis gavlena = 5583 – 4800 = +783 l III mwkrivi: romelSic Seicvleba meore maCvenebeli da yvela maCvenebeli

mimdinare wlis iqneba: 53040 : 10,2 =5200 lari debitoruli davalianebebis inkasaciis ricxvis cvlilebis gavlena: 5200 – 5583 = _ 383 l maSasadame, vinaidan kreditiT gayidvebi 7440 lariT gaizarda, debitoruli davalianebebis mosalodneli naSTi gaizarda 783 lariT; O0,7-jer debitoruli davalianebebis dafarvis ricxvis zrdam ki debitoruli davalianebebis mosalodneli naSTebi 383 lariT Seamcira, ras dadebiTi movlenaa. dinamikaSi anu ganvlil ramdenime wlian periodSi, Tuki gaizrdeba debitoruli

davalianebebis amoRebis (inkasaciis) periodi, miT ufro Seneldeba fulis

Semosvla sawarmoSi da gaizrdeba debitoruli davalianebebis naSTebi, ramac

SeiZleba vadagadacilebul debitorul davalinebebTan migviyvanos. am

maCveneblebs Soris kavSiri dinamikaSi SeiZleba gaizomos korelaciisa da


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213

determinaciis koeficientebis meSveobiT. Ddebitoruli davalianebebis inkasaciis

periodis zrda gamoiwvevs debitoruli davalianebebis naSTebis zrdas. e.i. maT

Soris kavSiri pirdapirproporciulia. xolo, debitoruli davalianebebis

inkasaciis ricxvis zrda iwvevs maTi naSTebis Semcirebas anu maT Soris kavSiri

ukuproporciulia.

sailustracio magaliTi: davuSvat, ert-erT sawarmos gaaCnia Semdegi informacia debitoruli davalianebebis naSTebisa da dafarvis ricxvis Sesaxeb: wlebi debit. davalianebis debit. dav. dafarvis naSTi aT.l. ricxvi jerebSi 2007 1,0 93 2008 1,1 82 2009 1,35 68 2010 1,1 85 2011 2,1 47 moTxovna:

1. davaxasiaToT maTi dinamika; 2. davadginoT kavSiri motanil maCveneblebs Soris korelaciis koeficentis daxmarebiT;

3. SevafasoT debitorebis dafarvis ricxvis cvlilebis gavlena debitoruli davalianebebis naSTebis cvlilebaze aRebul periodSi, determinaciis koeficientis meSveobiT.

Ppasuxi: Ppirvel rigSi unda dadgindes, romelia damoukidebeli da damokidebuli

cvladi. ismeba kiTxva: debitoruli davalianebebis dafarvis ricxvi axdens gavlenas debitoruli davlianebebis naSTze Tu piriqiT: debitorebis naSTebis cvlileba axdenen gavlenas maTi dafarvis ricxvze?

debitoruli davalianebebis naSTebi miT naklebi iqneba, rac ufro swrafad daifareba igi. rac ufro xangrZlivi dro daWirdeba myidvelebs valis dasafaravad, miT meti iqneba debitoruli davalianebebis saSualo naSTebi. amdenad, damoukidebeli cvladi aris dafarvis ricxvi (x) da damokidebuli cvladia debitoruli davalenebebis naSTebi (y).

wlebi x y xy x

2 y

2

2013 93 1,0 93 8649 1

2012 82 1,1 90,2 8724 1,21

2014 68 1,35 91,8 4624 1,8225

2015 85 1,1 93,5 7225 1,21

2016 47 2,1 98,7 2209 4,41

--------- -------- ---------- ----------- ------------ -----------

∑ 375 6,65 467,2 31431 9,6525

dinamikaSi motanili maCveneblebis meryeobis xarisxis daxasiaTebisaTvis,

rogorc iciT, saSualo kvadratuli gadaxra da variaciis koeficientebi

gamoiyeneba.

pirvel rigSi ganisazRvreba saSualo ariTmetikulis sidide:

X saS. = 375 / 5 = 75


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214

maSasadame, debitorebi maT davalianebebs weliwadSi saSualod 75-jer

ixdidnen.

saSualo kvadratuli gadaxra = (31431/5 _ 752)1/2= 25,71 (ix. Tavi1.2);

variaciis kofeicienti (V) = (25,71 * 100) / 75 = 21,56 %.

variaciis koeficienti gviCvenebs simaravlis wevrTa gabnevis xarisxs da rac

ufro axlosaa 100%-Tan, miT maRalia maCveneblis meryeobis xarisxi. Cvens

magaliTze, rogorc vxedavT, 21,56% sakmaod maRalia. maSasadame, debitorebis

dafarvis perioduloba sakmaod meryeobda, rac sayuradReboa.

Aaxla gamovTvaloT korelaciis koeficienti, romlis formula aseve mocemulia

pirvel TavSi.

Sesabamisi gamoTvlebis Sedegad miiReba:

r = - 0,97 anu -97%,

rac imas niSnavs rom saanalizo maCveneblebs Soris kavSiri aris Zalian maRali

da ukuproporciuli. marTlac, rac ufro gaizrdeba debitoruli davalianebebis

dafarvis ricxvi (sixSire) weliwadSi, miT ufro Semcirdeba debitoruli

davalianebebis mosalodneli naSTebi da piriqiT.

ADdeterminaciis koeficienti aris::

D = (-0,97)2 = 0,94 anu 94%

Aamrigad, aRebuli xuTi wlis ganmavlobaSi debitoruli davalianebebis

naSTebis cvlilebis 94% gamowveuli iyo maTi dafarvis ricxvis cvlilebiT.

danarCeni 6% ki sxva faqtorebze modioda.

debitoruli davalianebebis riskis xarisxis daxasiaTebisaTvis

SeiZleba mravalgvari koeficienti gamoiTvalos. rogoricaa: saeWvo

valebis fardoba debitorebis sididesTan, debitorebis naSTebis

fardoba fulad TanxebTan; debitorebis naSTebis fardoba SemosavlebTan

(anu, debitoruli davalianebebis dafarvis dayovnebis koeficienti). Aam

maCveneblebis zrda niSnavs fuladi nakadebis Semcirebas da sawarnos

gadaxdisunarianobis dacemas. Aamdenad, maTi dinamikis da mizezebis

Seswavla aseve aucileblobas warmoadgens.

9.3 valdebulebebis struqtura da

analizis amocanebi

valdebulebebi sawarmoTa dafinansebis mozidul wyaroebs warmoadgenen.

sakuTari kapitalisagan gansxvavebiT, valdebulebebi warmoiSoba raime

saxis aqtivis miRebisas, roca imavdroulad ar aris gacemuli Sesabamisi

fuladi aqtivi. rogoricaa unaRdo angariSsworebiT (anu Semdgomi

ganaRdebis pirobiT) ganxorcielebuli Sesyidvebi (savaWro krediti),

sesxebis aReba, savalo fasiani qaRaldebis gamoSveba, finansuri lizingis

aReba, gasacemi sargeblis daricxva da a.S.

valdebulebebi aris sawarmos movaleoba sxva subieqtebis mimarT,

gadauxadon garkveuli Tanxa, romelic warsuli sameurneo operaciebis

Sedegia da romelTa Sesruleba iwvevs sawarmos aqtivebis Semcirebas.


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215

valdebulebebi SeiZleba iyos moklevadian (erT wlamde vadis) da

grZelvadiani (erT welze meti vadis).

buRaltruli aRricxvis saerTaSoriso standartebi (bass) ganasxvavebs

faqtiur, SefasebiT da pirobiT valdebulebebs.

F faqtiuri valdebulebebi warmoqmneba xelSekrulebebis, kontraqtebis an

kanonmdeblobis safuZvelze da maTi zustad gaangariSeba SeiZleba.

Ffaqtiur davalianebebs miekuTvneba: mowodebidan warmoqmnili

valdebulebebi anu savaWro kreditoruli davalianebebi, gacemuli

Tamasuqebi, miRebuli avansebi, gadasaxdeli dividendebi, daricxuli

xelfasi, gadasaxdeli dRg da aqcizi, aRebuli sesxebi, grZelvadiani

valdebulebebis mimdinare nawili.

SefasebiTi (mosalodneli) valdebulebebi iseTi valdebulebebia,

romlis zusti Tanxis gamoTvla, gansazRvruli drois dadgomamde

(finansuri angariSgebis Sedgenamde), SeuZlebelia. maT miekuTvneba

sagarantio valdebulebebi, mogebisa da qonebis gadasaxadi, Svebulebis

anazRaureba da sxva.

pirobiTi vadlebulebebi is valdebulebebia, romlebic araa

aRiarebuli. igi aris SesaZlo movaleoba, romelic warsuli movlenebis

Sedegad SeiZleba momavalSi warmoSvas an ar warmoiSvas. misi zusti Tanxis

gamoTvla SeuZlebelia. pirobiTi valdebulebebis safuZveli xSir

SemTxvevaSi aris sasamarTlo sarCeli, romelic SeiZleba aRiZras sawarmos

winaaRmdeg ama Tu im SeTanxmebis Sesrulebis an Seusruleblobis Semdeg.

moTxovnebis msgavsad, gamoiyofa Semdegi saxis valdebulebebi:

Cveulebrivi valdebulebebi (mowodebidan, miRebuli avansebi,

gasacemi xelfasi, valdebuleba partniorebis da TanamSromlebis

winaSe da sxva);

aRebuli sesxebi;

saTamasuqo valdebulebebi;

gamoSvebuli obligaciebi;

daricxuli valdebulebebi;

sagadasaxado valdebulebebi;

gadavadebuli sagadasaxado valdebulebebi.

valdebulebebis analizis amocanebia:

valdebulebebis dasabuTebulobis dadgena;

valdebulebebis xandazmulobis gamokvleva;

valdebulebebis dafarvis maCveneblebis Seswavla;

procentiani valdebulebebis analizi;

valdebulebebis analizis safexurebia:

saWiro informaciis mogroveba da samuSao cxrilebis Sedgena;

struqturuli da dinamikuri cxrilebis Sedgena da komentarebis

gakeTeba;


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216

valdebulebebis vadianobis Seswavla;

valdebulebebis dafarvis periodis maCveneblebis dinamikuri da

faqtoruli analizi;

kreditunarianobis alTmanis da sxva indeqsebis gamoTvla da

interpretaciebi;

valdebulebebis droulad dafarvis gaumjobesebis RonisZiebebis

SemuSaveba da ganxorcielebis monitoringi.

9.3.1. cxrilSi mocemulia valdebulebebis struqturuli mdgomareobis

nimuSi. saerTo meTodikis Sesabamisad, valdebulebebis analizi maTi struqturisa

da dinamikis SeswavliT iwyeba. informacia aiReba buRaltruli balansidan. igi ar

exeba ss `kolxeTs~.

cxrili 9.3.1. valdebulebebis struqtura

maCveneblebi

2016 w 2017 w Tanxa xv/w % Tanxa xv/w % %-ad wina

welTan valdebulebebi sul maT Soris:

- grZelvadiani - moklevadiani

73600 39500 34100

100 53,7 46,3

86100 45000 41100

100 52,3 47,7

117 114 121

I. grZelvadiani valdebulebebi - aRebuli sesxebi - gamoSvebuli obligaciebi - finansuri lizingi ---------------------------------- jami

21500 10000 8000 ------------- 39500

54,4 25,3 20,3 ---------- 100

23000 15000 7000 ----------- 45000

51,1 33,3 15,6 ---------- 100

107 150 88 ------------------- 114

II. moklevadiani valdebulebebi aRebuli sesxebi valdebuleba mowodebidan gasacemi xelfasi miRebuli avansi valdebuleba mekavSireebisadmi sagadasaxado valdebulebebi danarCeni valdebulebebi ------------------------------------- jami

9000 7800 4200 5100 3700 1900 2400 ------------ 34100

26,4 22,9 12,3 15,0 10,8 5,6 7,0 ---------- 100

11000 9200 4000 6300 4400 2400 3800 ----------- 41000

26,8 22,4 9,7 15,3 10,7 5,8 9,3 ----------- 100

122 118 95 123 119 126 158 ---------------- 121

9.3.1. cxrilSi jer naCvenebia valdebulebebis saerTo struqtura da

Semdeg, grZelvadiani da moklevadiani valdebulebebis struqtura cal-

calke. rogorc xedavT, orive wels grZelvadiani valdebulebebis xvedriTi

wili aRemateboda moklevadiani valdebulebebis wils. xolo, wina welTan

SedarebiT moklevadiani valdebulebebi metad gaizarda (121%), vidre

grZelvadiani.

grZelvadiani valdebulebebis SemadgenlobaSi gamoSvebuli obligaciebiT

warmoqmnili vadebulebebis wili 33,3%-mde gaizarda, xolo wina welTan

SedarebiT matebam 50% Seadgina.


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217

Mmoklevadiani valdebulebebis SemadgenlobaSi mniSvnelovani

struqruruli cvlilebebi ar SeimCneva, magram wina welTan SedarebiT

maRali zrdis tempebiT xasiaTdeba aRebuli sesxebis (122%), sagasadaxo

valdebulebebis (126%) da danarCeni valdebulebebis (158%) tempebi.

Ffinansurma mmarTvelobam aucileblad detalurad unda gamoikvlion maTi

warmomSobi mizezebi. Kkonkretuli saaRricxvo informaciis SeswavliT,

gamokvleuli unda iqnes kerZod ra saxis gadasaxadebia gadasaxadeli da ra

Sedis danarCeni vadlebulebebis jgufSi, raTaA Tavidan iqnes acilebuli

mosalodneli jarimebi.

struqturuli Seswavlis Semdeg gamokvleuli iqneba wina periodSi

(minimum xuTi wlis ganmavlobaSi) rogori tendenciebiT xasiaTdeboda

valdebulebebis dinamika. amasTan, gamomdinare iqedan, rom biznesis yvela

sferoSi movlenebi ise unda warimarTos, rom sawarmom mogeba miiRos da

hqondes sakmarisi fuli, sainteresoa valdebulebebis, aqtivebis, sakuTari

kapitalis da Semosavlebis, mogebis maCveneblebis cvlilebis tendenciebis

urTirTSedareba (ix. cxrili 9.3.2.), romelic Sedgenilia 3.3.2. da 4.3.1.

cxrilebidan.

cxrili 9.3.2. ss `kolxeTis~ valdebulebebis dinamikis sxva maCveneblebTan Sedareba

maCveneblebi sabaziso 2013

2014 2015 2016 2017

1. valdebulebebi sul 2. grZelvadiani valdebulebebi 3. moklevadiani valdebulebebi 4. sakuTari kapitali 5. sul aqtivebi 6. Semosavali realizaciidan 7. Mwliuri mogeba

100 100 100 100 100 100 100

78 95 70 125 99 92 75,6

84 102 75 128 103 96 80

92 119 79 131 109 98 84,5

123 168 116 183 159 121 97,2

9.3.2. cxrilis monacemebi aCvenebs, rom 2013 welTan SedarebiT, 2017 wels

valdebulebebi mniSvnelovnad gaizarda, Tumca wina wlebSi moklevadiani

valdebulebebis tempi mcirdeboda. Aanalitikosma unda daadginos, ratom

moxda grZelvdiani valdebulebebis maRali tempebiT mateba 2017 wels. ra

aucilebloba arsebobda amisaTvis, maSin rodesac sakuTari kapitalis

moculoba yovelwliurad izrdeboda. agreTve, aucilebelia gamokvleul

iqnes konkretulad ra mizniT gamoiyeneboda valdebulebebi. imave cxrilis

mixedviT, Tu SevadarebT moklevadiani valdebulebebisa da Semosavlebis

tempebs, davinaxavT, rom grZelvadianma valdebulebebma 2015 wlidan daiwyo

mateba da gadaaWarba 2013 wlis dones. Semosavlebma mateba 2017 wlidan

daiwyo. rogorc Cans, moklevadiani valdebulebebi dabandebul iqna

mimdinare aqtivebSi.Aaseve, imave 2017 welsMmogebis zrdis tempi Senelda,

radgan valdebulebebis zrda saprocento xarjebis zrdas gamoiwvevda. es

ukanaskneli ki mogebas Seamcirebda.


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218

Semdeg cal-calke Seiswavleba sesxebi, valdebuleba mowodebidan, sagadasaxado valdebulebebi, obligaciebis gamoSvebis efeqtianoba da yvela sxva danarCeni valdebulebebi. aseve, Seswavlili unda iqnes Semdegi maCveneblebi:

finansuri leverijis erT-erTi koeficienti _ valdebulebebis fardoba

sakuTar kapitalTan, raTa Sefasdes, rogor icvleboda (meryeobda)

riskebi ganvlil periodSi. es koeficienti erTs ar unda aRematebodes.

Seiswavleba misi variaciis koeficienti. valdebulebebis saoperacio saqmianobidan miRebuli fuli

dafarvis koeficienti = ------------------------------------------------------------------ (9.3.1.) mTlian valdebulebebi igi gviCvenebs, saoperacio saqmianobidan Semosuli fuli ramdenjer aRemateba mTlian valldebulebebs.

gadaxdisunarianobis biveris koeficienti = = (wminda mogeba+ amortizacia) / grZelvadiani da moklevadiani (9.3..2) valdebuleebi. intervali: 0,17-0,4 Tu igi 0.17-ze dabali aRmoCnda, mianiSnebs, rom arsebobs

gadaxdisunarianobis dakargvis maRali riski. intervalis SigniT saSualo

riskia. 0,4-is zemoTki riskis dabali done.

moziduli kapitalis valdebulebebi koncentraciis koeficienti = ---------------------------------- (9.3.2.) aqtivebi es koeficienti 0,5-zenaklebi unda iyos da dinamikaSi unda mcirdebodes.

grZelvadiani sesebi sesxebis grZelvadiani = -------------------------------------------------------------------; (9.3.3) mozidvis koeficienti grZelv.sesxebi + sakuTari kapitali

grZelvadiani valdebulebebi

grZelvadiani dabandebebis = ---------------------------------------------------- ; (9.3.4) struqturiskoeficienti grZelvadiani aqtivebi

igi aCvenebs, grZelvadiani aqtivebis ra nawilia dafinansebuli kreditorebis mier Dda a.S. yvela koeficients samwuxarod, aq ver CamovTvliT. analitikoss SeuZlia nebismieri gonivruli koeficienti gamoTvalos da gamoikvlios.

9.4. savaWro kreditoruli davalianebebis

analizis meTodika momwodeblebidan saqonlis Sesyidvis dros, roca imavdroulad fulis

gadaxda ar xdeba, xSirad gamoiyeneba termini savaWro krediti. Aanu


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219

momwodebeli Tanaxmaa saqonlis (momsaxurebis) anazRaureba mogvianebiT

miiRos.

savaWro kreditoruli davalianebis (mokled, kreditoruli

davalianebebis) dafarvis vada icvleba ekonomikis dargebis Taviseburebebis

mixedviT. zogadad, minimaluri vadaa Svidi dRe da maqsimum erTi Tve. Tumca

arsebobs meti vadac, roca masalis mza produqtad gardaqmnis periodi erT

Tves aRemateba. magaliTad, soflis meurneobaSi.

savaWrto kreditoruli davalianebebis analizis amocanebia:

savaWro kreditis pirobebis optimalurobis Sefaseba;

sawarmos kreditunarianobis Sefaseba;

kreditoruli davalianebebis ganaRdebis mdgomareobis Sefaseba;

kreditoruli davalainebebis ganaRdebis stabilurobis

RonisZiebebis SemuSaveba;

savaWro kreditoruli davalianebebis analizis safexurebia:

saWiro informaciis mogroveba da dajgufeba. analizuri cxrilebis

Sedgena;

kreditoruli davalianebebis stuqturisa da dinamikis Seswavla;

kreditoruli davalianebebis vadianobis analizi;

kreditoruli davalianebebis gadaxrebis analizi;

kreditoruli davalianebebis ganaRdebis (gadaxdis) mdgomareobis

analizi;

kreditoruli davalianebebis droulad dafarvis RonisZiebebis

SemuSaveba da ganxorcielebis monitoringi.

savaWro kreditoruli davalainebebis arsebobisa da mdgomareobis

maCveneblebia:

savaWro kreditoruli davalianebebis xvedriTi wili

valdebulebebis mimarT;

savaWro kreditoruli davalinebebis fardoba aqtivebTan da

sakuTar kapitalTan cal-calke;

momwodeblebisadmi davalianebebis dafarvis periodisa da dafarvis

ricxvis maCveneblebi;

momwodeblebisadmi davalianebebis dafarvis dayovnebis koeficienti

da sxva. analitikoss SeuZlia fardobis nebismieri koeficienti

gamoikvlios, rogorc adre aRvniSneT.

kreditoruli davalianebebis naSTebis cvlilebaze moqmedi faqtorebia:

kreditiT Sesyidvebis moculoba da vadebi;

sawarmos gadaxdisunarianoba (likviduroba);

valdebulebebis dafarvis siCqare;

debitoruli davalianebebis amoRebis drouloba;

kreditoruli davalianebebis marTvis xarisxi.


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220

valdebuleba mowodebidan SeiZleba ganxiluli iqnes, rogorc

dakreditebis ufaso wyaro. Tumca, davalianebis dafarvis vadis

gadaWarbebis SemTxvevaSi warmoiSoba xarjebi: xelidan gaSvebuli

diskontis, momwodebelTa keTilganwyobis dakargvis, momavali

gayidvebisaTvis araxelsayreli pirobebis warmoSobis saxiT.

Mmomwodebels SeuZlia myidvels SesTavazos diskonti (fasdakleba),

magram roca sawarmos finansebi ar yofnis, maSin igi sakredito periods

maqsimalurad gamoiyenebs. amasTan, arasworia, fulis gadaxdis dayovneba

nebadarTul droze meti xniT, radgan perspeqtivaSi es gavlenas moaxdens

momwodebeli organizaciis survilze, miawodos saqoneli.

amdenad, momwodebelTa winaSe arsebuli davalianebebis drouli

dafarvis mdgomareoba sawarmos xelmZRvanelobis interesis sferos

warmoadgens. davuSvaT arsebobs Semdegi informacia (ix. cxrili 9.4.1).

SevniSanvT, rom mocemul cxrilSi warmodgenili informacia kreditoruli

davalianebebis vadianobis Sesaxeb sawarmom finansuri angariSgebis

werilobiT ganmartebebSi unda gamoaqvynos. sawarmos menejments ki am

informaciis mopovebis problema ara aqvs.

rogorc 9.4.1. cxrilad Cans, mowodebidan warmoqmnili davalianebebis 11%

vadagadacilebulia, rac sawarmos gadaxdisunarianobis dabal doneze

mianiSnebs. aucilebelia misi gamomwvevi mizezebis dadgena da aRmofxvra,

radgan permanentulad vadagadacilebuli kreditoruli davlainebebi

gamoiwvevs momwodeblebis dakargvas, sawarmos saqmianobis Sekvecas,

TanamSromelTa samsaxuridan daTxovnas da bolos, gakotrebas.

cxrili 9.4.1. savaWro kreditoruli davalianebebis struqtura

vadianobis mixedviT 2017 wels maCveneblebi

aT. lari xv/w %-ad

valdebuleba mowodebidan sul maT Soris:

- vadadaumdgari - vadadamdagari - vadagadacilebuli

4100 2700 9900 1500

100 19 70 11

Aanalizis dros Seiswavleba kreditoruli davalinebebis dafarvis

maCveneblebi, rogoricaa: dafarvis (gadaxdis) periodi, dafarvis (gadaxdis)

ricxvi weliwadSi da dayovnebis koeficienti.

kreditoruli davalianebebis dafarvis periodi aCvenebs, saSualod

ramdeni dRe Wirdeba sawarmos momwodebelTa davalianebebis dasafaravad

weliwadSi. igi gamoiTvleba Semdegi ori xerxiT :

a). kreditoruli davalianebebis mowod-dan davalianebebis saS. naSTi * 365

dafarvis periodi = ------------------------------------------------------------------------ (9.4.1) kreditiT Sesyidvebi savaWro kred. dav. saS. naSTi b). kred. dav. dafarvis periodi = ------------------------------------------------- (9.4.2.)


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dRiuri Sesyidvebi

dRiuri Sesyidva gamoiTvleba wliuri Sesyidvebis fardobiT 365 dReze.

kreditoruli davalianebebis dafarvis ricxvi aCvenebs, weliwadSi sawarmo

ramdenjer ixdis momwodebelTa davalianebebs. es maCvenebelic SeiZleba

ori xerxiT gamoiTvalos: kreditiT Sesyidvebi wliurad a). kredit. Ddav. dafarvis ricxvi = -------------------------------------------------- (9.4.3) momw. dav. saS. naSTi

am koeficientis Sebrunebuli maCvenebeli aris sawarmos kreditoruli

davalianebebis dayovnebis koeficienti. 365 b). kredit. dav. dafarvis ricxvi = ------------------------------------------- (9.4.4.) vald. Ddafarvis periodi

mTliani valdebulebebis dafarvis periodi marTebulia gamoTvlil

iqnes realizaciidan miRebuli Semosavlebis safuZvelze.

sailustracio magaliTi.

pirobiTi sawarmo ss `kolxeTSi~, 2017 wels momwodebelTa davalianeba _

4100 aTas lars da kreditiT Sesyidvebi – 48650 aTas lars Seadgenda.

valdebulebebis dafarvis maCveneblebi Semdegnairad gamoiTvleba: dRiuri Sesyidva = 48650 / 365 = 133,3 aT.l kredit. davalianebebis dafarvis periodi = (4100 * 365 ) / 48650 = 30,8 dRe, an, 4100 / 133,3 = 30,8 dRe kreditoruli davalainebebis dafarvis ricxvi = 48650 / 4100 = 11,9-jer; an, 365 / 30,8 = 11,9-jer. maSasadame, Catarebuli gamoTvlebis Tanaxmad, saaqcio sazogadoeba `kolxeTs~

saSualod 30,8 dRe Wirdeba momwodebelTa davalianebis dasafaravad, am

davalianebis warmoSobis dRidan, anu weliwadSi TiTqmis 12-jer ixdis

momwodebelTa davalianebas.

rac ufro gaizrdeba kreditoruli davalianebebis dafarvis periodi, miT

ufro gaizrdeba mowodebidan warmoSobili valdebulebebis naSTebi, rac

uaryofiT movlenas warmoadgens. xolo,Ddafarvis ricxvis zrda Seamcirebs

kreditoruli davalianebebis naSTebs, rac dadebiT movlenas warmoadgens.

TviT kreditiT Sesyidvebis zrda ki zrdis kreditoruli davalianebebis

mosalodnel naSTebs.Ees kavSiri Semdegi formუlis saxiT gamoisaxeba: kred.Sesyidvebi kredit. dav. naSTi = kreditiT Sesyidvebi : --------------------------- (9.4.5.) kred.dav.naSTi

wina wlidan kreditoruli davalianebebis naSTebis gadaxraze moqmedi faqtorebis determinirebuli analizisaTvis, rogorc ukve iciT, jaWvuri Casmis xerxi unda gamoiyenoT.


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sailustracio magaliTi: davuSvaT arsebobs Semdegi informacia:

2016 w. 2017 w. gadaxra

kreditiT Sesyidevbi (aT. l) 55000 48 650 +2600

kredit. davalianebis saS. naSTi (aT.l) 4400 4070 _ 330

kred. davalianebis dafarvis ricxvi 12,5 11,95 _ 0,55

(55000 / 6400)

moTxovna: gavzomoT kreditoruli davalianebebis gadaxraze moqmedi ori mocemuli

faqtoris gavlena 9.4.5) modelis safuZvelze.

Pamoxsna:

I mwkrivi: 55000 : 12,5 = 4400 aT.l

II mwkrivi: 48650 : 12,5 = 3892 aT.l

kreditiT Sesyidvebis cvlilebis gavlena = 3892 – 4400 = _ 508 aT.l

III mwkrivi: 48650 : 11,95 = 4070 aT.l

kreditoruli davalianebebis dafarvis ricxvis cvlilebis gavlena =

= 4070 _ 3892 = + 178 aT.l

daskvna: rogorc gaangariSebam aCvena, mimdinare wels kreditoruli

davalianebebis naSTi Semcirda 330 aT. lariT, maT Soris, kreditiT

Sesyidvebis Semcirebam igi 508 aT. lariT, dafarvis ricxvis Semcirebam ki 178

aT. lariT gazarda. Mmeore faqtoris gavlena arasasurvelia, amitom unda

gatardes momwodebelTa davalianebebis dafarvis daCqarebis RonisZiebebi.

AdinamikaSi am maCveneblebis cvlilebis tempebs Soris kavSiris

gasazomad, Cveulebriv gamoiyeneba korelaciisa da determinaciis

koeficientebi.Aaseve, sainteresoa debitoruli da kreditoruli

davalianebebis dafarvis ricxvis maCveneblebs Soris kavSiris Seswavla

dinamikaSi, korelaciisa da determinaciis koeficientebis gamoyenebiT.

amasTan, unda gaxsovdeT, rom debitoruli davalianebebis dafarvis

ricxvis cvlileba moaxdens gavlenas kreditoruli davalianebebis

dafarvis ricxvis cvlilebaze da ara piriqiT. Eam SemTxvevaSi,

debitoruli davalianebebis dafarvis ricxvi damoukidebeli cvladi da

kreditoruli davalianebebis dafarvis ricxvis maCvenebeli ki

damokidebuli cvladia.

Amimdinare valdebulebebi gavlenas axdens wmina mimdinare aqtivebis

sididideze. adre aRvniSneT, rom sxvaoba mimdinare aqtivebsa da mimdinare

valdebulebebs Soris aris wminda mimdinare aqtivebi, romlis dafinanseba

SeiZleba moxdes sakuTari kapitaliT an grZelvadiani valdebulebebiT, an

oriveTi erTdroulad. Tu aRmoCnda, rom sakuTari kapitali grZelvadian

valdebulebebze naklebia, maSin, SeiZleba vivaraudoT rom wminda

mimdinare aqtivi grZelvadiani valdebulebebiTaa dafinansebuli. Tumca

amis zustad dadgena mainc SeuZlebeli iqneba, Tu sawarmoebma fanansuri

angariSgebis werilobiT ganmartebebSi ar waradgines informacia

mimdinare aqtivebSi dabandebuli grZelvadiani valdebulebebis Sesaxeb.


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9.5. aRebuli sesxebis analizi

sawarmoebs, sakuTari produqciis gayidvebidan kuTvnili Tanxebis

miRebamde, warmoSobili moklevadiani valdebulebebis dasafinanseblad

WirdebaT moklevadiani sesxebi. agreTve, sawarmos sesxi SeiZleba daWirdes

warmoebis ganviTarebis mizniT materialuri maragebis SesaZenad.

sesxebi sawarmosaTvis, rogorc wesi damatebiT xarjebs moiTxovs

saprocento xarjebis saxiT. adre ganxilul iqna, rom valdebulebebis

wilis zrda aqtivebSi, iwvevs finansuri riskis zrdas. sesxis procenti

sawarmom mainc unda gadaixados, miiRebs Tu ara mogebas. magram, sawarmoebi

mainc xSirad mimarTaven sakredito dawesebulebebidan sesxebis aRebis

praqtikas.

realurad, sesxebs aqvT naklebi danaxarjebi sakuTar kapitalze

gadasaxadebTan (dividendebTan) SedarebiT. amis mizezebi isaa, rom

gamsesxeblebi ufor nakleb ukugebas Eelian da saprocento gadasaxadi,

rogorc wesi, sagadasaxado SeRavaTiT sargeblobs.

sesxebi agreTve ufro moqnilia radgan zogadad, SeiZleba misi aReba,

dafarva da xelaxla aReba – nebismieri raodenobiT da nebismier dros.

sasesxo kontraqtebis umetesoba, garkveuli sazRvrebis dacvisas, dgindeba

msesxeblis SemoTavazebis mixedviT.

sesxi, rogorc wesi, damtkicebulia msesxebelsa da gamsesxebels Soris

dadebuli garkveuli kontraqtiT, romelSic Camoyalibebulia orive mxaris

uflebebi da valdebulebebi. maSin roca, saaqcio kapitali (kerZod,

Cveulebtriv aqciebSi), gulisxmobs biznesidan damatebiTi sargeblis

miRebas, direqtorebisa da auditorebis arCevis CaTvliT.

agreTve, sesxis aRebis mizezi SeiZleba iyos sxva upiratesobebic,

romelic sesxebs praqtikul ekonomikaSi gaaCniaT. kerZod: bankis sesxze

gasawevi SeTanxmebuli xarjebi mniSvnelovnad dabalia, vidre axal sakuTar

kapitalze gasawevi mcocavi xarjebi; bevr mcire firmas ar SeuZlia

sakuTari kapitalis dafinansebis gazrda da maTTvis firmis zrdis

erTaderT alternativad, sesxis aReba rCeba; firmebma SeiZleba sesxi aiRon

sazRvargareT, raTa moaxdinon ucxouri valutis kursTan dakavSirebuli

riskis hejireba (hejireba niSnavs biznes procesebis iseT organizebas da

iseTi RonisZiebebis gatarebas, riTac kompania SeZlebs maqsimalurad

aaridos Tavi riskebs) an daicvan Tavi politikuri riskisagan.

amdenad, Tavisi arsiT sesxi gulisxmobs valis gadaxdis valdebulebas,

maSin, rodesac sakuTari kapitalis dafarva Cveulebriv ar xdeba da ar

arsebobs misi dafarvis valdebuleba. Tu bizness ar SeuZlia valis

dafarva, maSin igi xdeba gadamxdeluunaro da sagangebo RonisZiebebis

miRebis gareSe, kotrdeba.

miuxedavad imisa, rom sesxs gaaCnia upiratesobebi siiafisa da

moqnilobis saxiT, igi agreTve iwvevs damatebiT risks, romelsac sul

mcire, sawyis etapze gavlena aqvs aqcionerebze. damatebiTi riski gamoiwvevs


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aqcionerebis mier ufro maRali ukugebis moTxovnas, rac Seamcirebs sesxis

siiafis efeqts.

amrigad, aRebuli sesxebis analizis meTodika aucilebelia finansuri

direqtorebisa da menejerebisaTvis, raTa efqtianad marTon sesxebi da

masTan dakavSirebuli riskebi. sawarmoTa mier aRebuli sesxebi SeiZleba

iyos moklevadiani an grZelvadiani. maTi analizi cal-calke unda Catardes.

sesxebis analizis amocanebia:

sesxebis dafarvis droulobis Sefaseba;

vadagadacilebuli sesxebis Sefaseba;

sesxebis gamoyenebis miznobrivi xarjvis Seswavla;

sesxebis optimalurobis dadgena;

sesxebis efeqtis dadgena;

procentis riskis Sefaseba;

sesxebis analizis safexurebia:

saWiro informaciis mogroveba, dajgufeba da analizuri cxrilebis

momzadeba;

sesxebis struqturuli da dinamikuri analizi;

sesxebis dafarvisa da gamoyenebis koeficientebis dinamikis

Seswavla;

procentis dafarvis mdgomareobis Seswavla;

sesxebis Seuferxebeli dafarvis RonisZiebebis SemuSaveba da

monitoringi maT ganxorcielebaze.

sawarmoSi sesxebis arsebobisa da gamoyenebis maCveneblebia:

sesxebis xvedriTi wili aqtivebSi da dinamika;

sesxebis fardoba sakuTar kapitalTan;

procentis dafarvis koeficienti;

procentis uzrunvelyofis koeficienti;

procentis leveriji;

sasesxo davalianebebis moculobis cvlilebaze da sesxebis riskebze

moqmedi faqtorebia:

sawarmos moTxovnebis cvlileba sesxebze;

sesxebis dafarvis drouloba da vadebi;

sawarmos gadaxdisunarinobis done (likvidurobis xarisxi);

sawarmos momgebianoba;

sabanko-sakredito politikis cvlileba;

procentis riskebis done;

sesxebis marTvis efeqtianobis done.

analizis dasawyisSi, rogorc ukve aRvniSneT,Sedgeba sesxebis

struqturisa da dinamikis cxrilebi. Mmonacemebi aiReba buRaltruli


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balansidan (ix. cxrili 9.5.1.). informacia vadagadacilebuli sesxebis

Sesaxeb finansuri angariSgebis ganmartebebSi unda iyos gamoqveynebuli.

cxrili 9.5.1. saanalizo sawarmos sesxebis struqtura

maCveneblebi

2016 w 2017 w AaT. l xv/w % aT. l xv/w %

- grZelvadiani sesxebi - moklevadiani sesxebi

--------------------------------------- jami maT Soris: vadagadacilebuli

5000 - ---------- 5000 800

100 - ----------- 100 13,3

7040 2200 --------- 9240 1400

76 24 ----------- 100 15

rogorc 9.5.1. cxrilidan Cans, ganxiluli ori wlis gnamavlobaSi

pirobiTi sawarmos sesxebis struqtura arastabiluria. wina wels mxolod

grZelvadiani sesxebs iyenebda. mimdinare wels ki moklevadiani sesxebic

arsebobs. amasTan, gazrdilia grZelvadiani valdebulebebis moculobac.

gazrdilia vadagadacilebuli sesxebis sididec. finansurma mnejmentma

aucileblad unda gaarkvios amis mizezebi.

Semdeg Sedgeba dinamikuri cxrili, sadac sainteresoa sesxebis

cvlilebis tempebi Sedarebul iqnes Semosavlebis cvlilebis tempebTan,

raTa Sefasdes sesxebis gamoyenebis efeqtianoba. savaraudoa, rom Tuki

sesxebis zrdas, realizaciidan miRebuli Semosavlebis zrda ar axlavs

Tan, sesxebis gamoyenebis efeqti SesaZloa nulamde daeces.

DsawarmoSi gamoyenebuli sesxebis efeqtianobis daxasiaTebisaTvis,

Seiswavleba sxvadasxva maCveneblebi. esenia:

grZelvadiani valdebulebebi moziduli kapitalis struqturis koficienti = ------------------------------------------------- (9.5.1) sul nasesxebi kapitali

es koeficienti exmareba menejments daadginos moklevadian da

grZelvadian sesxebs Soris iseTi optimaluri Tanafardoba, romelic

yvelaze nakleb saprocento xarjebs moitans.

sesxi, rogorc wesi moiTxovs, rom ZiriTadi Tanxis garda moxdes

procentis gadaxda, misi arsebobis mTeli drois ganmavlobaSi. procentma

SeiZleba moixmaros miRebuli mogebis mniSvnelovani nawili. SeiZleba

sruladac ki Seamciros mogeba da sawarmo azaralos.

sesxi atarebs mis gadauxdelobasTan dakavSirebul risks, romelic

sesxis Tanxis zrdasTan erTad izrdeba. rodesac msesxeblisaTvis an

gamsesxeblisaTvis miuRebeli xdeba valis dafarvis riski, amboben, rom

biznesi sesxis miRebis SesaZleblobis zRvarzea.

arsebobs finansuri wertili, romlis Semdegac arc erTi gamsesxebeli

aRar gascems sesxs. es praqtikulad warmoadgens sawarmos sesxtevadobis

zRvars, romelsac gare organizaciebi gansazRvraven.


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Pprocentis riskis gasazomad gamoiyeneba procentis leverijis

maCvenebeli. wminda wliuri saprocento xarji Pprocentis leveriji = ----------------------------------------------------------- (9.5.2.) saoperacio mogeba

am SemTxvevaSi procentis xarjis qveS igulisxmeba wminda saprocento

xarji, romelic miiReba saprocento xarjebidan saprocento Semosavlebis

gamoklebiT. es koeficienti Tu erTze metia, igi miuRebeli xdeba rogorc

msesxeblis, ise gamsesxeblis mier. informacia aiReba mogeba/zaralis

angariSgebidan.

pirobiTi sawarmo `kolxeTis~ magaliTze, procentis leveriji 2017 wels

Seadgens:

procentis leveriji = (1220 – 200) / 14140 = 0,07;

rogorc xedavT, igi Zalian dabalia rac dadebiT movlenas warmoadgens.

procentis leveriji dinamikaSi unda mcirdebodes da erTze naklebi unda

iyos. saoperacio saqmianobidan wliuri procentis miRebuli fuli _ mogebis gadasaxadi dafarvis koeficienti = ------------------------------------------------------------------------------ (9.5.3.) wliuri saprocento xarji

igi axasiaTebs, sawarmos aqvs Tu ara sakmarisi fuli sesxis dasafaravad

ise, rom ar gamoiwvios finansuri daZabuloba. monacemebi aiReba fuladi

nakadebis da mogeba zaralis angariSgebidan. es koeficienti erTze meti

unda iyos.

Cvens mier aRebuli pirobiTi saaqcio sazogadoebis `kolxeTis~

magaliTze, procentis dafarvis koeficientia aris: (13430 – 1200)/1220 = 10,02.

es imas niSanvas, rom saoperacio saqmianobidan miRebuli fuli, mogebis

gadasaxadis gamoqviTviT, 10-jer aRemateba wliur saoperacio xarjebs.

maSasadame, procentis dafarvis riski ar arsebobs. saoperacio mogeba procentis uzrunvelyofis koeficienti = ---------------------------------------------- (9.5.4.) wliuri saprocento xarji sesxiT Semosavlebis datvirTvis koeficienti = = sesxebis fardoba realizaciidan miRebul SemosavalTan (9.5.5.) igi axasiaTebs, ramdeni lari sesxi iyo dabandebuli yoveli erTi laris realizaciis misaRwevad. sesxebi / saoperacio xarjebTan (9.5.6.) aCvenebs, ramdeni lari sesxi iyo saWiro erTi laris danaxarjebis gasawevad. saprocento xarji / saoperacio mogebasTan (9.5.7.)


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igi axasiaTebs, saoperacio mogebis yoveli erTi laris datvirTvas saprocento xarjebiT. es koeficienti erTze naklebi unda iyos da dinamikaSi sasurvelia mcirdebodes. aqtivebis momgebianobis procentuli cvlileba sesxis efeqtianoba = ------------------------------------------------------------------------------ (9.5.8.) sexebis procentuli cvlileba 9.5.8. maCvenebeli axasiaTebs, aqtivebis momgebianobis procentuli

cvlileba aRemateba Tu ara sesxebis procentul cvlilebas. igi erTze meti

unda iyos da dinamikaSi sasurvelia izrdebodes.

NCamoTvlili maCveneblebi imavdroulad sawarmos finansur riskebsac

axasiaTeben. analizis dros gamokvleul unda iqnes am koeficientebis

cvlilebis tendenciebi dinamikaSi, variaciis koeficientis gamoyenebiT.

analizis Sedegebze dayrdnobiT sawarmos mmarTvelobas SeuZlia

gadawyvitos damatebiTi sesxebis mozidvis an sesxebis aRebis SezRudvis

politika. kiTxvebi TviTSemowmebisaTvis:

1. rodis warmoiSoba sawarmos debitoruli da kreditoruli davalianebebi; 2. CamoTvaleT debitoruli davalianebebis analizisaTvis saWiro maCveneblebi; 3. CamoTvaleT savaWro kreditoruli davalianebebis analizisaTvis saWiro

maCveneblebi; 4. daaxasiaTeT sesxebis riskebi da maTi koeficientebi; 5. daaxasiaTeT procentis riskis koeficienti.

t e s t e b i

1. debitoruli davalianebebis dafarvis periodi aCvenebs: a. ramdenjer ifareba moTxovnebi debitorebis mier, weliwadSi b. ramdeni procentia moTxovnebis xvedriTi wili aqtivebSi g. ramdeni dRe Wirdeba debitorebs valis dasafaravad, misi warmoSobis momentidan

2. debitoruli davalianebebis dafarvis ricxvi aris: a. debitoruli davalianebebis naSTebis fardoba kreditiT gayidvebTan b. kreditiT gayidvebis fardoba debitoruli davalianebebis naSTebTan g. kreditiT Sesyidvebis fardoba debitoruli davalianebebis naSTebTan

3. kreditoruli davalianebebis gadaxdis (dafarvis) ricxvi aCvenebs: a. ramdeni dRe Wirdeba sawarmos momwodebelTa davalianebebis dasafaravad, maTi warmoSobis momentidan

b. weliwadSi ramdenjer faravs sawarmo momwodebelTa davalianebas g. ramdeni dRe Wirdeba myidvels maTi valis dasafaravad

4. sawarmoSi, debitoruli davalianebebis saSualo wliuri naSTi 14200 lari iyo. grZelvadiani moTxovnebis naSTi – 16000 l. realizaciidan miRebuli Semosavalia 50000 l. ras udris debitorebis dafarvis periodi:

a. 100 dRe b. 104 dRe g. 107 dRe


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5. sawarmoSi, debitoruli davalianebebis saSualo wliuri naSTi _ 9500 lars, kreditoruli davalianebebis naSTi – 16000 lars, kreditiT Sesyidvebi 45000 lars, kreditiT gayidvebi – 57000 lars Seadgens. ras udris debitoruli davalianebebis dafarvis ricxvi weliwadSi:

a. 6 b. 5 g. 10

6. sawarmoSi, valdebulebebi mowodebidan 7500 l, grZlevadiani valdebulebebi 21400 l, kreditiT Sesyidvebi – 42500 l da kreditiT gayidvebi 34700 laria. ras udris savaWro kreditoruli davalainebebis dafarvis periodi:

a. 64,4 dRe b. 184 dRe g. 79 dRe

7. firmis balansiT, grZelvadiani aqtivebia – 54000, mimdinare aqtivebi – 30000, grZelvadiani valdebulebebi – 35000 da moklevadiani valdebulebebi – 16700 lari. sawarmos politikiT, grZelvadiani aqtivebi mxolod grZelvadiani sesxebiT finansdeba. grZelvadiani aqtivebis ra nawilia dafinansebuli kreditorebis mier:

a. 60% b. 55 % g. 65 %

8. firmis balansiT, mimdinare aqtivebia – 14000,grZelvadiani aqtivebi – 30000, sakuTari kapitali 35000 da valdebulebebi – 9000 lari. ras udris moziduli kapitalis koncentraciis koeficienti:

a. 20 % b. 25 % g. 30 %

9. moziduli kapitalis koncentraciis koeficientis zrda aris: a. dadebiTi movlena b. uaryofiTi movlena g. gardauvali movlena

10. grZelvadiani dabandebis struqturis koeficienti aCvenebs: a. grZelvadiani aqtivis ra nawilia dafinasebuli kreditorebis mier b. grZelvadiani aqtivis ra nawilia dafinansebuli mflobelebis mier g. grZelvadiani aqtivebis xvedriT wils aqtivebSi.

11. valdebulebebis dafarvis koeficienti aris: a. Semosavlebis fardoba mTlian valdebulebebTan b. valdebulebebis fardoba saoperacio saqmianobidan Semosul fulad

TanxasTan g. saoperacio saqmianobidan Semosuli fuladi Tanxis fardoba

valdebulebebTan 12. procentis uzrunvelyofis koeficienti aris:

a. mogebis fardoba saprocento xarjebTan b. saoperacio mogebis fardoba saprocento xarjebTan g. wminda mogebis fardoba saprocento xarjebTan

13. procentis leverijis koeficientis zrda: a. zrdis sawarmos finansur riskebs b. amcirebs sawarmos finansur riskebs g. ar cvlis sawarmos finansur riskebs

14. sesxebis fardoba realizaciidan miRebul SemosavlebTan, aCvenebs: a. ramdeni laris Semosavali miiReba yovel erTi lar sesxze b. ramdeni lari sesxi iyo dabandebuli yoveli erTi laris Semosavlis

misaRebad g. ramdeni lari ixarjeboda yovel erT lar sesxze


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15. sawarmos, Tavisi kreditoruli davalianebebis dasafarad weliwadSi saSualod 36 dRe sWirdeba, kreditoruli davalainebebis saSualo wliuri naSTia 5400 lari da gaangariSebebSi iyenebs 365 dRian weliwads.

ras udris kreditoruli davalianebebis dafarvis ricxvi weliwadSi: a. 15 b. 10 g. 51

a m o c a n e b i amocana 9.1. sawarmos finansuri angariSgebis mixedviT arsebobs Semdegi informacia: wina weli mimdinare weli gadaxra Semosavali realizaciidan 34600 38900 + 4300 maT Soris, kreditiT gayidvebi 28800 29400 + 600 savaWro debitoruli dvalianebebis saSualo wliuri naSTi 3200 4200 +1000 moTxovna:

1. gamoTvaleT debitoruli davalianebebis inkasaciis maCveneblebi dReebSi da jerebSi;

2. gazomeT debitoruli davalianebebis naSTebis gadaxraze moqmedi faqtorebi Semdegi formulis safuZvelze: debit. dav. naSTi = kreditiT gayidvebi : dafarvis ricxvi

3. gaakeTeT Sesabamisi komentarebi.

amocana 9.2. sawarmos finansuri angariSgebis mixedviT arsebobs Semdegi informacia:

wina weli mimd. weli gadaxra mat. maragebis kreditiT Sesyidvebi (l) 14580 16450 +1870 savaWro kreditoruli davalianebebis saSualo wliuri naSTi 5400 4700 - 700 moTxovna:

1. gamoTvaleT kreditoruli davalianebebis gadaxdis maCveneblebi dReebSi da jerebSi;

2. gazomeT kreditoruli davalianebebis naSTebis gadaxraze moqmedi faqtorebi Semdegi formulis safuZvelze:

Kkredit. dav. naSTi = kreditiT Sesyidvebi : dafarvis ricxvi 3. gaakeTeT Sesabamisi komentarebi.

amocana 9.3. erT-erTi kompania vaWrobs xelovnebis nimuSebiT da xaliCebiT. samuSao kapitalis marTvis miznebisaTvis, moagroves Semdegi informacia: sasaqonlo maragebis brunvis saSualo wliuri periodi 3,5 Tve debitoruli davalianebebis inkasaciis periodi 2,5 Tve kreditoruli davalianebebis gadaxdis periodi 2 Tve moTxovna:gaiangariSeT samuSao kapitalis dafinansebis saWiroeba TveebSi. amocana 9.4. kompaniis gayidvebis registris Tanxmad, wliuri gayidvebi Seadgens 480000 lars. faqtoruli kompania awarmoebs sawarmos gayidvebis registrs da iRebs sargebels


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gayidvebis 1,8%-s. amasTan,gayidvebis moculoba weliwadSi 14000 lariT Semcirdeba. faqtoruli kompaniis gamoyenebis SemTxvevaSi ekonomia administraciul xarjebSi 13000 lari iqneba. amJamad uimedo valebi brunvis 2%-s Seadgens. moTxovna: misaRebia Tu ara kompaniisaTvis, faqtoringuli kompaniis momsaxurebis miReba. amocana 9.5. kompania erTi_erTi dasaxelebis produqts yidis erT myidvelze, romelic davalianebas saSualod 30 dReSi faravs. uimedo debitoruli davalianeba, wina gamocdilebdan 4%-s Seadgens. mocemuli saxis produqtis ereulze arsebobs Semdegi informacia (l): gasayidi fasi 32 pirdapiri masalis xarji 10 pirdapiri SromiTi xarji 8 arapirdapiri cvladi xarji 4 arapirdapiri mudmivi xarji 2

------------------------------------------- sul xarjebi 24 -------------------------------------------- mogeba 8 kompania gegmavs mocemul klientTan gayidvebi 150 aTasi lariT gazardos.

nasesxeb kapitalze wliuri sargebeli 10%-ia.

moTxovna: SeafaseT gayidvebis gazrdis mosalodneli efeqti.

amocana 9.6. kompaniis debitoruli davalianebebis analizis Sedegad dadgenilia, rom yvela

debitori oTxi maxasiaTeblis mixedviT, Semdegnairad jgufdeba:

kategoria debitoruli davalianebebis uimedo debitorebis dafarvis periodi dR % A 15 1 B 20 3 C 30 5 D 40 9

mocemuli saxis produqciisaTvis, sawarmoSi arsebobs Semdegi normativebi: gasayidi fasi 5 l masalis xarji 2 l SromiTi xarji 1,5 l arapirdapiri cvladi xarji 0,5 l arapirdapiri nudmivi xarji 0,8 l mogeba 0,20 l kompanias SeuZlia realizacia wliurad 500000 lariT gazardos C da D

kategoriebis myidvelebis mimarT – 40:60 TanafardobiT. Nnasesxeb kapitalze

wliuri saprocento ganakveTia 12%, martivi procentis meTodiT.

moTxovna: SeafaseT gayidvebis gazrdis efeqti.


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Tavi 10. sakuTari kapitalis

mdgomareobis analizi sawarmos dafinansebis erT erTi mniSvnelovani wyaro aris sakuTari kapitali. sakuTari kapitalis formireba xdeba mesakuTreebis (an aqcionerebis) mier sawarmoSi ganxorcielebuli Tavdapirveli investirebis dros da Semdeg, mogebis reinvestirebis Sedegad. rogorc cnobilia, sakuTari kapitalis

struqturis Taviseburebebs ganapirobebs ama Tu im sawarmos iuridiul-samarTlebrivi forma. winamdebare saxelmZRvaneloSi ganxilulia saaqcio sazogadoebis tipis sakuTari kapitalis analizis sakiTxebi, radgan yvelaze srulad moicavs sakuTar kapitalTan dakavSirebul problemebs. Mmocemul TavSi ganxilulia:

sakuTari kapitalis formirebis gzebi. misi struqtura;

sakuTari kapitalis gamoyenebis maCvenebelTa sistema;

saaqcio kapitalis analizi;

sawarmos sadividendo politika;

sabaziso da gazavebuli Semosavali erT aqciaze;

sesxebisa da sakuTari kapitalis hibridebi;

10.1. sawarmos sakuTari kapitalis arsi da

analizis amocanebi sawarmos sakuTari kapitali aris aqtivebis is nawili, romelic rCeba

valdebulebebis dafarvis Semdeg. buRaltruli aRricxvis saerTaSoriso

standartebi mas wilobriv instruments uwodebs. wilobrivi instrumenti

aris nebismieri xelSekruleba, romelic adasturebs sawarmos aqtivebSi

yvela misi valdebulebis gamoqviTvis Semdeg darCenili wilis sakuTrebis

uflebas (bass 32, muxli 11).

sakuTari kapitali ori nawilisagan Sedgeba: avansirebuli

(investirebuli) da reinvestirebuli kapitalisagan.

A avansirebuli kapitali axasiaTebs kompaniaSi mesakuTreTa mier

Tavdapirvelad Cadebuli anu dabandebuli saxsrebis sidides. rogoricaa

saaqcio kapitali da saemisio kapitali. xolo reinvestirebuli kapitali

aris kompaniis funqcionirebis finansuri Sedegis anu dabandebuli

kapitalis gamomuSavebuli sargeblis kvlav avansireba biznesSi.

reinvestirebul kapitals miekuTvneba mogebis xarjze Seqmnili rezervebi,

gaunawilebeli mogeba da gadafasebis rezervi.

rogorc cnobilia, balansSi sakuTari kapitalis struqtura

Semdegnairadaa warmodgenili: saaqcio kapitali, saemisio kapitali, mogebis

xarjze Seqmnili rezervebi, gadafasebis rezervi da gaunawilebeli mogeba.


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aseTi klasifikacia sasargebloa wilobrivi instrumentebis marTvisa da

ekonomikuri gadawyvetilebebis misaRebad. aqve SevniSnavT, rom mogebis

gadasaxadis axali regulaciebiT saqarTveloSi, gaunawilebeli mogebis

maCvenebeli aRar iarsebebs, radgan mogeba mesakuTreebze gacemuli

dividendis gacemis Semdeg, mTlianad sawarmoSi iqneba reinvestirebuli.

buRaltrul balansSi asaxuli sakuTari kapitalis sidide

damokidebulia aqtivebisa da valdebulebebis Sefasebaze. rogorc wesi,

sakuTari kapitalis jamuri sidide SeiZleba mxolod SemTxveviT daemTxves

kompaniis mier gamoSvebuli aqciebis sabazro Rirebulebis mTlian Tanxas

an im Tanxas, romelic SeiZleba miRebul iqnas kompaniis wminda aqtivebis

gayidvis Sedegad.

sakuTari kapitalis formirebis (Seqmnis) gzebia:

axali aqciebis gamoSveba aqciebis ganTavsebiT, sajaro SeTavazebiT an

uflebiTi emisiiT;

Sida akumulirebuli (dagrovili) kapitali – saemisio kapitali,

rezervebi da gaunawilebebli mogeba (Tuki arsebobs).

sakuTari kapitalis warmoqmnis gzebs Soris arCevanis gakeTebisas

gaTvaliswinebul unda iqnes iseTi faqtorebi, rogoricaa finansebis

xelmisawvdomoba, finansebis odenoba, danaxarjebi aqciebis gamoSvebis

procudrebTan dakavSirebiT, gamoSvebuli aqciebis Sefaseba, kontroli,

gadasaxadebi da sadividendo politika.

kanonmdeblobiT, aqciebis gamoSvebis ufleba mxolod saaqcio

sazogadoebebs gaaCniaT.

saaqcio kapitali axasiaTebs aqcionerebis wils saaqcio sazogadoebaSi.

saaqcio kapitali organizaciaSi warmoiqmneba aqciebis gamoSvebis gziT.

Aaqcia aris fasiani qaRaldi, romelsac misi mflobelisaTvis moaqvs

Semosavali dividendis saxiT. SeiZleba gamoSvebul iqnes privilegirebuli

an Cveulebrivi aqciebi.

privilegirebuli aqciis mflobels ara aqvs xmis ufleba kompaniaSi,

magram aqvs dividendis ucvleli saprocenti ganakveTi. Cveulebrivi aqciis

mflobelebi monawileoben kompaniis saqmianobaSi da aqvT xmis ufleba,

radgan ara aqvT dividendis winaswar dadgenili ganakveTi.

aqcia SeiZleba iyos dabrunebadi an daubrunebadi.

dabrunebadi aqcia aris iseTi finansuri instrumenti, romelic

mflobels uflebas aniWebs emitents (gamomSvebs) ukan daubrunos

instrumenti fulad saxsrebze an sxva finansur aqtivze gacvlis gziT. Aan

avtomaturad ubrundeba emitents ama Tu im gaurkveveli movlenis

moxdenisas momavalSi, an instrumentis mflobelis sikvdilis an pensiaSi

gasvlis dros. aqciis dabrunebis pirobebi ganisazRvreba kompaniis mier

aqciebis gamoSvebis dros.

aqciebis ukan gamosyidvis pirobebi gaTvaliswinebulia xelSekrulebaSi,

romelic cxaddeba aqciebis gamoSvebis dros.


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finansuri valdebuleba maSin klasificirdeba wilobriv instrumentad,

Tu mis mflobels uflebas aniWebs, kompaniis likvidaciis SemTxvevaSi

miiRos misi wminda aqtivebis proporciuli wili. am SemTxvevaSi

proporciuli wili ganisazRvreba kompaniis wminda aqtivebis dayofiT toli

sididis erTeulebad da am Tanxis gamravlebiT aqcioneris kuTvnili

aqciebis erTeulebis raodenobaze.

finansuri instrumentebi moicavs rogorc pirvelad finansur

instruments magaliTad debitorul da kreditorul davalianebebs da

wilobriv fasian qaRaldebs, aseve, warmoebul finansur instrumentebs,

rogoricaa finansuri ofcioni, fiuCersebi da forvardebi, saprocento

ganakveTiani svopebi da savaluto svopebi (ix. sqema 1.1.1. gv. 11).

Oofcioni aris garkveuli SeRavaTiT, sabazroze dabal fasSi

gamoSvebuli aqciebi TanamSromlebisaTvis. Oofcionis gamyidveli Tavis

Tavze winaswar iRebs valdebulebas, uari Tqvas potenciur momaval

ekonomikur sargebelze an ganicados momavali potenciuri zarali aqciebis

realuri Rirebulebis cvlilebebTan dakavSirebiT. Aamrigad, ofcioni aris

ofcionis mflobelis ufleba _ aqtivebi gacvalos potenciurad

xelsayreli pirobebiT da gamyidvelis valdebuleba – aqtivebi gacvalos

potenciurad araxelsyreli pirobebiT. gamoiyofa fuT-ofcioni –

saxelSekrulebo ufleba da qol-ofcioni _ saxelSekrulebo valdebuleba.

warmoebuli finansuri instrumentis magaliTia agreTve forvarduli

kontraqti eqvsTviani dafarvis vadiT, romlis mixedviT myidveli

valdebulebas iRebs vTqvaT, gasces 2000 laris fuladi saxsrebi 2000

nominaluri Rirebulebis fiqsirebul ganakveTiani saxelmwifo obligaciis

sanacvlod, xolo gamyidveli valdebulebas iRebs gasces 2000 laris

nominaluri Rirebulebis mqone obligaciebi 2000 laris fuladi saxsrebis

sanacvlod eqvsi Tvis ganmavlobaSi. Aamdenad, orive mxares aqvs

saxelSekrulebo ufleba da valdebuleba. Tu obligaciis sabazro fasebi

Seicvleba, Sesabamisad aisaxeba myidvelisa da gamyidvelis operaciebSi.

amrigad, es saxelSekrulebo uflebebi da valdebulebebi warmoqmnis

finansur valdebulebebsa da finansur aqtivebs ofcionebis msgavsad.

GmniSvnelovani gansxvaveba forvardul kontraqtsa da ofcionis kontraqts

Soris is aris, rom forvarduli kontraqtis dros orive mxares

valdebulebis Sesruleba evaleba SeTanxmebul droSi. maSin, rodesac

ofcionis kontraqtis dros Sedegs mxolod da mxolod maSin eqneba

adgili, rodesac ofcionis mflobeli gadawyvets mis ganxorcielebas.

saemisio kapitali aris sxvaoba gamoSvebuli aqciebis gayidvis fassa da

nominalur Rirebulebas Soris. davuSvaT, gamoSvebulia 20000 laris

nominaluri Rirebulebis aqciebi, romelic 23000 larad gaiyida. maSasadame,

3000 lari warmoadgens saemisio kapitals.

gamoSvebuli aqciebi, garda fulisa, SeiZleba gaicvalos sxva romelime

saxis aqtivze: Senobebze, manqanebze da sxva. Aarafulad aqtivebze aqciebis

gayidvis SemTxvevaSi aqciebis Sefaseba xdeba an maTi sabazro fasiT an


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misaRebi aqtivis realuri RirebulebiT. arCevanis gakeTeba imis mixedviT

moxdeba, romeli midgoma ufro saimedo Sefasebas iZleva mocemul momentSi.

sawarmoebma SeiZleba moaxdinon privilegirebuli aqciebis konvertireba

winaswar arsebuli xelSekrulebis pirobebis Tanaxamad, Cveululebriv

aqciebze. misi mizania privilegirebuli aqciebis brunvidan amoReba.

Aaqciebis konvertireba xdeba nominaluri RirebulebiT. privilegirebuli

da Cveulebrivi aqciebis nominalur Rirebulebas Soris sxvaoba aisaxeba

saemisio kapitalis an mogeba/zaralis angariSze.

A aqciebi SeiZleba gamoSvebul iqnes ufasod anu bonusuri wesiT. aseT

RonisZiebas kompaniebi maSin mimarTaven, rodesac aqciis sabazro fasi

seriozulad gaizarda da iqmneba saSiSroeba, rom aqciebi ver gaiyideba.

arsebul aqcionerebze ufaso aqciebis gamoSvebiT, gaizrdeba ra brunvaSi

arsebuli aqciebis ricxvi, erTi aqciis sabazro fasi daecema. aseT dros

aqciebis gamoSveba xdeba saemisio kapitalis xarjze.

aqciebis sabazro fasis daweva agreTve SeiZleba gamoSvebuli aqciebis

danawevrebiT. Aam meTodis dros xdeba aqciebis ricxvis zrda TiToeuli

aqciis nominaluri Rirebulebis Semcirebis proporciulad. Sedegad

izrdeba brunvaSi myofi aqciebis ricxvi, xolo saaqcio kapitalis saerTo

jamuri sidide ar icvleba. davuSvaT, kompanias gamoSvebuli aqvs 2000 cali,

TiToeuli 10 lari nominaluri Rirebulebis Cveulebrivi aqcia, sul 20000

laris Rirebulebis. xelmZRvanelobam gadawyvita brunvaSi arsebuli

aqciebis ricxvis gazrda. maSin, erTi aqciis nominaluri Rirebuleba orjer

Semcirdeba. Aam SemTxvevaSi, brunvaSi iqneba 4000 cali aqcia, TiTo 5

laris nominaluri RirebulebiT. xolo, kapitalis saerTo sidide kvlav

20000 lari iqneba.

zogjer adgili aqvs sesxisa da sakuTari kapitalis erTgvar hibrids

(narevi), romelic aris dafinansebis erTgvari Sereuli saxe. mas miekuTvneba

konvertirebadi savalo valdebulebebi da varantebi.

konvertirebadi savalo valdebuleba aris sesxis saxeoba, romelic

mflobels (sesxis gamcems) aZlevs uflebas moaxdinos sesxis sxva fasian

qaRaldebSi, rogorc wesi, Cveulebriv aqciebSi konvertacia winaswar

gansazRvruli fasiT da gansazRvrul dros.

varanti aris ufleba kompaniis gansazRvruli raodenobis Cveulebrivi

aqciis Sesyidvaze gansazRvrul fasad, Cveulebriv, drois garkveul

periodSi.

periodulad, kompaniis xelmZRvanelobam SeiZleba miiRos

gadawyvetileba sakuTari aqciebis ukan gamosyidvis Sesaxeb. Ees SeiZleba

Tavdapirvalad gamocxadebuli pirobebis safuZvelze moxdes.

dabrunebadia iseTi finansuri instrumenti, romelic mflobels uflebas

aniWebs emitents ukan daubrunos instrumenti fulad saxsrebze an sxva

finansur aqtivze gacvlis gziT, an avtomaturad ubrundeba emitents ama Tu

im gaurkveveli movlenis moxdenisas momavalSi, an instrumentis mflobelis

sikvdilis an pensiaSi gasvlis dros (bass 32, muxli 10).


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sakuTari kapitalis analizis amocanebia:

sakuTari kapitalis optimaluri struqturis gansazRvra;

sakuTari kapitalisa da sawarmos riskebis kavSirebis dadgena;

dividendebis ganakveTebis da gacemis Sefaseba;

aqciebis Semosavlianobis analizi.

sakuTari kapitalis analizis safexurebia:

saWiro informaciis mogroveba da dajgufeba;

sakuTari kapitalis leverijis (riskis) maCveneblebis analizi;

gamoSvebuli aqciebis efeqtianobis maCvenebelTaA analizi;

dividendebis analizi.

sakuTari kapitalis moculobaze moqmedi faqtorebia:

sawarmos masStabebi da moTxovna finansur aqtivebze;

finansuri riskebi;

mogebidan Seqmnili rezervebis da dagrovili mogebis cvlilebis

tempebi.

sakuTari kapitalis gamoyenebis, mdgomareobis da efeqtianobis ZiriTadi

maCveneblebia:

sakuTari kapitalis struqturisa da dinamikis koeficientebi;

sakuTari kapitalis manevrirebis koeficienti;

sakuTari kapitalis leveriji – finansuri damokidebulebis

koeficienti; valdebulebebi/sakuTari kapitali;

sakuTari kapitalis rentabelobis koeficienti;

ekonomikuri zrdis koeficienti.

amrigad, sakuTari kapitalis analizs sawarmos finansuri menejmenti

regularulad unda atarebdes, raTa efeqturad marTos igi da daicvas

erTi mxriv, mesakuTreebis uflebebi da meore mxriv, sawarmosa da misi

TanamSromlebis interesebi.

10.2. sakuTari kapitalis struqturuli

da dinamikuri analizi analizis upirveles interess warmoadgens sakuTari kapitalis

struqturuli Semadgenloba. rogorc iciT, sakuTari kapitalis struqturas

sawarmos iuridiul samarTlebrivi forma gansazRvravs. mocemul

saxelmZRvaneloSi ganxilulia saaqcio sazogadoebis sakuTari kapitalis

struqturas, radgan maT, kapitalis yvelaze srulyofili struqtura

gaaCniaT.

sakuTari kapitalis struqturis Seswavlis mizniT Sedgeba Sesabamisi

cxrili (ix. cxrili 10.2.1). informacia aiReba buRaltruli balansidan.

saanalizo sawarmos sakuTari kapitalis struqturis cxrilidan Cans, rom

yvelaze maRali xvedriTi wili uWiravs saaqcio kapitals. Tu erTmaneTs


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SevudarebT ganvlili wlebis monacemebs, davinaxavT, rom bolo 2017 wels

saaqcio kapitalis wili Semcirda, xolo gaizarda mogebidan Seqmnili

rezervebis wili, mogebis reinvestirebis gamo. Semdgomi analiziT

gamokleuli unda iqnes, mogebidan konkretulad ra saxis rezervebia

Seqmnili da ramdenad efeqtianad gamoiyeneba igi. cxrili 10.2.1. sakuTari kapitalis struqtura procentulad

sakuTari kapitali 2013 2014 2015 2016 2017 - saaqcio kapitali - saemisio kapitali - ukan gamosyiduli aqciebi - rezervebi mogebidan - gadafasebis rezervi - gaunawilebeli mogeba

------------------------------- sul

57,64 15,09 - 11,07 5,84 10,36 --------- 100

65,89 12,87 - 9,65 4,67 6,92 --------- 100

66,72 9,03 - 6,28 7,20 11,77 -------- 100

67,75 15,36 - 6,14 3,84 6,91 ------- 100

57,05 12,11 (4,51) 32,60 2,75 - --------- 100

sakuTari kapitalis dinamikis SeswavlisaTvis saWiro informacia aseve

aiReba buRaltruli balansidan. Cvens magaliTze procentuli maCveneblebi

SeiZleba 2.3.2. cxrilidan iqnas gadmotanili. cxrili 10.2.2. sakuTari kapitalis dinamika procentulad 2013 welTan

sakuTari kapitali 2013 2014 2015 2016 2017 - saaqcio kapitali - saemisio kapitali - ukan gamosyiduli aqciebi - rezervebi mogebidan - gadafasebis rezervi - gaunawilebeli mogeba

--------------------------- sul sakuTari kapitali

100 100 100 100 100 100 -------- 100

143 107 - 109 100 83 -------- 125

148 77 - 73 136 146 ------- 128

154 133 - 73 86 87 -------- 131

181 147 - 538 86 - --------- 183

10.2.2. cxrilis monacemebidan Cans, rom dinamikuri maCveneblebi wlebis ganmavlobaSi meryeobiT xasiaTdeboda saemisio kapitalis, mogebidan Seqmnili rezervebis da gaunawilebeli mogebis mixedviT. rogorc iciT, 2017 wlidan gaunawilebeli mogebis maCvenebeli aRar arsebobs. mTlianad aris reinvestirebuli. mTlianobaSi ki, sakuTari kapitali stabilurad izrdeboda. TvalsaCinoebisaTvis saWiroa dinamikis grafikebis Sedgena. diagramaze SeiZleba erTad aigos sakuTari kapitalisa da wminda mogebis maCveneblebis grafikebi maTi tendenciebis urTierT SedarebisaTvis. sakuTari kapitalis cvlilebaze gavlenas axdens aqciebis gamoSveba, aqciebis ukan gamosyidva, saemiso kapitalis cvlileba da wminda mogebis cvlileba. erT-erTi mniSvnelovani faqtori, romelic aseve gavlenas axdens sakuTari kapitalis moculobaze, aris gadafasebis rezervi, romelic


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grZelvadiani aqtivebis gadafasebis dros warmoiqmneba. Aaq gansakuTrebiT mniSvnelovania, specialistebis mier ramdenad saimedod aris Sefasebuli grZelvadiani aqtivebi, rac metad problematuria. sakuTari kapitali SeiZleba dabandebuli iyos grZelvadian aqtivebSi an mimdinare aqtivebSi. rogori efeqtiT gamoiyeneba igi, mniSvnelovnad damokidebulia TviT mimdinare da grZelvadiani aqtivebis gamoyenebis efeqtianobaze. amdenad, sakuTari kapitalis gamoyenebis analizi metad mniSvnelovania.

10.3. sakuTari kapitalis mdgomareobis

maCveneblebi

sakuTari kapitali, rogorc wesi, sawarmos aqtivebis dafinansebis

yvelaze saimedo wyaroa. misi dabandeba xdeba grZlevadian da moklevadian

aqtivebSi. maSasadame mas gaaCnia sabrunavi kapitalis nawili da ZiriTadi

saSualebebis dafinansebis nawili. es maCveneblebi buRaltruli balansis

informaciis safuZvelze gamoiTvleboda.

sakuTari kapitalis im nawils, romelic mimdinare aqtivebSia

dafinansebuli, sabrunavi nawili ewodeba. danarCeni ki aris ZiriTad

saSualebebSi dabandebuli sakuTari kapitalis nawili.

mimdinare aqtivebSi dabandebuli sakuTari kapitalis nawils sakuTari

sabrunavi saSaulebebi (saxsrebi) ewodeba. magram, mis gamosaTvlelad,

rogorc meSvide TavSi ukve ganxilul iqna, mxolod buRaltruli balansis

informacia sakmarisi aRaraa. es gamowveulia imiT, rom mimdinare aqtivebis

dafinansebis Tanamedrove midgomebiT, igi SeiZleba grZelvadiani sesxebiTac

dafinansdes.

amitom, tradiciuli gamoTvlis xerxiT: sakuTari sabrunavi saxsrebi = mimdinare aqtivebi - mimdinare valdebulebebi, sworia im SemTxvevaSi, Tuki grZelvadiani sesxi dabandebuli araa mimdinare aqtivebSi. amitom, Tanamedrove midgomebis pirobebSi, sakuTari sabrunavi saxsrebi = = mimdinare aqtivebi _ mimdinare vald. – mimdinare aqtivebSi dabandebuli grZelvadiani sesxebi (10.3.1.) Tu mimdinare aqtivebi mimdinare valdebulebebze metia, maSin,

Tanamderove pirobebSi igi dafinansebulia an sakuTari kapitaliT an

grZelvadiani sesxiT an oriveTi erTdroulad. amis identificireba ki

buRaltruli balanis informaciiT ukve SeuZlebelia. amitom informacia

sakuTari kapitalisa da grZelvadani sesxebis gamoyenebis miznobriobis

Sesaxeeb, sawarmom finansuri angariSgebis werilobiT ganmartebebSi unda

waradginos.

sawarmos finansuri menejmentisaTvis ki problemas ar warmoadgens

saWiro informaciis mopoveba. man es aucileblad unda icodes da


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yovelwliurad moaxdinos ramdenad optimaluria mimdinare da grelvadian

aqtivebSi sakuTari kapitalisa da grZelvadiani sesxebis dafinansebis

arsebuli politika.

sakuTari kapitalis mdgomareobis koeficientebi sawarmos finansuri

stabilurobis maxasiaTeblebia. isini, finansuri riskebis

arseboba/ararsebobis Sesaxeb mianiSneben.

AsakuTari kapitalis gamoyenebis saerTo maCveneblebia: sakuTari kapitali sakuTari kapitalis koncentraciis koeficienti = ---------------------------- (10.3.2.) aqtivebi igi aCvenebs aqtivebis ra nawilia dafinansebuli sakuTari kapitalis xarjze.

sasurvelia, es koeficienti 0,5-ze naklebi ar unda iyos (garda bankebisa).

winaaRmdeg SemTxvevaSi biznesis finansuri riski izrdeba. sakuTari sabrunavi saxsrebi sakuTari kapitalis manevrirebis koeficienti = --------------------------------------------- (10.3.3.) sakuTari kapitali

igi aCvenebs sakuTari kapitalis ra nawilia avansirebuli moklevadian

aqtivebSi. Tu es koeficienti nuls gautolda, iwyeba sakuTari sabrunavi

saxsrebis deficiti, rac finansuri mdgomareobis daZabulobaze mianiSnebs. aqtivebi finansuri damokidebulebis koeficienti = ------------------------------ (10.3.4.) sakuTari kapitali es maCvenebeli sakuTari kapitalis koncentraciis Sebrunebuli

maCvenebelia da aCvenebs, aqtivebi ramdenjer aRemateba sakuTar kapitals.

am maCveneblis zrda valdebulebebis zrdas niSnavs. Tu es koeficinti

erTis tolia, niSnavs rom mesakuTreebi sawarmos mTlianad afinanseben da

akontroleben. Ees maCvenebeli imavdroulad finansuri riskis maCveneblia

da misi zrda finansuri riskis zrdas niSnavs.

wminda mogeba saaqcio kapitalis ukugeba (ROE) = -------------------------------- * 100 (10.3.4) saaqcio kapitali

es koficienti ufro mimzidvelia aqcionerebisaTvis. igi aCvenebs ramdeni

procenti mogeba rCeba sawamoSi, mesakuTreebis mier masze mindobili

kapitalidan.

saaqcio kapitalis rentabelobis Sebrunebul maCvnebels saaqcio

kapitalis gamosyidvis periods uwodeben. saaqcio kapitali saaqcio kapitalis gamosyidvis periodi = -------------------------------- ; (10.3.5.) wminda mogeba

igi aCvenebs ramdeni weli daWirdeba sawarmos, srulad dafaros

investorebis kapitali anu valdebuleba investorebis mimarT. mocemul


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koeficientebze gavlenas axdens sakuTari kapitalis koncentraciis

koeficienti da finansuri momgebianoba. es kavSiri faqtoruli modelis

saxiT SeiZleba gamoisaxos: saaqcio kapitali/aqtivebi saaqcio kapitalis gamosyidvis periodis = ---------------------------------------------; (10.3.6) faqtoruli modeli wminda mogeba/aqtivebi mogebidan Seqmnili rezervebi + gaunawilebeli mogeba ekonomikuri zrda = --------------------------------------------------------------------------------------- (10.3.7) saaqcio da saemiso kapitalis jami wlis bolos

ekonomikuri zrdis koeficienti aCvenebs ramdeni laris mogebis

reinvestireba moxda sawarmoSi saaqcio kapitalis yovel erT larze. igi

axasiaTebs aqcionerebis politikas, ramdenad afarToeben bizness, rasac

dadebiTi socialur-ekonomikuri Sedegebi moaqvs, rogorc mikro, ise makro

doneze.

Cveni azriT, sainteresoa agreTve ekonomikuri zrdis donis gamoTvla

resursebis yovel erT larze, rogorc mogebidan Seqmnili rezervebis

fardoba aqtivebTan.

aqcionerebisaTvis mniSvnelovania agreTve saaqcio kapitalis fasis

maCvenebeli, romelzec dividendebis sidide axdens gavlenas.

Cveulebrivi aqciebis mTliani dividendi saaqcio kapitalis fasi = ----------------------------------------------------------------------- ; (10.3.8) (WACC) Cveulebrivi saaqcio kapitali

E es koeficienti aCvenebs, aqcionerisaTvis ramdeni lari Semosavali

moaqvs saaqcio kapitalSi avansirebuli Rirebulebis yoveli erT lars.

agreTve Seiswavleba kapitalis saSualo Sewonili Rirebuleba

(WACC – Weighted avarege cost capital), romelic Semdegi formuliT gamoiTvleba:

WACC = re * (E/V) + rd * (D/V) * (1-t), sadac, (10.3.9)

re - aris saaqcio kapitalis moTxovnili ganakveTi

E - Cveulebrivi saaqcio kapitalis sidide

D - nasesxebi kapitalis sidide

V - sakuTari da nasesxebi kapitalis sidide

rd - nasesxebi kapitalis mozidvis saprocento ganakveTi

t - mogebis gadasaxadis ganakveTi

kapitalis saSualo Sewonili Rirebuleba rac ufr maRali iqneba

nulidan da stabiluri, potenciuri investori, kompaniis aqciebis

SesyidviT miT metad dainteresdeba.


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240

saanalizo sawarmos magaliTze, Tuki re = 20%, rd = 12% da t =15%, maSin,

miiReba Semdegi Sedegi:

WACC = 0,2 * 10360 /(10360+9600) + 0,12 * 9600 / (10360+9600) * (1- 0,15) = 0,1529

maSasadame, ganxilul saanalizo sawarmoSi saaqcio kapitalis saSualo

fasi ari 15,29%.

Aanalizis dros CamoTvlili koeficientebis dinamika da variaciis

koeficientebi Seiswavleba analitikosebis mier. amasTan, maCveneblebs

Soris kavSirebis dasadgenad, rogorc ukve iciT, korelaciis da

determinaciis koeficientebi gamoiyeneba, oRond sworad unda SeirCes

damokidebuli da damoukidebeli cvladebi. ase magaliTad: sakuTari

kapitalis rentabeloba gavlenas axdens sakuTari kapitalis gamosyidvis

periodze da ara piriqiT; sakuTari kapitalis manevrirebis koeficientze

gavlenas axdens debitoruli da kreditoruli davalianebebis brunvadoba

(dafarvis ricxvi); finansuri damokidebulebis koeficienti gavlenas

axdens sakuTari kapitalis rentabelobaze; sakuTari kapitalis

rentabeloba ki gavlenas axdens ekonomikuri zrdis maCvenebelze da a.S.

amdenad, yovel konkretul viTarebaSi unda moxdes damokidebuli da

damoukidebeli cvladebis identificireba.

10.4. saaqcio kapitalis analizis

meTodika

saaqcio kapitali, rogorc wesi, aqciebis gamoSveba-gayidvis gziT

warmoiqmneba. aqciebis gamoSvebis dros, kompaniam SeiZleba gamoacxados

piroba, rom garkveuli drois Semdeg sakuTar aqciebs ukan Seisyidis

nominaluri RirebulebiT an sabazro fasiT an ufleba misces aqcionerebs,

Tavisuflad gayidon aqciebi bazarze.

bass 32 – `finansuri instrumentebi: wardgena” - miuTiTebs, rom Tu

kompania xelaxla Seisyidis wilobriv insrumentebs, isini (gamosyiduli

aqciebi) gamoakldeba sakuTar kapitals. sakuTari wilobrivi instrumentebis

Sesyidvis, gayidvis, gamoSvebis an gauqmebis Sedegad warmoSobili araviTari

Semosuloba an danakargi ar aRiardeba mogebad an zaralad. aseTi

gamosyiduli aqciebis SeZenis sanacvlod gadaxdili an miRebuli

anazRaureba unda aRiardes pirdapir sakuTar kapitalSi [bass 32, muxli 33].

Aamdenad, aqciebis ukan gamosyidva gavlenas axdens saemisio kapitalze, an

saemiso kapitalis ukmarisobis SemTxvevaSi, gaunawilebebl mogebaze.

aqciebis gamoSvebis mizniT, kompania cdilobs miaRwios registracias

safondo birJaze, vinaidan, registrirebuli organizaciebi xSirad

aRiqmebian, rogorc finansurad Zlier da maRali kreditunarianobis mqone


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241

organizaciebad. isini, umeteswilad warmoadgenen swrafad mzard firmebs

da Cveulebriv eyrdnobian gaunawilebel mogebas da moklevadian sesxebs.

investorebi amjobineben investiciebi Cadon safondo birJebze

registrirebul kompaniebSi, vidre araregistrirebul kompaniebSi.

registrirebuli aqciebis mqone kompaniebis mflobelebi ramdenime

wliani warmatebuli muSaobis Semdeg xdebian mniSvnelovani paketis

mflobelebi da SeuZliaT TavianTi qoneba axali miznebisaTvis gamoiyenon;

aamaRlon aqciebis realizebadoba; daTanxmden, kompaniis xelmZRvanelobas

ofcioniT aqciebis gayidvaze; xeli Seuwyon kompaniis gafarToebas

(`STanTqmis~ meSveobiT iyidon sxva sawarmoebi); aamaRlon kompaniis

prestiJi.

birJaze kotireba kompanias aniWebs finansuri respeqtabelurobis (finansuri mimzidvelobis) saxes, romelic SeiZleba xels uwyobdes axali

xelSekrulebebis dadebas. agreTve SeuZlia miiRos ufaso reklama, rodesac

mas finansuri presa warmoadgens da ganixilavs mis Sedegebs.

registrirebuli kompaniebis maCveneblebi udardeba saSualo dargobriv

maCveneblebs, rogoricaa: ukugeba (grZlevadian) gamoyenebul kapitalze

(ROCE); ukugeba saaqcio kapitalze (ROE); saoperacio mogebis marJa;

mimdinare da swrafi likvidurobis koeficientebi; leveriji (mTliani

valdebulebebi/sakuTari kapitali); procentis dafarvis koeficineti;

dividendis uzrunvelyofis koeficienti.

gamoSvebuli aqciebis saxeebis Sesabamisad, saaqcio kapitali arsebobs

an privilegirebuli aqciebis an Cveulebrivi aqciebis saxiT. maSasadame

saaqcio kapitalis struqturas gansazRvravs Tanafardoba privilegirebul

da Cveulebriv saaqcio kapitals Soris.

kompaniisaTvis, privilegirebuli aqciebis gamoSveba ufro maRali riskiT

xasiTdeba vidre Cveulebrivi aqciebis gamoSveba.

zogjer, privilegirebul saaqcio kapitals valdebulebebs adareben,

vinaidan kompania valdebulia nebismier SemTxvevaSi, mogebis sididis

miuxedavad, gasces dividendi gamoSvebul privilegirebul aqciebze. es ra

Tqma unda ar niSnavs imas, privilegirebuli saaqcio kapitali gaigivebuli

iqnes valdebulebebTan, radgan, valdebulebebi rogorc aseTi, kompaniaSi

wilis flobis uflebas ar iZleva.

rogorc adre iyo ganxiluli, finansebis mozidva SeiZleba moxdes

aqciebis sajaro SeTavazebiT, aqciaTa uflebiTi emisiiT an aqciebis

bonusuri emisiiT. arCevanis gakeTeba damokidebulia finansuri resursebis

xelmisawvdomobaze da Sida akumulirebuli fondebis odenobaze.

Aaqciebis sajaro gamoSvebisas gacilebiT maRalia kompaniis mmarTvelobis

da administraciis xarjebi, vidre uflebiTi emisiis dros.

aqciebis gamoSvebis dros erT-erTi umTavresi problemaa aqciis fasis

sworad daweseba. Tu fasi maRalia, maSin aqciebis gamoSveba mTlianad

aTvisebuli ar iqneba da misi nawili darCeba gamomSvebTan. piriqiT, Tu fasi

dabalia, maSin sargebels Zveli aqcionerebis nacvlad, miiReben axlebi.


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242

TiTqmis gardauvalia, rom gamoSvebis fasi naklebi iqneba sabazro fasze,

gamoSvebis fasis mimzidvelobis gamo.

aqciebis uflebiTi emisiis dros fasis problema aRar arsebobs, radgan

aqciis fasi sabazroze dabalia da es normaluri movlenaa. Sida

akumulirebuli fondebi da uflebiTi emisia ar iwvevs aqcionerebis

Secvlas, radgan maT arsebuli aqcionerebi iReben. sajaro SeTavazebis

dros ki warmoiSoba axali aqcionerebi. romeli mimarTulebaa ufro

misaRebi, damokidebulia finansebis mozidvis miznebze. Tu arsebul

aqcionerebs aqvT kontrolis SenarCunebis survili, maSin umjobesia

aqciebis uflebiTi emisia. Tu sasurvelia kontrolis diversifikacia, maSin

umjobesia aqciebis sajaro SeTavazeba.

aqciebis uflebiTi emisiiT SeiZleba kompaniam moizidos grZlevadiani

finansebi, romelic gamoyenebuli iqneba samrewvelo saSualebebis Sesyidva-

gafarToebisaTvis an sazRvargareT investirebisaTvis. xolo investorebs

SeuZliaT aqciebi iafad Seisyidon da daitovon, an maRal fasSi gayidon igi

Tavisufal bazarze.

aqciebis bonusuri emisiis ganxorcielebam, romelic Sida akumulirebuli

fondebis safuZvelze xdeba, SeiZleba sadividendo politikis Secvla

gamoiwvios, ramac SeiZleba uaryofiTi gavlena moaxdinos aqciis fasze.

Tumca arsebobs Teoriuli argumenti, rom es ase ar moxdeba.

Uusasyidlod aqciebis gamoSveba xSirad gamarTlebulia im safuZvelze,

rom arsebobs aqciebis raodenobis gazrdis saWiroeba aqciis fasis

Sesamcireblad. xSirad daoben imasTan dakavSirebiT, rom bazars `ar

moswons~ Zalian Zviri aqciebi. aqciebis raodenobis gazrdiT ki

SesaZlebelia aqciis fasis daweva. amiT aqciebi ufro likviduri xdeba anu

gayidvisunairanoba izrdeba da praqtikuli gamocdilebebi adastureben, rom

investorebi aqciebis usasyidlo gamoSvebis Sedegad damatebiT mogebas

iReben.

Aanalizis dros sainteresoa privilegirebuli da Cveulebrivi saaqcio

kapitalis Tanafardobis maCveneblis cvlilebis tendenciis Seswavla

ganvlili ramdenime wliani periodisaTvis, raTa gamokvleul iqnes,

ramdenad efeqturi iyo saaqcio kapitalis struqtura. rogorc wesi,

privilegirebuli aqciebis mflobelebma dividendi garantirebulad unda

miiRon.

buRaltrul balansSi gamoyofilad unda iyos warmodgenili

privilegirebuli da Cveulebrivi saaqcio kapitali. Cvens magaliTze,

saaqcio sazogadoeba `kolxeTis~ saaqcio kapitalis struqtura naCvenebia

10.4.1. cxrilis saxiT. am cxrilis monacemebis Tanaxmad, absolutur

moculobaSi privilegirebuli saaqcio kapitalis sidide aRebuli xuTi

wlis ganmavlobaSi ar Secvlila, magram mTliani saaqcio kapitalis

SemadgenlobaSi, misi xvedriTi wili yovelwliurad mcirdeboda da 52,4%-

dan (2013 wels), 29%-mde daeca 2017 wels. es gamowveli iyo Cveulebrivi

saaqcio kapitalis zrdiT.


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243

cxrili 10.4.1.

saanalizi sawarmos saaqcio kapitalis struqtura

wlebi

saaqcio kaitali maT Soris

aT. lari

xv.w

%-ad

privileg.

aqciebSi

xv.w

%-ad

Cveulebriv

aciebSi

xv.w

%-ad

2013

2014

2015

2016

2017

5730

8190

8500

8820

10720

3000

3000

3000

3000

3000

52,4

36,6

35,3

34,0

29

2730

5190

5500

5820

7720

47,6

63,4

64,7

66,0

71

P privilegirebul aqciebze, xelSekrulebis Tanaxmad, davuSvaT gaicema

wliurad 10% dividendi. igi investorisaTvis aris naklebad riskiani,

radgan procenti gadaxdili unda iqnes imis miuxedavad, ramdenia kompaniis

mogeba. amasTan, mis mflobelebs gaaCniaT upiratesoba procentis

gadaxdisas da kompaniis likvidaciis SemTxvevaSi (pirvel rigSi maTi

valdebulebebi ifareba). amitom Tanxmdebian privilegirebuli aqciis

mflobelebi, dividendis dabal saprocento ganakveTs.

Cveulebriv aqciebze gasacemi dividendis sidide ki yovelwliurad

sxvadasxva iqneba, radgan igi, rogorc wesi, aqciebis gamomSvebi kompaniis

mogebis sidideze da sadividendo politikazea damokidebuli.

pirvel rigSi sakuTari kapitalis mdgomareobis im maCveneblebis dinamika

Seiswavleba, romlebic wina sakiTxSi iqna ganxiluli (ix. cxrili10.4.2). cxrili 10.4..2.

sakuTari kapitalis mdgomareobis maCveneblebi

maCveneblebi 2013 1014 2015 2016 2017

1. sak. kapit. koncentraciis koeficienti 0,439 0.554 0,543 0525 0,503

2. finansuri damokidebulebis koefic.-ti 2,284 1,805 1,841 1,906 1,989

3. ekonomikuri zrda 0,372 0,252 0,271 0,193 0,571

4. gamoyenebuli kapitalis ukugeba 0,89 0,77 0,78 0,78 0,561

6. saaqcio kpitalis ukugeba 1,7 1,19 1,18 1,145 1,112

7. saaqcio kapitalis gamosyidvis

P periodi wlebSi

0,59

0,84

0,84

0.827

0,869

rogorc 10.4.2 cxrilidan Cans, sakuTari kapitalis koncentraciis

koeficienti 2013 welTan SedarebiT gaumjobesebulia, magram wina welTan

SedarebiT Semcirebulia. aseve Zalian maRalia finansuri damokidebulebis

koeficienti, rac imas niSnavs, rom sawarmo kreditorebze mniSvnelovnadaa

damokidebuli, radgan valdebulbebi wili aqtivebis dafinansebaSi 50%-ia.

saaqio kapitalis ukugeba zrdis tendenciiT xasiaTdeba. Tumca, 2017 wels

igi wina welTan SedarebiT Semcirda..

faqtoruli analizisaTvis saaqcio kapitalis ukugebis maCvenebeli

diuponTis xuT faqtoriani modelis saxiT aris warmodegnili (DuPont – iyo

msxvili kompania, romlis menejmentma pirvelad gamoiyena es modeli).


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244

wminda mogeba wliuri mogeba mogeba %-mde wl. Semosav. aqtivebi ROE = ----------------------- * ----------------------------- * ----------------------- * --------------------- * ------------------------; M wliuri mogeba mogeba %-mde wl. Semosavali aqtivebi saaqcio kapitali

mogeba %-mde - aris mogeba procentis xarjis gamoqviTvamde anu

saoperacio mogeba. xolo, aqtivebi da saaqcio kapitali aiReba saSualo

naSTis saxiT buRaltruli balansidan.

mocemuli tolobis mixedviT SeiZleba saaqcio kapitalis gadaxraze

moqmedi xuTi faqtoris cvlilebis gavlenis gazomva, rogoricaa:

pirveli faqtori: wminda mogebis wili dasabegri mogebis mimarT. rac ufro

maRali iqneba es maCvenebeli, miT meti iqneba saaqcio kapitalis finansuri

rentabeloba, rac gansakuTrebiT mesakuTreebs da personalsac aintersebT; meore faqtori - dasabegri mogebis wili procentis gamoqviTamde arsebuli mogebis mimarT. Ees koeficienti rac ufro gaizrdeba wina periodTan SedarebiT, niSnavs rom saprocento xarjebi mcirdeba da momgebinoba izrdeba; mesame faqtoria saoperacio mogebis norma; meoTxe faqtori arsebiTad aCvenebs aqtivebSi avansirebuli Rirebulebis brunvis ricxvs. Aanu, mTeli avansirebuli Rirebuleba weliwadSi ramdenjer gadaiqceva Tavisufal fulad saSaulebad. Aavansirebuli Rirebulebis brunvadoba rac ufro daCqardeba, miT uqro aqtiuria biznesi da uzrunvellyofs met momgebianobas. gamoTvlebSi aqtivebi da saaqcio kapitali aiReba wlis bloods mdgomareobiT. mexuTe faqtor-maCvenebelia saaqcio kapitalis datvirTvis koeficientia anu aqcionerebis mier dabandebul yovel erT lars, ramdeni laria avansirebuli mTlian resursebSi. es modeli SeiZleba informaciis gare momxmareblebmac gamoiyenon

sawarmoebis SedarebiTi daxasiaTebisaTvis, radgan maCveneblebi mTlianad

finansuri angariSgebidan aiReba.

cxrili 10.4.3. saaqcio kapitalis ukugebis gadaxraze moqmedi faqtorebis gavlenis Sedegebi

maCveneblebi wina wels

mimdinare wels

gadaxra (+, _)

_ saaqcio kapitalis ukugeba 1,145 1,112 -0,033 Ggadaxraze moqmedi faqtorebi: I. wminda mogebis fardoba wliur mogebasTan II. wliuri mogebis fardoba saoperacio mogebasTan III. saoperacio mogebis marJa IV. aqtivebis Semosavlianoba V. finansuri damokidebulebis koeficienti Ggadaxraze moqmedi faqtorebis gavlena:

pirveli faqtori gavlena

meore faqtoris gavlena

mesame faqtoris gavlena

meoTxe faqtoris gavlena

mexuTe faqtoris gavlena

0,886 1,0364 0,1414 3,1358 2,8129 -

-

-

-

-

0,9085 0,9279 0,1478 2,6485 3,3703 -

-

-

-

-

+0,0225 _0,1085 +0,0064 _0,4873 +0,5574 +0,0291

_0,1229

+0.0477

_0,1708

+0,1839


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245

faqtorTa gavlenis gazomvis meTodika absloluturi sxavobis xerxiT Semdegia (ganxilulia pirvel TavSi):

pirveli faqtoris gavlena = (+0,0225) * 1,0364 * 0,1414 * 3,1358 * 2,8129 = +0,0291 meore faqtoris gavlena = 0,9085 * (_0,1085) * 0,1414 * 3,1358 * 2,8129 = _0,1229 mesame faqtoris gavlena = 0,9085 * 0,9279 * (_0,0064) * 3,1358 * 2,8129 = +0,0477 meoTxe faqtoris gavlena = 0,9085 * 0,9279 * 0,1478 * (-0,4873) * 2,8129 = _0,1708 mexuTe faqtoris gavlena = 0,9085 * 0,9279 * 0,1478 * 2,6485 * (+0,5574) = +0,1839 ------------ jami - 0.033 amrigad, rogorc gaangariSebebi aCvenebs, saaqcio kapitalis ukugebis

gadaxraze orma faqtorma moaxdina uaryofiTi gavlena, danarCenma ki

dadebiTi. kerZod, wminda mogebis fardobam wliur mogebasTan saaqcio

kapitalis ukugeba gazarda 0,0291 punqtiT; aqtivebis Semosavlianobis

Semcirebam ki 0,1708 punqtiT Seamcira igi da a.S. mTlianobaSi, ki saaqcio

kapitalis ukugeba, wina welTan SedarebiT, 0,033 punqtiT Semcirda. mcire da saSualo biznesSi rTulia sakuTari kapitalis mozidva

Semosavlianobasa da wilis gadaxdasTan dakavSirebuli riskebis gamo.

saerTod, msxvili kapitalis mqone pirebis mier iqmneba mcire biznesis

dafinansebis mniSvnelovani wyaro. Mmagram, bolo periodSi mcire da

saSualo sawarmoebi aseT wyaroebs mowyvetili aRmoCndenen ori mizezis

gamo:

mzardi gasavlebi da safondo birJebze kotirebis miRebis siZneleebi;

investorebi amjobineben investireba ganaxorcielon msxvil

kompaniebSi, radgan aq investiciebi gacilebiT advilad

realizebadia, gaaCnia naklebi riski da administraciuli

danaxarjebi.

am problemis mogvareba SesaZlebelia samTavrobo gadawyvetilebebiT,

raTaA investireba mcire da saSualo biznesSi waxalisebul iqnes mcire

biznesis bazris ganviTarebiT da sagadasaxado SeRavaTebiT, magaliTad,

dabali korporaciuli gadasaxadebi mcire kompaniebisaTvis da dRg-s

gadamxdelad registraciisaTvis dawesebuli minimumis gazrda; sesxebze

dabali saprocento ganakveTebis arseboba da saxelmwifo grantebis

efeqturi politikis gamoyeneba.

10.5 sadividendo politika wliuri mogebidan, mogebis gadasaxadis gamoqviTvis Semdeg darCenili

wminda mogebidan, kompaniis saerTo krebis gadawyvetilebiT, xdeba

dividendebis gacema aqcionerebze. dividendebis gacemis politika arsebiT

gavlenas axdens aqciis fasze. dividendis cnebis qveS igulisxmeba sawarmos

Semosavlis gacema mis mflobelebze da garkveuli xasiaTiT imaze

mianiSnebs, rom sawarmo, romlis aqciebSic fulia dabandebuli, warmatebiT

muSaobs.


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246

saangariSgebo periodis wminda mogebis ganawilebis gamartivebuli sqema,

rogorc ukve iciT Semdegia: mogebis nawili dividendebze gaicema, nawili ki

sawarmos aqtivebSi reinvestirdeba. Mmogebis reinvestirebuli nawili,

rogoricaa sxvadasxva saxis rezervebi (anu Sida akumulirebuli fondebi),

sawarmos saqmianobis dafinansebis Sida wyaros warmoadgens. amdenad,

dividendebis gacemis pilitika sawarmos mier garedan moziduli

dafinansebis sididesac gansazRvravs.

reinvestirebuli mogeba sawarmos dafinansebis yvelaze misaRebi da

SedarebiT iafi formaa. amitom igi yvelaze popularulia. magaliTad,

londonis birJaze registrirebuli mSeneblobis, mrewvelobis, vaWrobisa da

transportis kompaniebis axali sainvesticio proeqtebis 90% mogebiTaa

reinvestirebuli.

reinvestirebuli mogeba xels uwyobs Tavidan iqnes acilebuli aqciebis

gamoSvebasTan dakavSirebuli xarjebi. meore arsebiTi upiratesoba imaSi

mdgomareobs, rom imavdroulad sawarmos saqmianobaze kontrolic

xorcieldeba, vinaidan aqcionerebis riski ar icvleba.

Teoriulad, dividendebis gacemis politikis arCeva ori sakiTxis

gadawyvetas moiTxovs: dividendebis sidide gavlenas axdens Tu ara

aqcionerebis erTobliv simdidreze da Tu axdens gavlenas, maSin rogori

unda iyos maTi optimaluri sidide.

D dividendebis gacemis politikis TeoriaSi ori sxvadasxva midgoma

arsebobs: pirveli midgomis mixedviT, romelsac `dividendebis daricxvis

naSTobrivi principis Teorias~ uwodeben, dividendebis sidide aqcionerebis

erToblivi simdidris cvlilebaze gavlenas ar axdens. amitom am midgomiT,

dividendebis politikis optimaluri strategia masSi mdgomareobs, rom

dividendebi daricxuli iqnas imis Semdeg, rac ganxiluli iqneba mogebis

efeqtiani reinvestirebis yvela SesaZleblobebi.

Tu mizanSewonili aRmoCnda, rom mTeli mogeba gamoyenebul iqnas

reinvestirebisaTvis, dividendi aRar gaicema da piriqiT, Tuki mogebis

reinvestirebis efeqturi programa ar arsebobs, mTeli mogeba dividendebze

ganawildeba.

am Teoriis mimdevrebma, franko modelianma da merton milerma

`klienturis efeqtis~ idea wamoswies. romlis Tanaxmadac, aqcionerebi

upiratesobas sadividendo politikis stabilurobas aniWeben, vidre

eqstraordinaluri mogebis miRebas. Ggarda amisa, modeliani da mileri

Tvlian, rom yvela misaRebi proeqtiT, mogebidan refinansirebis Semdeg,

Cveulebrivi aqciebis diskontirebis fass plus naSTobrivi principiT

miRebuli dividendebi, Tanxobrivad, mogebis ganawilebamde arsebuli

aqciebis fasis ekvivalenturia. sxva sityvebiT, gacemuli dividendebis

Tanxa daaxloebiT im xarjebis tolia, romelic am SemTxvevaSi aucilebelia

damatebiTi wyaroebis moZiebisaTvis.

amasTan, modeliani da mileri, zogadad aRiareben dividendebis gacemis

politikis gavlenas saaqcio kapitalis fasze, magram, amas xsnian ara


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247

sakuTriv dividendebis sididis gavleniT, aramed informaciuli efeqtiT,

rom informacia dividendebisa da maTi zrdis Sesaxeb, axdens aqcionerebis

provocirebas aqciebis fasis awevaze. maT zogierT oponents miaCnia, rom

aseTi TvalsazrisiT, dividendebis gacemis politika saerTod saWiro araa.

Mmodelianisa da mileris Teoriis oponentebi (mowinaaRmdegeebi) Tvlian,

rom dividendebis gacemis politika gavlenas axdens aqcionerebis erTobliv

simdidreze, romlis ZiriTadi ideologia m.gordoni. misi mTavari

argumentia is, rom investorebi amodian ra riskis minimizaciis

principebidan, yovelTvis mimdinare dividendebis miRebas aniWeben

upiratesobas, vidre momavalSi misaRebi dividendis an saaqcio kapitalis

SesaZlo zrdas. amasTan, mimdinare dividendebis gacema, am sawarmoSi

investirebis mizanSewonilobis Sesaxeb, investorTa gaurkvevlobis dones

amcirebs. miT ufro, maT investirebul kapitalze Semosavlebis dabali

donec akmayofilebT, rasac saaqcio kapitalis fasis zrdamde mivyavarT

(saaqcio kapitalis fasi, rogorc ukve ganvixileT, aris fardoba

Cveulebrivi aqciebis dividendebsa da saaqcio kapitals Soris).

meore midgoma ufro gavrcelebulia. amasTan aRiarebulia is faqtic, rom

dividendebis gacemis politikaze mravali faqtori axdens gavlenas. maT

Soris, Znelad formulirebadic, rogoricaa, fsiqologiuri faqtorebi.

Aamitom yovelma sawarmom sakuTari subieqturi politika unda SeimuSaos,

uwinares uovlisa, misi Taviseburebebidan gamomdinare.

Ddividendis gacemis optimaluri politikis SerCevisaTvis ori ZiriTadi

amocana gamoiyofa:

aqcionerebis erToblivi qonebis maqsimizacia;

sawarmos saqmianobis sakmarisi dafinanseba.

es amocanebi umTavresia sadividendo politikis yvela elementis

ganxilvis dros, rogoricaa: dividendis wyaroebi, maTi gacemis wesi, saxeebi

da sxva.

dividendebis gacemis politikaze gavlenas axdens Semdegi ZiriTadi

faqtorebi:

samarTlebrivi xasiaTis faqtorebi;

saxelSekrulebo SeTanxmebis pirobebi;

sawarmos likvidurobis done;

warmoebis gafarToebasTan dakavSirebuli moTxovnebi;

aqcionerTa intersebi;

sareklamo safinanso xasiaTis faqtorebi.

Ddividendebis gacemis politikis safuZvelia finansuri marTvis

sayovelTaod cnobili principi: aqcionerebis erToblivi Semosavlis

maqsimizacia. misi sidide mimdinare periodSi Seicavs miRebuli dividendebis

Tanxas da aqciis sakurso Rirebulebis zrdas. amitom, dividendebis

optimaluri sididis gansazRvris dros direqtorebma da aqcionerebma

agreTve unda Seafason dividendis sidide rogor gavlenas axdens sawarmos


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fasze mTlianad. es ukanaskneli damokidebulia saerTo finansur

mdgomareobaze, gacemuli dividendebis sidideze, maTi zrdis tempebze da a.S

Aaqciebis prognozuli fasi e.w. gordonis formuliT, Semdegnairad gamoiTvleba:

c * (1 + q) pv = --------------------; (10.5.1) r - q sadac, pv - aris aqciis fasi; c - gasacemi dividendi; r - Semosavlebis miRebis normis koeficienti, igive, investiciebis

rentabelobis Sida norma (IRR); q - mogebis prognozuli zrdis tempi. mocemuli formulis SezRuduloba (naklovaneba) mdgomarobs masSi, rom

mogebis prognozuli zrdis tempi unda iyos r –ze naklebi. Tu r=q, aqciis

fasi usasrulod didi gamodis da formula azrs kargavs. amitom,

SemuSavebulia ufro rTuli formulebi, romelic aq ar mogeTxovebaT.

ganvixiloT dividendebis gacemis politikis SemuSavebisaTvis mocemuli

formulis gamoyenebis magaliTi.

davuSvaT, pirobiTi sawarmos wliuri gegmuri wminda mogeba 20 aTasi

laria. rentabelobis Sida normaa 17%. Aarsebobs materialur-teqnikuri

bazis ganaxlebis ori varianti: pirveli moiTxovs mogebis 55%-is, meore,

25%-is reinvestirebas. pirvel SemTxvevaSi mogebis prognozuli wliuri

zrda 10%-ia, meore SemTxvevaSi – 6%.

saWiroa gairkves, dividendebis gacemis romeli politikaa ufro

xelsayreli?

pirvel rigSi gamoiTvleba gasacemi dividendis wliuri sidide.

I variantiT: 20000 * (1 – 0,55) = 9000 l II variantiT: 20000 * (1 – 0,25) = 15000 l Aaqciebis prognozuli fasi: I variantisaTvis: 9000 * (1 + 0,1) pv = ---------------------- = 141429 l 0,17 – 0,1 II variantisaTvis: 15000 * (1 + 0,06) pv = --------------------------------- = 144545 l (0,17 – 0,06) amrigad, aqcionerebis mTliani wliuri Semosavlebi pirvel SemTxvevaSi 150429

laria (9000+ 141429); meore SemTxvevaSi – 159545 lari (144545 + 15000). ase, rom meore


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varianti aqcionerebs ufro met Semosavals moutans da investorebisaTvis ufro

xelsayrelia.

dividendebis dinamikis prognozirebis sami varianti arsebobs:

1. roca dividendebi ar icvleba e.i. mxolod privilegirebuli

aqciebia gamoSvebuli;

2. dividendebi mudmivi tempebiT izrdebian;

3. dividendebi cvalebadi tempebiT izrdebian;

aqciis sabazro fasi dgindeba bazarze da damokidebulia aqciis kursze.

investori rom dainteresdes aqciebis SesyidviT, aqciis dividendis done

ar unda iyos sabanko sesxis sargeblis procentze dabali. Aamitom aqciis

kursi ganisazRvreba formuliT: D dividendis procenti

Aaqciis kursi = ---------------------------------------------------------; (10.5..2) saSualo saprocento ganakveTi bankTaSoris birJaze

am formulis safuZvelze gamoiTvleba aqciebis sabazro sakurso Rirebuleba,

romelic sainteresoa aqcionerebisaTvis. es koeficienti erTze meti unda iyos.

aqciebis sabazro Rirebuleba = aqciis kursi * Cveulebrivi saaqcio kapitali (10.5.3)

nominaluri RirebulebiT aqciebis kursze mravali faqtori, maT Soris, SemTxveviTi faqtorebic axdenen

gavlenas. aqciebis gamomSvebi kompania aqciebis sakurso fasis regulirebas

nawilobriv axdens damatebiTi aqciebis gamoSvebiT, gamoSvebuli aqciebis ukan

SesyidviT, uflebiTi gamoSvebiT, bonusuri emisiiT an aqciebis danawevrebiT,

romelTa arsi wina sakiTxSi ukve iqna ganxiluli.

gasacemi dividendis aRiareba xdeba maSin, rogorc ki ZalaSi Seva aqcioneris

ufleba dividendis miRebis Sesaxeb. Dgasacemi dividendis procentis

gamosaTvlelad, Cveulebrivi aqciebisaTvis wminda mogebidan gamoyofili Tanxa

iyofa aqciebis ricxvze. Semdeg, miRebuli Tanxis procentuli fardobiT erTi

aqciis nominalur RirebulebasTan, miiReba gasacemi dividendis saprocento

ganakveTi, romlis gamocxadeba xdeba Semdeg, kompaniis mier.

Danalizis dros Seiswavleba agreTve dividendis uzrunvelyofis koeficienti

dinamikaSi. igi Semdegnairad gamoiTvleba: dividendis uzrunvelyofis wminda mogeba _ privileg. Aaqciebis dividendi koeficienti = -------------------------------------------------------------------------------- ; (10.5.4) Cveulebrivi aqciebis dividendi

dividendis uzrunvelyofis koeficienti gviCvenebs ramdenadaa

garantirebuli dividendebis gacema kompaniis mier. igi Seiswavleba

dinamikaSi, raTa gamovlindes dividendebis gacemis unaris ra tendenciiT

xasiaTdeba sawarmo da ramdenad mimzidvelia igi investorebisaTvis.


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aqcionerebisaTvis metad mniSvnelovania saaqcio kapitalis mosalodneli

ukugebis (R) gansazRvra, romelic ganvlili wlebis dividendis zrdis

meTodiT, Semdegnairad gamoiTvleba:

R = (D1/MV + g) * 100, sadac: (10.5.5) D1 – aris momdevno wlis dividendi, roca gamoTvla keTdeba; g – dividendis zrdis ganakveTi periodSi; MV – aqciis sabazro fasi.

10.6. Semosavali erT aqciaze erT aqciaze Semosavlis maCveneblis mniSvneloba gaZlierda buRaltruli

aRricxvis 33-e saerTaSoriso standartis - `Semosavali erT aqciaze~ -

gamoyenebiT. satandarti moiTxovs, rom kompaniebma mogeba/zaralis

angariSgebaSi unda gamoaqveynos erTi aqciis Semosavlis maCvenebeli.

Semosavali erT aqciaze (EPS –Earnings per Share) warmoadgens kompaniis

saqmianobis Sefasebis farTod gavrcelebul xerxs, gansakuTrebiT

grZlevadian WrilSi. Semosavali erT aqciaze aseve mniSvnelovania

aqcionerebisaTvis. igi gaiangariSeba wminda mogebidan privilegirebuli

aqciebis wilis gamoqviTvis Semdeg darCenili mogebis SefardebiT,

Cveulebrivi aqciebis saSualo Sewonil raodenobasTan. privilegirebuli sruli wminda mogeba – aqciebis dividendi Semosavali 1 aqciaze (EPS) = ------------------------------------------------------------------------------------- (10.6.1.) Cv. aqciebis saSualo Sewonili raodenoba

Cveulebrivi aqciebis saSualo Sewonili raodenoba udris periodis

dasawyisSi momoqcevaSi arsebuli Cveulebrivi aqciebis raodenobas,

romelic koreqtirebulia gamosyiduli an periodis ganmavlobaSi

gamoSvebuli Cveulebrivi aqciebis raodenobiT, gamravlebuli drois

faqtoris koeficientze. sademonstracio magaliTi: gamoSvebuli gamosyiduli aqciebi aqciebi aqciebi mimoqcevaSi 1 ianvari 2010 w. naSTi 3 000 (800) 2 200 1 marti, 2010 w. aqciebis gamoSveba 1 500 3 700 31 agvisto, 2010 w. gamosyidva - (900) 2 800 1 noemberi, 2010 w. gamoSveba 2 300 - 5 100 31 dekemberi 2010 w. naSTi 6 800 (1 700) 5 100


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Ddrois faqtoriT Sewonili koeficienti ganisazRvreba aqciebis

mimoqcevaSi yofnis dReTa raodenobis gayofiT saangariSgebo periodis

dReTa saerTo raodenobaze. koeficienti SeiZleba Tveebis raodenobas

daeyrdnos, roca aqciebis gamoSvebisa da ukan gamosyidvis TariRebi zust

Tveebs emTxveva. Cveulebrivi aqciebis saSualo Sewonili raodenoba = = 2200 * 12/12 + 1500 * 10/12 _ 900 * 4/12 + 2300 * 2/12 = 4133 cali aqcia Tuki wminda mogebisa da privilegirebuli aqciebis dividendebis Tanxebs Soris sxvaoba iqneboda 30 000 lari, maSin: sabaziso Semosavali 1 aqciaze = 30 000 / 4133 = 7,26 l

gazavebuli Semosavali erT aqciaze, iTvaliswinebs fasiani qaRaldebis:

aqciebisa da obligaciebis konvertirebas Cveulebriv aqciebSi, Tuki aseTi

moxdeba. maT gazavebis efeqtis mqone fasiani qaRaldebi ewodeba da aseTi

Cveulebrivi aqciebis raodenoba calke gamoiTvleba (ix. bass 33), romelic

gamoSvbuli Cveulebrivi aqciebis saSualo Sewonil raodenobas daemateba.

xolo mosaodneli mogeba arsebul mogebas daemateba.

davuSvaT, motanil magaliTze, konvertaciis moxdenis SemTxvevaSi saWiro gaxdeba 2000 cali Cveulebrivi aqciis mgamoSveba. xolo, konvertaciis SemTxvevaSi mogeba gaizrdeba 4000 lariT, maSin, gazavebuli Semosavali erT aqciaze iqneba: (30 000 + 4000) / (4133 + 2000) cali aqcia = 5,54 l.

maSasadame, Tuki kompanias daWirdeba obligaciebis konvertacia Cveulebriv aqciebSi, maSin erT Cveulebriv aqciaze Semosavlis mosalodneli sidide iqneba 5,54 lari, rac sainteresoa arsebuli da potenciuri aqcionerebisaTvis.

erT aqciaze gazavebuli Semosavlis gamosaTvlelad Cveulebrivi aqciebis saSualo Sewonili ricxvi unda Seswordes gazavebis efeqtiani, yvela potenciuri Cveulebrivi aqciis raodenobiT. xolo, Cveulebriv aqciebze gaTvaliswinebul mogebas unda daematos gazavebis efeqtis mqone potenciuri Cveulebrivi aqciis dividendi, daricxuli procenti da konvertaciiT miRebuli Sedegi. sademonstracio magaliTi: davuSvaT, saTao sawarmos Cveulebrivi aqciebis mflobelTa mogeba 14960

laria. mimoqcevaSi myofi Cveulebrivi aqciebis saSualo Sewonili raodenobaa 2600

erTeuli. sawarmos gaaCnia 800 cali konvertirebadi obligacia, romelTagan

TiToeuli gaicvleba 2 Cveulebriv aqciaze. konvertirebadi obligaciis mimdinare

wlis saprocento xarji Seadgens 2300 lars da misi kuTvnili gadasaxadia 250

lari.


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moTxovna: gamTvaleT sabaziso da gazavebuli Semosavali 1 aqciaze. 1 aqciaze Semosavlis gaangariSeba saTao sawarmos Cveulebrivi aqciebis mflobelTa mogeba 14 960 l mimoqcevaSi myofi Cveulebrivi aqciebis saSualo Sewonili raodenoba 2 600 cali sabaziso Semosavali erT aqciaze (14960/2600) 5,75 l konvertirebadi obligaciebi 800 cali konvertirebadi obligaciebis mimdinare wlis sa-% xarji 2300 l am sa-% xarjTan dakavSirebuli mimdinare da gadavadebuli gadasaxadi 250 l saTao sawarmos Cv. aqciis mflobelTa Sesworebuli mogeba 17 010 l (14 960 +2300 - 250) obligaciebis konvertaciis Sedegad mosalodneli Cv. aqciebis (anu gazavebis efeqtis mqone Cv. aqciebis ricxvi) 1600 erT. (800 * 2) gazavebuli Semosavlis gamosaTvlelad gamosayenebeli aqciebis saerTo raodenoba 4200 erT. (2600+1600) gazavebuli Semosavali 1 aqciaze (17010/4200) 4,05 lari

amrigad, gazavebuli Semosavali aCvenebs, ra wili ukavia TiToeul

Cveulebriv aqcias sawarmos saqmianobis SedegebSi, roca gaTvaliswinebulia

yvela gazavebuli (konvetirebadi) potenciuri Cveulebrivi aqcia, Tu

davuSvebT, rom konvertirebadi aqciebis konvertacia ganxorcielda [bass

33].

potenciuri Cveulebrivi aqciebi aris iseTi finansuri instrumenti an

xelSekruleba (varanti, ofcioni da maTi ekvivalentebi), romelmac

SesaZloa mis mflobels Cveulebrivi aqciis flobis ufleba misces.

potenciuri Cveulebrivi aqciebi maSin CaiTvleba gazavebis efeqtis mqone

aqciebad, Tu maTi Cveulebriv aqciebad konvertacia Seamcirebda erT

aqciaze mogebas an gazrdida erT aqciaze zarals, romelic miRebulia

sawarmos Cveulebrivi uwyveti saqmianobidan (bass 33, muxli 41).


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10.7. sesxebisa da sakuTari kapitalis

hibridebi sakuTari kapitaliT dafinansebis nacvlad xSirad gamoiyeneba

grZelvadiani savalo valdebulebebi (sasesxo kapitali), Cveulebriv

obligaciis saxiT.

Oobligacia (savalo valdebuleba) aris kompaniis mier sesxis werilobiTi

dadastureba, romelic Cveulebriv Seicavs procentisa da ZiriTadi Tanxis

gadaxdis pirobebs.

obligaciebiT (savalo valdebulebebiT) vaWroba xdeba safondo birJaze

iseve, rogorc Cveulebrivi aqciebiT da SeiZleba iyos uzurunvelyofili an

arauzrunvelyofili. Usavalo valdebuleba uzrunvelyofili SeiZleba iyos

romelime saxis aqtiviT. agreTve SeiZleba iyos gamosyidvadi an

aragamosyidvadi.

aragamosyidvadi valdebulebis (obligaciis) gamosyidva dagagemili araa

garkveuli TariRisaTvis. samagierod masze procentis gadaxda xdeba

usasrulod. privilegirebuli aqciebi xSirad aragamosyidvadia. Tuki sesxi

gamosyidvadia, maSin, gamoSvebuli obligacia, garkveuli drois Semdeg,

ZiriTadi TanxiT gamoisyideba. obligaciis procents obligaciis kuponur

ganakveTsac uwodeben.

investorisaTvis savalo valdebuleba naklebad riskiania, radgan

procents iRebs imis miuxedavad, aqvs Tu ara mogeba kompanias. obligaciis

gamomSvebi kompaniisaTvis ki grZlevadiani fiqsirebul ganakveTiani

valdebuleba SeiZleba mZime tvirTi aRmoCndes. dafarvis fiqsirebuli

vadebi gadaxdis gansakuTrebul pirobebs moiTxovs. Aamdenad riskebi

obligaciis gamomSvebi kompaniisaTvis maRalia, vidre myidvelisaTvis.

Aswored am riskebis Semcirebis mizniT, SesaZlebelia savalo

valdebulebebis konvertacia (gadacvla) Cveulebriv aqciebSi, rac

warmoadgns sesxisa da sakuTari kapitalis erTgvar hibrids (narevs).

konvertaciis ufleba gamoicema an konvertaciis koeficientis an

konvertaciis fasis saxiT.

konvertaciis koeficienti aris Cveulebnrivi aqciis raodenoba, romelic

yoveli 100 laris sesxis (obligaciis) konvertaciis Sedegad miiReba.

konvertaciis fasi aris obligaciis gamomSvebi sawarmos ufleba,

moaxdinos sesxis konvertacia Cveulebriv aqciebSi X larad.

magaliTad, nominaluri RirebulebiT erTi 100 lariani obligacia Tu

icvleba 25 cal Cveulebriv aqciaze – 25 aris konvertaciis koeficienti.

xolo, obligacia Seileba gadaicvalos 4 larian Cveulebriv aqciebze –

4 lari aris ekvivalenturi konvertaciis fasi.

zogjer, konvertaciis fasi izrdeba konvertirebadobis dros da es xdeba

adreuli konvertaciis stimulirebisaTvis. meore variantia naxevrad

konvertirebadi obligaciebis gamoSveba, rodesac mxolod nawilis, 50%-is

konvertaciaa SesaZlebeli. konvertaciis ufleba Cveulebriv regulirebas


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axdens kapitalizaciis, anu uflebebis gamoSvebis dros da a.S.

SesaZlebelia agreTve konvertirebadi privilegirebuli aqciebis gamoSveba.

savalo valdebuleba agreTve SeiZleba arsebobdes varantis saxiT.

varanti aris ufleba kompaniis gansazRvruli raodenobis Cveulebrivi

aqciis Sesyidvaze gansazRvrul fasad, Cveulebriv, drois garkveul

periodSi.

varantiT savalo valdebulebasa da konvertirebad valdebulebebs Soris

gansxvaveba mdgomareobs masSi, rom varantiT savalo valdebuleba TviTon

ar aris konvertirebuli aqciebSi, aramed misi mflobeli ixdis naRd fuls

aqciebis SesaZenad da inarCunebs savalo valdebulebas. Ees niSnavs, rom

savalo valdebuleba iarsebebs manam, sanam ar moxdeba misi ganaRdeba.

varants gaaCnia Rirebuleba, rodesac aqciis sabazro Rirebuleba

aRemateba varantSi miTiTebul Rirebulebas. isini Cveulebriv, savalo

valdebulebebis `dasatkbobad~ gamoicema da sawarmos saSualebas aZlevs

sesxze daawesos Cveulebrivze dabali saprocento ganakveTi. sawarmos

xarjs warmoadgens savalo valdebulebis mflobelze micemuli ufleba –

konvertaciis dRes SeiZinos aqciebi, savaraudod, Semcirebul fasad.

varanti Cveulebrivi ofcionia, romelic dakavSirebuli ar aris raime

finansur instrumentTan. maSin rodesac, konvertirebadi savalo

valdebuleba warmoadgens ofcionis savalo valdebulebasTan kombinacias.

ofcionis savalo valdebulebasTan kombinaciis upiratesobebia:

dauyovneblivi dafinanseba dabali danaxarjebiT – konvertaciaze

ofcionis wyalobiT iqmneba kreditebis miRebis SesaZlebloba dabali

saprocento ganakveTebiT;

mimzidvelia aqciaze fasis dacemis SemTxvevaSi – konvertirebadi

obligaciebi warmoadgens `samarago~ meTods aqciebis gamosaSvebad;

TviTlikvidirebadoba – aqciebSi kreditebis konvertaciiT, valis

dafarvis problema qreba;

varantis Sesruleba iwvevs fuladi Tanxebis zrdas – roca ofcioni

gulisxmobs kompaniaze damatebiTi fuladi saxsrebis gadaxdas. Tu

aqciis fasi daecema, maSin varantis Sesrulebas azri aRar eqneba.

konvertirebadi fasiani qaRaldebis Rirebuleba ganisazRvreba rogorc

udidesi oridan: misi rogorc savalo valdebulebis Rirebuleba da misi

Rirebuleba konvertaciisas.

kiTxvebi TviTSemowmebisaTvis: 1. CamoTvaleT sakuTari kapitalis gamoyenebis maCveneblebi; 2. axseniT sawarmos finansuri damokidebulebis koeficientis arsi; 3. rogor gamoiTvleba gazavebuli Semosavali erT aqciaze; 4. axseniT sadividendo politikis arsi; 5. axseniT sesxebisa da sakuTari kapitalis hibridis arsi


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t e s t e b i 1. firmis balansiT, aqtivebis jami 85000; valdebulebebi – 40000 da sakuTari

sabrunavi saxsrebi – 20000 laria. sakuTari kapitalis ramdeni procentia dabandebuli mimdinare aqtivebSi:

a. 44,4 % b. 24,2 % g. 50,7 %

2. sakuTari kapitalis manevrirebis koeficienti aCvenebs: a. sakuTari kapitalis momgebianobas b. sakuTari kapitalis im wils, romelic dabandebulia grZlevadian

aqtivebSi g. sakuTari kapitalis im wils, romelic dabandebulia sabrunav

saSaulebebSi (mimdinare aqtivebSi) 3. sakuTari kapitalis manevrirebis koeficienti aris:

a. sakuTari sabrunavi saxsrebis fardoba mimdinare aqtivebTan b. sakuTari sabrunavi saxsrebis fardoba sakuTar kapitalTan g. fuladi aqtivebis fardoba sakuTar sabrunav saxsrebTan

4. sawarmos sakuTari kapitali - 55000, grZelvadiani valdebulebebi – 14000, grZelvadiani aqtivebi - 38000 da mimdinare aqtivebi – 35000 laria. ras udris sawarmos finansuri damokidebulebis koeficienti:

a. 1,33 b. 1,06 g. 1,48

5. sakuTari kapitalis koncentraciis koeficienti aris: a. sakuTari kapitalis fardoba valdebulebebTan b. sakuTari kapitalis fardoba aqtivebis jamTan g. valdebulebebis fardoba sakuTar kapitalTan

6. gamoyenebuli kapitalis ukugeba gamoiTvleba, rogorc: a. mogeba procentis gadaxdamde, Sefardebuli sakuTar kapitalTan b. mogeba procentis gadaxdamde, Sefardebuli sakuTari kapitalisa da

grZelvadiani valdebulebebis jamTan g. mogeba procentis gadaxdamde, Sefardebuli sakuTari kapitalisa da

moklevadiani valdebulebebis jamTan 7. saaqcio kapitalis ukugeba gamoiTvleba, rogorc:

a. wminda mogeba Sefardebuli saaqcio kapitalTan b. mogeba dabegvramde Sefardebuli saaqcio kapitalTan c. gaunawilebebli mogeba Sefardebuli saaqcio kapitalTan

8. ekonomikuri zrdis maCvenebeli gamoiTvleba, rogorc: a. gaunawilebeli mogeba Sefardebuli grZelvadian aqtivebTan b. mogebidan Seqmnili rezervebisa da gaunawilebebli mogebis jamis

fardoba saaqcio kapitalTan g. saaqcio kapitali Sefardebuli wminda mogebasTan

9. ganvlili xuTi wlis maCveneblebis safuZvelze gamoiTvlili korelaciis koeficineti sakuTari kapitalis manevrirebis koeficientisa da debitoruli davalianebebis dafarvis ricxvis maCveneblebs Soris, romelic aRmoCnda 0,65. ras udris determinaciis koeficienti:

a. 0,806 b. 0,765 g. 0,422

10. saanalizo periodSi, sakuTari kapitalis rentabelobisa da ekonomikuri zrdis maCveneblebs Soris korelaciis dasadgenad Catarebuli saTanado gamoTvlebis Sedegad aRmoCnda, rom determinaciis koeficineti aris 45%.


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romeli Tvalsazrisia swori: a. sakuTari kapitalis rentabelobis cvlilebis 45% gamowveuli iyo

ekonomikuri zrdis maCveneblis cvlilebiT b. ekonomikuri zrdis koeficientis cvlilebis 45% gamowveuli iyo

sakuTari kapitalis rentabelobis cvlilebiT g. dasaxelebul maCveneblebs Soris korelacia ar arsebobs

a m o c a n e b i

amocana 10.1. 7.1.

erT-erTi kompaniis finansuri angariSgebis informaciis safuZvelze gamoTvlili leverijis (valdebulebebi/sakuTari kapitali) da finansuri damokidebulebis koeficientebi, Semdegia:

wlebi leveriji finansuri damokidebulebis (valdebulebebi/sakuT.kapitali) koeficienti (aqtivebi / sakuTari kapitali) 2007 1,28 2,28 2008 0,80 1,80 2009 0,84 1,84 2010 0,91 1,91 2011 0,87 1,87 moTxovna:

1. gamoTvaleT korelaciis da determinaciis koeficientebi; 2. gaakeTeT Sesabamisi komentarebi.

amocana 10.2.

qvemoT motanili monacemebis safuZvelze gamoTvaleT korelaciisa da determinaciis koeficientebi sakuTari kapitalis rentabelobasa (wminda mogeba/sakuTari kapitali) da misi gamosyidvis periodis (sakuTari kapitali/wminda mogeba) maCveneblebs Soris: wlebi sakuTari kapitalis sakuTari kapitalis gamosyidvis periodi rentabeloba 2007 1,02 0,98 2008 1,27 0,79 2009 1,27 0,79 2010 1,22 0,82 2011 1,67 0,59

amocana 10.3. qvemoT motanilia erT-erTi kompaniis informacia wliuri finansuri angariSgebidan,

romlis safuZvelzec gamoTvaleT saWiro koeficientebi da absoluturi sxvaobis xerxiT

gazomeT saaqcio kapitalis ukugebaze (ROE) moqmedi faqtorebi diuponis formulis

mixedviT:

wminda mogeba

(ROE) = --------------------------- =

saaqcio kapitali

wm. mogeba wl. mogeba mogeba %-mde wl. Semosavali aqtivebi = ------------------ * ------------------------ * ----------------------- * _________--------- * ------------------------; mogeba mogeba %-mde wl.Semosavali aqtivebi saaqcio kapit.

wina wels (l) mimdinare wels (l)


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wminda mogeba 10 660 10 760 mogeba dabegvramde 13 000 13 120 mogeba %-is gadaxdamde 14 000 14 340 wliuri Semosavali 94 000 98 000 aqtivebis jami 24 810 33 890 saaqcio kapitali 8 820 9 000 amocana 10.4. erT-erT kompanias gamoSvebuli aqvs 150 aT. l nominaluri Rirebulebis

Cveulebrivi aqciebi, TiTo 10 l nominaluri RirebulebiT. sul gamosvebulia 15000 cali Cveulebrivi aqcia.

menejments surs damatebiT gamouSvas uflebiTi Cveulebrivi aqciebi, erTi cali yoveli 6 calisaTvis. erTeulis gasayidi fasia 8 lari. mimdinare sabazro fasia 12 lari.

moTxovna: gamoTvaleT erTi aqciis Teoriuli Rirebuleba. amocana 10.5.

kompania `atlass~ amJamad gamoSvebuli aqvs 2 mln laris Cveulebrivi aqcia,

TiTo 10 laris nominaluri RirebulebiT.

kompania cdilobs erT-erTi sawarmoo programis dafinansebisaTvis moizidos

saxsrebi damatebiT uflebiTi aqciebis (ofcionis) gamoSvebiT da mmarTvelobas

winadadeba Semoaqvs, gamouSvan aqciebi erTi xuTisaTvis, erTeulisaTvis 8 lari.

mis erT-erT aqcioners, kaki jafariZes aqvs 20000 cali Cveulebrivi aqcia da

sWirdeba rCeva, miiRos Tu ara SemoTavazebuli winadadeba.

agreTve cnobilia:

1 aqciis mimdinare sabazro fasia 15 l;

gamoSvebuli aqciebis ricxvi 200 aTasi cali

mimdinare Semosavali 1,6 mln l

gadaxdili dividendi (lari erT aqciaze):

2013 - 2,0

2014 - 2,5

2015 - 2,0

2016 - 3,0

2017 - 3,4

moTxovna:

1. daaxasiaTeT gansxvaveba aqciebis ofcionsa da bonusur (ufaso) gamoSvebas

Soris;

2. gamoiTvaleT jafariZis aqciebis Teoriuli Rirebuleba, Tu is miiRebs

SeTavazebul uflebas;

3. gamoTvaleT jafariZis aqciebis Teoriuli Rirebuleba, Tu is gadawyvets mis

gayidvas;

4. gamoTvaleT saaqcio kapitalis mosalodneli ukugeba (R) dividendis zrdis (g)

formulis gamoyenebiT.

R = (D1 / NV + g) * 100; g = (an / a1)1/ (n-1)

- 1


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Tavi 11. sawarmos saqmiani aqtiurobis

analizi sawarmos resursebSi avansirebuli Rirebulebis Seuferxebeli moZraoba misi finansuri stabilurobis erT-erT mniSvnelovan mimarTulebas warmoadgens. mocemul TavSi Seiswavleba Semdegi sakiTxebi:P

sawarmos saqmiani aqtiurobis maCvenebelTa sistema da analizis amocanebi;

avansirebuli Rirebulebis wrebrunvis modeli;

avansirebuli Rirebulebis brunvadobis analizi;

fuladi saxsrebis denadobis analizis meTodika.

11.1. sawarmos saqmiani aqtiurobis

analizis mizani, amocanebi

sawarmos saqmiani aqtiurobis cnebis qveS igulisxmeba sawarmoSi

arsebul resursebSi winaswar gaRebuli, anu avansirebuli, anu winaswar

dabandebuli saxsrebis gamoyenebis tempi, siCqare.

biznesi, mflobelis da mmarTvelebis mier dasaxuli ekonomikuri

miznebis misaRwevad, moiTxovs saTanado saxis resursebis ara mxolod

SeZenas, aramed, garkveuli moculobiT, maT mudmivad arsebobas. kerZod,

kompaniis Seuferxebeli muSaobisaTvis aucilebeblia momaragebis,

warmoebisa da realizaciis procesebis uwyvetad ganxorcieleba. Aamitom,

masalis sawyobSi yovelTvis imyofeba masalis maragi, warmoeba rom ar

Seferxdes; mza produqciis sawyobSi yovelTvis imyofeba raRac raodenobis

produqti, miwodebis procesi rom ar Seferxdes; angariSebze yovelTvis

unda iyos saWiro fuladi Tanxebi, raTa saangariSsworebo urTierTobebi

efeqturad xorcieldebodes da a.S. magram, meore mxriv, finansuri

menejmenti akontrolebs, dasaSveb droze metad xom ar imyobeba produqti

sawyobSi, fuladi Tanxebi angariSebze uZravad xom araa didi xniT, mza

produqcia ramdenxans rCeba ararealizebuli da sxva.

sawarmos saqmiani aqtiurobis analizi SeiZleba warimimarTos Semdegi mimarTulebebiT:

I. resursebis gamoyenebis efeqtianoba, aqtivebis da kapitalis brunvadoba;

II. mogebis, Semosavlebis da avansirebuli kapitalis tempebis Tanafardoba

resursebis gamoyenebis fizikuri gamosavlianobis mdgomareobas,

teqnikur-ekonomikuri (mmarTvelobiTi) analizi Seiswavlis. maTSi

dabandebuli saxsrebis gamoyenebis aqtivobis sakiTxebi ki finansuri

analizis sferos warmoadgens. ase magaliTad, erTi mxarea, nedleuli ra


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raodenobiT ixarjeba produqtis erTeulze da meore, ra drois Semdeg

brundeba ukan nedleulis maragSi gadaxdili fuli. pirveli mxare

mmarTvelobiTi analizis, meore ki finansuri analizis sferoa.

gamomdinare iqedan, rom sawyobSi yovelTvis arsebobs nedleulis maragi,

masSi dabandebuli fuladi saxsrebic raRaca droiT uZravad imyofeba.

Mmewarmes ainteresebs ukan male daibrunos neldeulSi gadaxdili fuli.

amdenad, saWiro xdeba Sefasdes ra dro Wirdeba resursebSi ganivTebuli

fuladi Tanxebis ukan dabrunebas. rac ufro naklebi dro daWirdeba

materialuri resursebis kvlav fulad resursad gadaqcevas, miT ufro

aqtiuria biznesi.

Tavdapirvelad, romelime saxis biznesis dasawyebad, xdeba fuladi

Tanxebis dabandeba grZlevadian da moklevadian aqtivebSi. sawarmoTa

finansur mdgomareobaze arsebiT gavlenas axdens sawarmos saqmiani

aqtiurobis xarisxi. rogorc wesi, resursebis momaragebaze gaweuli

fuladi Tanxebi, garkveuli drois Semdeg kvlav fulad gadaiqceva, rac

avansirebuli Rirebulebis wrebrunvis models qmnis. resursebSi

avansirebuli Rirebulebis kvlav fulad gadaqcevis periodi rac ufro

axlos iqneba dasaSveb normirebul drosTan, miT ufro myari da

stabiluria sawarmos finansuri mdgomareoba. miT ufro droulad SeZlebs

dafaros Tavis davalianebebi sawarmom da SeiZinos axali resursebi,

gaafarToos biznesi da aamaRlos momgebianoba.

sawarmos saqmiani aqtiurobis analizis mizania gamoikvlios dabandebuli

saxsrebis brunvadobis daCqarebis gzebi, sawarmos finansuri stabilurobis

gasamyareblad.

sawarmos saqmiani aqtiurobis analizis amocanebia;

avansirebuli Rirebulebis brunvadobis Seswavla;

fuladi nakadebis stabilurobis dadgena;

finansuri angariSgebis prognozirebisaTvis informaciis momzadeba;

brunvadobis daCqarebaze moqmedi faqtorebis gamovlena.

saqmiani aqtiurobis Aanalizis safexurebia:

saTanado informaciis mogroveba da dajgufeba;

analizuri cxrilebis momzadeba;

brunvadobis maCveneblebis dinamikis Seswavla;

sabrunavi saSualebebis analizi;

ZiriTad saSualebebSi avansirebuli Rirebulebis wrebrunvis

Sefaseba;

brunvadobis daCqarebis RonisZiebebis SemuSaveba da

ganxorcileba.

sawarmos saqmiani aqtiurobis ZiriTadi maCveneblebia sabrunavi

kapitalis anu mimdinare aqtivebis brunvadobis maCveneblebi. esenia:

1. avansirebuli Rirebulebis brunvadobis saerTo maCveneblebi;

2. avansirebuli Rirebulebis brunvadobis kerZo maCveneblebi;


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3. fulis brunvis maCveneblebi.

saqmiani aqtiuroba xasiTdeba dadebiTad, Tu daculia Semdegi pirobebi: sawarmos ekonomikuri potenicali (saqmianobis moculoba) izrdeba; realizaciidan miRebuli Semosavlis moculoba ufro metad izrdeba vidre avansirebuli kapitali anu sawarmos resursebi ufro efeqturad gamoiyeneba; mogeba izrdeba ufro maRali tempiT, xarjebis Semcirebis tempTan SedarebiT. am pirobebs `sawarmos ekonomikis oqros wess uwodeben~.

analizis informaciuli bazaa buRaltruli balansi, mogeba/zaralis angariSgeba gegmuri informacia Siga analizisaTvis.

11.2. avansirebuli Rirebulebis

wrebrunvis modeli

fuli sabazro ekonomikis erT-erTi mniSvnelovani kategoriaa, miuxedavad

imisa, rom Tanamedrove samyaroSi fulis sxvadasxva saxeobebi gaCnda,

Mmecnierebi fuls adamianis gonebis erT-erT udides gamogonebas uwodeben.

avansirebuli Rirebuleba, rogorc cnobilia, aris grZlevadian da

mimdianre aqtivebSi dabandebuli fuli, raTa sargebeli moitanos

momavalSi. mimdinare aqtivebSi dabandebul fuls anu avansirebul

Rirebulebas SeiZleba vuwodoT sabrunavi saSualebebi an sabrunavi

saxsrebi.

aRricxvis saerTaSoriso standartebiT, fulad Tanxebs miekuTvneba

naRdi fuli, fuli sabanko angariSebze, moTxovnamde depozitebi da fulis

ekvivalentebi.

fuli asrulebs mimoqcevis, Rirebulebis sazomis da dagrovebis

funqciebs. mewarme dainteresebulia yovel momentSi gaaCndes Tavisufali

fuladi Tanxebi, raTa droulad gamoiyenos igi gadasaxadebis dasafaravad

an investirebisaTvis. fulze moTxovna damokidebulia kompaniis warmoebisa

da realizaciis masStabebze. mewarme rac met resursebs SeiZens, bunebrivia

miT meti fuli unda daabandos warmoebaSi. magram, Tu daCqardeba biznesSi

dabandebuli fulis brunva, maSin mewarmes naklebi sididis Tavisufali

fuladi Tanxebi daWirdeba.

mimdinare aqtivebSi avansirebuli Rirebuleba, rogorc wesi, ufro

swrafad brunavs, vidre geZelvadian aqtivebSi avansirebuli Rirebuleba.

Mmimdinare aqtivebSi avansirebuli Rirebuleba weliwadSi ramdenjerme

Semobrundeba, grZelvadian aqtivebSi avansirebuli Rirebuleba ki ramdenime

weliwadSi erTxel. amitom pirvels sabrunav an mobilur saSualebebs,

meores ki ZiriTad an aramobilur saSualebebs uwodeben.

erTmaneTisagan ganasxvaveben saoperacio da finansur ciklebs. saoperacio ciklis xangrZlioba dReebSi = = mater. maragebis brunvi periodi + moTxovnebis dafaravis periodi (11.2.1) finansuri cikli dReebSi =


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=saoperacio ciklis xangrZlioba _ kredit. daval. dafarvis periodi (11.2.2) finansuri cikli sawarmos ZiriTad saqmianobasTanaa dakavSirebuli. igi warmoadgens naRdi fulis miRebis process. am ciklis Sedegad sawarmom unda miiRos sakmarisi fuladi saSualebebi sabrunavi saxsrebis Sesavsebad, warmoebis zrdis uzrunvelsayofad da ZiriTadi saSualebebis SeZenasTan dakavSirebuli valdebulebebis dasafaravad. sxva nebismieri moTxovna naRd fulze, imyofeba sawarmos ZiriTadi saqmianobis sazRvrebs gareT da aseTi moTxovna xelmZRvanelobam mas Semdeg unda ganixilos, rac uzrunvelyofili iqneba saoperacio da sainvesticio dafinansebis moTxovnebi. avansirebuli Rirebulebis wrebrunva (moZraoba) SeiZleba Semdegi diagramis saxiT iqnas warmodgenili (ix. diagram 11.2.1): moTxovnebi naRdi fuladi savaWro valdebulebebi gayidvebi Sesyidvebi

nedleulis maragi da sasaqonlo maragebi ZiriTadi saSualebebi dasawyobeba warmoeba daumTavrebeli produqcia diagrama 11.2.1. avansirebuli Rirebulebis wrebrunva

11.2.1. diagramaze mocemulia fuladi Tanxebis moZraoba, dawyebuli

moklevadiani da grZelvadiani aqtivebis SeZeniT. Semdeg modis warmoeba,

sarealizacio maragebis dasawyobeba da gayidvebi, romlis Semdeg kvlav

brundeba Tavdapirvelad avansirebuli fuladi Tanxebi, romelic gazrdili

iqmneba mogebis TanxiT. rac ufro xanmokle iqneba am wrebrunvis periodi,

miT ufro naklebi investicia gaxdeba saWiro biznesSi da piriqiT. amasTan,

Tu investicia (avansirebuli Rirebuleba) Zalian Semcirda, es ukve negatiur

Sedegs gamoiwvevs, radgan klientebi upiratesobas iseT momwodeblebs

aniWeben, visac saqonlis mowodeba xangrZlivi savaWro kreditiT SeuZlia.

amitom, mimwodebel kompanias sawyobSi meti raodenobis mza produqciis

maragi daWirdeba, romelzec moTxovnaa, raTa gasaRebis SesaZleblobebi da

bazari ar dakargos. amdenad, Zalian mcire maragebis arsebobac

araefeqturia.

Tavdapirvelad avansirebli Rirebulebis zrda wrebrunvis bolos,

miiReba sawarmo ekoenomikuri zrdis SemTxvevaSi. ekonomikuri zrdis

uzrunvelyofisaTvis, warmoebisa da realizaciis zrdis tempebi win unda

uswrebdes avansirebuli Rirebulebis zrdis tempebs. sawarmoTa menejmenti

ise unda marTavdes bizness, rom Rirebulebis cvlilebis mocemuli tempebi

mudam daculi iyos.


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11.3. avansirebuli Rirebulebis brunvadobis

maCveneblebis analizi

avansirebuli Rirebulebis brunvis siCqare gansazRvravs sawarmos

saqmianobis aqtiurobis xarisxs. avansirebuli Rirebulebis brunvadobis

daCqareba sawarmos finansur mdgomareobas aumjobesebs. zrdis misi

gadaxdisunarianobis dones.

avansirebuli Rirebulebis brunvadobis daCqarebis Sedegad miiRweva

Tavisufali fuladi saxsrebis gamoTavisufleba. xolo, brunvadobis

Senelebis Sedegad warmoiSoba brunvaSi damatebiTi saxsrebis mozidvis

aucilebloba, rac Zabavs sawarmos gadaxdisunarianobas. Aamitom,

avansirebuli Rirebulebis brunvadobis daCqarebis uzrunvelyofa

warmoadgens sawarmos finansuri mdgomareobis gaumjoebesebis erT-erT

mniSvnelovan mimarTulebas.

ekonomikuri saqmianobis dawyebisa da Seuferxebeli ganxorcilebis

mizniT, mewarme fulad saxsrebs grZelvadian da mimdinare aqtivebSi

abandebs. grZelvadian aqtivebSi dabandebul saxsrebs mewarme, ramdenime

wlis ganmavlobaSi ibrunebs ukan. rac imas niSnavs, rom masSi dabandebuli

saxsrebi Semobrundeba ramdenime weliwadSi erTxel. Mmimdinare aqtivebSi

danandebuli saxsrebi ki wlis ganmavlobaSi ramdenjerme dabrundeba ukan

da kvlav avansirdeba axal maragebSi. maSasadame, mimdinare aqtivebSi

avansirebuli Rirebuleba weliwadSi ramdenjerme Semobrundeba. aqedan

gamomdinare, grZelvadian aqtivebSi avansirebul Rirebulebas – ZiriTad

kapitals an grZelvadian saSualebebs, xolo mimdinare aqtivebSi

avansirebul Rirebulebas – sabrunav kapitals an sabrunav saSualebebs

uwodeben. Mmocemul SemTxvevaSi, Cven am ukanasknels SeviswavliT.

mimdinare aqtivebSi avansirebuli Rirebulebis anu sabrunavi kapitalis

(sabrunavi saSualebebis) brunvadobis xarisxi maTi brunvadobis

maCveneblebiT Seiswavleba. brunvadobis sami tipis maCvenebeli arsebobs:

brunvis ricxvi – igi axasiaTebs, avansirebuli Rirebuleba

ramdenjer Semobrundeba weliwadSi;

brunvis periodi dReebSi – igi zomavs, ramdeni dRe Wirdeba

avansirebuli Rirebulebis erT Semobrunebas;

damagrebis (anu dayovnebis) koeficientebi – igi axasiaTebs, Tu

ramdeni laris avansirebuli Rirebuleba unda iyos mudmivad

dabandebuli, raTa uzrunvelyofil iqnes erTi lari Semosavlis

miReba.

ganzogadebis xarisxis mixedviT, gamoiyofa brunvadobis saerTo

maCveneblebi da brunvadiobis kerZo maCveneblebi.

Asabrunavi kapitalis brunvadobis zogadi maCveneblebia: wliuri Semosavali realizaciidan Bbrunvis ricxvi jerebSi = -------------------------------------------------------------------------- (11.3.1) Mmimdinare aqtivebis saSualo wliuri naSTi


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an, 365 dRe / erTi brunvis periodi dReebSi;

es koeficienti aCvenebs, mimdinare aqtivebSi avansirebuli Rirebuleba ramdenjer Semobrundeba weliwadSi.

mimdinare aqtivebis saSualo wliuri naSTi * 365 brunvis periodi dReebSi = --------------------------------------------------------------------------------------; (11.3.2) wliuri Semosavali realizaciidan an, 365 dRe / brunvis ricxvi;

es koeficienti aCvenebs ramdeni dRe Wirdeba avansirebuli Rirebulebis erT Semobrunebas.

mimdinare aqtivebis saSualo wliuri naSTi damagrebis koeficienti = -----------------------------------------------------------------------------; (11.3.3) wliuri Semosavali realizaciidan

es koeficienti aCvenebs, mimdinare aqtivebSi mudam ramdeni lari iyo dabandebuli yoeli erTi laris realizaciis uzrunvelsayofad.

motanil formulebSi, mimdinare aqtivebidan unda gamoiricxos fuladi

Tanxebi, radgan fuls brunva ukve damTavrebuli aqvs da Tuki isic

gamoTvlebSi gaTvaliswinebuli iqneba, brunvadobis maCvenebeli xelovnurad

Semcirdeba. amasTan, naSTebi yvelgan aiReba saSualo wliuri sididiT,

romelic sawyisi da sabolo naSTebis naxevris tolia.

avansirebuli Rirebulebis (sabrunavi kapitalis) brunvadobis kerZo

maCveneblebi mimdinare aqtivebis Semadgeneli muxlebisaTvis cal-calke

gamoiTvleba. esenia: nedleulisa da masalis masalebis saSualo wliuri naSTi * 365 brunvis periodi = ------------------------------------------------------------------ ; (11.3.4) materialuri danaxarjebi

igi aCvenebs, masalis maragSi dabandebuli Rirebuleba, ramden dReSi

gadava danaxarjebSi. materialur danaxarjebs gayofiT masalis saSualo

naSTze, miiReba masalebis maragSi avansirebuli Rirebulebis brunvis

ricxvi.

D daumTavrebeli warmobis daumT. warmoebis saS. wl. naSTi * 365

brunvis periodi = -------------------------------------------------------------- ; (11.3.5) mza produqciis TviTRirebuleba

igi aCvenebs, ramdeni dRe Wirdeba daumTavrebel produqts, mza

produqtad gardaqmnisaTvis. mza produqciis TviTRirebulebis gayofiTT

daumTavrebeli produqciis saSualo wliur naSTze, miiReba misi brunvis

ricxvi anu wlis ganmavlobaSi ramdenjer gadadis daumTavrebli produqcia

mza produqciis maragSi. mza produqciis saSualo naSTi * 365

mza produqciis brunvis periodi = --------------------------------------------------------------------; (11.3.6) realizebuli produqciis TviTRirebuleba


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igi aCvenebs, mza produqtis maragSi avansirebuli Rirebuleba ramden

dReSi gadaiqceva fulad. Mmza produqciis mixedviTac SeiZleba

gamoiTvalos brunvis ricxi, romelic relizebuli produqciis

TviTRirebulebisa da mza produqciis saSualo naSTebis fardobas

warmoadgens. igi aCvenebs, wlis ganmavlobaSi ramdenjer gadaiqceva mza

produqtis maragSi avansirebuli Rirebuleba fuladi saxiT.

maSasadame, erTmaneTisagan gansxvavdeba, weliwadSi sul gamoSvebuli

produqcia da mza produqciis maragi (anu sawyobSi arsebuli naSTebi),

romelic buRaltruli balansidan aiReba. danaxarjebis, TviTRirebulebis

da Semosavlebis maCveneblebi ki mogeba/zaralis angariSgebidan aiReba. debitoruli davalianebebis debit. dav. saS. naSTi * 365 brunvis anu inkasaciis periodi = ------------------------------------------------; (11.3.7) Semosavali realizaciidan

es maCvenebeli adrec iqna ganxiluli da aCvenebs, ramdeni dRe Wirdeba

sawarmos debitorebisagan kuTvnili Tanxebis amosaRebad, maTi

davalianebebis warmoSobis momentidan. am maCveneblis mixedviTac

gamoiTvleba debitoruli davalienebebis inkasaciis (dafarvis) ricxvi:

Semosavali (kreditiT gayidvebi) Sefardebuli debitoruli davalianebebis

saSualo naSTTan.

kerZo maCveneblebis Seswavla saSualebas iZleva gamovlindes

avansirebuli Rirebulebis brunvadobis cvlilebaze moqmedi faqtorebi.

Bbrunvadobis kerZo maCveneblebi gavlenas axdenen brunvadobis zogad

maCveneblebze. wina sakiTxSi mocemulia soperacio ciklis xangrZliobis

formula. amJamad ganxiluli brunvadobis kerZo maCveneblebis jami,

saoperacio ciklis periodis maCvenebels warmoadgens.

sabrunavi kapitalis brunvadobis detaluri analizisaTvis metad

mosaxerxebelia damagrebis (dayovnebis) koeficientis gamokvleva.

Ddamagrebis koeficienti gaSlili saxiT Semdegnairad SeiZleba

gamoixatos: masalis + daumT. prod. + mza prod. + debit. dav. naSTi naSTi naSTi naSTi damagrebis koeficienti = -----------------------------------------------------------------------------------; (11.3.8) wliuri Semosavali realizaciidan

damagrebis koeficienti aCvenebs, ramdeni laris mimdinare aqtivi iyo

mudmivad brunvaSi, erTi lari realizaciis uzrunvelsayofad. 11.3.8

koeficientis zrda uaryofiT movlenas warmoadgens, radgan izrdeba

brunvaSi `gayinuli~, uZravad myofi saxsrebis sidide, rac biznesis

aqtiurobas da sawarmos kreditunarianobas asustebs. Aam koeficientis

analizi saSualebas iZleva gaizomos avansirebuli Rirebulebis

brunvadobaze moqmedi faqtorebis gavlena detalizaciis nebismieri

xarisxiT. es ki saSualebas iZleva, rac SeiZleba detaluri RonisZiebebi

SemuSavdes menejmentis mier avansirebuli Rirebulebis brunvadobis


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daCqarebis mizniT da sawarmos finansuri mdgomareobis Semdgomi

gaumjobesebisaTvis.

Aamrigad, avansirebuli Rirebulebis brunvadobis analizis safexurebia:

saWiro informaciis mogroveba, dajgufeba da samuSao cxrilebis

Seqmna;

avansirebuli Rirebulebis brunvadobis maCveneblebis dinamikis

analizi;

avansirebuli Rirebulebis brunvadobis gadaxraze moqmedi

faqtorebis gazomva;

wina welTan an gegmasTan SedarebiT, brunvidan gamoTavisuflebuli

(an damatebiT moziduli) saxsrebis dadgena;

saWiro informacia aiReba buRaltruli balansidan da mogeba/zaralis

angariSgebidan. saanalizo sawarmos `kolxeTis~ finasuri angariSgebis

monacemebis safuZvelze momzaddeba Semdegi samuSao cxrili (ix. cxrili

11.3.1).

cxrili 11.3.1

saanalizo sawarmos sabrunavi kapitalis brunvadobis maCveneblebis sabaziso informacia

maCveneblebi

2013 2014 2015 2016 2017

M 1. mimdinare aqtivebis saSualo naSTi (aT. lari. fuladi Tanxebis gareSe)

2. Semosavali realizaciidan (aT.lari) 3. sabrunavi kapitalis brunvis ricxvi (2 : 1)

4. erTi brunvis xangrZlioba dReebSi (365 : 3)

5. sabrunavi kapitalis dayovnebis koe- Fficienti (1:2)

4800 93000 19,4 18,8 0,0516

5745 92000 16,0 22,8 0,0624

5905 90600 15.3 23,9 0,0652

6075 91100 15,0 24,3 0.0667

7370 95690 13,0 28,1 0,077

rogorc 11.3.1 cxrilidan Cans, saanalizo periodSi sabrunavi kapitalis

brunvis ricxvi yovelwliurad mcirdeboda. xolo, erTi brunvis

xangrZlioba zrdis tendenciiT xasiaTdeboda. TvalsaCinoebisaTvis aigeba

dinamikis grafikebi.

realizaciis fardoba aqtivebis jamTan ki axasiaTebs sawarmos

sameurneo saqmianobaSi arsebuli fulis anu mTeli avansirebuli

Rirebulebis brunvis ricxvs weliwadSi.

avansirebuli Rirebulebis brunvadobaze moqmedi faqtorebia:

debitoruli da kreditoruli davalianebebis dafarvis

koeficientebi;

warmoebisa da realizaciis procesebis organizaciuli marTva;

masalisa da mza produqciis xarisxianoba;

mza produqciis sabazro poziciebi;


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determinirebuli analizisaTvis, SeiZleba gamoyenebul iqnes sabrunavi

kapitalis damagrebis koeficientis zemoT motanili toloba. xolo,

korelaciuri analizi gamoiyenebul iqneba dinamikaSi, brunvadobis

maCvenebelze moqmedi faqtoris cvlilebis gamosakvlevad.

avansirebuli Rirebulebis brunvadobis daCqareba iwvevs brunvidan

Tavisufali saxsrebis gamoTavisuflebas, rac sawrmos saSualebas aZlevs,

axali proeqtebi daafinansos. Mmagram, Tuki brunvadoba Senelda, maSin

saWiro xdeba damatebiTi fuladi saxsrebis mozidva, rac finansur

mdgomareobas auaresebs.

sabrunavi kapitalis brunvadobis daCqarebis (an Senelebis) Sedegad

gamoTavisuflebuli (an damatebiT moziduli) saxsrebis sidide gamoiTvleba

brunvadobis xangrZliobis gadaxris gamravlebiT DdRiur xarjze.

saanalizo sawarmoSi wliuri saoperacio xarjebi 2017 wels 82890 aTasi

lari, dRiuri xarji ki 227,1 aT.lars Seadgenda. sabrunavi kapitalis

brunvis xangrZlioba mimdinare wels iyo 28,1 dRe, wina wels ki 24,3 dRe.

Sesabamisad, brunvadobis Senelebis Sedegad brunvaSi damatebiT

dabandebuli saxsrebi iqneba:

(28,1 – 24,3) * 223,4 aT.l = 849 aT. l

maSasadame, sawarmos finansuri mdgomaroba yovelwliurad uaresdeboda.

avansirebuli Rirebulebis brunvadobis daCqareba ki aris sawarmos myari

finansuri mdgomareobis erT_erTi mniSvnelovani mimarTuleba da mocemul

SemTxvevaSi menejmentma avansirebuli Rirebulebis daCqarebis RonisZiebebi

unda gaataros.

bolos. erTmaneTs unda Seudardes realizaciidan miRebuli

Semosavlebis, saoperacio mogebis da mTliani aqtivebis cvlilebis tempebi.

saqmiani aqtiuroba xasiTdeba dadebiTad, Tu daculia Semdegi piroba:

wliuri (an saoperacio) mogebis tempi > realizaciis tempi > sul avansirebuli kapitalis tempi (balansis jami) > 100 %

aseTi damokidebulebis arseboba niSnavs, rom kompaniis ekonomikuri potenciali (saqmianobis moculoba) izrdeba, resursebi efeqtianad gamoiyeneba da mogeba ufro maRali tempiT izrdeba xarjebis Semcirebis tempTan SedarebiT. am ukanasknels `sawarmos ekonomikis oqros wess uwodeben~


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267

11.4. fuladi saxsrebis denadobis

analizis meTodika

fuladi saxsrebis denadobis analizis mizania sawarmos

gankargulebaSi arsebuli fuladi Tanxebis Semodinebis gzebis da maTi

gamoyenebis mimarTulebebis Sefaseba. saWiroa im faqtorebis dadgena,

romlebic fulis Tavisufal Semodineba-gadinebas xels uwyobda an

aferxebda. Aanalizi tardeba sawarmos `fuladi nakadebis angariSgebis~

informaciis safuZvelze, romelic pirdapiri meTodiTaa Sedgenili, vinaidan

am meTodiT momzadebul angariSgebaSi mocemulia sawarmoSi Semosuli da

gasuli fulis konkretuli gzebi.

fuladi nakadebis analizis amocanebia:

damatebiTi informacia moipovos sawarmos mimdinare likvidurobis

SefasebisaTvis;

finansuri ciklis xangrZliobis gamokvleva;

fuladi Tanxebis denadobis Sefaseba saqmianobis sferoebis mixedviT;

msgavsi sawarmoebis fuladi saxsrebis moZraobis maCvenebelTa

SedarebiTi daxasiaTeba;

naRdi fulis siWarbis an deficitis Sefaseba;

daadginos, sad SeiZleba dabandebis Semcireba da romeli

mimarTulebiT SeiZleba fulis dabandebis gazrda;

momavali periodis fuladi saxsrebis moZraobis prognozireba.

fuladi nakadebis marTva finansuri menejmentis mniSvnelovani

mimarTulebaa. j.keinsis azriT, fuladi aqtivebis mniSvneloba sami ZiriTadi

mizeziTaa ganpirobebuli:

1. rutinuloba – fuladi saSualebebi gamoiyeneba ra mimdinare

operaciebis SesrulebisaTvis, Semosul da gasul fulad nakadebs

Soris ki yovelTvis arsebobs droiTi wyvetebi, amitom, sawarmo

iZulebulia angariSze yovelTvis hqondes naRdi fuli;

2. sifrTxile – vinaidan sawarmos saqmianoba winaswar mkacrad

gansazRvrul xasiaTs ar atarebs, amitom fuli gauTvaliswinebeli

gadasaxadebisTvisac saWiroa;

3. spekulireba – fuladi saSualebebi spekulaciuri TvalsazrisiTac

saWiroa, radgan mudmivad arsebobs albaToba imisa, rom moulodnelad

xelsayreli investirebis SesaZlebloba warmoiSvas. amasTan, raime

sainvesticio proeqtSi monawileobasTan dakavSirebiT yovelTvis

adgili aqvs fulad danakargebs. amitom, nebismierma sawarmom ori

urTierTgamomricxavi movlena yovelTvis unda gaiTvaliswinos:

mimdinare gadaxdisunarianobis SenarCuneba da damatebiTi mogebis

miRebis SesaZlebloba Tavisufali fuladi saxsrebis investirebidan.

amrigad, sawarmos finansuri marTvis erT-erTi ZiriTadi amocanaa fuladi

saxsrebis mimdinare saSualo naSTebis optimizacia.


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fuladi saxsrebis denadobis analizis safexurebia:


informaciis damuSaveba da analizuri cxrilebis Sedgena;

saoperacio da safinanso ciklis maCveneblebis dinamikis Seswavla;

fuladi nakadebis da fuli brunvis analizi

saWiro fulis mozidvis gzebis SemuSaveba.

analizis dros saWiroa yuradReba mieqces im garemoebas, rom sawarmo

wliuri angariSgebis informaciiT momgebiani iyos, magram imavdroulad,

SeiZleba siZneleebi gaaCndes sabrunav saxsrebSi, ramac warmoSvas

konfliqtebi partniorebTan da gakotrebac ki gamoiwvios.

davuSvaT, sawarmo masalebs yidulobs yovel mexuTe dRes. sawarmoo

cikli erT dReSi mTavrdeba da fulis angariSze realizaciidan amonagebi

yoveldRiurad Semodis. produqciis erTeulis TviTRirebuleba 20 laria,

romlis 40% masalis xarjia, sarealizacio fasi – 22 lari. maSin,

saqmianobis Sedegebis dinamikas Semdegi saxe eqneba (ix. cxrili 11.4.1.): cxrili 11.4.1. mogebisa da fuladi Tanxebis dinamika

dReebi

mza produqcia (calebSi)

TviTRirebu- Leba (larebSi)

amonagebi realizaciidan (l)

Ddagrovili Mmogeba (l)

fuli sabanko anga- riSebze (l)

naSTi 1 2 3 4 5

- 20 21 20 25 20

- 400 420 400 500 400

- 440 462 440 550 440

- 40 82 122 172 212

500 100 200 390 50 50

rogorc 11.4.1. cxrilidan Cans, sawarmos, miuxedavad imisa rom mogeba gaaCnia, meoTxe da mexuTe dRes ar hqonda sakmarisi filadi saxsrebi masalebis SesyidvisaTvis, radgan angariSze fuladi Tanxebis SemodinebaSi Seferxebebia.

fuladi Tanxebis wrebrunvis modelis safuZvelze Seiswavleba, ramdeni dRe Wirdeba aqtivebSi dabandebul fulad saxsrebs, kvlav fulis saxiT rom dabrundes ukan. Aam mizniT ganisazRvreba finansuri ciklis xangrZlioba, romelic saoperacio ciklsa da kreditoruli davalianebebis dafarvis periods Soris sxvaobis tolia.

Sedgeba analizuri cxrili, romelSic aisaxeba yvela saWiro informacia da gamoiTvleba Sesabamisi brunvadobis maCveneblebi (ix. cxrili 11.4.2)

rogorc 11.4.2. cxrilis maCveneblebidan Cans, 2017 wels, sawarmoo maragebSi avansirebuli Rirebulebis erTi Semobrunebis periodi 20,7 – dan, 33,3 dRemde gaizarda, 2013 welTan SedarebiT. aseve gazrdilia moTxovnebis inkasaciis (amoRebis) da valdebulebebis dafarvis xangrZlivobac, rac uaryofiT movlenas warmoadgens. gansakuTrebiT gaurasebulia valdebulebebis dafarvis mdgomareoba, maSin rodesac sawarmos debitorebisagan fuladi Tanxebi saSualod yovel erT kviraSi Sesdioida.


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269

cxrili 11.4.2

saoperacio da finansuri ciklis maCveneblebi ss `kolxeTSi~

maCveneblebi

2013 w 2016 2017 maCvenebe- li

zrdis %

maCvene- beli

zrdis %

1. materialuri maragebis saS. naSTi (aT.l) 2. Semosavali realizaciidan (aT.l) 3. realizebuli produqciis TviTRi-

rebuleba (aT.l) 4. mimdinare moTxovnebis saS.naS (aT.l) 5. mimdinare valdeb. saS. naSTi (aT,l) 6. sawarmoo maragebis brunvis periodi

(dReebSi) (1:3) * 365) 7. moTxovnebis amoRebis periodi

(dReebSi) (4 : 2) * 365 8. valdebulebebis dafarvis periodi

(dReebSi) (5 : 3) * 365 9. saoparacio ciklis dro dReebSi (6+7) 10. finansuri ciklis dro dReebSi (9-8)

4280 79000 64000 1000 8500 20,7 5,6 48,5 26,3 -22,2

4675 77800 65400 1400 6605 23,4 5,4 35,9 28,8 -7,1

109 101 97 140 78 113 96 74 110 33

5545 95690 73600 1825 8860 21,15 7 43,9 28,2 -15,7

157 103 98 183 104 161 178 91 153 35

finansurma menejmentma, gansakuTrebuli yuradReba unda miaqcios

saoperacio ciklis Semcirebas da aRmofxvras arasasurveli viTareba

avansirebuli Rirebulebis brunavadobis mimarTulebiT.

rogorc imave gaangariSebidan Cans, moTxovnebis dafarvidan fulis

miRebis periodi mniSvnelobnad CamorCeba kreditoruli davalianebebis

dafarvis periods. magaliTad, 2017 wels sawarmo myidvelebidan

saSualodyovel 7 dReSi iRebda, Tavad ki, kreditorul davalianebebs

saSualod yovel 56 dReSi faravda.

Afuladi nakadebis angariSgebis informaciis safuZvelze Seiswavleba

saqmianobis calkeuli sferodan, wlis ganmavlobaSi fuladi Tanxebis

Semodinebis mdgomareoba. saanalizo kompaniis `kolxeTis~ 2017 wlis

fuladi nakadebis angariSgebis informaciaze dayrdnobiT movamzadebulia

analizuri cxrili 11.4.3. rogorc cxrilidan Cans, saanalizo sawarmoSi

mimdinare wlis wminda fuladi nakadi anu Tavisufali fuli 630 aT. laria.

imave 11.4.3. cxrilis monacemebis Tanaxmad, saanalizo sawarmoSi mxolod sainvesticio saqmianobis mimarTulebiT arsebobda fulis deficiti, rac ar SeiZleba erTmniSvnelovnad uaryofiT movlenad CaiTvalos, radgan grZelvadiani aqtivebis ganaxleba moxda. mTavaria is, rom sawarmoSi wlis ganmavlobaSi sul Sesuli da gasul fulad nakadebs Soris sxvaoba dadebiTia (ix.cxrili 11.4.4).

rogorc 11.4.4. cxrilidan Cans, saanalizo sawarmoSi 2017 wels adgili

hqonda fulis deficits, sainvesticio saqmianobidan.Ees deficiti, rogorc

Cans aqciebis damatebiTi gamoSvebis gziT da aRebuli sesxebiT daifara.


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270

cxrili 11.4.3 saanalizo sawarmos wminda fuladi nakadebi

maCveneblebi

Tanxa aT.l

wminda fuladi nakadi saoperacio saqmianobidan

- fulis siWarbe - fulis deficiti wminda fuladi nakadi sainvesticio saqmianobidan:

- fulis siWarbe - fulis deficiti wminda fuladi nakadi safinanso saqmianobidan

- fulis siWarbe - fulis deficit ------------------------------------------------ mimdinare wlis wminda fuladi nakadi sul

6230 - (7980) 2380 - ----------------- 630

imave fuladi nakadebis angariSgebis analiziT irkveva, rom kompaniam 1,2

mln _ obligaciebis gamoSvebiT da 2 mln lari – sesxebis aRebiT moizida

(ix. cxrili 11.1.4.). am cxrilis maCveneblebidan naTlad Cans, rom saanalizo

sawarmom 2017 wlis ganmavlobaSi sul 98,04 mln lari Ffuladi saxsrebi

miiRo. maT Soris daaxloebiT 97% myidvelebisagan, xolo 2% sesxebs aRebis

gziT. 11.4.4 ss `kolxeTis~ fuladi nakadebis struqtura 2017 wels maCveneblebi

Tanxa aTas larebSi

xvedriTi wili %-ad

- myidvelebidan miRebuli fuli - miRebuli saprocento Semosavali - obligaciebis gamoSvebidan miRebuli fuli - aRebuli sesxebi

------------------------------------------------------------- sul fulis Semodineba

momwodeblebze gadaxdili fuli TanamSrmebze gacemuli xelfasebi sxva arasawarmoo fuladi xarjebi gadaxdili procentebi gadaxdili mogebis gadasaxadi gadaxdili dividend ZiriTadi saSualebebis SeZena Aramaterialuri aqtiveebis Sesyidva sakuTari aqciebis gamosyidva ----------------------------------------------- sul gasuli fuli Tavisufali wminda fuli mimdinare wels

94690 150 1200 2000 ------------- 98040 46 200 33 000 2 060 1 300 740

5 160 6 600 1 530 820 ------------ 97410 630

96,6 0,2 1,2 2,0 -------- 100 47,4 33,9 2.1 1,3 0,8 5,3 6,8 1,6 0,8 -------- 100 -


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rac Seexeba brunvidan gasul fulad Tanxebs, imave wels sul

gadinebul iqna 97,41 mln lari, maT Soris 47,4% momwodeblebzea gadaxdili,

33,9% TanamSromlebze da 6,8% ZiriTadi saSualebebis SeZenaze daixarja.

mimdinare wels gamomuSavebulma Tavisufalma fulma 630 aT, lari Seadgina,

rac sul Semodinebuli fulis mxolo 0,64%-ia (630/98040), rac Zalian mcirea.

magram, aseTi dabali done didi moculobis ZiriTadi saSulebebis Sesyidvam

ganapiroba.

Semdeg sainteresoa Seswavlil iqnas wminda fuladi nakadebis dinamika

ramdenimewliani periodisTvis. rac saSualebas iZleva Sefasdes sawarmos

finansuri tradiciebi da gakeTdes Sesabamisi prognozi. es meore mxriv

biznes-gegmis SedgenisaTvis mniSvnelovania.

Aanalizis dros Seiswavleba agreTve fuladi tolobis Semdegi maCveneblebi: sawarmos Tavisufali fuladi nakadi = mogeba realizaciidan + arafuladi

xarji + [saprocento xarji * (1 _ gadasaxadis norma)] _ ZiriTadi kapitali _ sakuTari sabrunavi kapitali;

an, Tavisufali fuladi nakadi = fuli saoparacio saqmianobidan + [saprocento

xarji * (1 _ gadasaxadis norma)] _ ZiriTad saSualebebSi avansirebuli Rirebuleba.

Aan, Tavisufali fuladi nakadi = fuli saoperacio saqmianobidan _ ZiriTadi

saSualebebi + wminda sesxebi A analizis dros finansuri menejmenti agreTve Seiswavlis fulis brunvis

koeficintebs, rogoricaa: F fuladi Tanxebis saS. naSTi fuladi Tanxebis damagrebis koeficienti= --------------------------------------------------; (14.4.1.) Semosavali realizaciidan

igi aCvenebs Tavisufali fuladi Tanxebis naSTis ra raodenoba iyo saWiro yoveli erTi laris Semosavlis misaRebaf. am koeficientis Sebrunebuli maCvenebeli axasiaTebs fulis brunvis ricxvs weliwadSi.

wliuri Semosavali realizaciidan fulis brunvis ricxvi = --------------------------------------------------------------------; (14.4.2) fulis saSualo naSTi

magaliTad, mocemuli formulis mixedviT, saanalizo sawarmoSi

avansirebuli fuladi Tanxebi 2016 wels 18-jer (77800 / 4225) da 2017 wels

21,7-jer (95690/4415) Semobrunda. maSasadame, mdgomareoba odnav

gaumjobesebulia.

am koeficientebis dinamikaSi Seswavla Zalian sainteresoa sawarmos

finansuri mmarTvelobisaTvis. Ddinamikuri analizis dros, rogorc ukve

iciT, gamoiTvleba variaciis koeficienti, raTa Sefasdes, ramdenad meryevi

iyo maTi cvlilebis tendenciebi ganvlili wlebis ganmavlobaSi da

gakeTdes Sesabamisi daskvnebi.


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272

wminda fuladi nakadiT uzrunvelyofa= wliuri wminda fuladi nakadi ------------------------------------------------------------------------------ ; (14.4.3) gadaxdili sesxebi + mater. maragebis + dividendebi da %-ebi zrda

agreTve Seiswvaleb fulis sxva koeficientebi, romlebic mexuTe TavSia gadmocemuli da aq aRar vimeorebT. sawarmoebs yovelTvis gaaCniaT moTxovna fuladi Tanxebis minimalur

naSTebze, raTa Seqmnan mimdinare maragebi, daafinanson sxvadasxva

prognozuli proeqtebi, droulad dafaron mimdinare valdebulebebi da

sxva gauTvaliswinebeli xarjebi. magram, saWiroa Tavisufali fuladi

Tanxebis optimaluri moculobis dadgena, raTa zedmeti fuli

konvertirebul iqnes (gaicvalos) fasian qaRaldebSi (vTqvaT, obligaciebSi),

damatebiTi Semosavlebis misaRebad.

dasavleTis qveynebSi, Tavisufali fuladi Tanxebis naSTebis optimaluri

moculobis dasadgenad, baumolis da mileris formulebi gamoiyeneba.

Bbaumolis formuliT, sawarmosaTvis saWiro fulis naSTebis optimaluri

moculoba Semdegi formuliT gaiangariSeb:

2 * v * c Q = ------------- ; sadac, r

v - Aaris wliuri moTxovna fulad Tanxebze anu wliuri fuladi xarjebi; c-Ffasian qaRaldebSi fuladi saxsrebis konvertaciis xarjebi (anu erTeulis realizaciaze gasawevi xarji)

r - aris moklevadiani finansuri investiciis (davuSvaT, obligaciis an privilegirebuli aqciis) saprocento ganakveTi; 1/2½- kvadratuli fesvis niSania Q - aCvenebs angariSsworebis angariSze fuladi Tanxis arsebobis maqsimalur

SesaZlo sidides. xolo, saSualo minimaluri done misi naxevris tolia. sawarmos wliuri moTxovna fulad Tanxebze, martivad gamoiTvleba Semdegi

formuliT: ∑P = ∑ ( pi + ck); sadac,

piA- aris fuladi Tanxebis i - angariSebis sakredito brunva sagegmo periodSi; ck -Aaris fuladi saxsrebis angariSebis sakredito naSTebi periodis dasawyisSi, Tu aseTs adgili hqonda;

Mmileris modeliT fuladi Tanxebis naSTebis sazRvrebi gamoiTvleba Semdegi

formuliT: S = 3 * [(3Pt * v)/(4* Px)]1/3 ; sadac, SA- aris fulis naSTis optimaluri sidide;

Pt -Aaris fasian qaRaldebSi fulis transformaciis (gadacvlis) xarjebi; Px - aris sabanko angariSze fulis Senaxvis xarjebi;

v - aris fulis sabanko angariSze fulis naSTis variaciis koeficienti.


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1/3 – aris kuburi xarisxis fesvis niSani mileris modelis gamoyenebis dros, eqspertizis gziT, winaswar ganisazRvreba

angariSze fulis minimaluri naSTis sidide da Semdeg, fulis naSTis maqsimaluri

sazRvari, romelic minimaluri naSTisa da fulis optimaluri sididis jamis

tolia.

gamocdebze baumolis formulis codna mogeTxovebaT. sademonstarcio magaliTi: davuSvaT, sawarmos wlis ganmavlobaSi, sxvadasxva xarjebis dasafaravad 5 mln lari sWirdeba. saxelmwifo fasian qaRaldebze an safondo birJaze obligaciis wliuri saprocento ganakveTia 12%. xolo, TiToeuli maTganis realizaciasTan dakavSirebuli xarjebi 3 lars Seadgens. maSin, baumolis modeliT: Q = [(2 * 5 * 3) / 0,12]1/2 = (250)1/2 = 15,81 mln l. saSaulo minimaluri naSTi = 15,81 / 2 = 7,9 mln l. maSasadame, mocemul SemTxvevaSi, sawarmos bankis angariSebze fulis naSTebis minimaluri moculobaa 7,9 da maqsimaluri – 15,81 mln lari.

kiTxvebi TviSemowmebisaTvis: 1. ra aris sawarmos saqmiani aqtiurobis analizis mizani; 2. CamoTvaleT sabrunavi kapitalis brunvadobis saerTo maCveneblebi; 3. CamoTvaleT sabrunavi kapitalis brunvadobis kerZo maCveneblebi; 4. daaxasiaTeT saoperacio da safinanso ciklebi; 5. rogor gamoiTvleba sabrunavi kapitalis brunvis ricxvi; 6. ras axasiaTebs koeficienti: materialuri danaxarjebi Sefardebuli masalis

maragis saSualo naSTTan; 7. axseniT koeficientis buneba: Semosavali realizaciidan Sefardebuli

fuladi Tanxebis saSualo wliur naSTTan.

t e s t e b i

1. sabrunavi kapitalis brunvis ricxvi aris: a. materialuri maragebis fardoba danaxarjebTan b. realizaciis fardoba mimdinare aqtivebTan g. mimdinare aqtivebis fardoba realizaciasTan

2. masalis maragSi avansirebuli Rirebulebis brunvis ricxvi aris a. materialuri danaxarjebis fardoba masalis saSaulo wliur naSTTan b. materialuri danaxarjebis fardoba mza produqciis TviTRirebulebasTan g. masalis saSualo wliuri naSTis fardoba materialur danaxarjebTan

3. mza produqciis maragSi avansirebuli Rirebulebis brunvis xangrZlioba aris: a. fardoba warmoebis danaxarjebsa da mza produqciis saSualo wliur

naSTs Soris b. fardoba Semosavalsa da mza produqciis saSualo wliur naSTs Soris g. fardoba weliwadis dReebis ricxvsa da mza produqciis brunvis ricxvs

Soris 4. kompaniis wliuri Semosavali realizaciidan aris 67480 lari; saSualo

wliuri naSTebi Seadgens: fuladi Tnxebis – 3450; materialuri maragebis – 5700 da moTxovnebis – 3940 lars. ras udris sabrunavi kapitalis brunvis ricxvi:


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a. 10 b. 5 g. 7

5. kompaniis wliuri Semosavali realizaciidan aris 67480 lari; saSualo wliuri naSTebi Seadgens: fuladi Tnxebis – 3374; materialuri maragebis – 5700 da moTxovnebis – 3940 lars. ras udris fulis brunvis ricxvi:

a. 10 b. 20 g. 7

6. kompaniis wliuri Semosavali realizaciidan aris 67480 lari; saSualo wliuri

naSTebi Seadgens: fuladi Tnxebis – 3374; materialuri maragebis – 5700 da moTxovnebis – 3940 lars. ras udris moTxovnebis inkasaciis periodi:

a. 20 dRe b. 21,3 dRe g. 31 dRe

7. sabrunavi kapitalis brunvis xangrZlioba gviCvenebs: a. ramdeni dRe sWirdeba avansirebuli Rirebulebis erT Semobrunebas b. avansirebuli Rirebuleba weliwadSi ramdenjer Semobrundeba g. avansirebuli Rirebulebis ukugebas

8. sawarmoSi gamoSvebuli produqciis TviTRirebuleba aris 45800 lari, maT Soris masalis danaxarjebia 25000 lari. mza produqciis saSualo wliuri naSTi – 4700 da masalis saSualo wliuri naSTi – 3500 laria.

ramdeni dRe sWirdeba masalis maragSi avansirebuli Rirebulebis erT Semobrunebas:

a. 29 dRe b. 37 dRe g. 51,1 dRe

9. sawarmoSi gamoSvebuli produqciis TviTRirebuleba aris 45800 lari, Semosavali realizaciidan – 53000 lari. masalis danaxarjebia 25000 lari. saSualo wliuri naSTebia: mza produqciis – 4700, masalis – 3500, moTxovnebis – 3500; fuladi Tanxebis – 3200 lari. ras udris saoperacio ciklis periodi:

a. 88,6 dRe b. 134,7 dRe g. 112,7 dRe

10. wina wels sabrunavi kapitalis erT Semobrunebas _ 34 dRe, xolo mimdinare wels – 30 dRe dasWirda. wliuri saoperacio xarjebi Seadgenda 529250 lars. ras udris brunvadobis daCqarebis Sedegad gamoTavisuflebuli fuladi saxsrebis sidide:

a. 5800 lari b. 7560 lari g. 9642 lari


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a m o c a n e b i amocana 11.1. qvemoT motanili informaciis safuZvelze gamoTvaleT sabrunavi kapitalis brunvis ricxvi weliwadSi da erTi brunvis xangrZlioba dReebSi: wlis dasawyisSi wlis bolos mimdinare aqtivebi (lari) 56890 57900 fuladi Tanxebi 7900 5300 Semosavali realizaciidan - 507950

amocana 11.2.

erT-erTi sawarmos Sesaxeb arsebobs Semdegi informacia (larebSi): masalebis saSaulo wliuri naSTi _ 9800 daumTavrebeli produqciis saSualo wliuri naSTi _ 5100 mza produqciis saSaulo wliuri naSTi _ 12700 debitoruli davalianebebis saS. wliuri naSTi _ 12500 fuladi Tanxebis saSualo wliuri naSTi _ 7400 kreditoruli davalianebebis saSualo wliuri naSTi _ 14000 marterialuri danaxarjebi weliwadSi _ 156000 mza produqciis TviTRirebuleba _ 180000 realizebuli produqciis TviTRirebuleba _ 175000 Semosavali realizaciidan (mTlianad jreditiTaa gayiduli) _ 195000 kreditiT Sesyiduli materialuri maragebi _ 168000 moTxovna:

1. gamoTvaleT saoperacio ciklis xangrZlioba; 2. gamoTvaleT safinanso ciklis xangrZlioba.

amocana 11.3. mocemulia (larebSi): wina wels mimdinare wels mimdinare aqtivebi 15480 14950 fuladi Tanxebi 4800 3100 saoperacio xarjebi 80000 83860 Semosavali realizaciidan 94000 98000 moTxovna:gamoTvaleT sabrunavi kapitalis brunvis daCqarebis (an Senelebis) Sedgad gamoTavisuflebuli (an brunvaSi damatebiT moziduli) saxsrebis raodenoba.

amocana 11.4. kompanias, sxavadasxva xarjebis dasafarad weliwadSi 7,4 mln lari sWirdeba. saxelmwifo obligaciebis wliuri saprocento ganakveTia 15%. yoveli erTi cali obligaciis realizaciasTan dakavSirebuli xarjia 1,7 lari. moTxovna: gamoTvaleT kompaniisaTvis saWiro fulis optimaluri moculoba

baumolis formuliT.


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Tavi 12. sawarmos mogebisa da

momgebianobis analizi mogeba sawarmos funqcionirebis efeqtianobis finansur

Sedegs warmoadgens. Tavis mxriv, finansuri Sedegi

SeiZleba iyos dadebiTic da uaryofiTic. mewarme

biznesis saqmianobas sabolood, mogebis miRebis

TvalsazrisiT afasebs, radgan, mewarmisaTvis bizness

imdenad aqvs azri, ramdenadac mas mogeba moaqvs.

M mocemul TavSi SeiswavliT iseT sakiTxebs, rogoricaa:

sawarmos finansuri Sedegebis analizis mizani da amocanebi;

mogebisa da momgebianobis maCvenebelTa sistema;

mogebisa da momgebinobis analizis meTodika;

12.1. finansuri Sedegebis analizis

amocanebi Mmewarme (an sawarmo) mogebas iyenebs kapitalis gasadideblad, piradi

simdidris gasazrdelad, warmoebis gafarToebisaTvis, sagadasaxado

valdebulebebis Sesasruleblad, dasaqmebuli personalis waxalisebisa da

dajildoebisaTvis, sxvadasxva socialuri programebis dafinansebisa da

qvelmoqmedebisaTvis.

Aamdenad, esa Tu is sawarmo iRebdes mogebas da iyos momgebiani, es ara

mxolod sawarmos mesakuTreTa, aramed, dasaqmebuli personalis,

saxelmwifosa da mTeli sazogadoebis interesebSic Sedis. mogebis miRebis

mizniT mewarme cdilobs racionalurad da rac SeiZleba maRali

SedegianobiT gamoiyenos mis xelT arsebuli materialuri da SromiTi

resursebi. amiT igi sazogadoebriv amocanasac asrulebs, radgan resursebi

zogadad amowurvadia da saWiroa yvelaze optimaluri gadawyvetilebebi, ra

awamoo da rogor awarmoo.

sawarmos xelmZRvanelebi pasuxismgeblebi arian maTze mindobili

resursebis efeqtian marTvaze. warmoeba unda faravdes xarjebs da

damatebiT iRebdes mogebas. warmoebis efeqtianoba ar uaryofs xarjebis

gawevas. piriqiT, xarjis gaweva aucileblia imasaTvis rom momavalSi

miRebul iqnes ekonomikuri warmatebebi. amdenad, warmoebis efeqtianobis

miRweva gulisxmobs ara imas, rom adgili ar hqondes danaxarjebs, aramed

imas, rom Semosavlebi aRematebodes xarjebs.

M mogeba warmoadgens sawarmos muSaobis ekonomikur efets. igi aris

sawarmos saboloo dadebiTi finansuri Sedegi. masSi asaxulia sawarmos

saqmianobis yvela mxaris funqcionirebis xarisxi. Aamitom, mogeba sawarmos

ekonomikuri egeqtianobis kompleqsuri, naerTi, zogadi maCvenebelia,


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romelzec pirdapir an arapirdapir gavlenas axdens sawarmos ekonomikur

saqmianobaSi Tu moralur qcevebSi momxdari yvela qmedeba.

mogeba warmoadgens warmoebis gafarToebis, materialuri stimulirebis

da dagrovebis saSualebas. maSasadame, mogebis miRebis uzrunvelyofa da

misi gadidebis gonivruli gzebis Zieba sawarmos finansuri menejmentis

umniSvnelovanesi amocanaa. am miznis misaRwevad Sesabamisi analizuri

midgomebi gamoiyeneba.

mogebisa da momgebianobis analizis mizania sawarmos momgebianobis

donis Sefaseba da misi Semdgomi amaRlebis rezervebis gamovlena.

finansuri Sedegebis analizis amocanebia:

mogebis prognozirebis srulyofa;

danaxarjebis Semcirebis gzebis dadgena;

Semosavlebis zrdis gzebis gamovlena;

mogebisa da momgebianobis cvlilebaze moqmedi faqtorebis gamovlena;

momgebianobis Sedgomi amaRlebis RonisZiebebis SemuSaveba.

analizis informaciul wyaros warmoadgens sawarmos finansuri

angariSgeba da biznes-gegmis maCveneblebi. agreTve, sawarmoTa momgebianobis

saSualo dargobrivi maCveneblebi.

12.2. mogebisa da momgebianobis maCvenebelTa sistema

sawarmos finansuri Sedegebis maCveneblebi or jgufad: absolutur da

SefardebiT maCveneblebad iyofa.

I. absoluturi maCveneblebi sawarmos saboloo finansuri Sedegis

saerTo moculobas gamoxataven, rogoricaa: mogeba an zarali.Mmogeba aris

sxvaoba Semosavlebsa da xarjebs Soris. mogeba aris ekonomikuri

efeqtianobis absoluturi maCvenebeli. mogebis miReba niSnavs, rom

resursebis gamoyenebis Sedegad miRebulia damatebiTi Semosavali. magram

interesis sferos warmoadgens im mizezebis gamovlena, ram gamoiwvia

mogebis zrda, radgan, SesaZloa mogebas adgili hqondes mxolod fasebis

zrdis Sedegad, rac realur ekonomikur zrdad ar SeiZleba CaiTvalos.

sawarmoSi mogebis maCvenebeli sxvadasxva doneze ganisazRvreba.

Sesabamisad gamoiyofa mogebis Semdegi maCveneblebi:

mogeba realizaciidan;

saoperacio mogeba;

mogeba dabegvramde (wliuri mogeba);

wminda mogeba;

ganawilebuli da reinvestirebuli mogeba (ic. sqema 12.2.1.)


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MSemosavali realizaciidan

_

_

realizebuli produqciis TviTRirebuleba

Mmogeba realizaciidan komerciuli da administraciuli xarjebi

saoperacio mogeba

_

arasaoperacio Semosa- vlebi da xarjebi

wliuri mogeba

_ M mogebis gadasaxadis xarji

wminda mogebaA

_ Gganawilebuli da investirebuli mogeba

sqema 12.2.1. sawarmos mogebis formirebis safexurebi

sqemaze 12.2.1. warmodgenilia Tu rogor warmoiSoba sawarmos mogeba sxvadasxa

doneze. kerZod:

mogeba realizaciidan aris sxvaoba produqciis realizaciidan miRebul

Semosavalsa da realizebuli produqciis TviTRirebulebas Soris.

agreTve cnobila zRvruli mogebis maCvenebeli, romelic aris sxvaoba

Semosavlebsa da cvlad xarjebs Soris. magram, es maCvenebeli gamoiyeneba sawarmos

SigniT, menejmentis mier gadawyvetilebebis misaRebad dagegmvis dros da ar

warmoadgens finansuri analizis sferos gare angariSgebis momxmareblebisaTvis.

realizaciidan miRebuli mogebis maCvenebelze gavlenas axdenen Semosavlisa

da TviTRirebulebis cvlileba. Semdeg ki TviT Semosavlebsa da

TviTRirebulebaze moqmedi faqtorebi. rogoricaa: realizebuli produqciis

raodenoba, fasi, danaxarjebi produqciis erTeulze da calkeuli saxis

danaxarjebis gamoyenebis xarisxi.

saoperacio mogeba aris sawarmos ZiriTadi saqmianobidan miRebuli mogeba. igi

udris realizaciidan miRebul mogebas gamoklebuli arasawarmoo danaxarjebi,

rogoricaa: marketingis da saerTo-administraciuli xarjebi. Aanu, saoperacio

Semosavlebs minus saoperacio xarjebi.

saoperacio mogebis gadaxraze gavlenas axdens realizaciidan miRebul

mogebaze moqmedi faqtorebi da agreTve, marketingisa da administraciuli

xarjebis efeqtianad gamoyenebis xarisxi. arasawarmoo (marketingisa da

administraciuli) xarjebis, produqciis TviTRirebulebasTan fardobis

koeficientis zrda, ar unda aRematebodes SemosavlebTan saoperacio mogebis

fardobis koeficientis zrdas.

mogeba dabegvramde (igive wliuri mogeba) udris saoperacio mogebas minus

saprocento xarjebi da plus saprocento Semosavlebi. rasakvirvelia, am

maCveneblebis cvlileba damatebiT gavlenas axdens wliuri mogebis cvlilebaze.


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wmidna mogeba aris sxvaoba dasabegr mogebasa da mogebis gadasaxads

Soris. maSasadame, masze gavlenas axdens mogebis gadasaxadis norma da

yvela is faqtori, rac zemoT iqna CamoTvlili.

gaunawilebeli mogeba aris wminda mogebidan gacemuli dividendebisa da

Seqmnili rezervebis gamoqviTvis Semdeg darCenili mogeba. rogroc adre

ukve aRvniSneT, mogebis gadasaxadis sakanondeblo moTxovnebi saqarTveloSi

Seicvala da wminda mogeba mTlianad unda iqnes gamoyenebuli didvidendebsa

da reinvestirebaze.

gamomdinare iqedan, rom mogeba aris warmoebis ekonomikuri efeqtianobis

absoluturi maCvenebeli, igi wina wlebTan Sedarebis dros, efeqtianobis

realur zrdas ver axasiaTebs. amitom, gamoiyeneba ekonomikuri efeqtianobis

Sefasebis fardobiTi maCvenebeli – momgebianoba anu rentabeloba. igi

axasiaTebs momgebianobis dones procentulad da xarisxobrivi maCvenebelia.

Mmogebisa da momgebianobis SedarebiTi daxasiaTebis dros, aucilebelia

imis Semecneba, maTgan romelia faqtori (mizezi) da romelia Sedegi. anu,

mogeba axdens momgebianobaze gavlenas, Tu piriqiT, momgebianoba axdens

gavlenas mogebis sidideze. am kiTxvaze pasuxis gacema SeiZleba

raodenobriobasa da Tvisobriobas Soris arsebuli kavSirebis analizis

safuZvelze. saerTod, Tvisobrioba gansazRvravs raodenobriobas. es

kanonzomiereba kargad Cans mogebisa da momgebianobis maCveneblebis

Sedarebis dros. M

mogeba absoluturi maCvenebelia, romlis sidide damokidebulia

muSaobis xarisxze anu momgebianobaze. Pperiodis ganmavlobaSi rac ufro

maRali efeqtianobiT imuSavebs sawarmo, miT met mogebas miiRebs igi.

Mmiuxedavad imisa, rom momgebianoba periodis bolos gamoiTvleba, mogebis

SefardebiT aqtivebis jamTan, ar niSnavs, rom mogebis sidide axdens

gavlenas momgebianobaze.

mTeli periodis ganmavlobaSi sawarmo rogori efeqtianobiTac muSaobda,

finansuri Sedegic Sesabamisi iqneba. efeqtianad muSaoba niSnavs imuSao

drois da resursebis dasaSvebi minimaluri danakargebiT, saqmis maRali

kompetenciis farglebSi. esaa calkeuli pirovnebisa da mTeli dasaqmebuli

personalis gunduri Zalisxmeba, raTa miRebul iqnas rac SeiZleba maRali

pozotiuri finansuri Sedegi, rac yvela sawarmos saboloo ekonomikur

mizans warmoadgens.

amdenad, mTeli wlis ganmavlobaSi, yoveldRiurad sawarmo (misi

personali) gamudmebiT raRac efeqtianobiT muSaobs. Mmagram, misi done

mxolod wlis bolos xdeba gazomvadi. marTalia jer mogeba gamoiTvleba

da Semdeg momgebianoba, magram, momgebianobis done uxilavad gansazRvravs

efeqtianobas anu saqmianobis finansur xarisxianobas mTeli wlis

ganmavlobaSi. igi imTaviTve arsebobs, magram cnobili xdeba periodis

bolos. mas Semdeg, rac mogebis maCvenebeli gamoiTvleba, SesaZlebeli xdeba

ganisazRvros, rogori efeqtianobiT anu TvisobriobiT muSaobda personali.

rac ufro maRali iqneboda es efeqtianoba, miT meti iqneba mogebis mTliani


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moculoba periodis bolos da piriqiT. amrigad, momgebianoba aris faqtori

da mogeba Sedegi.

momgebianobis maCvenebelTa sistema sam jgufad SeiZleba daiyos:

I. ekonomikuri momgebianobis maCveneblebi;

II. finansuri momgebianobis maCveneblebi;

III. produqciis rentabelobis maCveneblebi.

I. ekonomikuri momgebianobis maCveneblebi SeiZleba sxvadasxva bazis

safuZvelze iqnes gamoTvlili. rogoricaa, aqtivebis jami, saoperacio

xarjebi, gamoyenebuli kapitali da a.S. momgebianobas rentabelobasac

maCvenebelsac uwodeben. mogeba dabegvramde * 100 aqtivebis momgebianoba = ------------------------------------------- (12.2.1) aqtivebis jami

igi aCvenebs ramdeni procenti mogeba miiReba yovel erT lar aqtivze.

igi momgebianobis yvelaze zogadi maCvenebelia da mTeli avansirebuli

Rirebulebis gamoyenebis efeqtianobas axasiaTebs. misi alternatiuli

maCvenebelia gamoyenebuli (permanentuli) kapitalis ukugeba (ROCE). gamoyenebuli kapitalis ukugeba (ROCE) = mogeba % da gadasaxadis gadaxdamde = ------------------------------------------------------------- (12.2.2.) sakuTari kapitali + grZlevadiani vald.

igi aCvenebs gamoyenebuli kapitalis saerTo ukugebas manam, sanam

gadaixdeba procentebi aRebul sesxebze da mogebis gadasaxadi. dinamikaSi

am maCveneblis zrda kapitalis gamoyenebis efeqtianobis zrdas niSnavs.

igi sakuTari saxsrebiTa da grZelvadiani valdebulebebiT SeZenili

resursebis momgebianobis dones axasiaTebs. xolo, sxvaoba pirvel da meore

maCvenebels Soris, moklevadiani resursebis gamoyenebis momgebianobas

axasiaTebs. procentisa da mogebis gadasaxadis gadaxdamde arsebuli

mogebis maCvenebeli SeiZleba daemTxves saoperacio mogebis maCvenebels,

Tuki sawarmos saprocento Semosavlebi da xarjebi ar eqneba.

saoperacio mogeba * 100 warmoebis momgebianoba = ---------------------------------------------------------------------; (12.2.3.) materialuri maragebi + ZiriTadi saSualebebi

momgebianobis es maCvenebeli axasiaTebs im aqtivebis efeqtianobas,

romlebic warmoadgenen produqciis warmoebis saSualebebs anu, romelTa

meSveobiTac iqmneba produqti.igi axasiaTebs mocemul sawarmoSi (biznesSi)

gamoyenebuli, sakuTriv warmoebis saSualebebis momgebianobas, radgan

saoperacio mogeba mTlianad mocemuli sawarmos warmoebis saSualebebis


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gamoyenebis xarisxzea damokidebuli. dasabegr mogebaze, rogorc iciT,

gavlenas axdens saprocento xarjebi da saproceno Semosavlebi, romelTa

sidide mocemuli kompaniis muSaobis efeqtianobaze araa damokidebuli.

amasTan, rodesac mTeli aqtivebis momgebianobas viTvliT, aqtivebSi Sedis

nayidi aqciebi da obligaciebi, saidanac miRebuli sargeblis done

mocemuli kompaniis muSaobis xarisxze aseve, damokidebuli araa.

agreTve SeiZleba Seswavlili iqnes damatebuli Rirebulebisa da

dabandebuli kapitalis fardobis koeficienti (RE).

RE = damatebuli Rirebuleba / dabandebul kapitali (12.2.4.)

D damatebuli Rirebuleba aris SromiTi xarjebisa da saoperacio mogebis

jami.

SeiZleba agreTve Seswavlil iqnes saoperacio xarjebis momgebianoba: saoperacio mogeba * 100 saoperacio xarjebis momgebianoba = ------------------------------------------- (12.2..5) saoperacio xarjebi motanil formulaSi SeiZleba saoperacio xarjebi daiyos sawarmoo da

arasawarmoo xarjebad da maTi efeqtianoba dinamikaSi cal-calke iqnes

gamokvleuli.

II. finansuri rentabelobis maCveneblebi gamoiTvleba wminda mogebis

maCveneblis mixedviT aseve sxavdasxva bazis safuZvelze. rogoricaa:

wminda mogeba * 100 aqtivebis finansuri rentabeloba = ------------------------------------ (12.2..6.) aqtivebi igi aCvenebs Tu, aqtivebSi avansirebuli Rirebulebis yovel erT larze,

sawarmos mflobelTa sakuTrebaSi ramdeni procenti mogeba rCeba.

wminda mogeba * 100 saaqcio kapitalis rentabeloba = ----------------------------------- (12.2.7) saaqcio kapitali

igi aCvenebs aqcionerTa potenciur Semosavals da metad sainteresaoa

aqcionerebisaTvis. es maCveneblebi ukve ganxilul iqna sakuTari kapitalis

analizis TavSi.

wminda aqtivebis momgebianoba ( RONA) =

wminda mogeba / (grZelvadiani aqtivebi + wminda mimdinare aqtivi) (12.2.8)

RONA – wminda aqtivebis momgebianobaa (Return on net Assets) aCvenebs, ramdenad

kargad SeuZlia sawarmos gamoiyenos misi aqtivebis baza mogebis Sesaqmnelad. rac


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ufro maRalia es maCvenebeli, menejmentis marTvis miT ufro maRal xarisxze

mianiSnebs.

PIII. produqciis rentabelobis maCveneblebia: M mogeba realizaciidan * 100 marJa = ----------------------------------------------- ; (12.2.9) Semosavali realizaciidan

marJa aCvenebs ramdeni procenti mogeba miiReba yovle erT lar

Semosavalze da asaxavs sawarmos mdgomareobas saqonlis birJaze. marJaA

SeiZleba gamoiTvalos saoperacio mogebis SefardebiT realiziidan

miRebul SemosavalTan. saoperacio mogeba * 100 Ffasnamati = ------------------------------------------------- ; (12.2.10) realizebuli produciis sruli TviTRirebuleba F fasnamati aCvenebs ramdeni procenti mogeba miiReba yovel erT lar

danaxarjebze. fasnamats ZiriTadi saqmianobis (warmoebis) rentabelobasac

uwodeben. igi yovelTvis aRemateba marJas. produqciis rentabelobis

maCveneblebs agreTve iyeneben mogeba/zaralis angariSgebis Sesadgenad,

arasruli saaRricxvo Canawerebis dros. sawarmos Sida marTvaSi agreTve

calkeuli saxis produqciis momgebianobis analizic tardeba.

NINS = wminda mogeba / mogeba realizaciidan (12.2.11)

es koeficienti axasiaTebs imas, Tu realizaciidan miRebuli mogebis

ramdeni procenti rCeba sawarmos mesakuTreebs

saerTod, wminda momgebianoba axasiaTebs sawarmos mmarTvelobis muSaobis

efeqtianobis xarisxs. misi optimaluri done damokidebulia konkretuli

sawarmos saqmianobis tipze.

12.3. sawarmos mogebis analizis

meTodika

mogebis analizis mTavari mizania mogebis gadidebis rezervebis gamovlena.

Aam miznis misaRwevad saWiroa mogebis analizis Semdegi safexurebis

gavla:

saWiro informaciis mogroveba da analizuri cxrilebis Sedgena;

mogebis maCveneblebis dinamikis Seswavla;

mogebaze Semosavlebisa da xarjebis cvlilebis gavlenis analizi;

realizaciidan miRebuli mogebis faqtoruli analizi;

mogebis gamoyenebis analizi.


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P mogeb/zaralis angariSgebis informacis safuZvelze Sedgeba mogebis

maCveneblebis dinamikis cxrili (ix. cxrili 12.3.1) da moxdeba mogebis

maCveneblebis dinamikis urTierTSedarebiTi daxasiaTeba.

cxrili 12.3.1. ss `kolxeTis~ mogebis maCveneblebis dinamika

mogebis maCveneblebi

2013 aT. l

2014 2015 2016 2017 aT. l %-ad aT. l %-ad aT. l %-ad aT. l %-ad

1. mogeba realizaciidan

2. saoperacio mogeba

3. mogeba dabegvramde

4. wminda mogeba

5. gaunawilebeli mogeba

15000

12895

13495

11875

1675

11000

9500

10200

9000

1200

73,3

73,7

75,6

75,8

83

11500

10000

10800

9550

1250

76,7

77,5

80,0

80,4

146

12400

11000

11400

10100

900

82,7

85,3

84,5

85,1

87

22090

14140

13120

11920

-

147,3

109,7

97,2

100,4

-

U rogorc wesi, realizaciidan miRebuli mogebis zrdis tempi ar unda

aRematebodes saoperacio mogebis zrdis temps. winaaRmdeg SemTxvevaSi,

adgili eqneba arasawarmoo (marketingisa da administraciuli) xarjebis

gamoyenebis araefeqtianobas da menejmentma unda ganaxorcielos saTanado

RonisZiebebi mmarTvelobiT danaxarjebSi ekonomiis miRwevis mizniT.

roca dasabegri mogebis zrdis tempi aRemateba realizaciidan miRebuli

mogebis zrdis tempebs, es niSnavs, rom sawarmoSi gaizarda sxva

saqmianobidan miRebuli Semosavlebi da miRweulia ekonomia periodis

xarjebSi.

wminda mogebis zrdis tempi Tu aRemateba gaunawilebeli mogebis zrdis

tempebs, es niSnavs, rom wminda modebis didi nawili dividendebis gasacemad

da rezervebis Sesaqmnelad iqna gamoyenebuli.

gaunawilebeli mogebis zrdis maRali tempebi imaze mianiSnebs, rom

sawarmoSi arsebobs dividendebis gacemis, warmoebis gafarToebis,

muSaxelis damatebiTi dasaqmebisa da arsebuli muSaxelis materialuri

waxalisebis zrdis rezervebi.

analizis Semdeg safexurze xdeba wminda mogebis elementebis:

Semosavlebisa da xarjebis struqturuli Seswavla. Semosavlebis zrda

imave TanxiT zrdis mosalodnel mogebas. xolo, xarjebis zrda, imave

TanxiT amcirebs mas.

12.3.2. cxrilSi gamoTvlili gadaxrebis analizi aCvenebs, rom 2016

welTan SedarebiT, 2017 wels mogebis yvela maCvenebeli gazrdilia.

gazrdilia Semosavlebic da xarjebic. kerZod, realizaciidan miRebuli

Semosavali 4590 aT. lariT, mTliani Semosavlebi 4720 aT. lariT, mTliani

xarjebi ki 4600 aT. lariT gaizarda.

12.3.2. cxrilis maCveneblebidan Cans, rom saanalizo sawarmoSi, wina

welTan SedarebiT, gazrdilia rogorc Semosavlebi, aseve xarjebic.

adre ganxilul iqna, rom biznesi aqtiuri da efeqtiani rom iyos,

dacul unda iqnes piroba, romelsac `ekonomikis zrdis oqros wess

uwodeben~. kerZod:


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wliuri (an saoperacio) mogebis tempi > realizaciis tempi > sul avansirebuli

kapitalis tempi (balansis jami) > 100 cxrili 12.3.2. cvlilebebi ss `kolxeTis~ Semosavlebsa da xarjebSi 2017 wlis mdgomareobiT

Semosavlebi da xarjebi

2016 2017 aTas lar. aTas. lar. Ggadaxra

wina wlidan

Semosavlebi: amonagebi realizaciidan gagzavnili saqonlis ukan dabruneba gacemuli fasdaTmoba ------------------------------------------------------ Semosavali realizaciidan daumTavrebeli da mza produqciis naSTebis zrda -------------------------------------------------------- saoperacio Semosavlebi saprocento Semosavlebi gauTvaliswinebeli Semosavlebi ------------------------------------------------------ sul Semosavlebi xarjebi: materialuri danaxarjebi SromiTi danaxarjebi cveTa da amortizacia fuladi saoperacio xarjebi --------------------------------------------------------- saoperacio xarjebi

saprocento xarjebi gansakuTrebuli xarjebi --------------------------------------------- sul xarjebi mogeba dabegvramde

mogebis gadasaxadis xarji (15%) ---------------------------------------------- wminda mogeba

77 800 - - ------------ 77 800 190 ----------- 77 990 - - ------------ 77 990 30 500 31 300 2 000 1 900 ------------ 65 700 890 - ------------ 66 590 11 400 (1 300) ------------- 10 100

95 690 - - ------------ 95 690 120 ----------- 95 810 200 - ------------ 96 010 44 870 32 500 2 240 2 060 ------------ 81 670 1 220 - ----------- 82 890 13 120 (1 200) ---------- 11 920

+17890 ------------- +17890

-70 -------------- +17820 +200 - -------------- +18020 +11270 -4460 + 240 + 160 -------------- +16130 +330 - --------------- +16300 +1720 _100 -------------- +1820

saanalizo sawarmos maCveneblebi CavsvaT mocemul utolobaSi da miiReba: 101 < 102 < 146 > 100 rogorc xedavT, aucilebeli proporciebi darRveulia. saanalizo

sawarmoSi adgili ara aqvs realur ekonomikur zrdas da stabilurobas..

sawarmos menejmenti aseve Seiswavlis realizaciidan miRebuli mogebis

faqtorul analizis Sedegebs. kerZod, calkeuli saxis produqciis

realizaciidan miRebuli mogebis gadaxris gamomwvevi mizezebis

gamosavlenad, gaizomeba:


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285

a. fasis cvlilebis gavlena, romelic udris: erTi cali produqtis fasis

gadaxra gegmidan, gamravlebuli realizebuli produqciis faqtiur

raodenobaze.

b. produqciis raodenobis cvlilebis gavlena udris: gadaxra

raelizebuli prdouqciis raodenobaSi, gamravlebuli gegmur fasze.

g. danaxarjebis cvlilebis gavlena ki gegmuri sididan maTi gadaxris

tolia.

informaciis gare momxmareblebis mier SeiZleba gaizomos mTlani

produqciis realizaciidan miRebul mogebaze moqmedi Semdegi faqtorebis

gavlena: realizebuli produqciis fasebis cvlilebis gavlena, produqciis

moculobis cvlilebis da mTliani TviTRirebulebis cvlilebis gavlena.

sailustracio magaliTi: 2016 2017 gadaxra

Semosavali realizaciidan (aT.l) 77 800 95 690 +17890

realizebuli produqciis TviTRirebuleba (65 400) (73 600) +8200 ---------------------------------------------------------- -------------- ------------- -------------

mogeba realizaciidan (aT.l) 12 400 22 090 +9690 rogorc gaangariSebebidan Cans, produqciis relizaciidan miRebuli mogeba wina welTan SedarebiT 9690 aTasi lariT gaizarda. es gadaxra gamowveulia Semdegi ZiriTadi faqtorebis gavleniT:

realizebuli produqciis moculobis cvlileba;

produqciis fasebis cvlileba;

realizebuli prdoduqciis TviTRirebulebis cvlilebis gavlena. realizaciis moculoba wina welTan SedarebiT gazrdilia 123%-iT

(95690/77800*100), romelic moicavs realizebuli produciis raodenobis cvlilebisa

da produqciis fasebis cvlilebis gavlenas. Tuki davuSvebT, rom fasebis saSualo

indeqsi 2017 wels, wina wlis mimarT Seadgens 1,05, maSin 95690-is 5%, fasebis zrdis

gavlena iqneba. amrigad:

F fasebis cvlilebis gavlena = 95690 * 0,05 = +4784,5 aT. l realizebuli produqciis raodenobis cvlilebis gavlena = = 17890 – 4784,5 = +13105,5 aT.l realizebuli produqciis TviTRirebulebis cvlilebis gavlena = _ 8200 aT.l --------------------------------- realizaciidan miRebuli mogebis saerTo gadaxra + 9690 aT.l

rogorc gaangariSebebma aCvena, fasebis cvlilebis gavlenis Sedegad

mogebis mosalodneli sidide 4784,5 aT. lariT gaizarda. es imaze mianiSnebs,

rom sawarmos mier gamoSvebuli produqti maRalxarisxiani iyo.

realizaciis moculobis cvlilebis zegavleniT mogeba 13105,5 aT.lariT

gaizarda, realizebuli produqiis TviTRirebulebis zrdam ki mogeba 8200

aTasi lariT Seamcira. amitom, ufro detaluri analizi Wirdeba

danaxarebis zrdis mizezebis dadgenas. kerZod, TviTRirebulebis zrda


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286

SeiZleba gamowveuli iyos gamoyenebuli resursebis fasebis zrdiT da erT

lar Semosavalze danaxarjebis donis amaRlebiT. am ukanasknelze ki

calkeuli saxis resursis gamoyenebis efeqtianoba axdens gavlenas. ase, rom

menejmentma ufro detaluri analizi unda Caataros, radgan mogebis zrdis

ZiriTadi rezervebi swored calkeuli saxis resursebis gamoyenebis

eqfeqtianobaze modis.

Dwliuri mogebis cvlilebaze gavlenas axdens is faqtorebi, rac

realizaciidan miRebuli mogebis maCvenebelze zemoqmedeben da agreTve,

arasaoperacio xarjebisa da Semosavlebis cvlilebebi.

Gwminda mogebis sidideze gavlenas axdens mogebis gadasaxadis normis

cvlileba. sawarmos menejmenti aseve unda axdendes wminda mogebis

gamoyenebis analizs. rogorc cnobilia, kompaniis saerTo krebis

gadawyvetilebebiT xdeba wminda mogebidan dividendebis gacema da

sxvadasxva saxis rezervebis Seqmna mogebis reinvestirebis mizniT. davuSvaT

saanalizo sawarmoSi adgili aqvs Semdeg informacias (ix. cxrili 12.3.3.) cxrili 12.3.3. saanalizo sawarmos wminda mogebis gamoyenebis maCveneblebi

wminda mogebis gamoyeneba 2013 2016 2017 aT.l xv/w % aT.l xv/w % aT.l xv/w %

wminda mogeba gamoyeneba:

dividendebze warmoebis gafarToebis rezervi muSakTa stimulirebis rezervi riskis rezervi gaunawilebeli mogeba

11875 6975 2400 700 1000 800

100 58,7 20,2 5,9 8,4 6,8

10100 8400 500 300 - 900

100 83,1 5,0 3,0 8,9

11920 6800 3000 1120 1000 -

100 57,0 25,2 9,4 8,4 -

12.3.3. cxrilis monacemebis safuZvelze Seiswavleba ramdenad efeqtianad

da samarTlianad aris kompaniis mogeba ganawilebuli da gamoyenebuli. Tu

biznesi maRali riskiT xasiaTdeba, unda arsebobdes riskis rezervi.

agreTve, aucilebelia muSakTa stimulirebis rezervis Seqmna.

12.4. sawarmos momgebianobis analizis

meTodika

sawarmos momgebianoba (anu rentabeloba), rogorc cnobilia fardobiTi

maCvenebelia da procentulad gamoixateba. igi aris xarisxobrivi maCvenebli

da axasiaTebs mogebis procentul sidides saqmianobis romelime maCveneblis

mimarT. Grogorc ukve wina sakiTxSia ganxiluli, mogebis fardoba SeiZleba

moxdes aqtivebis jamis, warmoebis danaxarjebis, Semosavlebi, warmoebis

saSualebebis, gamoyenebuli kapitali da sxvaTa mimarT.

Mmomgebianobis analizis safexurebia:


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287

saWiro informaciis Tavmoyra da analizuri cxrilebis Sedgena;

momgebianobis maCveneblebis dinamikis Seswavla;

momgebianobis SerCeuli maCveneblebis faqtoruli analizi;

momgebianobis amaRlebis RonisZiebebis SemuSaveba.

Mmomgebianobaze (rentabelobaze) moqmedi faqtorebia:

Semosavlebis momgebianoba;

realizebuli produqciis xarisxi da gasayidi fasebi;

materialuri danaxarjebis gamoyenebis efeqtianoba;

SromiTi danaxarjebis gamoyenebis efeqtianoba;

avansirebuli Rirebulebis brunvadoba;

mmarTvelobiTi da finansuri xarjebis efeqtianoba;

sawarmos mmarTvis moqniloba da efeqtianoba.

analizisaTvis saWiro informaciis mogrovebis Semdeg momgebianobis

maCveneblebis dinamika Seiswavleba. 12.4.1. cxrilSi saanalizo sawarmos

momgebianobis ramdenime ZiriTadi maCvenebelia gamoTvlili. igi samuSao

cxrilia. masSi mocemuli is moculobiTi maCveneblebic, romelTa

safuZvelzec rentabelobis sxvadasaxva maCvenebelia gamoTvlili.

aRebul sakvlev periodSi momgebianobis yvela maCvenebeli dinamikaSi

gauaresebulia, radgan maTi tempebi Semcirebis tendenciis xasiaTdeba. ase

magaliTad, aqtivebis momgebianoba 2013 wlis 52,%-dan 2017 wels 94,4%-mde

daeca. saaqcio kapitalis ukugeba 134,4%-dan 2017 wels 74,4%-mde daeca da

a.S. es imaze mianiSnebs, rom aqtivebis da saaqcio kapitalis zrdis tempebi,

mogebis zrdis tempebs win uswrebda anu bolo wlebSi resursebi naklebi

efeqtianobiT gamoiyeneboda. cxrili 12.4.1.

momgebianobis maCveneblebis samuSao cxrili 2013 – 2017 wlebis mixedviT

maCveneblebi 2013 2014 2015 2016 2017 1. aqtivebi 2. grZelvadiani valdebulebebi 3. saaqcio kapitali 4. wliuri mogeba 5. saoperacio mogeba 6. wminda mogeba 7. sakuTari kapitali 8. permanentuli kapitali [2+7] momgebianobis maCveneblebi: aqtivebis momgebianoba (ROA) [4:1]

gamoyen. kapitalis ukugeba (ROCE) [5:8]

saaqcio kapitalis ukugeba (ROE) [6:3]

aqtivebis finansuri rentabeloba [6:1]

22700 4200 5730 13495 12895 11875 9940 14140 0,594 0,912 2,072 0,523

22430 4000 8190 10200 9500 9000 12430 16430 0,455 0,578 1,099 0,401

23460 4300 8500 10800 10000 9550 12740 17040 0,460 0,587 1,124 0,407

24810 5000 8820 11400 11000 10100 13020 18020 0,459 0,610 0,145 0,407

36130 7040 10720 13120 14140 11920 18160 25200 0,363 0,561 1,112 0,330


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Ddinamikuri cxrilis momzadebis Semdeg dinamikis grafikebis ageba

Zalian sasargebloa, radgan grafikze ufro TvalsaCinod Cans maCvenebelTa

cvlilebis tendenciebi (ix. diagrama 12.4.1.).

diagramze naTlad sCans, saaqcio kapitalis zrdis tempebi ramdenad

maRalia wminda mogebis zrdis tempebTan SedarebiT, ris gamoc saaqcio

kapitalis ukugebis mrudi dabla ixreba. rogorc wesi, 100%-is zemoT

matebaa, qvemoT ki Semcireba. mogebis Semcirebas resursebis araefeqtiani

gamoyeneba iwvevs. marTlac, Cvens magaliTze, aqtivebis saerTo momgebianoba

yovelwliurad mcirdeboda (ix. cxrili 12.4.1.). aseve, erT diagramaze

SeiZleba aigos cxrilSi mocemuli momgebianobis oTxive naCveneblis mrudi.

1 0,5 0,4

3 1 2

20 13 2014 22015 2016 2017

diagrama 12.4.1. saanalizo sawarmos momgebianobis maCveneblebis grafikebi

1 – aqtivebis momgebanoba (ROA); 2 – gamoyenebuli kapitalis ukugeba (ROCE);

3. saaqcio kapitalis ukugeba (ROA).

maSasadame, diagramaze aSkarad Cans, rom saanalizo sawarmoSi momgebianobis samive mTavari maCvenebeli sakvlev periodSi Semcirebis tendenciiT xasiaTdeba. am SemTxvevaSi aucilebelia kontroli gaZlierdes resursebis ufro ukeT gamoyenebis mimarTulebiT.

Ddinamikuri analizis Semdeg saWiroa momgebianobis maCveneblebze

moqmedi faqtorebis gavlenis gamoTvla. rogorc iciT, determinirebuli

faqtoruli analizis CatarebisaTvis saanalizo maCvenebeli davSlil unda

iqnas masze moqmed faqtorebad da maTi kavSiri warmodgenil iqnes

formulis anu mwkrivis saxiT. amasTan, radgan momgebianobis anu

rentabelobis maCveneblebi fardobiTi maCvneblebia, maTze moqmedi

faqtorebic fardobiTi maCveneblebi unda iyos. Aase magaliTad, aqtivebis saerTo momgebianoba, romelic wliuri mogebis aqtivebTan fardobiT gamoiTvleba, SeiZleba warmodgenil iqnes masze moqmedi faqtor-maCveneblebis Semdegi mwkrivis saxiT:

Mwliuri mogeba wliuri mogeba Semosavlebi ZiriT. saSualebebi ---------------------------- = -------------------------------- * --------------------------------- * ----------------------------------; (12.4.1) Aaqtivebi Semosavlebi ZiriTadi saSualeb. aqtivebi


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dakavSirebis mocemul modelSi (formulaSi) sami faqtor-maCvenebelia warmodgenili, romlebic fardobiT maCveneblebs warmoadgenen. pirveli faqtori: mogebis fardoba SemosavlebTan – igi mogebis normaa (marJa) da axasiaTebs ramdeni procenti mogeba moaqvs yovel erT lar Semosavals. igi rac ufr axlosaa erTTan, miT maRalia Semosavlebis marJa da sxva Tanabar pirobebSi, aqtivebis momgebianoba izrdeba. meore faqtori: aris fondukugeba, romelic aCvenebs ramdeni laris Semosavalia miRebuli yovel erT lar ZiriTad saSualebebze. rac ufro maRali iqneba fondukugeba, sxva Tanabar pirobebSi, aqtivebis momgebianobis mosalodndeli donec gaizrdeba. mesame faqtori: es aris ZiriTadi saSaulebebis wili aqtivebSi. misi zrda niSnavs warmoebis teqnikuri donis zrdas da Sesabamisad izrdeba aqtivebis efeqtianobac. saaqcio kapitalis ukugebis maCveneblis faqtoruli analizi ganxilulia meaTe TavSi.

determinirebuli faqtoruli analizisaTvis, SeiZleba aseve faqtor- maCvenebelebis dakavSirebis mwkrivis saxiT iqnes warmodgenili aqtivebis finansuri rentabelobis maCvenebeli (wminda mogeba/aqtivebi). ase magaliTad:

wm.mogeba wm. Mmogeba mogeba %-mde wliuri mogeba. Semosavali ---------------- = -------------------------- * ------------------------- * --------------------------- * ------------------------; (12.4.2) Aaqtivebi mogeba %-mde wliuri mogeba Semosavali aqtivebi aq oTxi faqtoria warmodgenili: mogebis struqturis ori maCvenebeli, mogebis norma da avansirebuli Rirebulebis brunvis ricxvi. analizisaTvis Cveulebriv, absoluturi saxvaobis xerxi gamoiyeneba. aqtivebis saerTo momgebianobaze gavlenas axdens aqtivebis struqtura, dafinansebis wyaroebis struqtura, realizebuli produqciis xarisxianoba da fasebi, materialuri da SromiTi resursebis gamoyenebis xarisxi. determinirebuli analizisaTvis SeiZleba gaanalizdes danaxarjebi mogebis erT larze, ris Sedegadac gamovlenili iqneba romeli saxis resursis gamoyeneba zrdida an amcirebda mogebas wina welTan an gegmur maCveneblebTan SedarebiT. Aam koeficients SeiZleba mogebis xarjtevadoba vuwodoT. wliuri xarjebi M mogebis xarjtevadoba = ----------------------------------- = mogeba dabegvramde materialuri SromiTi cveTis xarjebi + xarjebi + xarji = ----------------------------------------------------------------------- (12.4.3) (mogeba dabegvramde (anuwliuri mogeba) es koeficienti aCvenebs, saSualod, ramdeni laris xarji iyo gaweuli yoveli erTi lari wliuri mogebis misaRebad. am maCveneblis analizuri Rirseba imaSic mdgomareobs, rom wiladis mricxveli SeiZleba danawevrebul iqnes xarjebis nebismieri detalizaciiT da gakeTdes daskvnebi, konkretulad romeli saxis danaxarjebis ukeT gamoyenebaa saWiro mogebis Semdgomi zrdisTvis. Aanu Zalian martivad SeiZleba mogebis amaRlebis konkretuli RonisZiebebis SemuSaveba Sida analizSi. faqtorTa gavlenis gasazomad gamoiyeneba absoluturi sxvaobis xerxi. momgebianobis cvlilebaze agreTve gavlenas axdens Sromisnayofierebis cvlileba. rac ufro mwarmoebluria gamoyenebuli Sroma, sxva Tanabar pirobebSi,


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momgebianobac gaizrdeba. magram misi gavlenis gazomva determinirebuli faqtoruli analiziT mouxerxebelia. faqtorTa dakavSirebis formulis saxiT mas ver warmovadgenT. Sromisnayofiereba sawamos masStabiT, gamoiTvleba wliuri produqciis SefardebiT dasaqmebulTa saSualo siobriv ricxvTan, romelic aCvenebs, wlis ganmavlobaSi ramdeni laris produqciaa gamoSvebuli yovel erT dasaqmebulze. SromiTi da sxva, calkeuli saxis resursebis gamoyenebis efeqtianoba SeiZleba mogebis xarjtevadobis formulis analiziT iqnes Seswavlili, gamovlenili gadaxrebis Sesabamisad. xolo, dinamikaSi, Sromisnayofirebis cvlilebis kavSiri momgebianobis cvlilebasTan, korelaciuri analiziT SeiZleba iqnes gamokvleuli (ix. cxrili 12.4.2). amasTan, Sromisnayofiereba SesaZlebelia gamoiTvalos realizaciidan miRebuli Semosavlebis fardobiT 365 dResTan. cxrili 12.4.2. korelacia Sromisnayofierbasa da aqtivebis momgebianobas Soris

wlebi

x Sromisna- yofiereba

y aqtivebis momgebianoba

X2

Y2

x * y

2012 2013 2014 2015 2016 2917 -------------------- jami ∑

216 217 200 208 213 262 ---------------- 1316

0.50 0,594 0,455 0,46 0,459 0,363 ----------------- 2,831

46656 46829 40000 43347 45454 68749 ------------ 107,05

0,25 0,3528 0,2070 0,2116 0,2107 0,1318 ----------- 1,3639

108 128,5 91 95,8 97,9 95,2 ------------ 616,4

korelaciis koeficientis formulis safuZvelze miiReba: r = 0,479 rogroc aRmoCnda, korelaciis koeficienti erTidan sakmaod daSorebulia. maSasadame, saanalizo maCveneblebs: Sromisnayofierebasa da aqtivebis momgebainobis maCveneblebs Soris saSualo donis korelacia arsebobs. D determinaciis koeficienti iqneba: D = 0,4792 = 0,402 anu 22,9%. amrigad, mocemul SemTxvevaSi aqtivebis momgebianobis cvlilebis mxolod 22,9% - Sromisnayofierebis cvlilebiT iyo gamowveuli. danarCeni ki sxva faqtorebze modioda. agreTve gamoiTvleba momgebianobis variaciis koeficienti. am mizniT, jer misi saSualo kvadratuli gadaxra gamoiTvleba. saSualo kvadratuli gadaxra = [1,3639/6 – (2,831/6)2 ]1/2 = (0,2273 – (0,4718)2)1/2 = 0,0686 variaciis koeficienti (v) = 0,0686 *100 /0,4718 = 14,5 % variaciis koeficienti rac ufro axlosaa 100-Tan, miT maRalia saanalizo maCveneblis meryeobis xarisxi. amdenad, saanalizo sawarmoSi, aqtivebis momgebianoba, aRebul eqvswlian periodSi maRali meryeobiT ar xasiaTdeboda. kiTxvebi TviTSemowmebisaTvis:

1. ra gansxvavebaa mogebisa da momgebianobis maCveneblebs Soris; 2. CamoTvaleT mogebis sxvadasxva maCveneblebi; 3. ra mimarTulebebiT SeiZleba gamoiTvalos ekonomikuri momgebianobis

maCveneblebi; 4. ras niSnavs finansuri momgebianoba;


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5. ra aris momgebianobis analizis mizani; 6. CamoTvaleT momgebinobaze moqmedi faqtorebi; 7. daaxasiaTeT aqtivebis finansuri rentabelobis faqtorTa dakavSirebis

mwkrivi.

t e s t e b i 1. sawarmos ekonomikuri zrdis koeficienti aris:

a. mogebidan Seqmnili rezervebisa da gaunawlebeli mogebis jamis fardoba sakuTar kapitalTan

b. wminda mogebisa da sakuTari kapitalis fardoba g. saaqci kapitalisa da wminda mogebis fardoaba

2. aqtivebis saerTo momgebianoba aCvenebs: a. ramdeni procenti mogeba miiReba yovel erT lar danaxarjebze b. ramdeni procenti mogeba miiReba yovel erT lar aqtivze g. arcerTi pasuxi araa swori

3. aqtivebis finansuri rentabeloba aCvenebs: a. ramdeni procenti mogeba miiReba erT lar aqtivze b. ramdeni procenti gaunawilebeli mogeba dagrovda erT lar aqtivze g. ramdeni procenti wminda mogeba miiReba erT lar aqtivze

4. sakuTari kapitalis gamosyidvis periodi aCvenebs: a. sawarmo ramden wels iqneba momgebiani b. investorebi ramden welSi ainazRaureben dabandebul kapitals g. aqcionerebi ramdeni wlis ganmavlobaSi miiRenen dividends

5. sawarmos finansuri angariSgebiT, mimdinare ativebi 45000, grZelvadiani aqtivebi – 75000, mogeba dabegvramde – 16500 da wminda migeba 13200 laria. Aaqtivebis saerTo momgebianoba iqneba: a. 12 % b. 13,75 % Gg. 15,45 %

6. dinamikaSi, sawarmos realizaciidan miRebuli mogebis zrdis tempi win uswrebs wliuri mogebis zrdis temps, rodesac:

a. sawarmos periodis xarjebis zrdis tempi win uswrebs TviTRirebulebis zrdis temps

b. TviTRirebulebis zrdis tempi aRemateba periodis xarjebis zrdis temps

g. periodis xarjebis zrdis tempebi aRemateba wminda mgebis zrdas 7. wminda mogebis zrdis tempi Tu aRemateba wliuri mogebis zrdis temps, es

niSnvas, rom: a. mogebidan gadasaxadis sidide Semcirda b. wminda mogeba mTlianad iqna datovebuli sawarmoSi g. wminda mogebis didi nawili gacemulia dividendebze da rezervebis

Sesaqmnelad 8. Tu wina welTan SedarebiT, sawarmos mogebis zrdis tempi CamorCeba

aqtivebis zrdis temps, maSin aqtivebis momgebianoba: a. gaizrdeba b. Semcirdeba g. ar Seicvleba

9. sawarmoSi aqtivebis momgebianobis saSualo kavadratuli gadaxra ganvlil eqvsi wlis ganmavlobaSi iyo 0,0134, saSualo ariTmetikuli ki 0,18. ras udris variaciis koefcenti:

a. 9,3 % b. 7,4 % c. 4,7 %


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10. Dsawarmos wliuri mogeba wina wels _ 45700 da mimdinare wels – 52400 lars Seadgens. Mmogebis zrdis da matebis tempebi wina welTan SedarebiT aris:

a. 114,7 % da 14,7 % b. 14,7 % da 114,7 % g. 87,2 % da 12,8 %

a m o c a n e b i amocana 12.1. erT-erTi sawarmoo kompaniis wliuri angariSgeba mogeba/zaralis Sesaxeb

moicavs Semdeg informacias: wina weli mimdinare weli gadaxra (lari) (lari) Semosavali realizaciidan 25 000 27 400 + 2400 realizebuli produqciis TviTRirebuleba (18 750) (20 200) + 1450 ---------------------------------- ---------------- ------------------ -------------- mogeba realizaciidan 6 250 7 200 + 950 komerciuli xarjebi (2 900) (900) _ 2000 administraciuli xarjebi (2 600) (5 000) + 2400 -------------------------------------- ------------- --------------- -------------- mogeba 750 1 300 + 550 moTxovna: gamoTvaleT mogebis norma, fasnamati %-ad, mogebis Semosavlianoba da xarjtevadoba.

amocana 12.2. erT-erTi kompaniis angariSgebis safuZvelze, mocemulia

Sromismwarmoeblurobisa da aqtivebis saerTo momgebianobis maCveneblebi ganvlili periodisaTvis:

wlebi aqtivebis Sromis momgebianoba mwarmoebluroba (aT, lari) 2007 0,1205 3,7 2008 0,1273 3,7 2009 0,1303 3,5 2010 0,1277 3,3 2011 0,1234 2,9 2012 0,1164 2,7 moTxovna: 1. gamoTvaleT korelaciisa da determinaciis koeficientebi.

2. gaakeTeT Sesabamisi komentarebi. amocana 12.3.

arsebobs aqtivebis momgebianobis maCvenebelze moqmed faqtorTa kavSiris Semdegi mwkrivi da gamoTvaleT faqtorTa gavlena: mogeba /aqtivebi = mogeba/amonagebi * amonagebi / ZiriT. saS. * ZiriT. saS. /aqtivebi maCveneblebi wina wels mimdinare wels gadaxra aqtivebis momgebianoba 0,146 0,164 + 0,018 faqtorebi: mogebis norma 0,191 0,20 + 0,009 fondukugeba 1,689 1,54 _ 0,149 ZiriT.saS.xv. wili 0,452 0,531 + 0,079


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Tavi 13. sawarmos leverijis


kompaniis leverijis koeficientebi Seiswavlis

im daZabulobis xarisxs, romelsac sawarmoSi

warmoSobs aRebuli sesxebis gamoyeneba

finansuri operaciebis dasafinanseblad. amdenad

leveriji valebis simZimes niSnavs. amitom, es

maCveneblebi bankirebisa da investorebis mier

ganixileba.

leverijis koeficientebis umravlesoba erTmaneTTan adarebs sawarmos

aqtivebs da sakuTar kapitals an valdebulebebs. leverijis maRal dones

SeuZlia gazardos kompaniis daucveloba riskisagan da biznesi dabla

dasces, magram, amasTan erTad, maRal risks agreTve potenciurad maRali

finansuri Sedegi moaqvs.

am TavSi ganxilulia:

biznesis riskebis arsi da klasifikacia;

saoperacio leveriji da misi analizi;

finansuri leveriji da misi analizi.

13.1. sawarmos riskebis klasifikacia

biznesis marTvis mTavari mizania sawarmos momgebianobis da finansuri

stabilurobis uzrunvelyofa. magram, sawarmoebs muSaoba mudam

gaurkvevlobis pirobebSi uxdebaT radgan, yovelTvis arsebobs raRac

albaToba imisa, rom miznebi SeiZleba miRweuli ver iqnes. qarTveli

mecnier-ekonomistis giorgi papavas ganmartebiT, `riski aris uaRresad

mimzidveli miznis miRwevis SesaZlo xifaTi~.

miznobrivi Sedegebis miRwevas mudam Tan axlavs Sesrulebis raRac

xifaTi anu riski, romelic winaswar gaTvaliswinebis gareSe did

danakargebs iwvevs. amitom, riskebis Semcirebis da misgan mosalodneli

damatebiTi xarjebis Tavidan acilebis gzebis Ziebas Zalian didi

praqtikuli Rirebuleba gaaCnia.

ekonomikur literaturaSi riskebis Sesaxeb codnis ganviTarebis

process oTx etapad yofen: pirvelyofili, uZvelesi dro, industriuli

etapi da sistematizaciis etapi [caava].

pirvelyofil etaps uwodeben adamianis warmoSobis periodidan Zv.w. IX-

VII aTaswleulamde periods, roca adamiani sakuTari sicocxlis

gadasarCenad ZiriTadad bunebriv stiqiebs ebrZoda. adamianis ZiriTadi

saqme nadiroba, TevzWera da nayofis Segroveba iyo.


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uZvelesi dro – Zv.w. IX-VII aTaswleulidan ax.w. XVIII saukunis pirvel

naxevramde. am periodSi mwarmoeblur ekonomikaze gadasvla gaxda riskis

marTvis sferoSi adamianis mier codnis formirebisa da dagrovebis

aTvlis wertili.

industrializaciis etapi – XVIII saukunis meore naxevridan XX

saukunis Sua periodi. am periodSi riskis kategoria ufro gansazRvradi

gaxda. damuSavebul iqna riskebis mecnieruli Teoriebis ZiriTadi cnebebi.

Camoyalibda riskebis klasifikaciis koncefciebi da misi marTvis

meTodebi. Seiqmna riskebis analizisa da marTvis konkretuli meTodebi.

sistematizaciis etapi – XX saukunis meore naxevridan Remde. am etapis

Taviseburebebia: omebi, lokaluri konfliqtebi, teqnogenuri avariebi;

msoflio ekonomikuri krizisebi; axali safrTxeebi: birTvuli energia,

saerTaSoriso terorizmi, globalizacia, stiqiuri ubedurebebi.

sabazro urTierTobebis TeoriaSi riskis cneba pirvelad frangma

ekonomistma r.kantilonma Semoitana. igi riskebis Teoriis fuZemdeblad

iTvleba. sawarmos mogebas da danakargebs igi afasebda rogorc

ganusazRvrelobisa da riskis Sedegs. Semdeg, sawarmoTaA riskebis

problemas did yuradRebas uTmoben klasikuri da neoklasikuri

mimarTulebis mimdevrebi.

klasikuri skolis warmomadgenlebi j.mili, f.naiti, n. seniori

gamoyofen samewarmeo mogebis Semdeg elementebs: procenti dabandebul

kapitalze da riskis gadasaxadi, rogorc SesaZlo riskis anazRaureba,

romelsac kapitalisti samewarmeo saqmianobis ganxorcielebisas Tavis

Tavze iRebs [5. gv. 25].

klasikuri skola riskis ekonomikur kategorias, pirvel rigSi, arCeuli

gadawyvetilebis realizaciis Sedegad danakargebis miRebis

SesaZleblobas ukavSirebs. amasTan dakavSirebiT, mewarme aTviTcnobierebs

ra risks, igi Semosavlis struqturaSi mis Tavisebur kompesacias

moiTxovs. rac imas niSnavs, rom ramdenadac metia riski, imdenad meti unda

iyos mogebis norma.

mecxramete saukuneSi germanuli skolis warmomadgenelma fon tiunenma

mogebis sididis da samewarmeo risks Soris pirdapiri kavSiri gamoavlina.

sabazro urTierTobebis TeoriebSi man pirvelma, gamouyenebeli

alternatiuli SesaZleblobebis riskis cneba Semoitana, rasac mogebis

miuReblobamde mivyavarT. mecnieris TvalsazrisiT, erTaderTi

mamoZravebeli Zala, rac mewarmes riskze wasvlisken ubiZgebs, mogebis

miReba warmoadgens, romelic riskis gadidebis proporciulad unda

izrdebodes.

germanuli klasikuri skolis meore warmomadgenelma g.fon mangoldma

tiunenis idea ganaviTara da pirvelma dasva sakiTxi riskis xarisxis

Sesaxeb. misi TvalsazrisiT, riskis xasiaTi aseve warmoebis xasiaTzea

damokidebuli. magaliTad, SekveTiT damzadebuli produqciis an

momsaxurebis gawevaze riski minimaluria an saerTodac ar arsebobs.


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bazarze ki riski maRalia. kerZod, sabazro konkurenciis,

ganusazRvrelobis xSirad cvalebadi situaciebis arsebobis pirobebSi,

riskebi mniSvnelovnad izrdeba. garda amisa, rac meti droa warmoebis

dawyebis momentidan mza prouqciis saboloo realizaciamde, imdenad meti

unda iyos kompesacia anu mogebis norma.

amerikelma ekonomistma f.naitma yvelaze ufro siRrmiseulad

ganaviTara riskis faqtoris idea, rogorc samewarmeo mogebis wyaro.

Semosavali romelsac mewarme Rebulobs, ara marto materialuri, SromiTi

da fuladi resursebis danaxarjebis safuZvelze formirdeba, aramed

TviT ideis nayofierebisaganac. anu, Semosavalze agreTve gavlenas axdens

mewarmis SesaZlebloba dasZlios ganusazRvrelobis mdgomareoba riskis

minimaluri danakargebiT.

Semosavali ganisazRvreba rogorc riskze gadasaxadic. magram, naitis

azriT, riski mogebis an danakargebis saxiT erTmniSvnelovan gansazRvras

da aRricxvas ar eqvemdebareba.

klasikuri skolis warmomadgenlebis mier riskis, rogorc danakargebis

gansazRvra, riskebis neoklasikuri Teoriis warmoSobis sababi gaxda.

gamokvlevebi mikrodoneze iqna gadatanili. Sesabamisad, riskis Seswavlisa

da analizis obieqti sawarmo da misi saqmianoba gaxda.

a.marSali da a.pogu sawarmos mogebas ganixilavdnen, rogorc cvalebad

sidides, romelic sawarmos funqcionirebis pirobebis cvalebadobiT aris

ganpirobebuli. amitom, sawarmos xelmZRvaneloba Tavis saqmianobaSi ori

ZiriTadi kriteriumiT unda xelmZRvanelobdes:

a. mogebis mosalodneli sididiT da

b. mosalodneli donisagan mogebis SesaZlo cvalebadobisa gadaxrebis

sididiT.

neoklasikur TeoriaSi arsebiTi damateba ingliselma ekonomistma

j.keinsma Seitana. realurad, man pirvelma Camoayaliba samewarmeo riskebis

dawvrilebiTi klasifikacia bazarze firmis funqcionirebis gare da Siga

garemosaTvis damaxasiaTebeli faqtorebis gaTvaliswinebiT. j. keinsma

riskis sami ZiriTadi saxeoba gamohyo:

1. mewarmis an msesxeblis riski, romelic mosalodneli Semosavlis

miRebis SesaZleblobaSi misi daujereblobis Sedegad warmoiqmneba.

aRniSnuli riski warmoiSoba maSin, rodesac mewarme mxolod sakuTar

fuls iyenebs.

2. kreditoris riski, romelic sakredito operaciebis

ganxorcielebisas warmoiSoba. aRniSnuli riski dakavSirebulia

kreditoris eWvTan, romelic msesxeblis mosalodnel gakotrebas an

valdebulebebis Sesrulebisagan Tavis acilebis sxva SemTxvevebs

ukavSirdeba.

3. inflaciis Sedegad, fuladi erTulis faseulobis SesaZlo

Semcirebis riski. aqedan gamomdinare, keinsi Tvlida, rom fuladi sesxi

naklebad saimedoa, vidre realuri qoneba.


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amdenad, aucilebelia safrTxeebis moaxloebis drouli ganWvreta da

sapasuxo RonisZiebebis gatarebis operatiuloba, raTa riskebze wasvlis

Sedegebi dadebiTi iyos. sawarmos xelmZRvanelobas unda hqondes

mosalodneli safrTxeebis swori xedvis unari.

sarisko situaciebis ZiriTadi damaxasiaTebeli momentebia:

movlenebis SemTxveviTi xasiTi;

alternatiuli gadawyvetilebebis miReba;

cnobilia an SeiZleba ganisazRvros Sedegebis albaTobebi an

mosalodneli Sedegebi;

danakargebis warmoSobis albaToba;

damatebiTi mogebis albaToba;

biznesis riski aris saSiSroeba imisa, rom mewarme naxavs zarals

damatebiTi xarjebis saxiT an miiRebs imaze nakleb Semosavals, vidre

es dagegmili hqonda. riskebidan miRebuli danaxarjebi sabolood

finansuri xasiaTis danakargebSi gamosaxeba, rogoricaa mosalodneli

mogebis Semcireba. amasTan, riski yovelTvis danakargebis miRebis

albaTobasTan araa dakavSirebuli. SeiZleba riskebis Sedegad mogebis

zrdas eqnes adgili. amrigad, riskebi rogorc danakargebis, ise maRali

mogebis miRebis albaTobasTanaa dakavSirebuli.

gamyofen riskis Semdegi saxeebs: politikuri riskebi, dargobrivi

riskebi, finansuri riskebi, teqnikuri riskebi, inovaciuri riskebi.

samewarmeo, komerciuli. Cemi azriT SeiZleba gamoiyos mmarTvelobiTi

riski, rac dakavSirebulia mmarTvelebis unarTan, Seafason riskebi.

miuxedavad riskebis mravalferovnebisa, sawarmoTa riskebi

ZiriTadad or tipad SeiZleba dajgufdes:

I. sawarmos Siga riskebi - samewarmeo, komerciuli, finansuri,

teqnikuri, sainovacio, mmarTvelobiTi riskebi da sxva;

II. gare riskebi - dargobrivi riskebi, saxelmwifoebrivi riskebi

(fiskaluri da politikuri), savaluto riski, procentis riski,

saerTaSoriso riskebi, bunebrivi kataklizmebisagan mosalodneli

riskebi.

mocemul SemTxvevaSi, Seswvlis obieqqtia sawarmos Siga riskebi.

samewarmeo anu saoperacio riski dakavSirebuli produqciis,

saqonlis da momsaxurebis warmoebasTna da nebismieri samewarmeo

saqminobasTan. misi mizezebia: produqciisa da momsaxuirebis dagegmili

moculobis Semcireba Sromis mwarmoebljrobis daqveiTebis, SromiTi

da materialuri danakargebis gamo; wundebuli produqciis zrda,

materialuri danaxarjebis zrda, fasebis zrda Sesyidvebze,

danadgarebis fizikuri da moraluri cveTa.

komerciuli riskebi warmoiSoba sawarmos produqciisa da

momsaxurebis realizaciis procesSi. misi wrmoSobis mizezebia: bazarze


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moTxovnilebebis cvlilebebi, momxmareblis msyidvelobunarianobis

cvlieba, konkurentis mier saqonlis bazridan gamodevna, fasebis

dacema, danakargebi saqonlis gadazidvebis da Senaxvis dros.

finansuri riskebi warmoSoba mosalodnelia finansuri garigebebis

dadebis Sedegad; saprocento ganakveTebis cvlilebis Sedegad. aseve,

savaluto kursis cvliebebis da fasiani qaRaldebis yidva-gayidvis

dros.

sakredito riski - valdebulebebis drouli dafarvis riski,

investiciebze dividendebis gacemis riski, saprocento xarjebis

dafarvis riski.

teqnikuri riski dakavSirebulia axali teqnikisa da teqnologiebis

danergvis damatebiT danaxarjebTan, agreTve axali teqnikis

Seuferxebeli gamoyenebis gamarTvasTan, teqnologiebis usafrTxoebis

uzrunvelyofasTan.

sainovaciuri riski aris danakargebis albaToba, romelic

warmoiqmneba axali saxeobis produqciisa da momsaxurebis warmoebaSi

CaSvebisas damatebiTi saxsrebis gaRebisas, romelmac SesaZloa bazarze

ver hpovis saTanado aRiareba. axali saxis produqciis moTxovnebis

araswori Sefaseba, Zveli danadgarebis gamoyenebis Seusabamobis riski.

procentis riski aris saprocento ganakveTebSi araxelsayreli

cvlilebis riski.

dargobrivi riski warmoiSoba dargis ekonomikuri cvlilebebis da

mdgomareobis stabilizaciis cvlilebebis Sedegad. dargSi momuSave

firmebis stabilurobis done da a.S.

politikuri riski aris danakargebis warmoSobis an mogebis

Semcirebis albaToba, romelic SesaZloa warmoiSvas saxelmwifo

politikis cvlilebebis Sedegad, sagadasado politika, saxelmwifos

kursi da prioritetebi. aseTi riskebi mosalodnelia iseT qveynebSi

sadac araa srullyofili kanonmdebloba, mewarmeobis tradiciebi da

kultura.

saerTaSoriso riskebs miekuTvneba saerTaSoriso bazarze saqonlis

fasebis da moTxovnebis cvlilebebi, saerTaSoriso finansuri riskebi da

a.S.

bunebrivi katastrofebisagan mosalodneli riskebi warmoadgens

fundamentur riskebs, romelic erTdoulad zians ayenebs did

teritorias da mosaxleobis did raodenobas.

riskebis analizi moicavs sam urTierTdakavSirebul komponents:

riskebis Sefasebas, riskebis komunikacias da riskebis marTvas.

riskebis Sefaseba moicavs oTx safexurs:

1. safrTxis identificireba

2. safrTxis aRwera

3. safrTxis gamovlenis Sefaseba

4. riskis daxasiaTeba


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yvela safexuri unda efuZnebodes samecniero- analitikur monacemebs

da Sedegebs.

riskis komunikacia - aris riskis analizis procesSi safrTxis, riskis

Sefasebis Sedegebisa da riskis marTvis procesSi miRebuli

gadawyvetilebebis Sesaxeb miukerZoebeli informaciisa da sakiTxebis

drouli da Seuferxebeli gacvla riskebis Semfaseblebs, riskis marTvis

pasuxismgebel pirebs da biznesoperatorebs Soris.

riskis marTva - aris procesi, romlis drosac riskebis Sefasebis

Sedegebis gaTvaliswinebiT miiReba saTanado gadawyvetilebebi

alternativebidan SerCevis gziT da miRebuli gadawyvetilebebis

ganxorcieleba, raTa Tavidan iqnas acilebuli safrTxeebidan

mosalodneli uaryofiTi Sedegebi

sawarmoebi xSirad iyeneben sesxebis da aqciebis gamoSvebis politikas

biznesis saqmianobis dafinansebis wyarod. Sesabamisad, warmoiqmneba

saprocento xarjebis dafarvisa da aqcionerebze dividendebis gacemis

riskebi. riskis es saxeobebi sawarmos finansur riskebs miekuTvneba.

Tanamedrove ekonomikur Teoriasa da prqatikaSi, sawarmos Siga

riskebis gazomvis mizniT leverijis (Leverage) koeficientebi gamoiyeneba.

13.2. saoperacio leverijis analizi

leveriji, rogorc riskis maxasiTebeli, zogadad biznesis

danaxarjebisa da dafinansebis struqturis cvlilebebisagan

mosalodneli safrTxeebis simZimes niSnavs. ganasxvaveben saoperacio da

finansur leverijs.

saoperacio leveriji dakavSirebulia mudmivi saoperacio xarjebis

arebobasTan da axasiaTebs wamoebasa da realizaciis procesebSi arsebul

riskebs. saoperacio riski Seicavs mudmivi xarjebis, kerZod, warmoebis

marTvisa da momsaxurebis xarjebis araefeqtianad gamoyenebis SesaZlo

risks, rac mosalodneli mogebis SemcirebaSi aisaxeba. saoperacio

riski aris igive samewarmeo anu sameurneo riski.

Cven veyrdnobiT da viziarebT koncefcias, rom riskis koeficienti

roca erTze maRalia, maSasadame, riski arsebobs. erTamde riski ar

arsebobs. aseT midgomas wesrigi Seaqvs riskebis koeficientebis

gaazrebasa da praqtikul gamoyenebaSi. magram, leverijis yvela

koeficienti am moTxovnas ar akmayofilebs.

ekonomikur literaturaSi saoperacio leverijis (DOL) ramdenime

maCvenebelia cnobili. [6. gv: 458-462]. esenia:

mudmivi xarjebi (FC) saoperacio leverijis done (sl1) DOL1 = -----------------------------------------; (13.2.1) cvalebadi xarjebi (VC) koeficienti 13.2.1. - roca erTis tolia, riski ar arsebobs. erTis

zemoT ukve riskis maniSnebelia. Tumca, SesaZloa arsebobdes situacia,


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299

roca igi erTze maRalia, magram mudmivi xarjebi ukve dfarulia. am

koeficients danaxarjebis organuli Sedgeniloba SeiZleba vuwodoT. misi

zrda biznesriskis zrdas iwvevs.

mudmivi xarjebi (FC)

sl2 (DOL2 )= --------------------------------- (13.2.2)

saoperacio xarjebi (OC)

mecnier-ekonomistebi 13.2.2. koeficientsac leverijis koeficients

uwodeben, magram igi arasodes ar iqneba erTis toli, vinaidan

warmoebis procesSi, yovelTvis arsebobs cvalebadi xarjebi. amitom,

mudmivi xarjebi verasodes gadaaWarbebs saoperacio xarjebs.

Sesabamisad, koeficienti (sl2) verasodes ver iqneba erTze maRali.

maSasadame, SeuZlebelia dadgenil iqnas, mis romel doneze arsebobs

riski. es koeficienti axasiaTebs mudmivi xarjebis xvedriTi wils

saoperacio xarjebSi, romelic sasurvelia, dinamikaSi ar izrdebodes.

igi gavlenas moaxdens saoperacio riskze. amdenad, me-2 koeficinetic

unda CaiTvalos, rom saoperacio riskze moqmedi faqtoria.


sl3 (DOL3) = -----------------------------------; (13.2.3) Semosavali (Income of Sale)

es koeficienti realurad aris mudmivi xarjebis gamoyenebis

efeqtianobis erT-erTi maCvenebeli. igi aCvenebs, ramdeni TeTri mudmivi

xarjia gaweuli yoveli erTi laris Semosavalze. igi rac ufro

naklebi iqneba erTze, miT ufro dadebiT movlenas warmoadgens. ase,

rom riskis gamzom maCveneblad verc igi CaiTvleba, Tumca riskebze

gavlenas moaxdens.


sl4 (DOL) = ----------------------------------; (13.2.4)

saoperacio mogeba (EBIT)

saoperacio mogebas, ucxour ekonomikur literturaSi, agreTve

uwodeben - mogebas procentisa da mogebis gadasaxadis gadaxdamde (EBIT).

es koeficinti axasiaTebs ramdeni TeTri mudmivi xarjia gaweuli

yoveli erTi laris saoperacio mogebis misaRebad. igi rac ufro

dabali iqneba erTze, niSnavs rom miT ufro efeqtianad gamoiyeneba

mudmivi xarjebi da maSasadame, miT ufro mcire iqneba saoperacio

(samewarmeo) riski. vinaidan saoperacio mogeba Semosavlebsa da

saoperacio xarjebs Soris sxvaobaa, xolo, es ukanaskneli, mudmivi da

cvalebadi xarjebisagan Sedgeba da aseve, saoperacio mogeba saoperacio

anu ZiriTadi saqmianobis yvlaze zogadi finansuri Sedegia,


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300

koeficienti (sl4) adre ganxilul maCveneblebs Soris, yvelaze

kompleqsuri xasiaTis maCvenebelia.

saoperacio mogebis (EBIT) procentuli cvlileba

sl5 (DOL3) = ------------------------------------------------------------------------; (13.2.5)

amonagebis (S) procentuli cvlileba

mecnier-ekonomistebi weren, rom kompaniis saoperacio mogebis

mgrZnobelobis xarisxis sazoms gayidvebis cvlilebis mimarT, ewodeba

operaciuli leverijis done (7. gv.458).

kvlevebi adastureben, rom mudmivi saoperacio xarjebis arsebobis

gamo realizaciidan miRebuli Semosavlebis (gayidvebis) procentuli

cvlileba iwvevs proporciulze ufro met cvlilebas saoperacio

mogebaSi. magram, vfiqrobT, am maCvenebelsac (13.2.5) ver vuwodebT

leverijis anu riskis koeficients. igi axasiaTebs korelacias

Semosavlebsa da saoperacio mogebis procentul cvlilebebs Soris,

romlis analizi metad sainteresoa dagegmvis stadiaze,

gadawyvetilebebis misaRebad, Tu ra moculobis Semosavlebia saWiro

sasurveli saoperacio mogebis misaRebad.

ganxiluli koeficientebidan, saoperacio riskis yvelaze zogad

maCveneblad, mxolod mudmivi xarjebisa da saoperacio mogebis fardoba

- unda CaiTvalos. danarCeni maCvneblebi saoperacio riskebze moqmedi

faqtorebia. Cveni Tvalsazrisis damtkicebis mizniT Catarebul iqna

Sesabamisi gaangariSebebi (ix. cxrili 13.2.1). davuSvaT, sam pirobiT

sawarmos gaaCnia Semdegi maCveneblebi:

cxrili 13.2.1

saoperacio leverijis koeficientebi

maCveneblebi

N1

sawarmo

N2

sawarmo

N3

sawarmo

Semosavali realizaciidan

Saoperacio xarjebi:

cvalebadi xarjebi

mudmivi xarjebi

-------------------------

jami

saoperacio mogeba saoperacio leverijis koeficientebi:

1. FC/VC

2. FC/OC

3. FC/ S

4. FC/EBIT

15 000

6 000

6 000

---------

12 000

3 000

1,0

0,5

0,4

2,0

15 000

8 000

4 000

-------

12 000

3 000

0,5

0,33

0,27

1,33

15 000

4 000

8 000

---------

12 000

3 000

2,0

0,67

0,53

2,67


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301

SegaxsenebT, rom cvalebadia xarji, romelic damzadebuli produqciis

raodenobis proporciulad icvleba. anu, ramdenjerac gaizrdeba

produqciis gamoSveba, imdenjerve Seicvleba es xarjebi da piriqiT:

ramdenjerac Semcirdeba produqciis gamoSvea, cvalebadi xarjebi

imdenjer Semcirdeba. xolo, mudmivia xarjebi, romlebic produqciis

raodenobis proporciulad ar icvleba. zogjer ki saerTod ar reagireben

masze.

amrigad, pirveli cxrilSi samive sawarmos Semosavlebi, saoperacio

xarjebis saerTo moculoba da saoperacio mogebis maCveneblebi

erTnairia, maSasadame, maTi procentuli cvlileba saerTod ar arsebobs,

magram, saoperacio leverijis koeficientebi gansxvavebulia. pirveli

koeficientis mixedviT, saoperacio riski mxolod mesame sawarmoSi

arsebobs, meore koeficienti mesame sawarmoSi yvelaze maRalia, magram

erTze dabalia da SeuZlebelia dadgindes, rodis aris misi done saSiSi.

mesame koeficienti aseve, yovelTvis erTze naklebi iqneba, magram

SeuZleblia axsna imisa, romelia misi minimaluri done. meoTxe

koeficienti, samive sawarmoSi erTze maRalia.

leverijis oTxive koeficientebis gansxvaveba gamowveulia

danaxarjebis gansxvavebuli struqturiT. xolo, im moTxovnas, rom

riskis koeficienti riskis arsebobis SemTxvevaSi riskis zogad

maCveneblad mudmivi xarjebisa da saoperacio mogebis fardobis

koeficienti (FC/EBIT) SeiZleba CaiTvalos, romelSic asaxulia mudmivi

da cvalebadi xarjebis struqturul cvlilebebTan dakavSirebuli

riskebi, warmoebis usafrTxoebis diapazonis SerCevis riski da aseve,

saoperacio mogebis damokidebuleba zRvrul mogebasTan. es koeficienti

erTze dabali an erTis toli unda iyos. erTis zemoT ki saoperacio

riskis maCvenebelia [5.gv. 139].

zemoT motanili yvela gaangariSebiT is WeSmaritebac dasturdeba,

rom riskebis miuxedavad mogebis miRebis SesaZlebloba yovelTvis

arsebobs. amitomac midian mewarmeebi riskze. amasTan, menejmenti unda

cdilobdes maRali korelacia ar iyos saoperacio mogebasa da

Semosavlebs Soris, radgan Semosavlebis mcire cvlilebamac ki SeiZleba

didi saoperacio danakargi gamoiwvios.

saoperacio leverijis analizs cxadia informaciis gare

momxmareblebi ver Caatareben. amisTvis gamoqveynebuli finansuri

angariSgebis informacia sakmarisi araa. magram, sawarmoebis menejments,

rogorc cnobilia informaciis mopovebis problema ara aqvs saaoperacio

leverijis analizi rom Caataros da aucilebelic aris.


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302

13.3. finansuri leverijis arsi da analizis meTodika

finansuri leveriji ikvlevs kompaniis sesxebsa da saaqcio kapitals

Soris Tanafardobis kavSirs finansur SedegebTan. sawarmos aqtivebisa da

pasivebis struqturis optimizacia mogebis gadidebis mizniT, cnobilia,

rogorc finansuri leverijis koncefcia.

pirdapiri mniSvnelobiT leveriji iseT Zalas niSnavs, romlis meSveobiT

SesaZlebelia sakmaod mZime da gansxvavebuli sagnebis Sereva. ekonomikaSi

leveriji warmoadgens iseT faqtors (Zalas), romlis mcire cvlilebam

SesaZloa Sedegobrivi maCveneblebis mniSvnelovani cvlileba gamoiwvios.

finansuri leveriji martivad, sesxebis simZimes niSnavs.

finansuri leverijis done izrdeba maSin, roca izrdeba nebismieri

nasesxebi saxsrebis wili. aseT dros izrdeba sakuTari kapitalis

(rentabelobis) variaciuli gaqaneba (meryeoba) da finansuri riski.

leverijis koeficientis zrda, saoperaci leverijis msgavsad, erTis

zemoT, riskis zrdas niSnavs.

finansuri leverijis koeficientebia:

kapitalis leveriji – aqtivebis, sakuTari kapitalisa da jamuri

leveriji;

procentis leveriji.

leverijis yvela koeficienti erTsa da imave sidides zomavs, magram

SedarebisaTvis arsebiTia rom mudmivad moxdes erTxel SerCeuli

koeficientis gamoyeneba.

pirveli jgufis leverijis koeficientebia: (fl1) finansuri leveriji = aqtivebi / sakuTari kapitali (13.3.1) saanalizo sawarmos magaliTze: fl1 = 36130 / 18160 = 1,99 anu 199%; saanalizo sawarmoSi marTlac, sakuTari kapitalis wili dabalia (50%).

rac ufro meti iqneba aqtivebi sakuTar kapitalze, miT ufro maRali iqneba

nasesxebi kapitalis wili da maSasadame finansuri riskic izrdeba.

es koeficienti SeiZleba or faqtor-maCveneblad daiSalos: aqtivebi mogeba %-is gadaxdamde mogeba % da gadas.gadaxdamde ----------------------------- = ------------------------------------------- : -----------------------------------------------------; (13.3.1) sakuTari kapitali sakuTari kapitali aqtivebi

pirveli faqtoria sakuTari kapitalis ukugeba, romlis zrda finansur

riskebs zrdis, radgan sakuTari kapitalis moculoba mcirdeba. mogeba % da gadasaxadis gadaxdamde A finansuri leveriji = ------------------------------------------------------------------ (13.3.2) (fl2) mogeba dabegvramde


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303

saanalizo sawarmos magaliTze: fl2 = (14140 + 200) / 13120 = 1,09 anu 109%; es koeficienti aCvenebs ramdenjer aRemateba saoperacio mogeba dasabegri

mogebis maCvenebels. koeficientis maqsimaluri sazRvari erTis tolia. rac

meti iqneba moziduli grZelvadiani sesxebi, miT metia gadasaxdeli

procentis sidide, miT meti iqneba saoperacio mogeba wliur mogebaze da miT

meti iqneba leverijis donec. amdenad, moziduli saxsrebis wilis amaRleba

leverijs maRla swevs. A(fl3) finansuri leveriji (kapitalis leveriji) = (13.3.3) = (sakuTari kapitali+ grZelv.sesxiebi) / (sakuTari kapitali _ priv.saaqcio kapit.) Cvens magaliTze: fl3 = (18160+7040) / (18160 – 3000) = 1,66 anu 168 %; (fl4) jamuri finansuri leveriji = P sakuTari kapitali_sak.sabr.saxsr.+ grZelv. sesxebi F = --------------------------------------------------------------------------------- ; (13.3.4) jamuri permanentuli kapitali (sakuTari kapitali + grZelvadiani sesxebi) wminda mogebis cvlilebis tempi %-ad A (fl5) finansuri leverijis done = -------------------------------------------------------------------; (13.3.5) saoperaci mogebis cvlilebis tempi %-ad (saproc. xarji + priv. aqciebis dividend) P(fl6) procentis saerTo leveriji = -----------------------------------------------------------------------: (13.3.6) (mogeba dabgvramde + saprocento xarji)

vinaidan, privilegirebuli aqciis mflobelebs dividendi garantirebuli

aqvT, amitom igi kompaniisaTvis, pasuxismgeblobebis TvalsazrisiT,

valdebulebebis tolfasi xdeba. procentis leveriji sanam erTs ar

gadaaWarbebs, procentis dafarvis riski ar iarsebebs.

maSasadame, mecnier ekonomistebi, yvela dasaxelebul koeficients

finansuri leverijis koeficientebs uwodeben. Cveni azriT, maT Soris riskis

zogadi maCvenebelic unda arsebobdes.

rogorc ukve aRvniSneT, menejmentma analizSi yvela koeficienti SeiZleba

gamoiyenos an romelime maTgani mudmivad airCios. arsebiTia is, rom

leverijis arsebobas pirdapiri efeqti gaaCnia aqcionerebis ukugebis

cvalebadobaze anu riskze.


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304

sademonstracio magaliTi: Mmocemulia ori kompaniis informacia, romelTacAkapitalis sxvadasxva struqtura

da mogebis erTi da igive maCveneblebi aqvT. cxrili 13.3.1. I sawarmo II sawarmo Ddafinansebis wyaroebi: 10%-iani grZlevadiani valdebulebebi 10 000 0 Cveulebrivi saaqcio kapitali da rezervebi 40 000 50 000 -------------------------------------------- ---------------- ------------- jami 50 000 50 000 Ppirvel wels mogeba %-is gamoklebamde iyo 7000 l mogebis gamoyeneba: saprocento xarji 1 000 0 Cv. Aaqciebze dividendi 6 000 7 000 ------------ ----------- 7 000 7 000 Mmeore wels mogeba davuSvaT gaormagda: 14000 l mogebis ganawileba: saprocento xarji 1 000 0 Cv. aqciebis dividendze 13 000 14 000 ------------ ------------ 14 000 14 000 Cveulebrivi aqciis mflobelTa Semosavlis zrda (13000/6000) 2,2-jer 2-jer Lleveriji 14000/13000 = 1,08 14000/14000 = 1 motanil magaliTze, Semosavlebi ufro metad gaizarda maRali leverijis

mqone kompaniaSi. meore kompaniaSi efeqti kidev ufro gauaresdeboda, Tu

mogeba Semcirdeboda. Aamitom, maRali leverijis mqone kompaniebis

Cveulebrivi aqciebis SeZena ufro mimzidvelia, vidre iseTi kompaniebisagan,

sadac leveriji dabalia.

Frogorc naxeT, finansuri leverijis kategoria dakavSirebulia finansur

riskTan, romelic arsebobs grZelvadian sesxebze procentis gadaxdisaTvis

saWiro saxsrebis SesaZlo ukmarisobis gamo. Ffinansuri leverijis zrda

mocemuli sawarmos finansuri riskis zrdas moaswavebs. Ees vlindeba masSi,

rom or erTgvarovan sawarmos, romelTac warmoebis erTnairi moculoba

gaaCniaT, warmoebis Tanabari zrdis SemTvevaSi mogeba ganxvavebuli eqnebaT,

kapitalis gansxvavebuli struqturi gamo.

sawarmoSi, romelic mTlianad sakuTari saxsrebiTaa dafinansebuli,

finansuri leveriji erTis tolia. aseT SemTxvevaSi amboben rom finansuri

riski ar arsebobs. xolo wminda mogebis cvlileba mTlianad realizaciis

moculobis cvlilebiT anu sawarmoo pirobebiT ganisazRvreba.

motanili saanalizo sawarmos magaliTze warmodgenilia finansuri riskis

SedarebiTi analizi kapitalis sxvadasxva struqturis dros (ix. cxrili

13.3.3). buRaltruli balansis safuZvelze gamoiTvleba mTliani grZelevadiani

anu permanentuli kapitali.


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305

cxrili 13.3.2. sakuTari kapitali 18 160 sakuTari sabrunavi saxsrebi (2270) ------------------------------ ------------- grZelvadiani sakuTari kapitali 15 890 grZelvadiani sesxi 7 040 -------------------------------------------- ------------- sul grZelvadiani wyaroebi 22 930

ganvixilavT, kapitalis sxvadasxva sruqturas. cxrili 13.3.3. kapitalis sxvadasxva struqtura da saprocento xarjebi

maCveneblebi sesxebis wili grZelvadian wyaroebSi 0 % 26,3 % 50 %

sakuTari wyaroebi grZelvadiani sesxebi ------------------------------------------------------- sul dafinansebis wyaroebi saprocento ganakveTi wliuri saprocento xarji

22 040 0 ----------------- 22 040 - -

18 160 5 800 ---------------- 22 040 15 870

11 020 11 020 --------------- 22 040 15 1653

rogorc xedavT, saprocento xarjebis sidideze, garda saprocento

ganakveTisa, gavlnas axdens dafinansebis wyaroebis struqturac.

Sesabamisad, Seicvleba mogebac da sakuTari kapitalis rentabeloba.

vaCvenoT igi magaliTze. ganvixiloT ori alternativa: pirveli, arsebuli

viTarebis mixedviT da meore, davuSvaT kompania `kolxeTis~ menejments (ix.

cxrili 13.3.4) surs mogebis 10%-iT gazrda. cxrili 13.3.4. sawarmos dafinansebis grZelvadiani wyaroebis struqturis cvlilebis kavSiri sakuTari kapitalis rentabelobasTan

maCveneblebi 0 % 26,3 % 50 % I II I II I II

mogeba % da gadasaxadis gadaxdamde

saprocento xarji (15%) -------------------------------------- mogeba dabegvramde

mogebis gadasaxadi (18%) ------------------------------------------ wminda mogeba

sakuT.kapitalis rentabeloba

finansuri leveriji

sakuTari kapitalis rentabelobis variaciuli gaqaneba

14 340 0 --------- 14 340 (2581) --------- 11 759 53,3% 1,0 5,7 (58,7- 53,3)

15 774 0 ---------- 15 774 (2839) ----------- 12 935 58,7% 1,0

14 340 (870) ---------- 13 470 (2425) ---------- 11 045 60,8% 1,065 6,5

15 774 (870) ---------- 14 904 (2683) ----------- 12 221 67,3% 1,058

14 340 (1653) ---------- 12 687 (2284) --------- 10 403 94,4% 1,13 10,6

15 774 (1653) -------- 14 121 (2542) -------- 11 579 105% 1,117


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306

amrigad, rogorc gaangariSebebidan Cans, rac ufro maRalia moziduli kapitalis xvedriTi wili dafinansebis wyaroebSi, sakuTari kapitalis rentabeloba miT ufro dabalia, misi variaciuli gaqaneba or alternativas Soris gaizarda da riskic izrdeba. maSasadame, maRali operaciuli leverijis mqone kompanias eqneba ufro

maRali cvlileba mogebaSi, vidre gayidvebSi. Aarsebobs kavSiri finansur da operaciul leverijs Soris. Tuki kompaniis

gayidvebi icvleba, aqcionerTa ukugebis saukeTeso cvalebadoba ganisazRvreba operaciuli leverijis donis mixedviT, romelic gansazRvravs `%-mde mogebis~ (EBIT) cvlilebas, romelic `gaZlierebulia~ finansuri leverijis donis mixedviT. Kkombinirebuli leverijis maCvenebeli ki Semdegnairad gamoiTvleba: wminda mogebis procentuli cvlileba Kkombinirebuli leveriji = ----------------------------------------------------------------------------------- realizaciis %-uli cvlileba

amrigad, Tu sawarmos gaaCnia maRali operaciuli leveriji, maSin, Tuki

gayidvebis done Zalian stabiluri araa, igi amjobinebs finansuri leverijis

Tavidan acilebas da piriqiT.


1. ras niSnavs saoperacio leveriji;

2. ras niSnavs finansuri leveriji; 3. CamoTvaleT saoaperacio leverijis koeficientebi;

4. CamoTvaleT kapitalis leverijis koeficientebi;

5. CamoTvaleT mogebis leverijis koeficientebi.

t e s t e b i 1. biznesis riski aris:

a. molodini imisa, rom sawarmo miiRebs ufro maRal mogebas

dagegmilTan SedarebiT

b. saSiSroeba imisa, rom sawarmo naxavs zarals damatebiTi xarjebis

saxiT an miiRebs nakleb Semosavals, dagegmilTan SedarebiT

g. ramdenime altarnatividan arCevanis gakeTeba

2. saoperacio leveriji aris:

a. mudmivi da cvalebadi xarjebis TanafardobasTan dakavSirebuli riski

b. mimdinare da grZelvadiani aqtivebis Tanafardobis riski

g. sesxebTn dakavSirebuli riski

3. sawarmos mimdinare TveSi mudmivi xarjebi 45000, cvalebadi xarjebi 42500 da

Semosavali realizaciidan 67900 lars Seadgens.

ras udris saoperacio leveriji:

a. 1,06

b. 0,94

g. 1,21


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307

4. sawarmos aqtivebi 115500, sakuTari kapitali 54000 da valdebulebebi 61500

laria. ras udris finansuri leveriji:

a. 1,88

b. 2,14

g. 1,00

5. finansuri leveriji safrTxis Semcvelia, roca finansuri leverijis

koeficienti:

a. erTze naklebia

b. erTze metia

g. erTis tolia

amocanebi

amocana 13.1.

mocemulia sami sawarmos informacia, romelTac aqtivebis dafinansebis

wyaroebis mTliani sidide erTaniri aqvT

mCveneblebi

sesxebsi wili dafinansebaSi

0 27% 50%

sakuTari kapitali

aRebuli sesxebi

--------------------------

sul dafinanseba

Semosavali realizaciidan

realiz. produqciis TviTRirebuleba

saprocento xarjebi (15%)

80000

-

------------

80000

95000

85000

-

58500

21600

-----------

80000

95000

85000

3240

40000

40000

------------

80000

95000

85000

6000

moTxovna: samive sawarmos mixedviT gamoTvaleT dafinansebis wyaroebis

struqtura, moamzadeT mogeba/zaralis angariSgeba, gamoTvaleT sakuTari

kapitalis ukugebis (wminda mogeba /sakuTari kapitali) da finansuri leveriji

(saoperacio mogeba/wminda mogeba) maCveneblebi samive sawarmoSi. gaakeTeT

Sesabamisi komentarebi.

amocana 13.2.

erT-erTi kompaniis finansuri angariSgebis mimdinanre da wina wlis

informaciis safuZvelze gamoTvlil finansuri leverijis koeficents da masze

moqmedi faqtorebs aqvT Sedegi mniSvnelobebi:

wina weli mimdinare weli

aqtivebi / sakuTari kapitali - 1,833 1,875

aqtivebi / Semosavali - 2,037 1,7647

Semosavali / mogeba - 4,1538 4,25

sakuTari kapitali / mogeba - 4,6154 4,0

moTxovna: gazomeT finansuri leverijis gadaxraze moqmedi faqtorebis gavlena

jaWvuri Casmis xerxiT qvemoT mtanili faqtoruli modelis safuZvelze da

gaakeTeT Sesbamisi daskvnebi.

aqtivi/sak.kap = (aqtivi/Semos.) * (Semos. / mogeba) : (sak.kap. / mogeba)


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308

amocana 13.3.

arsebobs Semdegi informacia: I w II w mogeba dabegvramde 7200 9400 saprocento xarjebi 2400 3800 moTxovna:

1. gamoTvaleT finansuri leverijis koeficienti; 2. gazomeT gadaxraze moqmedi faqtorebi Semdegi mwkrivis safuZvelze

mogeba %-mde mogeba %-mde sa-% xarjebi -------------------------------- = ---------------------------- * ---------------------------------- mogeba dabegvramde sa-% xarjebi mogeba dabegvramde

(mogeba %-mde niSnavs mogebas, saprocento xarjebis dafarvamde) amocana 13.4. kompanias gaaCnia Semdegi informacia: gayidvebi 70000 danaxarjebi: mudmivi 15000 cvladi 25000 mogeba %-isa da gadasaxadis gadaxdamde (saoperacio mogeba) 30000 laria.

amasTan, aRebulia gZelvadiani sesxi 20000 lari wliurad 20%-iani ganakveTiT da

gamoSvebulia obligaciebi 10000 laris, wliurad 10%-iani ganakveTiT.

moTxovna: gamoTvaleT operaciuli, finansuri da kombinirebuli leverijis koeficientebi Semdegi formulebiT: operaciuli leveriji = %-mde mogebis cvlileba / realizaciis %-uli cvlileba; finansuri leveriji = wminda mogebis %-uli cvlileba / %-mde mogebis procentuli cvlileba; kombinirebuli leveriji = wminda mogebis %-uli cvlileba / realizaciis %-uli cvlileba


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Tavi 14. sawarmos mosalodneli

gakotrebis mravalfaqtoriani

modelebis analizi

komkurentul garemoSi finansuri stabilurobis

SenarCunebisaTvis sawarmoTa menejmentma unda

SeZlos winaswar ganWvritos, mis sawarmos

finansuri safrTxe xom ar emuqreba momavali sami

wlis ganmavlobaSi mainc. mecnier-ekonomistebi

didixania muSaoben iseTi faqtoruli modelis

Seqmnaze, romelic daexmareba sawarmoebs ramdenime wliT adre gamoicnon

mosalodneli finansur safrTxe da prevenciuli RonisZiebebi gaataron.

mocemul TavSi ganxiluli iqneba Semdegi sakiTxebi:

alTmanis marvalfaqtoriani modeli;

fulmeris modeli;

springeiTis faqtoruli modeli da biveris modeli.

14.1. alTmanis mravalfaqtoriani modelis

analizi

dasavleTis cnobilma ekonomistma, profesorma eduard alTmanma

Seiswavla im samrewvelo kompaniebis finansuri mdgomareoba, romlebic 1946-

1965 wlebSi gakotrdnen. Catarebuli gamokvlevebis safuZvelze man aago

kreditunarianobis indeqsis modeli (Z), romelsac Semdegi saxe aqvs:

Z = 3,3 k1 + 1,0 k2+ 0,6 k3 + 1,4 k4 + 1,2 k5 (14.1.1.)

sadac:

k1 = mogeba %-isa da gadasaxadis gadaxdamde / mTeli aqtivebi k2 = amonagebi realizaciidan / mTeli aqtivebi k3 = sakuTari kapitali / moziduli kapitali k4 = dagrovili gaunawilebeli mogeba / mTeli aqtivebi k 5 = sakaTari sabrunavi saxsrebi (sss) / mTeli aqtivebi

alTmanis kreditunarianobis indeqsis minimaluri done aris 2,675. Tuki

indeqsi masze dabali aRmoCnda, sawarmos 2-3 weliwadSi gakotreba elodeba

saTanado RonisZiebebis gatarebis gareSe. roca z>2,675, maSin sawarmos

uaxloes momavalSi finansuri safrTxe ar emuqreba.

Cvens mier aRebuli pirobiTi sawarmos `kolxeTis~ magaliTze

ganxiluli kreditunarianobis indeqsi 5,117 aRmoCnda, rac imaze miuTiTebs,

rom miuxedavad bolo ori wlis arastabiluri finansuri mdgomarobisa da

saerTo likvidurobis koficientis permanentulad dabali donisa, mas


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310

uaxloes sam weliwadSi gakotrebis safrTxe ar emuqreba. Tumca

aucilebelia finansuri arastabilurobis Tavidan acilebis RonisZiebebis

gatareba.

Z= 3,3 * 14340/36130 + 95690/36130 + 0,6 * 18160/17970 + 1,4 * 0/36130 + 1,2 * 2270/36130=

= 3,3 * 0,3969 + 2,6485 + 0,6 * 1,0106 + 1,4 * 0 + 1,2 * 0,0628 =

= 1,3098 + 2,6485 + 0,6064 + 0,0754 = 4,6401

am modelis xarvezad SeiZleba CaiTvalos is, rom gaunawilebeli mogeba

yovelTvis ar arsebobs. amitom ukeTesia mogebidan Seqmnili rezervbis

maCvenebeli iqnas gamoyenebuli gaunawilebl mogebasTan erTad. miT ufro,

mogebis gadasaxadis axali modelis mixedviT, saqarTveloSi gaunawilebeli

mogeba aRar iarsebebs.

am xarvezs asworebs alTmanis modificirebuli formula, romelsac

Semdegi saxe aqvs:

Z = 0,717 k1 + 0,847 k2 + 3,107 k3 + 0,42 k4 + 0,995 k5 ; sadac,

K1 – aris wminda sabrunavi kapitali (igive sss) fardoba aqtivebTan;

K K2 – aris sarezervo kapitalisa [(mogebidan Seqmnili rezervebis da

gaunawilebeli mogebis (zaralis) jamis] fardoba aqtivebTan;

K3 - saoperacio mogebis (zaralis) fardoba aqtivebTan;

K4 - sakuTari kapitalis fardoba valdebulebebTan (gadafasebis rezervis

gareSe);

K5 - amonagebis fardoba aqtivebTan.

roca, Z < 1,23 gakotrebis didi albaToba arsebobs;

1,23 < Z < 2,9 gaurkvevlobis area;

Z > 2,9 arsebobs gakotrebis mcire albaToba.

prognozis saimedoobis xarisxi Seadgens: 1 wlamde - 88%, 2 wlamde -

66%, or welze zemoT – 29%.

gamocdaze modificirebuli formula mocemuli iqneba. Tqven

mogeTxovebaT maCveneblebis zepirad codna.

Z = 0,717 * 2270/36130 + 0,847 * 5920/36130 + 3,107 * 14140/36130 + 0,42 * 17660/17970 +

+ 0,995 * 95690/36130 =

= 0,717 * 0,0628 + 0,847 * 0,1639 + 3,107 * 0,3914 + 0,42 * 0,9827 + 0,995 *2,6484 = = 0,045 + 0,1388 + 1,2161 + 0,4127 + 2,6352 = 4,4478

amrigad, rogorc gamoTvlebi aCveneben, Sedegebi orive modelis

mixedviT erTmaneTTan Zalian axlosaa da TiTqmis orjer metia zRvrul

doneze (2,9). amdenad, ganxilul saanalizo sawarmos gakotrebis Zalian

dabali albaToba aqvs.


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311

sawarmos SesaZlo gakotrebis mizezebia:

mudmivi arsebiTi danakargebi ZiriTadi sameurneo saqmianobis

procesSi;

vadagadacilebuli kreditoruli davalianebebi;

vadagadacilebuli debitoruli davalianebebis Zalian maRali

xvdriTi wili;

moklevadiani sesxebis gadaWarbebuli gamoyeneba grZelvadiani

aqtivebis dafinansebisaTvis;

likvidurobis saerTo koeficientis mudmivi dabali done;

sakuTari sabrunavi saxsrebis permanentuli ukmarisoba;

nasesxebi saxsrebis wilis gamudmebuli zrda dafinansebis

wyaroebSi;

reinvestirebis araswori politika

investorebis, kreditorebis da aqcionerebis winaSe

valdebulebebis gamudmebuli Seusrulebloba;

sawarmoo maragebis naSTebis gaumarTlebeli zrda da Cawolili

saqonlis arseboba;

sabanko dawesebulebebTan daZabuli urTierTobebis arseboba;

araxelsayreli pirobebiT dafinansebis axali wyaroebis

mozidva;

ZiriTad saqmianobaSi didi raodenobiT vadagadacilebuli da

teqnikurad CamorCenili mowyobilobebis gamoyeneba;

gZelvadiani kontraqtebis potenciuri danakargebi;

SekveTebis porTfelSi arasusurveli cvlilebebi.

Ggarda amisa, arseboben iseTi faqtorebi, romlebic uSualod ar

iwveven sawarmoTa mimdinare finansuri mdgomareobis gamwvavebas, magram

isini mianiSneben, rom garkveul pirobebSi mdgomareoba SeiZleba gauaresdes.

esenia:

marTvis aparatis mTavari, wamyvani TanamSromlebis dakargva;

warmoebis procesis iZulebiTi Sewyveta da araritmuloba;

dasaqmebuli personalis arasakmarisi daintereseba sawarmos

finansuri SedegebiT;

sawarmos saqmianobis arasakmarisi diversifikacia anu sawarmos

finansuri Sedegebis zomaze metad damokidebuleba erT konkretul

proeqtze;

axali proeqtebis momgebianobis gadaWarbebuli Sefaseba;

sawarmos monawileoba sasamarTlo garCevebSi, gauTvaliswinebeli

SedegebiT;

mTavari kontragentebis (partniorebis) dakargva;


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sawarmos ganuwyveteli teqnikuri da teqnologiuri ganaxlebis

aucileblobis araswori Sefaseba;

araefeqturi grZelvadiani xelSekrulebebi.

yvela CamoTvlili faqtori Seswavlil da ganxilul unda iqnes

sawarmoTa finansuri menejmentisa da direqtorTa sabWos (agreTve

mflobelTa) mier da ganxorcieldes adekvaturi RonisZiebebi. Sedegad,

garantirebuli iqneba sawarmoTa finansuri usafrTxoeba da sabolood,

makroekonomikuri stabiluroba.

14.2. fulmeris mravalfaqtoriani

modeli

fulmeris mier 1984 wels agebul iqna sawarmos gakotrebis

prognozirebis cxra faqtoriani modeli mcire sawarmoebisatvis (maT Soris

restornebisaTvis).

H = 5,528(V1) + 0,212(V2) + 0,073(V3) + 1,270(V4) - 0,120(V5) + 2,335(V6) + 0,575(V7) +

+ 1,083(V8) + 0,894(V9) – 6,075 (14.2.1)

Tu H < 0, sawarmo gakotrebulia .

V1 = gaunawilebeli mogeba/mTliani aqtivebis saS. naSTi – (4060/30470) V2 = Semosavali realizaciidan / mTliani aqtivebis saS. naSTi – (95690/30470) V 3= saoperacio mogeba /saaqcio kapitalis saS. naSTi – (14140/9590) V4 = saoperacio saqm-dan miRebuli fuli / valdeb. saS. naSTi - (13430/14880) V 5= mTliani vald. saS. naSTi / sakuTari kapitalis saS. naSTi – (14880/15590) V6 = mimdinare valdebulebis saS. naSTi / aqtivebis saS. naSTi – (8860/30470)

V7 = grZelvadiani aqtivebis saS. naSTi / aqtivebis saS. naSTi – (18685/30470)

V8 = sss / mTliani valdeb. saS. naSTi – ( 2805/14880) V9 = saoperacio mogeba/saprocento xarjebi – (14140/1220)

CamoTvlili koeficientebis gamosaTvlelad saWiroa finansuri angariSgebis

informacia. fulmeris modelis mixedviT, sawarmo unda Sefasdes

gakotrebulad, Tu (H) koeficienti nulze naklebia da ar unda Sefasdes

gakotrebulad, Tu es koeficienti nuls udris. es modeli savaraudo

modelia. jami zustad 100%-is toli ar iqneba. miuxedavad amisa, modeli

SeiZleba sawarmos xelmZRvanelobis mier gamoyenebul iqnas imis gasagebad,

rogori maragi iqneba ufro metad an ufro naklebad saSiSi. am

koeficientis gamoTvla, misi avtoris azriT, wina sami wlis informaciis

safuZvelze ufro saimedoa.

cxrilSi 14.2.1. mocemuli sanalizo sawarmos maCvenebelbis safuZvelze

gamoTvlilia saWiro koeficientebi.

H = 5,528 * 0,1332 + 0,212 * 3,1405 + 0,073 * 1,4745 + 1,270 * 0,9026 + 0,120 * 0,9545

+ 2,335 * 0,2908 + 0,575 * 0,6132 + 1,083 * 0,1885 + 0,894 * 11,5902 – 6,075 =


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= 0,73633 + 0,66579 + 0,10764 + 1,1463 + 0,11454 + 0,67902 + 0,35259 + 0,20415 +

+ 11,59016 – 6,075 = 9,5215

cxrili 14.2.1.

maCvenebelebi fulmeris mravalfaqtoriani modelisaTvis

maCveneblebi Tanxa aT,l

1. mTliani aqtivebis saSualo naSTi

2. saaqcio kaptalis saSualo naSTi

3. sakuTari kapitalis saSualo naSTi

4. valdebulebebis saSualo naSTi

5. mimdinare valdebulebebis saSualo naSTi

6. grZelvadiani aqtivebis saSualo naSTi

7. sakuTari sabrunavi saSualebebi (sss)

8. Semosavali realizaciidan

9. saoperacio mogeba

10. saprocento xarjebi

11. gaunawilebeli mogebis (rezervebis) saSualo naSTi

12. saoperacio saqmianobidan miRebuli fuli

30470

9590

15590

14880

8860

18685

2805

95690

14140

1220

4060

13430

maSasadame, rogorc gamoTvlebma aCvena, H metia nulze, rac imaze

miuTiTebs, rom saanalizo sawarmo finansurad usafrTxoa. H koeficientis

maRali done ZiriTadad gamowveulia imiT, rom sawarmoSi saprocento

xarjebi dabalia. igi saoperacio mogebis mxolod 8,6%-s Seadgens.

14.3. springeiTis modeli

springeiTis modeli naklebi maCveneblebis gamoyenebiT axdens sawarmos

gakotrebis prognozirebas. modelis mixedviT kritkuli zRvaria 0,862. Tu

koeficenti masze dabali aRmoCnda, gakotrebis albaToba maRalia da

kompania saSiSia. Tu igi aris 0,9 qvmoT moZraobs, menejmentma saWiroa

seriozuli yuradReba miaqcios kompaniis finansur mdgomareobas.

springeiTis modeli alTamnis modelis gagrZelebas warmoagens, magram

igi ufo xSirad gamoiyeneba. es modeli 1978 wels Seiqmna Ggordon l.v

springeiTis mier. misi koeficientebis gamosaTvlelad saWiroa buRaltruli

balansis, mogeba/zaralis angariSgebis da fuladi nakadebis informacia.

springeiTis modeli = 1,03 Y1 + 3,07 Y2 + 0,66 Y3 + 0,4 Y4 (14.3.1)

Y1 = sss / aqtivebis saS. naSTi Y2 = mogeba %-isa da gadasaxadis gadaxdamde (EBIT) / aqtivebis saS. naSTi Y3 = wliuri mogeba / mimdinare valdeb. saS. naSTi Y4 = Semosavali realizaciidan /aqtivebis saS. naSTi


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314

es koeficienti usafrTxod iTvleba 0,9-s zemoT. saanalizos sawarmos magaliTze Semdegi maCveneblebi miiReba: V1 = 2805 / 30470 = 0,09206 V2 = 14140 / 30470 = 0,46406 V3 = 13120 / 8860 = 1,48081 V4 = 95690 / 30470 = 3,14047 K springeiTis = 1,03 * 0,09206 + 3,07 * 0,46406 + 0,66 * 1,48081 + 0,4 * 3,14047 = = 0,09482 + 1,42466 + 0,97733 + 1,25619 = 3,753

amdenad, springeiTis indeqsi normaze maRalia, rac dadebiT movlenas warmoadgens.

14.4. kreditoruli davalianebebis dafarvis

biveris koeficientebi

biveris mravali koeficentia cnobili. eseni: kritikuli likvidurobis,

kereditoruli davalianebebis dafarvis, likvidurobis dakargvis

koeificienti da sxva.

fuladi Tanxebi + debitor. davalianeba

kritikuli likvidurobis koeficienti = ------------------------------------------------------------; (14.4.1) mimd. valdeb. + grZelvadiani sesxebi

es koeficienti 0.7 da 0,8 Soris unda meryeobdes.

agreTve igi gadaxdisunarianobis donis gamosaTvlelad Semdeg formulas

iyenebs: fuladi Tanxebi

KKK mimdinare gadaxdisunarianoba = -------------------------------------------------; (14.4.2)

kredit. dav. – debit, dav.

am koeicientis normaluri done 2-is tolia.

nasesxebi kapitalis dafarvis wminda mogeba – daricxuli amortizacia

biveris koeficienti = ------------------------------------------------------------------------------; (14.4.3) nasesxebi kapitali

es koeficienti 0,4 – 0,45 dabali ar unda iyos.

cnobilia agreTve kreditoruli davalianebebis dafarvis biveris

Sesworebuli koeficienti:


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315

biveris Sesworebuli koeficienti =

myidvelebidan miRebuli fuli – mogebis gadasaxadi = --------------------------------------------------------------------------------------------- ; (14.4.4) mimdinare valdebulebebi

es koeficienti erTze meti unda iyos.

cnobilia agreTve mimdinare likvidurobis gauaresebis koeficienti

K likvidurobis dakargvis = (K1f + 3/T * (K1f - K1h ) / K1 norm.; sadac, (14.4.5)

KK1f - aris periodis (wlis) bolos mimdinare likvidurobis koeficientis

faqtiuri mniSvneloba

K1h - aris mimdinare likvidurobis koeficienti periodis dasawyisSi

K1norm. - aris mimdinare likvidurobis normaluri koeficienti. igi aris 2-is

toli

3 – aris sami Tvis raodenoba

T - aris saangariSgebo periodis (wlis) xangrZlioba TveebSi

es koeficienti aCvenebs momavali sami Tvis ganmavlobaSi sawarmos

mimdinare likvidurobis (gadaxdisuanrianobis} gauaresebis albaTobas. igi

erTze naklebi ar unda iyos.

saanalizo sawarmos magaliTze mimdinare gadaxdisuanrianoba 2017 wlis

bolos mdgomareobiT Seadgens:

mimdinare gadaxdisunarianoba = 4730 : (4100 – 2100) = 2,37

es koeficenti 2-ze maRali ar unda iyos. es niSnavs rom sawarmo fulad

Tanxebs naklebi aqtiurobiT iyenebs.

kreditoruli davalianebis dafarvis

biveris koeficienti = (11920 – 2240) / 9600 =1,01

kritikuli likvidurobis koeficienti = (4730 + 2100) : (10970 + 7040) =

= 6830 : 18010 = 0,38

K likvidurobis dakargvis koeficienti = (13380/10930 + 3/12 * (1,224 – 1,503) / 2 =

= (1,224 – 0,07)/2 = 0,577

maSasadame, am modelis mixedviT, Tu saanalizo sawarmos menejmentma sagangebo

RonisZiebebi ar gaatara, sam TveSi mosalodnelia likvidurobis anu

gadaxdisunarianobis dakargva.


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316

t e s t e b i 1. kreditunarianobis alTmanis modificirebul mravalfaqtorian modelSi

wamrodegenil faqtor maCveneblebs Soris aris koeficienti:

a. moziduli kapitalis fardoba sakuTar kapitalTan

b. sakuTari kapitalis fardoba mozidul kapitalTan

g. Semosavlebis fardoba ZiriTad saSualebebTan

2. springeiTis mravalfaqtorian maCveneblebs Soris aris koeficienti:

a. mimdinare valdebulebebi Sefardebuli grZelvadian valdebulebebTan

b. wliuri mogeba Sefardebuli Mmimdinare valdebulebebis saSualo naSTTan

g. wliuri mogeba Sefardebuli grZelvadiani valdebulebebis saSualo

naSTTan

3. mimdinare gadaxdisunarianobis biveris koeficienti aris:

a. fuladi Tanxebis fardoba mimdinare valdebulebebTan

b. fuladi Tanxebis fardoba debitorul davalianebebTan

g. fuladi Tanxebis fardoba kreditoruli davalianebebsa da debitoruli

davalienebs Soris sxvaobaze

4. sakuTari sabrunavi saxsrebi (sss) udris:

a. sxvaoba mimdinare aqtivebsa da mimdinare valdebulebebs Soris

b. mimdinare aqtivebs minus mimdinare valdebulebebi da minus materialur

maragebSi dabandebuli grZelvadiani sesxi

g. sxvaoba mimdinare aqtivebsa da grZelvadian aqtivebs Soris

5. koeficienti: wliuri mogeba Sefardebuli moklevadian valadebulebebze,

aCvenebs:

a. ramdeni laris mogebis miRebaa uzrunvelyofili yovel erT lar moklevadian

valdebulebebebze

b. ramdeni lari Semosavali daWirda yoveli erTi laris mogebis miRebas

g. arcerTi pasuxi araa swori

6. mimdinare valdebulebis saS. naSTi / aqtivebis saS. naSTi – aCvenebs:

a. aqtivebis ra nawilia dafinansebuli moklevadiani valdebulebebiT

b. aqtivebis ra nawilia dafinansebuli sakuTari kapitaliT

g. Semosavlebis ra nawilia dafinansebuli mimdinare valdebulebebiT

7. koeficienti: Semosavali realizaciidan /aqtivebis saS. naSTi, aRniSnavs:

a. aqtievbis ra nawilia dafinansebuli SemosavlebiT

b. aqtivebSi avansirebuli Rirebulebis brunvis ricxvs

g. aqtivebis ra nawili dafinansebuli sakuTari kapitaliT

8. koeficienti: saoperacio mogeba/saprocento xarjebi, aCvenebs:

a. zarals saoperacio saqmianobidan

b. saoperacio mogeba ramdenad faravs saprocento xarjebs

g. ramdeni procenti mogeba miiReba erT lar aqtivze

9. kompaniis wliuri Semosavali sul 45 mln lars, moTxovnebisUsaSualo wliuri

naSTi 9 mlm l da mTeli aqtivebis saSualo wliuri naSTi 18 mln lars

Seadgenda.

ras udris mTel aqtivebSi avansirebuli Rirebulebis brunvis ricxvi:


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a. 5 – jer

b. 7,5 – jer

g. 2,5 – jer

10. koeficienti: dagrovili gaunawilebeli mogeba / mTeli aqtivebi, aCvenebs:

a. aqtivebis momgebianobas

b. mogebis zrdis temps

g. sawarmo ramden lars agrovebs yovel erT lar aqtivze

a m o c a n e b i amocana 14.1. erT-erTi kompaniis Sesaxeb, arsebobs Semdegi informacia (lari): aqtivebis jami 116 640 sakuTari kapitali 80 000 valdebulebebi 38 330 sss (sak.sabr.saxsrebi) 29470 mogebidan Seqmnili rezervebi 8 810 Semosavali realizaciidan 85 300 mogeba %-mde 10 930 moTxovna: gamoTvaleT sawarmos kreditunarianobis indeqsi alTmanis modificirebuli formuliT.

Z = 0,717 k1 + 0,847 k2 + 3,107 k3 + 0,42 k4 + 0,995 k5 ; amocana 14.2. kompanias GgaaCnia Sedgi informacia (aT.l): mogeba %-isa da gadasaxadis gadaxdamde - 2350 wliuri mogeba 1260 sakuTari sabrunavi saxsrebi 500 aqtivebis saSualo naSTi 42000 mimdinare valdebulebebis saSualo naSTi 12300 Semosavali realizaciidan 40700 moTxovna: gamoTvaleT springeiTis mravalfaqtoriani indeqsi


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Tavi 15. prognozuli finansuri

angariSgebis momzadebis meTodika

biznesSi warmatebis misaRwevad aucilebelia

dagegmva, romlic biznes-gegmis SedgeniT

iwyeba.

biznes-gegma momavali saqmianobis dokumnetia,

romelic sawarmos menejments saSualebas

aZlevs gaerkves Tavisi saqmianobis zrdis

perspeqtivaSi, ganWvritos is SesaZlo cvlilebebi da problemebi,

romlebic momavalSi SesaZloa warmoiSvas da Seafasos mosalodneli

progresi da riskebi.

am TavSi SeZlebT SeiswavloT Semdegi sakiTxebi:

gegmuri mogeba/zaralis angariSgebis momzadebis meTodika;

gegmuri buRaltruli balnis momzadeba;

gegmuri fuladi nakadebis angariSgebis momzadebis meTodika.

15.1. gegmuri mogeba//-zaralis angariSgebis

momzadeba

mecnier ekonomistebi da praqtikosebi erTxmad aRiareben, rom nebismieri

saqmianoba gegmis gareSe emsgavseba ukompaso gems, romelic ganwirulia

daRupvisaTvis. biznes-gegmis armqone sawarmo verasodes ver miaRwevs

resursebis efeqtian gamoyenebas, es resursebi Tvalsa da xels Soris

gauqreba da didi albaTobiT, gakotrdeba.

aqciebis gamoSvebiT da xelsayreli sesxiT miRebuli fuli jer kidev ar

niSnavs imas, rom warmateba garantirebulia. kreditis aRebamde Zalian adre

unda ganisazRvros am sesxis daniSnuleba. misi gonivruli xarjva da

mosalodneli Sedegebi, rac biznes-gegmaSi hpovebs asaxvas. menjmentma

pirvel rigSi unda gansazRvros mizani, ris gakeTebas apirebs igi. Semdeg

rac SeiZleba sworad unda dagegmos erTi mxriv, ra raodenobis resuresebi

Wirdeba miznis miRwevas da rogori SemadgenlobiT. meore mxriv, asve unda

ganisazRvros ra wyaroebiT unda moxdes resursebis SeZena da rogori

Tanafardoba unda iyos sakuTar da mozidul kapitals Soris, raTa

Searbilos finansuri riskebi. yovelive es biznes-gegmaSi unda iqnes

asaxuli.

biznes-gegma exmareba mewarmeebsa da finansistebs, Seiswavlon bazris

momavali moTxovna maT produqtebze da sworad dagegmon danaxarjebi, raTa

saboloo jamSi gansazRvron TavianTi momgebianoba. aRmoaCinon yvela

SesaZlo winaaRmdegoba (`wyalqeSa qvebi~), rac ki SeiZleba gadaeRobos

saqmianobas. gansazRvron maCveneblebi, romelTa mixedviTac SeiZleba


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yovelTvis icodnen biznesis mdgomareoba aRmavlobisken midis Tu

dacemisken. sworad Sedgenili biznes-gegma pasuxs iZleva kiTxvebze:

saerTod Rirs Tu ara fuli dabandebul iqnes mocemul saqmeSi (proeqtSi)

da srulad anazRaurdeba Tu ara SromiTi, materialuri da finansuri

danaxarjebi. sawarmoTa biznes-gegmis niSvnelovani nawilia finansuri gegma, romelic

Seicavs mogebis da mogebianobis maCveneblebs da gegmur finansur angariSgebas. pirvel rigSi Sedgeba mogeba/zarlis gegmuri angariSgeba. am mizniT gamoiyeneba warmoebis ekonomikuri zrdis maCvenebeli. sawarmoebs, romlebic xangrZlivad muSaoben da ukve warmoebis

masStabebisa da zrdis tempebis Sesaxeb Camoyalibebuli tradicia aqvT,

momgebianobis maCvenebelTa da masze moqmed faqtorTa Sesaxeb sruli

monacemebi gaaCniaT. Tuki samomavlod mniSvnelovnad ar Seicvleba aqtivebis

dafinansebis wyaroebis da mogebis gamoyenebis mimarTulebebis struqtura,

maSin warmoebis zrdis tempi (q) SeiZleba gamoiTvalos, saerTaSoriso

praqtikaSi kargad cnobili formuliT:

r * p * Ro * FD q = ----------------------------; sadac, 1 _ r * p * Ro * FD r - aris gaunawilebeli (an reinvestirebuli) mogebis fardoba wminda mogebasTan; p - aris wminda mogebis fardoba amonagebTan, romelsac SeiZleba wminda mogebis

marJa ewodos; R - aris aqtivebis ukugeba anu amonagebis fardoba aqtivebis jamTan; FD - aris finansuri damokidebulebis koeficienti anu aqtivebis fardoba sakuTar

kapitalTan. Tuki sawarmos xelmZRvaneloba ganizraxavs, ufro maRali tempiT

gazardos firmis potenciali, maT es erTi an ramdenime faqtoris meSveobiT

SeuZliaT, rogoricaa: dividendis gacemis politikis Secvla (dividendze

gasacemi wminda mogebis wilis Semcireba), finansuri politikis SecvliT

(moziduli kapitalis wilis amaRleba avansirebul kapitalSi), aqtivebis

brunvis daCqareba (kapitalukugebis gazrda warmoebis intesifikaciis gziT

anu Sromismwarmoeblurobis zrdiT), produqciis rentabelobis gazrda

warmoebisa da mimoqcevis xarjebis SemcirebiT.

ganvixiloT prognozirebis meTodika pirobiTi saanalizo sawarmos

magaliTze. 2017 wels saaqcio sazogadoeba `kolxeTis~ finansuri

angariSgebis maCveneblebi davuSvaT Semdegnairad gamoiyureba:

cxrili 15.1.1.

mogeba/zaralis angariSgeba 2017 wels (aT.l) Aamonagebi realizaciidan 95 690 Dsaoperacio danaxarjebi (81 550) (Semosavlebis 85,2%) arasaoperacio xarjebi (1220)


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(saoperacio xarjebis 1,496%) arasaoperacio Semosavali 200 ------------------------------------------------------------------------ mogeba dabegvramde 13 120 mogebis gadasaxadis xarji (15%) (1 200) ---------------------------------------------------------------------- wminda mogeba 11 920 dividendi (55%) (6800) rezervebi (37%) (5120) aseve, aiReba buRaltruli balansis ZiriTadi maCveneblebi (aTasi lari): cxrili 15.1.2. buRaltruli balansi (aT.l) aqtivi pasivi I. mimdinare aqtivebi I. valdebulebebi mimdinare aqtivebi _ 13380 bankis sesxebi _ 9600 valdebuleba mowodebidan _ 4100 II. grZelvadiani aqtivebi danarCeni valdebulebebi _ 4270 ZiriTadi saSualebebi _19220 ------------------------------------ nayidi obligaciebi _ 2000 jami 17 970 aramaterialuri aqtivebi – 1530 II. sakuTari kapitali ------------------------------------------ saaqcio kapitali _ 10360 jami 22 750 saemisio kapitali _ 2200 ----------------------------------------- gadafasebis rezervi _ 500 sul 36130 mogebidan Seqmnili rezervebi _ 5920 ukan gamosyiduli aqciebi _ (820) ----------------------------------------------- jami 18 160 --------------------------------------------- sul 36130

ganvixiloT prognozis ori SesaZlo varianti:

I. finansuri maCveneblebis arsebuli struqtura momaval wels, davuSvaT

ar Seicvleba. am SemTxvevaSi yvela koeficienti aiReba saangariSgebo

monacemebis mixedviT. r = 15920 / 11920 = 0,4966 p = 11920 / 95690 = 0,1246 R = 95690 / 36130 = 2,6485 FD = 36130 / 18160 = 1,9895

maSin, warmoebis zrdis tempi iqneba: 0,4966 * 0,1246 * 2,6485 * 1,9895 q = ------------------------------------------------------------ = 0.326 / 0,674 = 0,484 anu 48,4% 1 _ (0,4966 * 0,1246 * 2,6485 * 1,9895)

maSasadame, momaval wels arsebuli potencialis pirobebSi, sawarmos

SeuZlia warmoeba da realizacia 48%-iT gazardos ise, rom damatebiTi

saxsrebis mozidva ar daWirdeba.

II. axla ganvixiloT iseTi SemTxveva, roca mewarmes warmoebis 30%-iT

gazrda surs. xolo, dividendebis gacemis politikas Secvlis da wliuri

mogebis 80%-s aqcionerebze gaanawilebs. 20% - rezervebisTvisaa saWiro.


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Semosavlebs sxva saqmianobidan ar elodebian. aseTi viTarebisaTvis,

mogeba/zaralis prognozuli angariSgeba Semdegnairad ganisazRvreba:

mogeba/zaralis prognozuli angariSgeba (aTasi lari) amonagebi realizaciidan (95690 *1,3) 124397 saoperacio danaxarjebi (124397 * 85,2%) (105986) arasaoperacio xarjebi (124397 * 1,496%) (1861) ------------------------------------------------------------------------------------------------- wliuri mogeba (mogeba dabegvramde) 16550 Mmogebis gadasaxadi (15%) (1811) -------------------------------------------------------------------------------------------------- wminda mogeba 14739 gasacemi dividendi (16550-is 80% - 1811) (11429) rezervebi mogebidan (20%) (3310) maSasadame, mogeba/zaralis angariSgebiT ganawilebuli mogeba SeiZleba Semdegnairad gamoiTvalos: daricxul dividends plius mogebis gadasaxadi (11429 + 1811 = 13240). an 16550 – 3310 = 13240 l

15.2. gegmuri buRaltruli balansis

momzadeba

A mogeba/zaralis angariSgebis dagegmvis Semdeg SeiZleba prognozuli

balansis Sedgenac, risTvisac Semdegi safexurebis gavlaa saWiro:

ganisazRvreba aqtivebis saerTo sidide warmoebis zrdis

Sesabamisad;

wina wels arsebuli struqturis Sesabamisad gamoiTvleba

mimdinare da grZelvadiani aqtivebis prognozuli moculoba.

grZelvadiani aqtvebidan calke gamoiyofa nayidi fasiani aqtivebi,

rac imave doneze darCeba, Tuki damatebiTi Sesyidvebi araa

ganzraxuli. Aaseve calke ganixileba aramaterialuri aqtivebis

mosalodneli sidide, Tuki maTi Sesyidva mosalodnelia.

gaangariSebebi moxdeba mxolod ZiriTadi saSualebebis mimarT.

kreditoruli davalianebebis zrda igegmeba aqtivebis zrdis

proporciulad;

gaunawilebeli mogebis sidide (Tuki dasaSvebia) gamoiTvleba wina

wlis buRaltruli balansisa da prognozuli mogeba/zaralis

anagriSgebis safuZvelze;

damatebiTi saxsrebis sidide gamoiTvleba rogorc sxvaoba

aqtivisa da pasivis jamebs Soris. an SeiZleba koreqtirebul iqnas

aqtivebis zrdis proporciulad.


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gamoTvlebi dagegmvisaTvis: wlis bolos arsebuli faqtobrivi aqtivebis jamidan gamoiqviTeba

obligaciebi da aramatarialuri aqtivebi (ix. cxrili 15.1.2).

36130 – 2000 – 1530 = 32600 aT.l. aqedan,

mimd. aqtivebis wili = 13380 / 32600 = 41,04%

ZiriT. saS. wili = 19220 / 32600 = 58,96%

aqtivebis gegmuri zrda = 32600 * 1,3 = 42380 aT.l

prognozuli buRaltruli balansi aqtivi pasivi mimdinare aqtivebi 17393 bankis sesxebi 9600 (42380 * 0,4104) valdebuleba mowodebidan 5330 ZiriTadi saSualebebi 24987 (4100 * 1,3) (42380 * 0,5896) danarCeni valdebulebebi 4270 aramaterialuri aqtivebi 1530 saaqcio kapitali (10360-820) 9540 obligaciebi 2000 saemisio kapitali 2200 ------------------------------------------ gadafasebis rezervi 500 sul aqtivebi 45910 rezervebi mogebidan 5920 ---------------------------------------------- jami 37360

P pasivis jami aRmoCnda 3730 aTasi lari, rac aqtivis jamze naklebia.

maSasadame, damatebiT saWiroa 8550 aT. l (45910_37360) saxsrebis mozidva,

raTa warmoeba 30%%-iT gaizardos. Ees saxsrebi SeiZleba mozidul iqnas

sesxebis an sakuTari aqciebis gamoSvebis gziT. xelmZRvaneloba ra

gadawyvetilebasac miiRebs, prognozuli balansis pasivSic Sesabamisi muxli

gaizrdeba.

III. davuSvaT, sawarmo Tavis materialur-teqnikur bazas 70%-iT iyenebda.

maSin, arsebuli ZiriTadi saSualebebi sakmarisia 118577 aTasi lari

realizaciis moculobisaTvis (83000/0,7), rac realizaciis amosaval

moculobas 43%-iT aRemateba (118577/83000 * 100). Aamdenad, warmoebis 15%-iani

zrdisaTvis, ZiriTad saSualebebSi saxsrebis damatebiTi dabandebebi saWiro

ar iqneba.

IV. Tuki sawarmo Tavis resursebs 90%-iT gamoiyenebda maSin, ZiriTadi

saSualebebi 92222 aTasi laris (83000/0,9) realizacias uzrunvelyofen, rac

realizaciis amosaval moculobas 11%-iT aRemateba da saWiro gaxdeba

damatebiTi saxsrebis mozidva ZiriTadi saSualebebis SesaZenad. kerZod,

fondukugeba iqneba 92222/18510 = 4,98 lari. Ffondukugeba aCvenebs ramdeni

lari Semosavali miiReba erT lar ZiriTad saSualebebze. Ofondukugebis

mocemuli donis SemTxvevaSi ki 95450 laris realizaciis uzrunvelyofas

19167 laris (954500/4,98) ZiriTadi saSualebebi dasWirdeba.


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15.3. fuladi nakadebis prognozirebis

meTodika

sawarmos finansuri mmarTvelobis erT-erTi mTvari amocanaa fuladi Tanxebis

Semodinebisa da gadinebis SesaZlo nakadebis gansazRvra. maCveneblebis

umravlesobis winaswar gansazRvra SeuZlebelia. amitom prognozireba xdeba wina

ramdenimewliani (5-10w) periodis analizis safuZvelze.

Ffuladi nakadebis prognozireba yvelaze realuria sam wlamde periodisaTvis.

wlis SigniT ki gegmebi dayofilia kvartlebad da Tveebad. Pprognozirebis

meTodikis procedurebi Semdegi TanmimdevrobiT xorcieldeba:

fulis Semosulobebis prognozireba;

fulis gadinebis prognozireba;

wminda fuladi nakadebis (metobis an deficitis) gansazRvra wlisa da

Tveebis mixedviT;

moklevadian dafinansebaze moTxovnis saWiroebis gansazRvra periodebis

mixedviT;

pirvel etapze, jer ganisazRvreba realizaciidan fulis mosalodneli

Semodinebis moculoba. rogorc wesi, produqciis realizacia, sawarmoSi fulis

Semosvlis ZiriTadi wyaroa. realizacia, rogorc cnobilia, naRdi an unaRdo

angariSsworebiT SeiZleba ganxorcieldes. unaRdo angariSsworebis dros,

mewarmeebi akvirdebian maT myidvelebs, saSualod ra dro sWirdeba maT angariSis

ganaRdebisaTvis. am dakvirvebebis safuZvelze ganisazRvreba, ra raodenobis

fuladi Semosavali SeiZleba iqnas miRebuli mimdinare periodSi da ramdeni –

momavalSi. Ffuladi Semosulobebi SeiZleba gamoiTvalos Semdegi sabalanso

tolobiT:

debitoruli dav. prognozuli sawyisi naSTi + periodis Semosavali realiz. =

= Semosuli fuli periodSi + debitoruli davalianebis saboloo naSTi

prognoziT.

Aam tolobidan gamoiTvleba misaRebi fulis sidide.

Ddaigegmeba ra debitoruli davalianebebis saboloo naSTi.

Ddebitoruli davalianebebis gegmuri sidide = debit. dav. wina wlis bolos +

+ gegmuri realizacia _ realizaciidan misaRebi gegmuri Tnaxa periodSi.

realizaciidan misaRebi fuladi nakadebis gegmuri maCvenebeli gamoiTvleba

sawarmoSi arsebuli gamocdilebis safuZvelze, Tu rogori TanmimdevrobiT ixdian

klientebi davalianebebs.

Tu mosalodnelia fulis Semosvla sxva operaciebidan, maTi sidide pirdapiri

gaangariSebebiT ganisazRvreba.

meore etapze xdeba fulis gasavlebis mimarTulebis dadgena da Sesabamisi

moculobebis gamoTvla. Ppirvelis msgavsad, moxdeba kreditoruli davalianebebis

periodizacia. saqarTvelos sagasaxado kodeqsiT, kreditoruli davalianebis

dafarvis maqsimaluri vadaa 90 dRe. Mmis zemoT arsebuli davalianeba

vadagadacilebulad iTvleba. amasTan, mewarme cdilobs pirvel rigSi


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ZviradRirebuli davalianebebi dafaros, radgan maTi dagvianebisas didi jarimebis

gadaxda mouwevs.

Kkreditoruli davalianebis gegmuri sidide priodis bolos = kredit.dav.wina

wlis bolos + Sesyidvebis gegmuri moculoba _ Sesyidvebis mosalodneli

ganaRdeba

Aaseve, pirdapiri gamoTvlebiT ganisazRvreba xelfasebis, mudmivi da cvladi

xarjebis, kapitaluri dabandebebis, mogebis gadasaxadis, gasacemi dividendis,

procentebis da a.S. dafarvisaTvis saWiro fuladi Tanxebi.

mesame etapi, fuladi nakadebis prognozirebis pirveli ori etapis, logikur

gagrZelebas warmoadgens. kerZod, fuladi nakadebis mosalodnel Semosulobebs,

daupirispireben mosalodnel gasavlebs da miiReba wminda fuladi nakadi (metoba

an deficiti).

meoTxe etapze, wina gamoTvlebis safuZvelze gaiangariSeba fulze moTxovna

moklevadiani dafinansebisaTvis, romlis safuZvleze moklevadiani sabanko sesxebis

saWiroeba, wlis SigniT, periodebis mixedviT gamoiTvleba.

gaangariSebebis dros, moulodneli saWiroebebisaTvis agreTve aucilebelia

fulis minimaluri raodenobis arseboba fulis sabanko angariSebze.

sailustracio magaliTi; davuSvaT, wina wlebis analizis Sedegad gamovlinda, rom sawarmo wliurad, saSualod gayidvebis 80%-s unaRdod da 20%-s naRd angariSze yidis. rogorc wesi, sawarmo Tavis klientebs sTavazobs SeRavaTs 30 dRiani ganaRdebisaTvis. statistika aCvenebs, rom myidvelebis mier, davalianebis 70% droulad nazRaurdeba, danarCeni 30% ki Semdeg TveSi. Ggegmuri realizaciis periodizacia pirvel kvartalSi Seadgens: ianvarSi - 30 mln l TebervalSi - 38 mln l martSi - 43 mln l amasTan, prognoziT, danarCeni saqmianobidan miRebuli fuladi Tanxebi iqneba: ianvarSi – 3; TebrvalSi – 2,5 da martSi – 3,1 mln lari. gasuli wlis noemberSi realizaciis faqtiuri moculoba 29 mln lari iyo, m.S. kreditiT realizacia – 23,3; dekemberSi – 28; m.S. kreditiT 22,4 mln l. debitoruli davalianeba wina wlis bolos 10 mln lars Seadgenda. moTxovna: SevadginoT pirveli kvartlis fuladi saxsrebis biujeti. amoxsna: saWiroa Semdegi safexurebis gavla:

fuladi saSualebebis Semosulobebisa da debitoruli davalianebebis naSTebis cxrilis momzadeba;

fuladi saSualebebis gasvlis da kreditouli davalianebebis naSTebis cxrilis momzadeba;

fuladi saxsrebis prognozuli biujetis Sedgena;

saWiro moklevadiani dafinansebis gaangariSeba.

Ffulis Semodinebis gaangariSeba Semdegnairad xdeba.


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gamoTvlebi ianvrisaTvis: 1. naRdi fuli realizaciidan = 30 aTasi laris 20% = 6 mln lari 2. dekemberSi kreditiT gayiduli produqciis 70% Semova ianvarSi = 22,4-is 70%=

= 15,68 3. ianvarSi aseve Semova winas – wina Tvidan, noembris kreditiT gayidvebis 30%

= = 23,3-is 30% = 7 mln l 4. debitoruli davalianebebis saboloo naSTi = (10+30) _ 28,68 = 11,32 mln l

cxrili 15.3.1

fuladi saSualebebis Semosulobebi da debitoruli davalianebebis dinamika (mln larebSi)

maCveneblebi

ianvari Tebervali marti

debitoruli davalianeba periodis dasawyisSi amonagebi realizaciidan gegmiT m.S. realizacia kreditiT (80%)

fulis Semodineba: naRdi fuliT, mimdinare Tvis realizaciidan wina Tvis kreditiT realizaciidan (70%) kreditiT realizaciis 30% winas – wina Tvidan ----------------------------------------------------------------- sul fulis Semosvla debitoruli davalianebis saboloo naSTi

10,0 30,0 24,0 6,0 15,68 7,0 -------------- 28,68 11,32

11,32 38,0 30,4 7,6 16,8 6,72 -------------- 31,12 18,2

18,2 43,0 34,4 8,6 21,28 7,2 -------------- 37,08 24,12

gamoTvlebi TebervlisaTvis: 1. naRdi fuliT realizacia = 38-is 20% = 8,6 mln l 2. ianvarSi kreditiT gayiduli produqciis 70% Semova TebervalSi = 24-is 70% =

= 16,8 3. TebervalSi aseve Semova winas-wina Tvis, dekembris kreditiT gayidvebis 30% =

= 22,4-is 30% = 6,72 mln lari 4. debitoruli davalianebebis saboloo naSTi = (11,32 + 38) _ 31,12 = 18,2

gamoTvlebi martisaTvis:

1. naRdi fuliT realizacia = 43-is 20% = 8,6 mln l 2. TebervalSi kreditiT gayidvebis 70% Semova martSi = 30,4-is 70% = 21,28 mln

l 3. winas-wina Tvis, ianvris kreditiT gayidvebis 30% = 24-is 30% = 7,2 mln l 4. debitoruli davalianebebis saboloo naSTi = (18,2+43) _ 37,08 = 24,12 mln l.

pirveli cxrilis Semdeg, momzaddeba fuladi saxsrebis gadinebis da

kreditoruli davalianebebis dinamikis cxrili. romelSic, realizaciis

moculobis nacvlad gamoyenebuli iqneba Sesyidvebis maCveneblebi.

Ffulis Semosulobebisa da gadinebis dinamikis cxrilebis safuZvelze

momzaddeba fuladi saxsrebis moZraobis prognozuli biujeti, romelic

(15.3.2) cxrilSia mocemuli (magaliTSi fulis gasvlis maCveneblebs mza

saxiT movitanT. xolo praqtikaSi fulis moZraobis prognozi ufro

detalizebulia). msagavsi gamoTvlebis Sesabamisad daigegmeba fulis

moZraoba oTxive kvartlisTvis.


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cxrili 15.3.2 fuladi saxsrebis moZraobis prognozi (mln lari)

maCveneblebi


I. fuladi Tanxebis Semodineba

- produqciis realizaciidan - danarCeni saqmianobiadan (ganisaz- Rvreba pirdapiri gamoTvlebiT) --------------------------------------------------- Ffulis Semosuloba sul

II. fulis gadineba - kreditoruli davalianebebis dasafarad - xelfasebis gasacemad - sxva gadaxdebi

---------------------------------------------------------- Ffulis gadineba sul fuladi Tanxebis metoba (deficiti)

28,68 3,0 ------------------ 31,68 25,0 8,5 3,0 ------------- 36,5 (4,82)

31,12 2,5 -------------------- 33,68 24,0 9,2 3,5 ------------------- 36,7 (3,02)

37,08 3,1 ----------------- 40,18 25,0 10,0 4,0 ----------------- 39,0 1,18

15.3.2 cxrilidan sCans, rom sawarmos fulis deficitis dasafaravad

ianvarsa da TebervalSi fuladi saxsrebis damatebiTi mozidva daWirdeba.

amisaTvis, Sedgeba saWiro sesxebis gaangariSebis cxrili (ix. cxrili 15.3.3).

fulis deficiti niSnavs fulis ukmarisobas anu valdebulebebis droulad

dafarvis uunarobas. cxrili 15.3.3 saWiro moklevadiani sesxebis gaangariSeba (mln lari)

maCveneblebi


1. fuladi saxsrebis savaraudo sawyisi naSTi 2. fuladi saxsrebis mosalodneli wminda nakadi

------------------------------------------------------------------- 3. fuladi saxsrebis saboloo savaraudo naSTi (1 + 2)

4. Tavisufali fuladi Tanxebis naSTis dadgenili minimumi sabanko angariSebze

5. moTxovna moklevadian sesxebze (4 _ 3)

1,5 (4,82) ------------- (3,32) 3,0 6,32

4,0 (3,02) -------------- 0,98 3,0 2,02

3,5 1,18 ------------- 4,68 3,0 _

15.3.3 cxrilis gaangariSebebis Tanaxmad, saanalizo sawarmos ianvarsa da

TebervalSi fuladi Tanxebis saWiro savaraudo saboloo naSTebi naklebia

fulis minimalur moTxovnaze. Sesabamisad, am TveebSi warmoiSva

moklevadiani sesxebis saWiroeba.


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1. daaxasiaTeT gegmuri mogeba/zaralis angariSgebis momzadebis procedurebi 2. daaxasiaTeT gegmuri buRaltruli balansis Sedgenis procedurebi 3. daaxasiaTeT gegmuri fuladi nakadebis angariSgebis momzadebis procedurebi

t e s t e b i

1. ras niSnavs fulis deficiti: a. sawarmos momgebianobis dacemas b. produqciis warmoebis teqnologiebis gaumarTaobas g. valdebulebebis drouli dafarvis uunarobas 2. sawarmoSi fulis Sedineba xdeba: a. kreditoruli davalianebebis dafarvis dros b. debitoruli davalianebebis dafarvis dros g. mogebis gadasaxadis dafarvis dros 3. debitoruli davalianebebis sawyisi naSTia 22400 l, wliuri Semosavali realizaciidan gegmiT 81400 l da misaRebi Tanxebis moculoba 84800 laria. ras udris debitoruli davalianebebis saboloo gegemuri naSTi (l):

a. 17 800 b. 19 000 g. 21 300 4. sawarmoSi gegmiT, debitoruli davalianebebis sawyisi naSTi 16100 l, saboloo naSTi – 14000 laria. realizacia periodSi 105000 laria dagegmili. ras udris debitorebidan fulis gegmuri Sedineba periodSi (l):

a. 176 800 b. 193 000 g. 107 100 5. sawarmos gegmiT, kreditoruli davalianebebis sawyisi naSTi 21800, saboloo naSTi 23100 da kreditiT Sesyidvebi 240000 laria. ras udris Gkreditorebze fulis gegmuri gadineba: a. 238 700 b. 240 000 g. 241 300

a m o c a n e b i amocana 15.1. erT-erTi sawarmos Sesyidvebisa da kreditoruli davalianebebis analizis Sedegad gamovlinda, rom sawarmoSi Sesyidvebis 10% naRdi da 90% unaRdo angariSsworebiT xorcieldeba. gamocdilebis mixedviT, sawarmo kreditiT Sesyidvebis 80%-s erT TveSi anaRdebs, danarCen 20%-s ki momdevno TveSi. momavali wlis pirveli kvartlis sami Tvis prognozuli maCveneblebia (mln l): Sesyidvebi m.S.kr xelfasi danarCeni ianvari 22 19,8 8,5 3,0 Tebervali 20 18 9,2 3,5 marti 21 18,9 1,0 4,0


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amasTan, wina wlis noemberSi Sesyidulia 20 mln l masalebi, m.S. kreditiT 18

mln l; dekemeberSi Sesyiduli iyo 21 mln m.S. kreditiT 20 mln l. xolo,

kreditoruli davalianebebis naSTi wina wlis bolos 7 mln.l darCa.

moTxovna: gamoTvaleT fuladi saxsrebis gegmuri gadineba da kreditoruli davalenebebis

naSTi momavali wlis pirveli kvartlisaTvis.

amocana 15.2.

wina wlebis analizis Sedegad gamovlinda, rom sawarmo saSualod wliuri

gayidvebis 70%-s unaRdodD da 30%-s naRdi angariSsworebiT yidis. gamocdilebis

safuZvelze cnoblia, rom myidvelebi davalianebis 60%-s erT TveSi da 40%-s meore

TveSi faraven.

pirveli kvartlis gegmuri realizaciis periodizacia Semdegia (mln l):

Sesyidvebi m.S. kredtiT

ianvari 15 10,5

Tebervali 20 14

marti 28 19,6

gasuli wlis noemberSi faqtiuri realizacia iyo 18 mln l, m.S. kreditT – 12,6;

dekemberSi 20 mln l, m. S. kreditiT – 14 mln l. debitruli avalianebebis

saboloo naSTi wina wlis bolos 9 mln l iyo.

moTxovna: SeadgineT pirvel kvartalSi myidvelebidan misaRebi fulis biujeti


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Tavi 16. investiciebis analizi

(sawarmos Sefaseba safondo

birJaze) sainvesticio saqmianoba sawarmoTa ekonomikuri

saqmianobis erT-erT mniSvnelovan sferos warmoadgens. isini investiciebs sxvadasxva mizniT axorcieleben. zogierTi sawarmo investiciebs damatebiTi fuladi saxsrebis mopovebis mizniT, zogierTi ki komerciuli urTierTobebis gaZlierebisa da upiratesobis mosapoveblad eweva.

mocemul TavSi SeiswavliT iseT sakiTxebs, rogoricaa: finansuri investiciebis arsi da saxeebi;

sainvesticio proeqtebis Sefasebis meTodika;

investiciebis efeqtianobis Sefasebis maCvenebelTa sistema;

investiciebis analizis meTodika.

16.1. finansuri investiciebis arsi, saxeebi

da analizis amocanebi finansuri angariSgebis saerTaSoriso standartebiT, investicia ar

niSnavs sawarmos mier sakuTari materialuri da sxva saxis resursebis

SeZenaze dabandebul saxsrebs.

investicia aris aqtivi, romelsac sawarmo flobs sakuTari simdidris

gasazrdelad Sesabamisi Semosavlis – procentebis, roialtebis,

dividendebisa da saijaro qiris miRebis gziT. sainvesticio qonebis

SesaZenad sawarmo bunebrivia garkveul fulad Tanxebs gaiRebs. amdenad,

investicia aris Tanxa, romelic Cadebulia anu dabandebulia sxvadasxva

fasian qaRaldebSi, gacemulia sesxis saxiT an gacemulia ijariT.

zemoTqmulidan gamomdinare, investicia SeiZleba arsebobdes fasiani

qaRaldebis – nayidi aqciebis da obligaciebis, sadepozito serTifikatebis

an sainvesticio qonebis saxiT, rogoricaa ijariT gacemuli miwa, Senobebi

da sxva, romelTac mewarme Tavad ar iyenebs. agreTve, sakuTar kapitalSi

Setanili wilis saxiT da komerciuli sesxis saxiT, rogoricaa Tamasuqebi,

varantebi da fiuCersuli kontraqtebi.

aqciebi, rogorc ukve viciT,SeiZleba iyos privilegirebuli an

Cveulebrivi. privilegirebul aqciebze dadgenilia dividendis ucvleli

sapocento ganakeTi da naklebad riskiania. Cveulebriv aqciebze ki

dividendis saprocento ganakveTi winaswar dadgenili araa da misi sidide

damokidebulia aqciis gamomSvebi kompaniis mogebis sidideze.


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obligacia aseve fasiani qaRaldia, romelic misi gamomSvebis anu

emitentis valdebulebas gamoxatavs da obligaciis mflobels uflebas

aniWebs, miiRos fiqsirebuli Semosavali procentis saxiT. obligaciebidan

miRebuli Semosavali saerTod ufro dabalia, vidre aqciidan, magram

obligacia ufro saimedoa. Semosavlebis miRebis wesis mixedviT cnobilia

sami tipis obligacia:

uvado obligacia, romelzec mxolod saprocento Tanxis gadaxda

xdeba da ZiriTad Tanxas ar abruneben;

obligacia, romelzec investors anu mis mflobels, sesxis

procents obligaciis ganaRdebis momentamde ar uxdian;

obligacia, romelic mis mflobels uflebas aniWebs, periodulad

miiRos fiqsirebuli saprocento Semosavali da vadis gasvlis

Semdeg ki ZiriTadi Tanxa. msoflioSi, am tipis obligaciebi

yvelaze metad gavrcelebulia.

sadepozito serTifikati aris werilobiTi mowmoba, bankSi fulis

deponirebis anu Senaxvis Sesaxeb.

Tamasuqi aris werilobiTi sasesxo valdebuleba, romelsac gamowers

movale (debitori) da romliTac mevales (kreditors) eniWeba ufleba,

TamasuqSi aRniSnuli Tanxa gansazRvruli vadisTvis moiTxovos. Tamasuqi

SeiZleba iyos martivi, gadapirebuli (anu trata), komerciuli, sabanko, da

saxazino (anu saxelmwifo).

martivia Tamasuqi, romelic gamowerilia debitoris anu gadamxdelis anu

movalis mier, kreditoris saxelze da mis winaSe savalo valdebulebas

aRiarebs. martivi Tamasuqis dros urTierTobaSi ori subieqti monawileobs.

gadasayvani Tamasuqi (anu trata) iseTi Tamasuqia, romelsac gamowers

kreditori (mevale) da romliTac debitors avaldebulebs fuli

gadauxados mesame pirs, romelmac Tamasuqi kreditorisagan iyida.

komerciuli Tamasuqi imiT gansxvavdeba Cveulebrivi Tamasuqisagan, rom am

dros saqoneli moZraobs myidvelsa da gamyidvels Soris da damatebiT

saprocento Semosavals iRebs Tamasuqis mimRebi. sabanko Tamasuqi ki

bankidan TamasuqiT gacemul sesxebs Seexeba.

saxazino Tamasuqi moklevadiani samTavrobo fasiani qaRaldia, romelsac

mTavroba sakuTari xarjebis dasafaravad uSvebs.

varanti warmoadgens xelSekrulebas saqonlis an sxva faseulobis

miRebis mizniT.

fiuCersuli kontraqti warmoadgens SeTanxmebas fasiani qaRaldebis an

sxva faseulobis yidva-gayidvis Sesaxeb garkveuli drois Semdeg, winaswar

SeTanxmebuli fasiT.

fasiani qaRaldebis yidva-gayidva xdeba fasiani qaRaldebis bazarze anu

safondo birJaze. fasiani qaRaldebis fasi maTze moTxovnisa da miwodebis

Sesabamisad yalibdeba da xSirad maTi nominaluri Rirebulebisagan

gansxvavdeba.


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SeZenili fasiani qaRaldebis anu investiciebis Rirebuleba SeZenis

sabazro fasiT ganisazRvreba, romelsac emateba SeZenasTan dakavSirebuli

xarjebi, rogoricaa: brokeris anazRaureba, baJi, sakomisio gadasaxdelebi

da sabanko momsaxurebis xarjebi.

sawarmoSi investirebuli kapitali gaiangariSeba buRaltruli balansis

informaciis safuZvelze, rogorc sakuTari kapitalisa da grZelvadiani

valdebulebebis jami, rac investorebisaTvis sainvesticio aqtivs

warmoadgens. investiciebis efeqti damokidebulia sainvesticio

instrumentebis sworad SerCevaze. analizis amocanebi ganisazRvreba imis

Sesabamisad, Tu romeli mxare akeTebs analizs: investori Tu sawarmos

xelmZRvaneloba, romelSic investorebi investicias deben. sawarmo axdens

sakuTari kapitalisa da valdebulebebis analizs, ramdenad efeqtianad

gamoiyena man es wyaroebi. investorisTvis ki igi sainvesticio aqtivia,

saidanac Semosavlis miRebas elodeba. aqedan gamomdinare, investiciebis

analizis amocanebia:

daadginos, investorisaTvis romeli finansuri instrumenti ufro

mizanSewonilia: aqciebis SeZena, obligaciebi, Tamasuqebi Tu sxva;

Seswavlili iqnes sainvesticio porTvelis saerTo Semosavali da

riski;

sainvesticio porTvelis optimaluri struqturis gansazRvra;

prioritetis gansazRvra: dividendebis regularuli miRebis Tu

aqtivis Rirebulebis zrdis kursi iqnas aRebuli;

riskis donis gansazRvra;

mosalodneli mogebidan gadaxris gansazRvra;

minimaluri mogebis sididis gansazRvra;

aqciis faqtiuri Semosavlebis Seswavla;

erTi Cveulebrivi aqciis Semosavlianobis tendenciis gamokvleva;

investiciebis rentabelobis Seswavla;

dafinansebis kompaniis arCeva.

16.2. alternatiuli sainvesticio proeqtebis Sefasebis meTodebi erTia, roca sawarmo Tavad wyvets sad ganaxorcielos investicia da

meorea, roca surs, sxvisgan miiRos saxsrebi. sainvesticio proeqtebis

Sefaseba exeba im viTarebas, rodesac sawarmo apirebs Tavisi saxsrebi

sxvagan daabandos.

investiciebis Sesaxeb gadawyetilebis miRebaze gavlenas axdens Semdegi

faqtorebi:

investiciis saxe;

sainvesticio proeqtis Rirebuleba;


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proeqtis alternatiuli variantebis arseboba;

investiciebisaTvis saWiro Tavisufali fuladi resursebis

SezRuduloba;

sainvesticio riski.

kompaniebs SeuZliaT fuli daabandon nayid fasian qaRaldebSi. Tuki

isini upiratesobas riskis Tavidan acilebas mianiWeben, maSin fuli

SeiZleba daabandon saxelmwifo fasian qaRaldebSi, romelic maT stabilur

Semosavals moutans. Aan airCion fulis dabandeba riskian fasian

qaRaldebSi, rogoricaa, Cveulebrivi aqciebi. aseT SemTxvevaSi, investori

kompaniis Semosavali wlidan wlamde meryeobs aqciebis gamomSvebi kompaniis

finansuri Sedegebisa da miznebis mixedviT.

kapitalis dambandeblebs (investorebs) urCevniaT Tavi aaridon riskebs,

Tu es SesaZlebelia da daabandon fuli riskian fasian qaRaldebSi maSin,

rodesac Tvlian, rom ufro didi riskisaTvis, ufro maRal Semosavals

miiReben.

davuSvaT saxelmwifos mier gamoSvebulia gansakuTrebiT saimedo

obligaciebi, rac wliurad iZleva 10% Semosavals. maSin, vTqvaT, SeiZleba

gadawydes, rom fuli dabandebuli iqnes 15% Semosavlis momtan riskian

Cveulebrimv aqciebSi. Mmagram, zogierT wels miRebuli iqneba ufro meti,

zogierT wels ufro naklebi. saerTod, rac ufro maRalia riski, miT ufro

maRalia mosalodneli Semosavali da mogeba.

fasian qaRaldebSi ganxorcielebuli investiciis mogebis norma

warmoadgens investiciis alternatiul Rirebulebas. Aanu, Tu fuli

dabandebulia erT sainvesticio proeqtSi, igi aRar SeiZleba dabandebuli

iqnes sxva proeqtSi mogebis misaRebad. amitom, kompaniam fuli im

SemTxvevaSi unda daabandos, Tu miRebuli iqneba alternatiul

Rirebulebaze ufro maRali mogeba. investiciis alternatiul Rirebulebas

agreTve ewodeba: mogebis minimaluri aucilebeli norma, kapitalis

Rirebuleba, saaRricxvo ganakveTi an procentis ganakveTi an diskontis

ganakveTi.

sainvesticio gadawyvetilebebis misaRebad saWiroa investiciebze gasacemi

da misaRebi fuladi Tanxebis moculobaTa Sefaseba da Sedareba. amasTan,

radgan es fuladi Tanxebi sxvadasxva periodebs asaxaven, fuladi erTeulis

msyidvelobiTi unaris sxvadasxvaobis gamo, warmoiSoba maTi Sesadarisobis

problema. Aamitom saWiro xdeba fulis droiTi Rirebulebis

gaTvaliswineba.

fuls ori saxis droiTi Rirebuleba gaaCnia: axlandeli anu

diskontirebuli da momavali Rirebuleba. fulis Rirebuleba rTuli

procentis xerxiT gamoiTvleba.

fulis fasi aris saSualo sabanko saprocento ganakeTi. davuSvaT, bankSi

SevitaneT 1000 lari, wliurad 10%-iani ganakveTiT. ra raodenobis fuli


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gveqneba, vTqvaT, sami wlis Semdeg, martivi Tu rTuli prontis xerxiT,

gansxvavebul sidides miviRebT.

Mmartivi procentiT, sarocento Tanxa yovelwliurad Tanabari iqneba.

kerZod, 1000 laris 10% anu 100 lari. Sesabamisad, sami wlis Semdeg gveqneba

1300 lari. rTuli procentis xerxiT ki saprocento Tanxa yovelwliurad

emateba Tavdapirvelad Setanil fuls da procentis Tanxa gazrdili

Tanxidan gamoiTvleba anu xdebs procentis kapitalizacia.

rTuli procentis xerxiT fulis momavali Rirebuleba iqneba:

erTi wlis Semdeg - 1000 + 1000-is 10% = 1100 lari;

ori wlis Semdeg - 1100 + 1100-is 10% = 1210 lari;

sami wlis Semdeg - 1210 + 1210-is 10% = 1331 lari.

aseT SemTxvevaSi amboben, rom 1000 laris momavali Rirebuleba sami wlis

Semdeg iqneba 1331 lari. xolo, sami wlis Semdeg misaRebi 1331 laris

axlandeli anu mimdinare anu diskontirebuli Rirebuleba aris 1000 lari.

diskonti = 331 lars.

aSkaraa, rom fulis droTi Rirebuleba Seicvleba saprocento

ganakveTebis mixedviT. imave magaliTze Tu ganakveTi 15% iqneba, fulis

Rirebuleba Seicvleba. imisaTvis, rom gamoviangariSoT fulis droiTi

Rirebuleba, nebismieri saprocento ganakveTisa da nebismieri droisaTvis,

gamoiyeneba Semdegi formulebi:

FVn = p * (1 + r)n : sadac, (16.2.1) FVn- aris fulis momavali Rirebuleba – n – wlis Semdeg; P - A aris Tavdapirvelad avansirebuli fuli; rA- aris saprocento ganakveTis koeficienti; nA- aris welTa ricxvi. (1 + r)n - arisGgadayvanis koeficienti, romelic sxvadasxva saprocento

ganakveTze sxvadasxvaa. motanili formulidan gamoiyvaneba fulis axlandeli (anu diskontirebuli)

Rirebulebis formula: 1 pv = F * (--------------) (16.2,2) (1 + r)n

pvA- aris n wlis Semdg misaRebi fulis axlandel anu diskontirebuli Rirebuleba.

drois Tanabar periodSi Tanabari sididiT moZrav fuls, anuiteti

ewodeba. anuitetis momavali da diskontirebuli Rirebulebac Sesabamisi

formulebiT gamoiTvleba. Aanuitetis momavali Rirebulebis koeficienti gamoiTvleba Semdegi formuliT: (1 + r) - 1 FVA = --------------; (16.2.3) r


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amJamad, Sedgenilia fulis droiTi Rirebulebis koeficientebis cxrili,

romelSic momxmarebelma SeiZleba ipovos gadayvanis koeficientebi

sxvadasxva saprocento ganakveTisa da periodisaTvis.

zemoT ganxiluli magaliTis monacemebis 16.2.1. frmulaSi Casmis Semdeg

miiReba:

FV3 = 1000 * (1 + 0,10)3 = 1000 * 1,331 = 1331 lari. maSasadame, 1000 laris momavali Rirebuleba sami wlis Semdeg 10%

ganakeTisaTvis aris 1331 lari. davuSvaT, mewarme investiciidan, eqvsi wlis ganmavlobaSi miiRebs 30000

lars, yovelwliurad Tanabrad 5000 laris SemosvliT. Aam SemTxvevaSi

gamoiyeneba anuitetis cxrilebi da Tu diskontirebisaTvis 15% gamoiyeneba,

maSin, 15%-is svetisa da 6 wlis striqonis gadakveTaSi ipoviT gadayvanis

koeficients _ 3,784-s. miiReba: 5000 * 3,784 = 18900 lari. maSasadame, eqvi wlis

ganmavlobaSi, Tanabar nakadad Semosuli 30000 laris axlandeli

Rirebuleba 18900 laria.

zogadad, diskontirebis koeficienti aCvenebs yovelwliurad ramdeni

procentis dabruneba SeuZlia investors mis mier investirebul kapitalze.

sainvesticio kapitali = = aqtivebi _ uprocento mimdinare valdebulebebi (16.2.4)

davuSvaT, kompaniam gaasesxa 2 mln lari erTi wliT da unda daibrunos

2,3 mln lari. am SemTxvevaSi, procentuli ganakveTia – 15% (0,3/2 * 100);

xolo, diskontis procentuli sididea 13,04 % (0,3/2,3 *100) da diskontis

Tanxaa 0,3 mln l (2,3 – 0,3).

sainvestico proeqtebis Sefasebis ramdenime xerxi arsebobs:

wminda diskontirebuli Rirebuleba;

investiciebis ukugebis Sida norma;

investiciebis rentabelobis indeqsi (anu ukugebis saaRricxvo

koeficienti);

investiciebis gamosyidvis periodi.

wminda diskontirebuli Rirebuleba (wdR) miiReba, sainvestico

proeqtidan misaRebi Tanxebis diskontirebul Rirebulebasa da gasacemi

Tanxebis diskontirebul Rirebulebas Soris sxvaobiT.

ramdenime proeqtidan is proeqtia misaRebi, romlis wminda

diskontirebuli Rirebuleba metia. Tu wminda diskontirebuli Rirebuleba

uaryofiTia, maSin proeqti zaraliania. Tu nulis tolia, arc mogebas

iZleva da arc zarals.

sailustracio magaliTi: kompania dgas arCevanis winaSe, SeiZinos Tu ara xuTwliani aqciebi, romlis SesaZenad 20500 lari unda gadaixados. aqciebi dividendis saxiT


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yovelwliurad 2400 lars moitans. vadis gasvlis Semdeg ki aqciebis gamomSvebi ukan Seisyidis aqciebs nominluri RirebulebiT 20000 larad. sawarmos diskontirebisaTvis dadgenili aqvs 12%. diskontirebis meTodis gamoyenebiT, unda gamoiTvalos proeqtis wminda diskontirebuli Rirebuleba (ix. cxrili 16.2.1). cxrili 16.2.1. alternatiuli proeqtebis wminda diskontirebuli Rirebuleba (wdR) aT. larebSi

wlebi Ffulis nakadebi

Ddayvanis Kkoeficienti 12%-is dros

Ddiskontire- Buli Rirebu- leba

dayvanis koeficienti 15%-is dros

Ddiskontire- Buli Rirebuleba

0-invest. ireba 1 2 3 4 5 Bbolos wdR

(20500) 2400 2400 2400 2400 2400 20000

1 3,605 0,567

(20 500) 2400*3,605=8652 20000*0,567=11340 8652+11340-20500= = (508)

1 3,352 0,497

(20 500) 2400*3,352=8045 20000*0,497=9940 8045+9940-20500= = (2515)

gamoTvlebisaTvis, anuitetis diskontirebis cxrilSi, 12%-is svetisa da

xuTi wlis striqonis gadakveTaSi ipoviT koeficients, romelic aris –

3,605. bolo meeqvse wels, pirobis Tanaxmad, Semova aqciis nominaluri

Rirebuleba 20000 lari, romlis dayvanis koeficients monaxavT erTjeradad

moZravi fulis diskontirebis cxrilSi, romelic aris 0,567.

gaangariSebebis Sedegad irkveva, rom xuTi wlis ganmavlobaSi

Tanabrad moZravi fulis 2400 aT. laris axlandeli Rirebuleba 12%-iani

ganakveTis dros 8652 aT. lari (2400*3,605), xolo xuTi wlis bolos

misaRebi 20000 aT. laris axlandeli Rirebuleba 11340 aT. laria

(20000*0,567). xolo, diskontirebis 15%-ian ganakveTis dros Tanabrad

misaRebi Tanxebis diskontirebuli Rirbulebaa 8045 aT. lari, xuTi wlis

bolos misaRebi 20000 aT. laris diskontirebuli Rirebuleba ki 9940 aT.

laria. mTliani Sedegebis mixdeviT irkveva, rom orive saprocento

ganakveTisaTvis proeqtis fuladi nakadebis wminda diskontirebuli

Rirebuleba uaryofiTi ricxvia, maSasadame proeqti orive

SemTxvevaSiUmiuRebelia.

sainvesticio proeqtis SefasebisaTvis agreve SeiZleba gamoyenebul

iqnes investiciebis rentabelobis indeqsi.

RI = M / p sadac, (17.2.5) M -Aaris investiciidan misaRebi Semosavlebis diskontirebuli Rirebuleba; P - Aaris investiciis amosavali (sawyisi) moculoba.

Tu investiciis rentabelobis indeqsi erTze metia, proeqti misaRebia. Tu

erTze naklebia, proeqti miuRebelia. Tu erTis toli aRmoCnda, arc mogeba

miiReba da arc zarali. motanil magaliTze, investiciis rentabelobis


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indeqsi 0,875-is tolia (8652+113400)/20500 da esec adasturebs rom proeqti

miuRebelia.

sainvesticio proeqtebis Sefasebis diskontirebis kidev erTi meTodia

investiciis rentabelobis Sida norma (IRR). diskontirebis koeficientis im

mniSvnelobas, roca investiciis wminda diskontirebuli Rirebuleba nulis

tolia, investiciis rentabelobis Sida normas uwodeben. igi aCvenebs

xarjebis dasaSveb maqsimalur dones, romelic SeiZleba mocemul

proeqtze daixarjos. magaliTad, Tu sawarmo proeqts mTlianad bankis

sesxiT daafinansebs, maSin, ukugebis Sida norma warmoadgens sabanko

kreditis saprocento ganakveTis maqsimalur zRvars, romlis gadaWarbeba

proeqts zaralianad gadaaqcevs.

investiciis ukugeba anu investiciis rentabelobis Sida norma SeiZleba

Semdegi formuliT gamoiTvalos:

N IRR = A + -------------- * ( B – A); sadac, (17.2.6)

(NA – NB) A -Aaris diskontirebis dabali saprocento ganakveTi; B - aris diskontirebis maRali saprocento ganakveTi; NAA - aris wminda diskontirebuli Rirebuleba A procentis dros;

ANB - aris wminda diskontirebuli Rirebuleba B procentis dros;

maSasadame, saWiroa wminda diskontirebuli Rirebulebis gamoTvla

romelime ori saprocento ganakveTisaTvis. zemoT motanilia wminda

diskontirebuli Rirebulebis gaangariSeba 12% da 15%-iani gankveTebis

dros ix. cxrili 16.2.1). investiciis Sida norma Semdegnairad gamoiTvleba:

IRR = 12+(-508 / [(- 508 – (- 2515)] * (15-12) = 11,24%.

rogorc aRmoCnda, investiciis ukugebis Sida norma sawarmoSi dadgenil

diskontirebis saprocento ganakveTze dabali aRmoCnda, maSin rodesac,

diskontirebis saprocento ganakveTi investiciis ukugebis Sida normas ar

unda aRematebodes.amdenad, proeqti miuRebelia.

sawarmoebi Tavis saqmianobaSi miRebuli dabandebuli saxsrebisaTvis

(miRebuli investiciebisaTvis) ixdian dividendebs, procentebs da ase

Semdeg. maSasadame, ekonomikuri potencialis SenarCunebisaTvis garkveul

xarjebs ewevian. maCvenebels, romelic axasiaTebs am xarjebis fardobis

dones, uwodeben avansirebuli Rirebulebis anu kapitalis `fass~ (CC) da

gamoiangariSeba, rogorc saSaulo Sewonili sidide: mTliani wliuri xarjebi CC = -------------------------------------------------- * 100 (17.2.7) Bbalansis aqtivis jami miRebuli procenti mewarmis mier aiReba diskontirebis saprocento

ganakveTad. momsaxurebis sferos sawarmoebSi igi gamoiTvleba saoperacio


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xarjebis mixedviT. Tu investiciebis Sida ganakveTi metia kapitalis fasze,

proeqti misaRebia.

wminda diskontirebul Rirebulebas (NPV), investiciis rentabelobis

Sida normas (IRR), rentabelobis indeqssa (RI) da kapitalis fass (CC) Soris

Semdegi urTierTkavSiri arsebobs: Tu NPV >0, maSin, IRR > CC da RI>1; proeqti misaRebia; Tu NPV <0, maSin, IRR < CC da RI < 1; proeqti miuRebelia; Tu NPV = 0, maSin, IRR = CC da RI = 1; proeqti miuRebelia, arc mogebas iZleva da arc zarals. sainvesticio proeqtebis Sefasebis saaRricxvo meTods miekuTvneba

investiciis gamosyidvis vadis gansazRvrisa da investiciis efeqtianobis

koeficientis gamoTvlis xerxebi.

investiciis gamosyidvis vadis (igv) gamoTvlis xerxi farTodaa

gavrcelebuli, Tumca igi fuladi nakadebis droiTi Rirebulebis

cvlilebebs ar iTvaliswinebs. igi Semdegnairad gamoiTvleba: sainvesticio xarjebi igv = --------------------------------------------- ; (17.2.8) saSaulo wliuri mogeba amdenad, investiciis gamosyidvis vadis gamoTvla advilia, magram misi

nakli isaa, rom proeqtma SeiZleba Tavi or weliwadSi gamoisyidos,

gamoTvlebis Sedegad ki sxva maCvenebeli iqnes miRebuli. amasTan, ar

iTvaliswinebs fulis Rirebulebis cvlilebas droSi. amitom Aar axdens

gansxvavebas im proeqtebs Soris, romelTac erTnairi saerTo Semosavali

aqvT, magram wlebis mixedviT sxvadasxvagvaradaa ganawilebuli.

davuSvaT, investicia 20000 lari jdeba da sami wlis ganmavlobaSi moaqvs

Semdegi Semosavali: 10000; 10000; 7000 e.i. saSualo Semosavali 9000 laria da

gamosyidvis vada iqneba 20000/9000 = 2,2 weli. maSin, roca, proeqti Tavs or

welSi inazRaurebs.

Tu Semosavali Semdegnairad iqneba ganawilebuli: 10000; 10000; 10000.

maSin, gamosyidvis vada ori welia (20000/10000).

ukugebis periodi SeiZleba iyos dabandebuli kapitalis ukugebisaTvis

aucilebeli drois dasabuTebuli maCvenebeli, Tu naRdi fulis yvela

nakadi jer diskontirebuli iqneba da Semdeg, es diskontirebuli

Rirebuleba gamoyenebuli iqneba ukugebis periodis gaangariSebisaTvis. aseT

midgomas uwodeben ukugebis periodis koreqtirebul meTods.

ukugebis periodis meTodis Teoriuli SezRudvebis arsebobis miuxedavad,

igi praqtikaSi ufro xSirad gamoiyeneba. Ees gamowveulia imiT, rom es

meTodi gansakuTrebiT sasargebloa proeqtebis ranJirebisaTvis im

SemTxvevaSi, rodesac kompania ganicdis likvidurobasTan dakavSirebul

siZneleebs da amitom, saWiroebs investiciebis swraf ukugebas. ukugebis

periodis gaangariSebis meTodi agreTve SeiZleba gamoyenebul iqnas aramyar

bazarze sarisko investiciebis ganxorciulebis dros, rodesac saWiroa


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produqciis swrafi Seqmna da modernizeba, an rodesac Zalze Znelia naRdi

fulis momavali nakadebis prognozireba.

ukugebis periodis gaangariSebis meTodi varaudobs, rom riski drosTan

dakavSirebuli faqtoria: rac ufro metia drois periodi, miT ufro

maRalia danakargebis albaToba. naRdi fulis ufro adrindel nakadebze

yuradRebis gamaxvilebisas ukugebis periodis gaangariSebis meTodi ufro

saimedo monacemebis gamoyenebis saSualebas iZleva, romlis drosac

mmarTvelebi ufro darwmunebulebi arian. Aamis gamarTleba SeiZleba im

faqtiT, rom naRdi fulis nakadebs gaaCniaT droSi korelaciisaken

tendencia. Aamrigad, Tu pirvel wlebSi naRdi fulis nakadebi mosalodnel

doneze ufro dabalia, ufro gvian wlebSic aseTi mdgomareoba

SenarCunebuli iqneba.

ukugebis periodis gaangariSebis meTodi aseve xSirad gamoiyeneba wminda

mimdinare Rirebulebis meTodTan an investiciebis ukugebis Sida ganakveTis

meTodTan erToblivad, proeqtebis analizisaTvis.

ukugebis periodis gaangariSebis kidev erTi mimzidveli mxarea is, rom

igi gasagebia yvela donis mmarTvelisaTvis da uzrunvelyofs mniSvnelovan

jamobriv maCvenebels – ramdenad swrafad iqneba anazRaurebuli sawyisi

danaxarjebiA

investiciis efeqtianobis (rentabelobis) koeficienti gaianfariSeba

procentulad, saSualo wliuri mogebis SefardebiT, investiciis

Rirebulebis saSualo sididesTan. Ees ukanaskneli gamoiTvleba investiciis

sawyisi Tanxis Suaze gayofiT. Tu proeqti salikvidacio (narCen)

Rirebulebas iTvaliswinebs, maSin gaangariSebisas, investiciis saSualo

Rirebulebas miemateba narCeni Rirebulebis naxevari periodis bolos.

saSualo wliuri mogebis misaRebad, investiciis Tanxis zemoT misaRebi

wminda fuladi nakadi iyofa wlebis ricxvze.Ees meTodic, misi simartivis

gamo, farTodaa gavrcelebuli.

sademonstracio magaliTi: davuSvaT, proeqts Wirdeba 50000 laris Tavdapirveli investicia. proeqtis vada

xuTi welia. momavalSi misaRebi fuladi nakadebi yovelwliurad iqneba: 15000; 20000;

25000; 10000 da 10000 lari. wminda fuladi nakadi udris misaRebi Tanxebis jamisa

da sawyisi investiciis Tanxas Soris sxvaobas: 80000_50000=30000; maSasadame,

saSualo wliuri mogeba iqneba 30000/5=6000 lari. investiciis saSualo Rirebuleba

iqneba 50000/2 = 25000.

ukugebis saaRricxvo koeficienti = 6000/25000*100% = 24%.

praqtika aCvenebs, rom zemoT gaxiluli sxvadasxva meTodi, sainvestico

proeqtis SerCevisaTvis, sawinaaRmdego daskvnebs iZleva. yvelaze realuri

daskvna wminda dikontirebuli Rirebulebis meTodis gamoyenebiT miiReba.

igi aCvenebs misaRebi proeqtis dros, kapitalis zrdis mosalodnel

Sefasebas da srulad pasuxobs mmarTveli personalis ZiriTad mizans:


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amaRldes sawarmos ekonomikuri potenciali. Tumca, aranakleb sasargebloa

ukugebis periodis gaangariSebis meTodis gamoyeneba wminda diskontirebuli

Rirebulebis meTodTan erTad, roca naRdi fulis nakadebi winaswar

diskontirdeba da mxolod amis Semdeg gamoiTvleba ukugebis periodi.

16.3. investiciebis efeqtianobis Sefasebis

fardobiTi maCveneblebi

investorebs, maT mier dabandebuli kapitalidan bunebrivia, mogebis

miReba ainteresebT. Aamitom, investorebi Seiswavlian rogori mdgomareoba

ukavia kompaniebs safondo birJebze. ramdenad momgebiania maTi aqciebi da

rogoria riskebi. analizisaTvis marto finansuri angariSgebis informaciis

analizi ar kmara. saWiroa damatebiTi informacia, romelsac investorebi

sawarmoebisagan da safondo birJebisagan moiTxoven.

investorebi Seiswavlian investiciebis efeqtianobis sxvadasxva fardobiT

maCveneblebs, rogoricaa: Semosavali erT aqciaze, dividendi erT aqciaze,

erTi aqciis fasi, aqciis rentabeloba, Semosavali dividendidan, aqciis

kotirebis koeficienti. ganvixiloT TiToeuli maTgani.

Semosavali erT aqciaze = wminda mogeba _ privilegirebuli aqciebis dividendi = --------------------------------------------------------------------------------------------------- ; (16.3.1) Cveulebrivi aqciebis ricxvi

rogorc xedavT, Semosavali erT aqciaze gamoiTvleba mxolod

Cveulebrivi aqciebis mixedviT, radgan, rogorc wina TavebSi ukve gaecaniT,

privilegirebuli aqciebis Semosavali ucvlelia da winaswaraa dadgenili.

mocemuli koeficienti aCvenebs erTi Cveulebrivi aqciidan mosalodneli

Semosavlis maqsimums. Aanu maqsimum ra moculobis dividendi SeiZleba iqnes

miRebuli yoveli erTi Cveulebrivi aqciidan. igi gavlenas axdens aqciis

sabazro fasze. aRricxvis saerTaSoriso standartebiT am maCvenebels

ewodeba sabaziso Semosavali erT aqciaze. xolo, Cveulebrivi aqciebis

raodenoba aiReba saSualo Sewonili raodenobiT, vinaidan drois

sxvadasxva momentSi mimoqcevaSi aqciebis sxvadasxva raodenoba imyofeba.

Aaqciebis saSualo Sewonili raodenobis gamoTvlis meTodika ukve

ganxiluli iyo meaTe TavSi da aq aRar gavimeorebT.

rogorc cnobilia, kompaniis saerTo krebam SeiZleba wminda mogeba

mTlianad dividendebis saxiT ar gasces, radgan sxvadasxva saxis rezervebis

Seqmnac aucilebelia. amitom, saWiroa erT aqciaze gacemuli dividendis

maCveneblis gamoTvlac. dividendi Cveulebriv aqciebSi Ddividendi erTi aqciaze = --------------------------------------------------------- ; (16.3.2) Cveulebrivi aqciebis ricxvi


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investorebisaTvis es maCvenebeli metad mniSvnelovania, radgan igi maT

uCvenebs ramdeni laris dividendi moaqvs yovel erT aqcias. Ees maCvenebeli

sawarmoTaSoriso analizis drosac Seiswavleba, raTa gamovlindes, romel

kompaniaSia investireba ufro xelsayreli. erTi aqciis sabazro fasi erTi aqciis fasis koeficienti = --------------------------------------------------- ; (16.3.3) Semosavali erT aqciaze

igi yvelaze mniSvnelovani maCvenebelia. es maCvenebeli aqciebze

moTxovnis indikators warmoadgens, radgan aCvenebs, investori mocemul

momentSi, ramdenjer mets ixdis erTi aqciidan misaRebi mogebisaTvis. Tu

aqciis fasi maRalia, es niSnavs rom investorebi maRali mogebis swrafad

miRebas cdiloben. sawarmoebSi, romelTac ekonomikuri zrdis myari tempebi

gaaCniaT (igi, rogorc adre ganvixileT, mogebidan Seqmnili rezervebisa da

gaunawilebeli mogebis jamisa da sakuTari kapitalis fardobaa), aqciis

fasic maRalia. es maCveneblebi potenciuri investorebis mier sxvadasxva

sawarmoebis mixedviT Seiswavleba da SedarebiTi analizis safuZvelze,

Sesabamis gadawyvetilebebs iReben.

aqciis fasis koeficienti agreTve axasiaTebs, Tu ramdeni weli

dasWirdeba investors, investirebuli Tanxis amosaRebad. am maCvenebels

paradoqsic axasiaTebs. Tu magaliTad, erTi aqciis sabazro fasi ori

laria, xolo Semosavali erT aqciaze 20 TeTri, maSin am ukanasknelis

ucvlelobis SemTxvevaSi, investiciis amosaRebad saWiro iqneba 10 weli

(200/20). e.i. rac ufro didia aqciis fasis koeficienti, miT metia ukugebis

periodi. rac mcirea aqciis Rirebulebis koeficienti, investicia miT ufro

momgebiania. paradoqsi swored isaa, rom rac ufro maRalia aqciis fasi, miT

ufro sasurvelia aqciis gamomSvebi sawarmosaTvis, radgan investicia

grZelvadiania.

aqciis Rirebulebis anu fasis koeficienti efuZneba erTi aqciis

Semosavlis mimdinare mniSvnelobas. xolo, safondo birJa aqciaze fass

awesebs erTi aqciis Semosavlis dasaSvebi mniSvnelobiT. Tu birJis

TvalsazrisiT, sawarmos gaaCnia ekonomikuri zrdis mniSvnelovani

perspeqtivebi, aqciis sabazro fasi gaizrdeba.

amasTan, safondo birJaze aqciis fasi is fasia, romliTac aqcia

gamyidvelidan – myidvelze gaicvala. Aaqciis fasi izrdeba Tu myidveli

metia vidre gamyidveli. aqciaze moTxovna izrdeba, Tu mosalodnelia aqciis

gamomSvebi sawarmos mogebisa da Sesabamisad, dividendis zrda.

im sawarmoebisaTvis, romlebic safondo birJaze kotirebuli ar arian,

aqciis fasi ganisazRvreba imis mixedviT, Tu ra Rirs sawarmo. gamoTvlis

meTodi Semdegia: wliuri mogeba mravldeba mocemuli sawarmos msgavs an

imave birJaze kotirebuli sawarmos aqciis fasis koeficientze.

investorebi agreTve Seiswavlian aqciis rentabelobis (momgebianobis)

maCvenebels:


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Semosavali erT aqciaze erTi aqciis rentabeloba = -------------------------------------------------- * 100% (16.3.4) erTi aqciis sabazro fasi

am maCveneblis sidide dabalia im kompaniebSi, sadac warmoebis

gafarToebis mizniT mogebis didi nawilis kapitalizacia xdeba. aqciis

rentabeloba investors uCvenebs, aqciaSi dabandebuli yoveli erTi lari

ramden procent mogebas ubrunebs. igi aqciis fasis Sebrunebuli

maCvenebelia. aqciis momgebianobis koeficienti xSirad ar gamoiyeneba,

radgan investors ainteresebs dividendis miRebis xarisxi, romelic

dividendis SemosavlainobiT xasiaTdeba. saerTod, wminda mogeba mxolod

investiciis Sedegi araa. igi dasaqmebuli personalis kvalifikaciisa da

mmarTvelobiTi unarebis gamoyenebis efeqtianobis Sedegicaa.

dividendi erT aqciaze Semosavali dividendidan(1) = ----------------------------------------------- (16.3.5) erTi aqciis sabazro fasi

es Tanafardoba axasiaTebs erT aqciaze miRebuli dividendis procentul

Sefardebas aqciis sabazro fasTan. anu miRebuli dividendi sabazro fasis

ramden procents Seadgens. am maCveneblis sawarmoTaSoriso analizic

saintereso daskvnebis saSualebas iZleva. es maCvenebeli SeiZleba

meorenairadac gamoiTvalos: dividendi 1 aqciaze Semosavali dividendidan(2) = ------------------------------------------ * 100%; Semosavali 1 aqciaze igi gviCvenebs, gacemuli dividendi ramden procents Seadgens Semosavlis

mimarT. am maCveneblis sidide sawarmos sadividendo politikazea

damokidebuli. kerZod, mogebis ra nawilia gamoyofili dividendisaTvis da

ra nawili reinvestirebisaTvis. wminda mogeba –privilegirebuli aqciebis dividendi

dividendis uzrunvelyofa = ------------------------------------------------------------------------------------------- Cveulebrivi aqciebis dividendebi igi aCvenebs Cveulebrivi aqciebis dividendze gasacemi wminda mogeba ramdenjer

aRemateba gacemul dividends. igi erTze meti unda iyos da Cveulebrivi aqciebis

`usafrTxoebis~ maCvenebelia. erTi aqciis sabazro fasi aqciis kotirebis koeficienti = ------------------------------------------------------ aqciis nominaluri Rirebuleba

es koeficienti Tu erTze metia, niSnavs, rom momavali aqcionerebi mzad

arian aqciaSi mis nominalur Rirebulebaze maRali fasi gadaixadon.

aseTia is gavrcelebuli maCveneblebi, romlebic fasiani qaRaldebis

bazarze sawarmos mdgomareobis Sefasebisa da analizisaTvis gamoiyeneba.


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16.4. investiciebis efeqtianobis

analizis meTodika

investiciebis efeqtianobis Sefasebis maCveneblebs, safondo birJaze

sawarmos Sefasebis maCveneblebsac uwodeben. analizis mizania Sefasdes,

ramdenad sasurvelia sawarmo investorebisaTvis, investirebul kapitalze

ukugebis TvalsazrisiT.

investiciebis efeqtianobis analizi moiTxovs Semdegi safexurebis

gavlas:

saWiro informaciis mogroveba investiciebTan dakavSirebiT;

investiciebis efeqtianobis maCveneblebis dinamika da maTi Sedareba

sxvadasxva sawarmoebs Soris;

sawarmos SigniT, xelmZRvanelobis mier ukeTesi sainvesticio garemos

Seqmnis mizniT, investiciebis efeqtianobis amaRlebis gzebis

gamovlena.

maSasadame, imis mixedviT, vin atarebs analizs: investori Tu

investiciebis mimRebi, nawilobriv gansxvavebulia analizis mizani da

moculoba. ase magaliTad, investori mxolod investiciebis efeqtianobis

Sefasebas axdens da dinamikaSi Seiswavlis arsebul tendenciebs, raTa

miiRos gadawyvetileba, Cados Tu ara fuli ama Tu im kompaniaSi da

investiciebis efeqtianobis amaRlebis rezervebis gamovlenis problemebi ar

ainteresebs. maSin rodesac, investiciebis mimRebi kompaniis

xelnmZRvaneloba ver dajerdeba mxolod arsebuli tendenciebis Sefasebas.

Mmas ufro metad investiciebis efeqtianobis amaRlebis gzebis povna

ainteresebs, raTa sawarmo mimzidveli gaxados investorebisaTvis. Tumca,

investiciebis Cadebis Semdeg, investoric interesdeba sawarmos

momgebianobis da investiciebis efeqtianobis amaRlebis rezervebis

gamovlenis sakiTxebiT.

sawarmos finansuri angariSgebidan da Sesyiduli aqciebis Sesaxeb Sida

saaRricxvo informaciaze dayrdnobiT, sawarmos xelmZRvaneloba erTi mxriv

Tavad atarebs analizs da meore mxriv, informacias awvdis arsebul da

momaval (potenciur) investorebs.

16.4.1 cxrilSi motanilia pirobiTi sawarmos informacia mis mier nayidi

aqciebis nominaluri Rirebulebisa da gacemuli dividendebis Sesaxeb. Mmis

safuZvelze imave cxrilSi gamoiangariSeba investiciebis efeqtianobis

fardobiTi koeficientebi. amasTan, cxrilSi miTiTebulia striqonis

nomrebi, romelTa fardobiTac gamoTvlilia esa Tu is koeficienti. Semdeg

Sedgeba dinamikuri cxrili minimum, bolo xuTi wlis periodisaTvis, sadac

mxolod procentuli maCveneblebi iqneba mocemuli.

davuSvaT, arsebobs Semdegi informacia (ix. cxrili 16.4.1).


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cxrili 16.4.1. investiciebis efeqtianobis maCveneblebi (SevniSnavT, rom am cxrilSi motanili informacia ar exeba saanalizo sawarmo `kolxeTs~)

maCveneblebi 20013 2014 2015 2016 2017 2018 1. mogeba dabegvramde (larSi) 2. wminda mogeba (larSi) 3. privilegirebuli aqciebi no-

minaluri RirebulebiT (10%) 4. erTi Cveulebrivi aqciis no-

minaluri Rirebuleba (l) 5. privilegirebuli aqciebis

ricxvi calebSi 6. Cvulebrivi aqciebis ricxvi 7. 1 Cv. aqciis sabazro fasi (l) 8. priv. aqciebis dividendi (l) 9. Cv. aqciebis dividendi (l)

fardobiTi koeficientebi:

10. Semosavali 1 aqciaze (2-8)/6 11. aqciis fasis koeficienti (7/10) 12. aqciis rentabeloba (10/7) 13. dividendi 1 aqciaze (l) (9/6) 14. Semosavali dividendidan

(13/7) 15. dividendis uzrunvelyofa

(2-8)/9)

10 800 9 180 7 000 20 140 2 000 22 700 6 000 4,34 5,07 0,197 3,0 0,136 1,41

11 000 9 350 7 000 20 N 140 2 000 21 700 6 000 4,33 4,85 0,206 3,0 0,143 1,44

12 400 10 540 7 000 20 140 2 000 23 700 7 500 4,92 4,67 0,214 3,75 0,163 1,31

13 500 11 475 9 000 20 180 2 000 19 900 8 000 5,29 4,35 0,278 4,0 0,211 1,32

14 900 12 665 9 000 20 180 2 000 20 900 8 000 5,88 3,40 0,294 4,0 0,200 1,47

16 000 11 920 9 000 20 180 2 000 22 900 9 000 6.35 3,46 0,289 4,5 0,205 ,41

rogorc ukve iciT, gansakuTrebiT sainteresoa dinamikis grafikebis

momzadeba, romelzec arsebuli tendenciebi yvelaze TvalsaCinod Cans.

fardobiTi maCveneblebi, rogorc ukve iciT, gamoiTvleba mxolod

Cveulebrivi aqciebis mixedviT, radgan swored maTi efeqtianoba icvleba

sawarmos momgebianobis gavleniT. amasTan, gaxsovdeT, rom procentuli

tempebi ar gamoiTvleba procentebSi gamosaxuli koeficientebis mixedviT

(rogoricaa aqciis rentabeloba da Semosavali dividendidan), radgan,

procentuli maCveneblis procentuli cvlilebis gamoTvla mizanSewonili

araa. amitom, isini SeiZleba koeficientebSi iqnes daTvlili da Semdeg

gamoiTvleba cvlilebis tempebi.

rogorc 16.4.2 cxrilida Cans, saanalizo sawarmoSi investiciebis

efeqtianobis maCveneblebs Soris mcirdeboda aqciis fasis koeficienti da

dividendis uzrunvelyofis koeficienti. Semosavali dividendidan da

dividendi erT aqciaze, gacilebiT maRali tepebiTaa gazrdili, vidre

dividendis uzrunvelyofa. maSasadame, riskebi maRali iyo. zrdis

tendenciiT xasiaTdeboda aqciis momgebianobis maCvenebelic, rac dadebiT

movlenas warmoadgens.


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cxrili 16.4.2.

sawarmos investiciebis Sefasebis maCveneblebis dinamika %-ad 2007 welTan maCveneblebi 2013 2014 2015 2016 2017 2018

1. Semosavali erT aqciaze 2. aqciis fasis koeficienti 3. aqciis rentabeloba 4. dividendi erT aqciaze 5. Semosavali dividendidan 6. dividendis uzrunvelyofa

100 100 100 100 100 100

99,77 95,66 104,57 100,0 105,15 102,13

113,36 92,11 108,63 125,0 119,85 92,91

121,89 83,80 141,12 133,3 155,88 93,62

135,48 67,06 149,24 133,3 147,06 104,26

146,31 68,24 146,7 150,0 150,74 100,0

aqciis rentabelobis determinirebuli analizisaTvis jaWvuri Casmis

xerxia gamoyenebuli. 2018 wels, aqciis rentabeloba wina welTan SedarebiT

Semcirda 0,005 punqtiT (ix. cxrili 16.4.1). masze ori faqtori axdens

gavlenas: Semosavali erT aqciaze da aqciis sabazro fasi.

Aaqciis rentabeloba wina wels: 5,88 / 20 = 0,294 gadaangariSebuli rentabeloba 6,35 / 20 = 0,317 aqciis rentabeloba mimdinare wels: 6,35 / 22 = 0,289 I faqtori: erT aqciaze Semosavlis cvlilebis gavlena = 0,317 – 0,294 = +0,023 II faqtoris cvlilebis gavlena = 0,289 – 0,317 = - 0,028 saerTo gadaxraa -0,005 faqtoruli analizisaTvis SeiZleba agreTve faqtorTa mwkriviT warmovadginoT

erTi aqciis Semosavlisa da dividendis maCveneblebi. wminda mogeba – priv. aqciis dividendi wminda mogeba Semosavali 1 aqciaze = ------------------------------------------------------------------ * --------------------------- * wminda mogeba mogeba dabegvramde mogeba dabegvramde * ----------------------------------------- ; Cv. Aaqciebis ricxvi

M mocemul mwkrivSi sami faqtoria warmodgenili da SeiZleba absoluturi

sxvaobis xerxis gamoyeneba. Cv. aqciebis dividendi mogeba dabegvramde mogeba %-mde dividendi 1 aqciaze = ---------------------------------------- * -------------------------------------- * -------------------------- * mogeba dagebvramde mogeba %-mde wminda mogeba wminda mogeba * -------------------------------------------- ; Cv. aqciebis ricxvi

M mocemul mwkrivSi oTxi faqtoria warmodgenili, romlebic gavlenas

axdenen erTi aqciis dividendis maCvenebelze. gamoTvlebi Catardeba

absoluturi sxvaobis xerxiT.

investorebi, fasiani qaRaldebis Sesyidvis dros riskebis donesac

akontroleben, radgan aqciis gamomSvebi kompaniis gakotrebis albaToba

xSirad arsebobs. riskis done variaciis koeficientiT xasiaTdeba. rac


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ufro maRali iqneba investiciebis efeqtianobis zemoT mocemuli

maCveneblebis variaciis koeficientebi, riskic miT ufro maRali iqneba.

amrigad, fasiani qaRaldebis SeZena nebismieri sawarmos finansuri

saqmianobis erT-erT mniSvnerlovan mimarTulebas warmoadgens. Ffasiani

qaRaldebi sami ZiriTadi miznis misaRwevad gamoiyeneba: sawarmos

aucilebeli likvidurobis uzrunvelsayofad; xelsayreli sainvesticio

proeqtebis gansaxorcilebelad da Semosavlebis gasazrdelad.


1. ra aris sainvesticio saqmianoba; 2. rogor gamoiTvleba investiciis gamosyidvis periodi; 3. axseniT investiciis wminda diskontirebuli Rirebuleba; 4. daaxasiaTeT investiciis ukugebis Sida norma; 5. rogor gamoiTvleba dividendi erT aqciaze da ras axasiaTebs igi; 6. ras gviCvenebs aqciis fasis koeficienti; 7. ras gviCvenebs aqciis rentabeloba da ra faqtorebi axdenen masze gavlenas.

t e s t e b i

1. investiciebis rentabelobis indeqsi aris: a. investiciidan misaRebi Semosavlebis fardoba mosalodnel mogebasTan b. misaRebi fuladi nakadebis diskontirebuli Rirebulebis fardoba

sawyis investiciasTan g. sawyisi investiciis fardoba misaRebi fuladi nakadebis diskontirebul

RirebulebasTan 2. sainvesticio proeqti misaRebia, Tu:

a. investiciis rentabelobis indeqsi erTis tolia b. investiciis rentabelobis indeqsi erTze metia g. investiciis rentabelobis indeqsi erTze naklebia

3. investiciis rentabelobis Sida norma aris: a. diskontirebis koeficientis fardoba mogebis normasTan b. diskontirebis saprocento ganakveTi, romlis drosac

prodeqtis wminda Rirebuleba nulze metia g. diskontirebis saprocento ganakveTi, romlis drosac proeqtis

wminda Rirebuleba nulis tolia 4. investiciis gamosyidvis vada aris:

a. investiciis xarjebis fardoba saSaulo wliur mogebasTan b. mogebis fardoba sainvesticio xarjebTan g. investiciis xarjebis fardoba gamosyidvis vadaze

5. erT-erT sainvesticio proeqtTan dakavSirebiT mosalodnelia Semdgi fuladi nakadebi: wlebi fuladi nakadebi

0 (40 000) 1 20 000 2 20 000 3 20 000

ras udris proeqtis wminda diskontirebuli Rirebuleba, Tu anuitetis diskontirebis koeficientia 2,4868.

a. 16 085


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b. 9 736 g. 10 540

6. sawarmos wliuri wminda mogebaa 15000 lari, privilegirebuli aqciebis dividendia 4000 lari, warmoebis ganviTarebis rezervi – 3500 lari da Cveulebrivi aqciebis ricxvia – 400 cali. Semosavali erT Cveulebriv aqciaze iqneba (larSi):

a. 37,5 b. 28,75 g. 27,5

7. arsebobs Semdegi informacia: erTi aqciis sabazro fasia - 25, Semosavali erT aqciaze 20 da dividnedi erT aqciaze – 8 lari.

aqciis fasis koeficienti iqneba: a. 1,25 b. 3,57 g. 2,86

8. erTi aqciis sabazro fasi – 25 lari, Semosavali erT aqciaze - 20 lari da dividendi erT aqciaze 8 laria. erTi aqciis rentabeloba iqneba:

a. 60 % b. 80 % c. 53 %

9. sawarmos wliuri wminda mogeba 15200 laria. Ddividendi privilegirebul aqciebze - 7500 lari da Cveulebriv aqciebze – 6000 laria. Ddividendis uzrunvelyofis koeficienti aris:

a. 2,0 b. 1,03 g. 1,28

10. wina wels erTi aqciis fasi - 30 lars da Semosavali erT aqciaze – 28 lars Seadgenda. mimdinare wels ki erTi aqciis fasi 32 lari da Semosavali erT aqciaze 29 lari gaxda. ramdeni procentiT Seicvala erTi aqciis fasis koeficienti:

a. gaizarda 2,9 %-iT b. Semcirda 2,9 %-iT g. ar Secvlila

a m o c a n e b i amocana 16.1. erT-erTi sainvesticio proeqtis Sesaxeb arsebobs Semdegi informacia: wlebi fuladi dislontirebis nakadebi koeficienti

(lari) 10 % 0 (70 000) 1 1 20 000 0,9091 2 15 000 0,8264 3 30 000 0,7513 4 25 000 0,6830 5 25 000 0,6209

moTxovna:gamoTvaleT sainvesticio proeqtis wminda diskontirebuli Rirebuleba (wdR).


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amocana 16.2. ori sainvesticio proeqtidan mosalodneli fuladi nakadebis Sesaxeb arsebobs

Semdegi informacia: wlebi I proeqti II proeqti diskontirebis koeficienti 10%-ze sawyisi investicia (70 000) (70 000) 1 1 20 000 30 000 0,9091 2 23 000 20 000 0,8264 3 30 000 35 000 0,7513 4 30 000 25 000 0,6830 5 (15 000) (25 000) 0,6209 moTxovna: SeafaseT sasinvesticio proeqtebi wminda diskontirebuli RirebulebiTY da

gaakeTeT komentari, romel proeqts mianiWebdiT upiratesobas. amocana 16.3.

kompanias surs ori sainvesticio proeqtidan erT-erTi SearCios da

proeqtebis SefasebisaTvis iyenebs ukugebis periodis gamoTvlis meTods. orive proeqtis vada xuTi welia. Ffuladi nakadebi naCvenebia amortizaciis Tanxis gaTvaliswinebis gareSe da gamoiyeneba cveTis daricxvis wrfivi meTodi.

arsebobs Semdegi informacia: wlebi I Pproeqti II proeqti sainvestico danaxarji (55 000) (55 000) fuladi nakadebi: I w 10 000 15 000 II w 15 000 15 000 III w 9 000 10 000 IV w 5 000 5 000 V w (10 000) (16 000) moTxovna:gamoTvaleT orive proeqtis ukugebis periodi wlebSi.

amocana 16.4. sami sainvesticio proeqtis Sesaxeb arsebobs Semdegi informacia: wlebi I proeqti II proeqti III proeqti diskontirebis koeficientebi 10%-ze sawyisi investicia (80 000) (70 000) (90 000) 1 mogeba (an zarali): I w 20 000 10 000 30 000 0,9091 II w 20 000 30 000 30 000 0,8264 III w 20 000 30 000 20 000 0,7513 IV w 20 000 30 000 20 000 0,6830 V w (10 000) (15 000) (10 000) 0,6209 VI w 15 000 10 000 15 000 0,5645


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moTxovna: 1. gamoTvaleT ukugebis periodi samive proeqtisaTvis; 2. gamoTvaleT samive proeqtis wminda diskontirebuli Rirebuleba; 3. gaakeTeT Sesabamisi komentarebi

amocana 16.5. erT-erT proeqts Wirdeba 120000 laris Tavdapirveli investicia. proeqtis vada

xuTi welia. momavalSi misaRebi fuladi nakadebi yovelwliurad iqneba: 35000; 40000;

25000; 40000 da 30000 lari.

moTxovna: gamoTvaleT wminda fuladi nakadi, saSualo wliuri mogeba,

investiciis saSualo Rirebuleba da ukugebis saaRricxvo koeficienti (anu

investiciis rentabeloba)

amocana 16.6. erT-erTi sawarmos Sesaxeb arsebobs Semdgei informacia:

wina weli mimdinare weli gadaxra wliuri mogeba 64000 68000 + 4000 wminda mogeba 56000 58900 priv.aqciebi dividend 20000 20000 Cv. aqciebis ricxvi 4500 5000 Semosavali 1 aqciaze (l) 36000/4500=8,0 38900/5000=7,78 -0,22

moTxovna: gazomeT erT cal aqciaze Semosavlis gadaxraze moqmedi faqtorebis gavlena Semdegi faqtoruli modelis safuZvelze: Semosavali 1 aqciaze = (wminda mogeba – priv. aqciis dividendi) wminda mogeba mogeba dabegvramde = --------------------------------------------------------------- * --------------------------- * ---------------------------;

wminda mogeba mogeba dabegvramde Cv. aqciebis ricxvi


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Tavi 17. finansuri mdgomareobis

sawarmoTaSoriso

(SedarebiTi) analizis meTodika

(SedarebiTi analizi – benchmarking analysisi)

sawarmoTaSoriso analizi warmoadegens

sawarmoTa sameurneo saqmianobis ekonomikuri

analizis gagrZelebas, damasrulebel safexurs,

rogorc kompaniebis, ise saministroebis da departamentebis doneze. igi

gamoiyeneba maSin, rodesac romelime investors surs am Tu im

gadawyvetilebis miReba axali proeqtebis ganxorcielebisaTvis,

alternativebidan arCevanis gakeTebisaTvis, saqmiani urTierTobebis

dasawyebad sawarmos SerCevisaTvis da a.S.

am TavSi ganxilulia sawarmoTaSoriso analizis arsi da

Taviseburebebi.

17.1. sawarmoTaSoriso (SedarebiTi)

analizis arsi da mizani

Sedareba saerTod yovelgvari azrovnebisa da Semecnebis safuZvels

warmoadgens. igi mecnierebis yvela dargSi gamoiyeneba: fizikaSi, qimiaSi,

geografiaSi, astronomiul mecnierebebSi, maTematikaSi, kibernetikaSi,

enaTmecnierebaSi, istoriul mecnierebebSi da a.S. `Cven mTel samyaros

SevimecnebT Sedarebis meSveobiT, wers k.d. uSinski. igi aris Semecnebis

sarkmeli, romlis gareSe SeuZlebelia adamianis mTeli SemecnebiTi

cxovreba da moRvaweoba~.

i.m. seCenovi wers, `iq, sadac qreba Sedarebis sazRvrebi, iq aris, realuri

samyaros Semecnebis Sesaxeb, mecnierebis zRvari~. `Sedareba gamoyenebuli

unda iqnas gaazrebulad, misi samarTlianobis gansazRvruli pirobebisa da

sazRvrebis mkacrad dacviT yovel konkretul SemTxvevaSi~ - wers m.m.

mislenikovi.

Sedareba aseve gamoiyeneba ekonomikur Teoriasa da praqtikaSi. maT Soris

sawarmoTaSoriso ekonomikur analizSi, raTa moxdes sxvadasxva sawarmoTa

saqmianobis Sedegebis SedarebiTi Sefasebebi da daxasiaTeba

urTierTmimarTebaSi. sxadasxva sawarmoTa SedarebiTi daxasiaTeba mravali

subieqtis interesebSi Sedis. magaliTad, bankebs ainteresebT romeli

sawarmoa ufro gadaxdisunariani, romelic droulad dafaravs

valdebulebebs; investorebs aintersebT, romel sawarmoSi

ganxorcilebuli investiciebi moitans ufro maRal mogebas (dividends); ama

Tu im dargis specialistebs ainteresebT romel kompaniaSi SeiZleba


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hqondeT ufro stabiluri Semosavali da samuSao adgili; sawarmos

xelmZRvaneloba dainteresebulia ar CamorCes maRali imijis mqone

kompaniebs, risTvisac unda moaxdinon sakuTari kompaniebis saqmianobis

Sedegebis Sedareba maRalefeqtiani kompaniebis SedegebTan, raTa sakuTar

kompaniaSic danergon da ganaxorcielon warmatebebis momtani RonisZiebebi

da a.S.

Sidasawarmoo ekonomikuri analizis mizania gamoikvlios sawarmos xelT

arsebuli resursebis ukeT gamoyenebis gzebi da mogebis gadidebis

RonisZiebebi. sawarmoTaSoriso analizi Tavis mxriv iyenebs Sidasawarmoo

analizis Sedegebs, raTaA uzrunvelyos rezervebis srulad gamovlena.

Sidasawarmoo analizi gegmuri maCveneblebidan gamovlenili gadaxrebis

analizs eyrdnoba da maSasadame, gegmasac da faqtobriv Sedegebsac

mocemuli kompaniis mmarTvelobis `daRi~ akravs. sawarmoTaSoriso

analizis dros ki Sedarebis bazas sxva sawarmos (ufro xSirad,

warmatebuli sawarmos) faqtiuri Sedegebi warmoadgenen, rac saSualebas

iZleva mocemuli sawarmos finansuri mdgomareoba amave sawarmos

xelmZRvanelobam garedan, ucxo TvaliT dainaxos.

maSasadame, sawarmoTaSoriso da Sidasawarmoo ekonomikuri analizi

uzrunvelyofs sawarmos (kompaniis) kompleqsur (srulad) Seswavlas da

ufro srulyofili gdawyvetilebebis miRebas.

amasTan erTad, sawarmoTaSoriso analizi damoukidebladac SeiZleba

Catardes, rac investorebis, sakredito dawesebulebebis da sazogadoebis

sxva wevrebis interesebSi Sedis. amdenad, sawarmoTaSoriso analizis

mizania sawarmoebis safinanso-ekonomikuri Sedegebis SedarebiTi

daxasiaTeba. Aaqedan gamomdinare, sawarmoTaSoriso analizis amocanebia:

sawarmos adgilis gansazRvra dargis, ekonomikis seqtoris an

regionis masStabiT;

sawarmos saqmianobaSi Zlieri da susti mxareebis gamovlena,

warmatebul sawarmoebTan SedarebiT;

problemebis wris gansazRvra, konkretuli sawarmos

saqmianobaSi arsebuli naklovanebebis likvidaciisaTvis, raTa

amaRldes warmoebis efeqtianoba.

mowinave gamocdilebebis Seswavla da danergva;

socialur programebSi aqtiuri da gonivruli monawileobis

uzrunvelyofa.

arsebuli amowurvadi resursebis gonivruli gamoyeneba saerTo

sazogadoebrivi interesebis Sesabamisad;

ekologiuri garemos saimedod dacvis saerTo erovnuli

programis SemuSaveba da dacva.

sawarmoTaSoriso analizis amocanebis gadaWris mizniT, unda moxdes

sawarmoebis ekonomikuri saqmianobis Sedegebis amsaxveli maCveneblebis

Sedareba, raTa gamovlindes gadaxrebi maT Soris. gadaxrebis gazomvis


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351

dros ki, bunebrivia warmoiSoba maTi maCveneblebis Sesadarisobis

dacvis aucilebloba.

sawarmoTaSoriso analizis safexurebia:


im maCvenebelTa wris dadgena, romelTa Sedareba mizanSewonilia;

Sesadari maCveneblebis dinamikis (tendenciebis) Seswavla;

gadaxrebis gamovlena da maTi faqtoruli analizi;

winadadebebis SemuSaveba warmoebis efeqtianobis amaRlebis

uzrunvelsayofad.

17.2. sawarmoTa Sesadarisobis problema

sawarmoTaSoriso analizis dros

AsawarmoTaSoriso analizis dawyebamde ucilebelia dadgindes, mainc

romel sawarmoebs Soris SeiZleba Sedareba: maT Soris, romlebic

erTgvarovan produqcias uSveben, Tu maT Soris, romlebic

sxvadasxvagvarovan produqcias amzadeben. magaliTad, ramdenad marTebulia

sasoflo-sameurneo da mSeneblobis kompaniebis an, mSeneblobisa da

savaWro kompaniebis da a.S. urTierTSedareba, raTa gadaxrebi maTi

saqianobis Sedegebis amsaxvel maCveneblebs Soris, obieqturi anu maTi

saqmianobis efeqtianobaze iyos damokidebuli.

ori ZiriTadi mimarTulebis piroba (aucilebloba) arsebobs:

I. sawarmoTa Sesadarisoba;

II. sawarmoTa ekonomikuri maCveneblebis Sesadarisoba.

sawarmoTa SedarebiTi daxasiaTebisaTvis, mkvlevars ainteresebs, ipovos

sakuTari kompaniis warumateblobis mizezebi, mowinave kompaniebTan

SedarebiT. Aam miznis miRweva miT ufro metadaa SesaZlebeli, rac ufro

Sesadarisni arian TviT saanalizo sawarmoebi.

sawarmoTaSoriso analizis CatarebisaTvis uwinares yovlisa saWiroa

arsebobdes sxvadasxva sawarmoTa muSaobis Sedegebis Sedarebis

SesaZlebloba.

sawarmoTa ekonomikuri maCveneblebis Sesadarisoba TviT sawarmoebis

Sesadarisobazea damokidebuli. rac ufro gansxvavdeba sawarmoebi

erTmaneTisagan warmoebuli produqciis saxeebisa da Sesrulebuli

samuSaoebis mixedviT, miT naklebia Sesadarisi maCeneblebis raodenoba

SedarebisaTvis.

sawarmoTa Sesadarisobis xarisxi maT mier gamoSvebuli produqciis

saxeobebiT da teqnologiiT ganisazRvreba, radgan igi gavlenas axdens

yvela ekonomikur maCvenebelze. Sesadarisobis xarisxis mixedviT, mecnier-

ekonomistebi, sawarmoebs sam jgufad yofen (ix.cxrili 17.2.1):


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cxrili 17.2.1. sawarmoebis dajgufeba Sesadarisobis mixedviT

sawarmoTa jgufebi sawarmoTa qvejgufebi I. erTgvarovani produqciis

mwarmoeblebi a. daaxloebulni warmoebis tipiT da

zomiT; b. gansxvavebuli warmoebis tipiT da

axlos myofi moculobiT; g. axlos myofi warmoebis tipiT da

gansxvavebuli moculobiT; d. gansxavvebuli warmoebis tipiT da

moculobiT. II. msgavsi produqciis gamomSvebi igive qvejgufebi III.gansxvavebuli produqciis gamomSvebi igive qvejgufebi amdenad, Sesadarisobis TvalsazrisiT, SeiZleba gamoiyos sami saxis

sawarmoebi: erTgvarovani, msgavsi da sxvadsxvagvari. im sawarmoebis

mixedviT, romlebic pirvel or tips miekuTvnebian, SeiZleba Catardes

kompleqsuri SedarebiTi analizi, romelic maTi muSaobis yvela mxares

moicavs. Mmesame jgufis sawarmoebs Soris SesaZlebelia Catardes zogadi

xasiaTis fardobiTi maCveneblebis Sedareba. fardobiTi maCveneblebis

gamoyeneba afarToebs Sedarebis SesaZleblobas, radgan, fardobiT

maCveneblebze gavlenas ar axdenen ama Tu im kompaniis warmoebis tipi, zoma

da masStabebi. Tumca warmoebis tipma SeiZleba fardobiT maCveneblebzec

moaxdinon gavlena.

imis Sesabamisad, Tu romel jgufs miekuTvnebian sawarmoebi, unda

ganisazRvros im maCveenebelTa wre, romelTa mixedviT SedarebiTi analizis

Catareba dasaSvebia.

erTgvarovani sawarmoebi Sesadarisi arian da maTi saqmianobis Sedegebis

amsaxveli maCveneblebis dapirispireba SesaZlebelia Aanu maT Soris

gadaxris gamoTvla mizanSewonilia.

sxvadasxvagvar sawarmoTa muSaobis maCvenebelTa Sedarebis

SesaZleblobis Sesaxeb azrTaA sxvadasxvaoba arsebobs. ase magaliTad: k.m.

rakovi amtkicebs, rom produqciis TviTRirebulebis sawarmoTaSoriso

analizi SesaZlebelia mxolod im SemTxvevaSi, Tu sawarmoebi uSveben

erTidaigive produqcias erTnairi standartebiTa da teqnologiebiT. Mm.

rubinovi wers, rom sameurneo procesebis dapirispireba SesaZlebelia,

Tuki isini xorcieldeba warmoebis organizaciis erTsa da imave pirobebSi.

Ee.a. ivanovi Tvlis, rom aqtivebis gamoyenebis Sedareba SesaZlebelia

mxolod im sawarmoebs Soris, romlebic erTgvarovani arian rogorc

gamoSvebuli produqciis mixedviT, ise teqnologiuri procesebis mixedviT.

a.p. vorobeiCikovi da m.z. kaufmani ar eTanxmebian ivanovs, radgan

sawarmoTaSoriso analizi ar SeiZleba SemosazRvruli iyos mxolod

gansxvavebis faqtebis dadasturebiT. Aanalizis procesSi aucilebelia

gansxvavebebis dadgena da im mizezebis gansazRvra, romlebic gavlenas

axdenen am gansxvavebaze.


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mecnierTa nawili Tvlis, rom Sedareba SesaZlebelia ara marto im

sawarmoebs Soris, romlebic erTgvarovan produqcias uSveben, aramed im

sawarmoebs Sorisac, romlebic gansxvavebul produqcias uSveben.

Tu im sawarmoTa Sedarebis dros, romlebic erTnair da erTgvarovan

produqcias uSveben, gansxvaveba aixsneba Sesadar sawarmoTa mxolod

muSaobis xarisxianobiT, im sawarmoTa Sedareba, romlebic gansxvavebuli

arian produqciiT, organizaciiT, teqnikiTa da teqnologiiT, kadrebis

uzrunvelyofiT da sxva, iZleva SesaZleblobebs dadgindes gansxvaveba

saqmianobis SedegebSi. Rrmad ganixilos, rogor moaxdines gavlena

calkeulma gansxvavebam am Sedegebze.

Cven viziarebT azrs imis Sesaxeb, rom Tu sawarmoebi erTgvarovan

produqcias uSveben, axlos arian warmoebis sididisa da tipis mixedviT,

maSin Sedareba SeiZleba Catardes maTi saqmianobis Sedegebis yvela

kompleqsuri maCveneblebis mixedviT, sameurneo procesebisa da operaciebis

didi umravlesobis mixedviT.

sxvadasxvagvarovan sawarmoebs Soris SeiZleba efeqtianobis zogadi

maCveneblebis da finansuri mdgomareobis zogierTi maCveneblis Sedareba.

resursebis ukeT gamoyenebis mizniT, SeiZleba Sedarebul iqnes

danakargebis done, Mmocdenebis raodenoba, Eekologiuri garemos dacvis

xarisxi Dda a.S.

amrigad, sawarmoTaSoriso analizis dros arsebobs sawarmoTa

Sesadarisobisa da maCvenebelTa dapirispirebadobis xarisxis dadgenis

problema.

sawarmoTaSoriso analizis Catarebis etapebi SeiZleba Semdegnairad

Camoyalibdes:

1. samuSao gegmis Sedgena, romelSic aisaxeba analizis mizani, sakvlev

sawarmoTa wre, sawarmoTa Sesadarisobis xarisxis gansazRvra,

analizis konkretuli RonisZiebebis gansazRvra, monacemTa Sedarebis

programa;

2. amosavali monacemebis Sekreba da damuSaveba, pirveladi masalebis

Seswavla, Sesadarisi maCveneblebis SerCeva da dapirispireba,

gadaxrebis gamomwvevi faqtorebis gamokvleva, gardauvali

gansxvavebebis gamoyofa, analiziT miRebuli Sedegebis Sefaseba;

3. analizis Sedegebis ganzogadeba da mogebis gadidebis rezervebis

gamovlena, calkeuli RonisZiebebis ganxorcielebis efeqtianobis

gaangariSeba;

sawarmoTaSoriso analizis dros gansakuTrebiT mniSvnelovania ama Tu

im maCveneblebs Soris arsebuli gansxvavebis bunebisa da xasiaTis

gansazRvra. gansxvavebis mizezebi unda daiyos obieqtur e.i. sawarmoze

damoukidebel da subieqtur anu sawarmoze damokidebul faqtorebad.

sawarmos menejmentma unda gansazRvros im ekonomiis an gadaxarjvis

sidide, romelic miRebulia misgan damokidebuli da damoukidebeli

faqtorebiT.


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17.3. sawarmos finansuri mdgomareobis

sawarmoTaSoriso analizis

meTodika sawarmoTa finansuri mdgomareobis sawarmoTaSoriso analizi SeiZleba

daWirdes sakredito sawesebulebebs, investorebs, kvleviT institutebs,

sazogadoebis nebismier warmomadgenels, biznesSi moqmed nebismier subieqts,

romelTac uxdebaT arCevanis gakeTeba kreditis gacemis, investiciebis

dabandebis, aqciebis Sesyidvis, momwodeblebisa da myidvelebis SerCevis da

sxvaTa dros.

dasadgenia, finansuri mdgomareobis sawarmoTaSoriso analizi

SesaZlebelia Tu ara Catardes nebismieri dargis sawarmoebs Soris. SeiZleba

sawarmoebi araerTgvarovan produqcias uSvebndnen, magram

gadaxdisunarianobis maCveneblebi fardobiTi maCveneblebia da maTi Sedareba

da gansxvavebebis dadgena sworad dagvexmareba warmatebuli sawarmoebis

gamovlenaSi. Tumca, dasadgenia, produqciis Sromatevadoba, masalatevadoba

da fondtevadoba gavlenas axdenen Tu ara gadaxdisunarianobis

maCveneblebze. isic gasaTvaliswinebelia, rom zogierTi saxis produqti

ufro swrafad iyideba. magaliTad, puri ufro swrafad iyideba, vidre bewvis

qurqi. Ppirvel SemTxvevaSi, fulis brunva ufro swrafia, vidre meore tipis

maRaziaSi.

sawarmoTa finansuri mdgomareobis Sedareba SesaZlebelia maTi finansuri

angariSgebis informaciis safuZvelze, romelic, rogorc wesi sajaro

informacias warmoadgens.

sawarmoTaSoriso analizi vfiqrobT, gansakuTrebiT Sedegiani iqneba

sakuTari sabrunavi saxsrebiT uzrunvelyofis da leverijis maCveneblebis

mixedviT. agreTve kreditunarianobis indeqsis mixedviT, romelic

SemuSavebulia alTmanis mier da ramdenime maCvenebels moicavs.

Mmiuxedavad imisa, sawarmoebi arian Tu ara Sesadarisi, finansuri

mdgomareobis maCveneblebi, rogoricaa likvidurobis koeficientebi,

finansuri stabilurobis da saqmiano aqtivobis fardobiTi maCvenebelebi

SeiZleba erTmaneTs davupirispiroT (ix. cxrili 17.3.1). cxrilSi motanilia

ori pirobiTi sawarmos finansuri mdgomareobis maCveneblebi da gadaxrebi

maT Soris. igulisxmeba rom es sawarmoebi uSveben erTgvarovan produqcias.

davuSvaT, orive limonaTis qarxanaa.Ggadaxrebis analizis dros saWiroa

gamokvleuli iqnes, mocemuli gadaxra sawarmos mizeziT iqneba gamowveuli Tu

misgan damoukidebeli mizezebiT.

rogorc 17.3.1. cxrilidan Cans, pirveli sawarmos mxolod ori maCvenebelia

naklebi meoresTan SedarebiT. esenia, materialuri maragebis dafarvis

koeficienti da sakuTari da moziduli kapitalis Tanafardoba. danarCeni

maCvemebelbi pirvel sawarmoSi ufro maRalia vidre meoreSi.


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cxrili 17.3.1. F sawarmoebis finansuri mdgomareobis koeficientebis Sedareba

maCveneblebi

#1 sawarmo

#2 sawarmo

gadaxra (+; _ ) (N 1 - N2)

1. absoluturi likvidurobis koeficienti 0,45 0,30 + 0,15 2. saerTo likvidurobis koeficenti 2,10 1,05 + 1,05

3.

materialuri maragebis dafarvis koeficienti

0,82 1,01 - 0,19

4. sakuTari sabrunavi saxsrebi uzrunvelyofa 0,9 0,8 + 0,1 5. sakuTari da moziduli kapitalis

Tanafardobis koeficienti 1,2 1,4 - 0,2

6. finansuri damokidebulebis koeficienti 1,8 1,7 + 0,1 7. procentis uzrunvelyofis koeficienti 6,0 5,4 + 0,6 8. avansirebuli Rirebulebis brunvadoba

jerebSi (Semosavali/mimd. aqtviv.saS.naSTi) 9

11

+2

Aabsoluturi likvidurobis koeficienti rogor wesi, gamoiTvleba wlis

bolos arsebuli fuladi Tanxebis SefardebiT mimdinare valdebulebebTan.

Tavis mxriv, fuladi Tanxebis sidide fulis brunvis siCqarezea damokidebuli,

razec gavlenas axdens produqciis realizaciis xangrZlivoba. magaliTad,

limonaTi ufro swrafad iyideba, vidre Rvino, fexsacmeli an msubuqi manqanebi.

amitom, SeiZLeba vuifiqroT, rom sxvadasxvagvari produqciis mwarmoebeli

firmebis absoluturi likvidurobis koeficientebis dapirispirebiT miRebuli

gadaxris raRac nawili warmoebuli produqciis TavseburebebiT iqneba

gamowveuli da amdenad, ver davaskvniT, relurad, romeli sawarmos

maCvenebelia ukeTesi. magram, ama Tu im sawarmos fulis naSTebic da mimdinare

valdebulbebic sakuTari saqmianobis Sesabamisad WirdebaT, amitom maTi

Tanafardoba gadaxdisunarianobas axasiaTebs da SesaZlebelia

araerTgvarovani sawarmoebis likvidurobis keoficientebis Sedareba. nebismier

sawarmos mocemul momentSi arsebuli fuliT misi mimdinare valdebulebebis

minimum 20%-is dafarva unda SeeZlos.

AsaerTo likvidurobis koeficienti gamoiTvleba mimdinare aqtivebis

SefardebiT mimdinare valdebulebebTan. Mmimdinare aqtivebs miekuTvneba

nedleulis, daumTavrebeli produqciis, mza produqciisa da saqonlis

maragebi. maTi sidide warmoebis masStabze da tipzea damokidebuli.

samSeneblo firmebsa da samrewvelo kompaniebs gansvavebuli saxis masalebi

gaaCniaT da sxvadasxva sididis maragebi WirdebaT. Mmimdinare valdebulebebi

ki yvela tipis sawarmoSi erT wlamde vadis davalianebebia.

MmarTaliaMmaterialuri maragebis saWiroebis gansxvavebuloba sxvadsxva

dargisa da zomis sawarmoebis mixedviT gansxvavdeba, rac maragebis

moculobiT maCveneblebs araSesadariss xdis, magram fardobiTi likvidurobis

koeficientebi fardobiTi maCveneblebia da maTi sawarmoTaSriso analizi ara

mxolod msgavs da erTgvarovan aramed gansxavebuli tipis sawarmoebs

Sorisac aris gamarTlebuli.


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materialri maragebis dafarvis koeficienti Semdegnairad gamoiTvleba:

dafarvis `normaluri~ wyaroebi maragebis dafarvis koeficienti = -------------------------------------------------------------; (17.3.1.) materialuri maragebi es maCvenebelic, vfiqrobT, sxvadasxvgavrovan sawarmoebs Sorisac

SeiZleba SevadaroT. dafarvis normalur wyaroebs miekuTvneba sakuTari

sabrunavi saxsrebi, moklevadiani sesxebi, valdebulebebi mowodebidan da

miRebuli moklevadiani avansebi. Yyvela es CamoTvlili maCvenebli

damokidebulia sawarmos muSaobis aqtivobaze. Aama Tu im sawarmos

mmarTvelobis moqniloba da resursebis efeqtianad gamoyenebis xarisxi

gansazRvravs maragebis dafarvis kloeficientis rogorc mricxvelis, ise

mniSvnelis maCvenebelTa moculobas. marTalia, cal-calke aRebuli es

maCveneblebi _ dafarvis `normaluri~ wyaroebi da matrialuri maragebi

damokidebulia kompaniis masStabze, magram maTi Sefardeba am kompaniis

muSaobis xarisxs gansazRvravs maragebis dafarvis mimarTulebiT. amitom,

vfiqrobT, rom sakvlevi sawarmoebis mixedviT, am koeficientebs Soris

arsebuli gadaxra, pirdapir pasuxobs arCevanis gakeTebis moTxovnas.

Uupiratesoba eniWeba im kompanias, sadac es koeficienti ufro maRalia

(Sesadar kompaniebs Soris bunebrivia ar moiazreba komerciuli bankebi,

radgan isini saqmianobis sxva sferos miekuTvnebian).

sakuTari sabrunavi saxsrebiT uzrunvelyofis koeficinti gamoiTvleba

sakuTari sabrunavi saxsrebis SefardebiT materialur maragebTan. Aam

koeficientis gansazRvraSi gamoyenebuli orive maCvenebeli da maTi

fardoba, mocemuli sawarmos saqmianobis aqtivobasa da efeqtianobazea

damokidebuli. marTalia, materialuri maragebis moculobas sawarmos zoma

da masStabebi gansazRvravs, magram sakuTari sabrunavi saxsrebiT

uzrunvelyofac Sesabamisi unda hqondes. Aamitom, am koeficintebs Soris

arsebuli gadaxra sawarmoTa upiratesobaze an nakleb upiratesobaze

metyvelebs. Mmisi Sedareba samive tipis sawarmoebs Soris mizanSewonilia.

finansuri damokidebulebis koeficienti aris fardoba sawarmos

aqtivebsa da sakuTar kapitals Soris. Eam koeficientebis dapirispireba

marTebulia rogorc erTgvarovan, ise araerTgvarovan sawarmoebs Soris,

garda bankebisa, radgan bankebis aqtivebSi sakuTari kapitalis 10 -15% - iani

wili, normalur movlenad iTvleba. finansuri damokidebulebis koficienti

rac ufro maRalia, miT ufro uaryofiTY movlenas warmoadgens. maSasadame,

sawarmo miT ufro damokidebulia sxvebze.

procentis uzrunvelyofis koeficienti Semdegnairad gamoiTvleba:

procentis uzrunvelyofis mogeba %-isa da gadasaxadis gadaxdamde

koeficienti = ------------------------------------------------------------------------------; (17.3.2) saprocento xarji


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357

am koeficientis analizi saintersoa bankebisaTvis, miscen Tu ara sesxi

romelime kompanias.Ees koeficienti vfiqrobT nebismieri tipis sawarmoebis

SedarebisaTvis SeiZleba iqnes gamoyenebuli.

rac Seexeba avansirebuli Rirebulebis brunvadobis maCveneblebs, isini

mxolod erTgavrovan sawarmoebs Soris SedarebisaTvis SeiZleba iqnes

gamoyenebuli, radgan rogorc adre aRvniSneT, sxvadasxva dargis

sawarmoebis prodqts brunvadobis bunebrivi Taviseburebebi gaaCnia.

magaliTad, limonaTi da avtomobili, avtomobili da Senoba, puri da

fexsacmeli da a.S.

rac Sexeba investiciebis maCveneblebs, romlebic investorebs

ainteresebT, SeiZleba samive tipis sawarmoebs Soris Caataros

potenciurma investorma.

SedarebiTi analizis dros investorebisaTvis mniSvnelovania moaxdinon

erT aqciaze dividendis maCveneblebis variaciis koeficientebis Sedareba

im sawarmoebs Soris, sadac investiciebis Cadebas apireben. am mizniT

momzaddeba Sesabamisi cxrili (ix. cxrili 17.3.2).

cxrili 17.3.2 erT aqciaze dividendis maCveneblis variacia

wlebi

I sawarmo II sawarmo III sawarmo X X2 X X2 X X2

2005 2006 2007 2008 2009 2010 2011 2012 -------- jami saS. ariTm.

0,90 0,95 0,82 0,90 0,98 0,99 1,00 1,20 --------- 7,74 0,9675

0,81 0,9025 0,6724 0,81 0,9604 0,9801 1,00 1,44 --------- 7,5754

0,81 0,95 0,82 0,98 0,83 0,75 1,30 0,99 --------- 7,43 0,9287

0,6561 0,9025 0,6724 0,9604 0,6889 0,5625 1,69 0,9801 -------- 7,1129

1,15 1,30 1,40 1,20 1,00 0,90 0,95 1,10 -------- 9,00 1,125

1,3225 1,69 1,96 1,44 1,00 0,81 0,9025 0,21 -------- 10,335

variaciis koeficientis gamosaTvlelad, rogorc ukve iciT, jer

saSualo kavadratuli gadaxra da Semdeg variaciis koeficienti unda

gamoiTvalos (ix. gv. 43). gaangariSebebis Sedegad miiReba: I sawarmoSi: V = 10,79 % II sawarmoSi: V = 17,56 % III sawarmoSi: V = 14,42 % maSasadame, sami alternatividan, investiciis yvelaze maRali riski

meore sawarmoSi arsebobs, radan variaciis koeficienti yvelaze maRalia

da maSasadame, erTi aqciis dividendis maCvenebeli maRali meryeobiT

xasiaTdeba. yvelaze saimedod, pirveli sawarmo gamoiyureba. Tumca, riski

mesame sawarmoSi pirvelze ufro maRalia, magram dividendis saSualo

done aq yvelaze maRalia. ase rom, investoris alRoc mniSvnlovania.

SesaZloa man mesame sawarmo airCios. riskebis SefasebisaTvis agreTve


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358

SeiZleba gamoyenebuli iqnes finansuri leverijis koeficientebis

SedarebiTi daxasiaTeba.

amrigad, erTgvarovan sawarmoebs Soris SeiZleba rogorc moculobiTi

ise nebismieri fardobiTi maCvenebelebis dapirispireba anu gadaxrebis

gamoTvla da maTi analizi.

msgavs da gansxvavebul sawarmoebs Soris mxolod fardobiTi

maCveneblebis daprispireba da maTi gadaxrebis analizia gamarTlebuli.

esenia: likvidurobis, finansuri stabilurobis, finansuri leverijis,

sakuTari kapitalis ukugebis da investiciebis Sefasebis maCveneblebi. es

yovelive investorebs da menejerebs, gadawyvetilebebis miRebaSi

mniSvnelovnad exmareba.

maSasadame, sawarmoTaSoriso analizis meTodika SeiZleba gamoiyenos

nebismierma dainteresebulma pirma. amasTan mniSvneloba aqvs informaciis

momxmareblis mizans. sawarmos finansuri menejmenti dainteresebulia

rogorc SedarebiTi SefasebebiT, aseve warmatebul sawarmoebSi arsebuli

gamocdilebebis danergviT. amitom misTvis ufro realuri Sedegis momtania

Sedareba erTgvarovan sawarmoebs Soris. xolo, investorisTvis romelsac

mxolod ufro momgebiani biznesi ainteresebs, arsebiTi araa gansxvavebebis

mizezebis povna. Mmas surs maRali mogeba. Aamitom, gadawvetilebis miRebis

dros, mas SeuZlia sruliad sxvadasxvagvari kompaniebis maCveneblebi

Seudaros da airCios ufro maRali mogebis momtani dargi. Tumca,

investiciebis Cadebis Semdeg, ukve igi dainteresdeba msgavs sawarmoebTan

SedarebiTi daxasiaTebiT da winsvlis konkretuli RonisZiebebis gatarebiT.

17.4. momgebianobis sawarmoTaSoriso

analizis meTodika

mogebisa da momgebianobis sawarmoTaSoriso analizis Catareba

marTebulia msgavs da erTgvarovan sawarmoebs Soris. misi mizania ipovos

mogebis moculobis gadidebisa da momgebianobis donis amaRlebis rezervebi,

maRali finansuri imijis mqone sawarmoebTan Sedarebis gziT.

M momgebianobis amaRlebis rezervebis gamovlenis mizniT,

sawarmoTaSoriso analizi gacilebiT ukeTesia Catardes erTgvarovan

sawarmoebs Soris, romlebic erTgvarovan produqcias uSveben.

rogorc cnobilia, mogebis moculobis zrdis ZiriTad gzas produqciis

erTeulis TviTRirebulebis Semcireba, misi xarisxianobis amaRleba da fasis

zrda, teqnologiebis gamoyenebis xarisxi warmoadgens. momgebianobis

maCvenebelze agreTve gavlenas axdens avansirebuli Rirebulebis brunvadoba.

Mmogebisa da momgebianobis sawarmoTaSoriso analizma unda gadawyvitos

Semdegi amocanebi:

gansazRvros faqtorebi, romlebic gavlenas axdenen erTgvarovan

sawarmoebs Soris momgebianobis gansxvavebaze;

daadginos gzebi mowinave sawarmos momgebianobis donis misaRwevad.


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359

davuSvaT or erTgvarovan sawarmos, vTqvaT, Cais foTlis gadamuSavebis

qarxnebs, gaaCniaT Semdgi maCveneblebi(ix: cxrili 17.4.1):

cxrili 17.4.1. erTgvarovan sawarmoTa Semosavlebi da xarjebi (Tanxa larebSi) maCveneblebi I sawarmo II sawarmo Ggadaxra

(I – II) Semosavali realizaciidan (l) realizebuli produqciis TviTRirebuleba (l) ---------------------------------------------------- Mmogeba realizaciidan marketingis xarjebi administraciuli xarjebi ----------------------------------- saoperacio mogeba saprocento xarjebi ----------------------------------------------------- mogeba dabegvramde

mogebis gadasaxadi wminda mogeba aqtivebi valdebulebebi sakuTari kapitali

125 900 (89 500) ---------------- 36 400 (8 700) (10 500) ---------------- 17 200 4 500 --------------- 12 700 (1900) 10 800 230 000 100 000 130 000

98 700 (68 000) -------------- 30 700 (7 600) (8 300) -------------- 14 800 2 100 --------------- 12 700 (1900) 10 800 177 400 70 000 107 400

+ 27200 + 21500 --------------- + 5700 + 1100 + 2200 ------------ + 2 400 -------------- 0 0 0 + 52 600 + 30 000 + 22 600

rogorc 17.4.1. cxrilidan Cans, absoluturi maCveneblebis SedarebiT

miRebuli gadaxrebi mxolod imaze metyveleben, ramdenad ufro didi

moculobis saqmianobas axorcielebs erTi sawarmo meoresTan SedarebiT.

mogebis maCvenebeli ki orives erTnairi aqvT. magram, es ar iZleva pasuxs

imaze, resursebs romeli sawarmo iyenebs ufro maRali efeqtianobiT da

finansurad romeli ufro usafrTxoa. am kiTxvebze pasuxi gasacemad

aucilebelia fardobiTi maCveneblebis SedarebTi analizi. 17.4.2. cxrilSi

warmodgenilia momgebianobis ramdenime ZiriTadi maCvenebeli. cxrili 17.4.2. momgebianobis maCveneblebis Sedareba

maCveneblebi I sawarmo II sawarmo gadaxra

1. produqciis rentabeloba % -ad 2. mogebis norma %-ad 3. fasnamati %-ad 3. saoperacio mogebis marJa %-ad 4. saoperacio mogebis fasnamati (%-ad) 5. marketingis xarjebis fardoba mogebasTan(%) 6. administrac. xarjebis fardoba mogebasTan(% 7. aqtivebis momgebianoba %-ad 8. sakuTari kapitalis ukugeba (%)

40,67 28,91 33,5 13,7 15,8 68,5 82,7 5,52 8,31

45,14 31,10 36,6 15,0 17,7 59,8 65,4 7,18 10,06

-4,47 - 2,19 -3,1 -1,3 -1,9 +8,7 +17,3 -1,66 -1,75


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cxrilSi 17.4.2. motanili ori erTgvarovani sawarmos efeqtianobis

maCveneblebs SorisGgadaxra gamoTvlilia pirveli sawarmodan, meore

sawarmos maCveneblebis gamoklebiT da niSnebi Sesabamisadaa dasmuli.

produqciis rentabeloba gamoTvlilia realizaciidan miRebuli mogebis

SefardebiT realizebuli produqciis TviTRirebulebasTan (36400/89500*100%).

rogorc imave cxrilidan Cans, meore sawarmoSi 4,47 proccentuli punqtiT

meti mogebaa miiRebuli produqciis yovel erTi laris danaxarjebze, vidre

pirvel sawarmoSi.

mogebis norma gamoiTvleba realizaciidan miRebuli mogebis fardobiT

realizaciidan miRebul SemosavalTan. aRmoCnda, rom yoveli erTi lari

Semosavlidan pirvelma sawarmom miiRo 28,91% mogeba, meorem ki 31,1%. Aaseve,

marketingisa da marTvis xarjebi ufro naklebi efeqtianobiTaa

gamoyenebuli pirvel sawarmoSi, vidre meoreSi.

fasnamati gamoTvlilia realizaciidan miRebuli mogebis fardobiT

mTel saoperacio xarjebTan [36400 / (89500+8700+10500) *100]

saoperacio mogebis marJa gamoTvlilia saoperacio mogebis SefardebiT

realizaciidan miRebul SemosavalTan (17200/125900).

saoperacio mogebis fasnamati gamoTvlilia saoperacio mogebis

SefardebiT mTlian saoperacio xarjebTan [17200/(89500+8700+10500)*100% =

15,8%].

amrigad, miuxedavad imisa, rom ganxilul saanalizo sawarmoebidan

pirvel sawarmos, absolutur sidideSi gacilebiT meti Semosavlebi hqonda,

vidre meores da dasabegri mogebis maCveneblebi orive sawarmoSi

erTidaigivea, fardobiTi maCveneblebis Sedareba Sebrunebul suraTs

aCvenebs. Mmeore sawarmoSi momgebianobis maCveneblebi gacilebiT maRalia,

vidre pirvelSi.

maSasadame, investorebisaTvis mimzidveli meore sawarmo iqneba. Tumca,

jer saWiroa moxdes momgebianobis maCveneblebis dinamikis Seswavla da

variaciis koeficientebis Sedareba ganvlili xuTi wlis periodisaTvis. Tu

aRmoCnda, rom meore sawarmoSi variaciis koeficienti ufro naklebia, vidre

pirvelSi, maSin meore sawarmo kidev ufrio saimedo gaxdeba.Mmagram, Tu

aRmoCndeba, rom momgebianobis maCveneblebis meryeobis xarisxi meore

sawarmoSi ufro maRalia, maSin unda gadaixedos misi finansuri

mdgomareobis stabiluroba. amasTan, saWiro gaxdeba damatebiTi informacia

sawarmoebis saqmianobis Sesaxeb. rogoricaa, ZiriTadi saSualebebis

ganaxlebis done da muSakTa denadobis done.

mocemul SemTxvevaSi, pirveli sawarmos xelmZRvanelobam unda

gamoikvlios arsebuli gadaxrebi, romelic maTi sawarmosaTvis, yvela

aRebuli maCveneblis mixedviT, arasasurvelia. SesaZleblobis farglebSi

unda gamoikvlion, ratom jdeba maTi produqti ufro Zviri. kerZod, maT

pirvel sawarmoSi yovel erT lar danaxarjze 40,67% mogeba miiReba,

meoreSi ki 4,45 procentuli punqtiT meti.


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361

erTgvarovani sawarmoebis momgebianobis maCveneblebs Soris arsebuli

gadaxris faqtoruli analizic SeiZleba Catardes absoluturi sxvaobis

an jaWvuri Casmis xerxebis gamoyenebiT. magaliTad, aqtivebis momgebianobis

maCvenebeli, rogorc adre ukve SeiswavleT, SeiZleba warmodegnil iqnes

masze moqmedi sami faqtoris dakavSirebis mwkriviT: mogeba/aqtivebi=

= mogeba/Semosavali * Semosavali/sakuT.kapitali * sak.kapit./aqtivebi

motanil mwkrivSi mocemulia Semdegi faqtorebi: mogebis norma, sakuTari

kapitalis aqtivobis da sawarmos finansuri damoukideblobis koeficienti.

faqtoruli analizi saSualebas miscems pirveli sawarmos

xelmZRvanelobas, gansazRros konkretulad romeli mimarTulebiT unda

SeimuSaon momgebianobis amaRlebis RonisZiebebi.Aamrigad, pirveli sawarmos

analitikosebi (finansuri menejerebi) moaxdenen meore sawarmos

maCveneblebTan Sedarebas (ix. cxrili 17.4.3) da gadaxraze moqmedi

faqtorebis gavlena Cveulebriv, absoluturi sxvaobis xerxiT gamoiTvleba.

Mmogebis normis cvlilebis gavlena: (-0,0278) * 0,919 * 0,6054 = - 0,0155 sakuTari kapitalis aqtivobis cvlilebis gavlena: 0,1009 * (+0,0495) * 0,6054 = + 0,003 finansuri damoukideblobis koeficientis gadaxris gavlena: 0,1009 * 0,9685 * (-0,0402) = - 0,0039 cxrili 17.4.3. Mmomgebianobis faqtoruli analizi maCveneblebi II sawarmo

(sabaziso) I sawarmo Ggadaxra

I sawarmodan gavlena

Aaqtivebis momgebianoba Mmoqmedi faqtorebi: I. mogebis norma II.sakuTari kapitalis aqtivoba III. finasuri damoukideblobis

koeficienti

0,0716 0,1287 0,919 0,6054

0,0552 0,1009 0,9685 0,5652

-0,0164 -0,0278 +0,0495 -0,0402

0,0164 -0,0155 +0,003 -0,0039

AmaSasadame, gaangariSebebma aCvena:

pirvel sawarmoSi yovel erT lar aqtivze 1,64 TeTriT naklebi mogebaa

miRebuli, vidre meoreSi. (SegaxsenebT, rom momgebianoba SeiZleba

davaxasiaToT, rogorc procentulad, aseve RirebulebiT formaSi). am

gadaxraze moqmedi sami Seswavlili faqtoridan, oris gavlena

arasasurvelia. kerZod, mogebis norma 0,0485 punqtiTaa naklebi pirvel

sawarmoSi, ris gamoc meore sawarmosTan SedarebiT Semcirebulia

momgebianoba 0,0155 punqtiT (gaangariSebis Sedegebi warmodgenilia 17.4.3

cxrilSi). finansuri damoukideblobis koeficienti aseve dabalia pirvel

sawarmoSi, rac imaze miuTuTebs, rom aq valdebulebebis wili ufro


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maRalia, romlis zegavleniTac aqtivebis momgebianoba 0,0039 punqtiT anu

RirebulebiT formaSi, mogeba - 3,9 TeTriT dabalia. rac Seexeba sakuTari

kapitalis aqtivobas, igi piriqiT, pirvel sawarmoSi ufro maRalia, vidre

meoreSi. ris Sedegadac momgebianoba pirvel sawarmoSi gaizarda 0,003

punqtiT.

analizis Sedegad SeiZleba davaskvnaT: pirveli sawarmos

xelmZRvanelobam unda gamoarkvios ratomaa mogebis norma maTTan dabali,

vidre meore sawarmoSi (SesaZloa es produqciis dabali xarisxiT iyos

gamowveuli) da unda SeZlos kapitalis struqturis pozitiuri cvlileba,

raTa gaizardos sakuTari kapitalis wili.

Tuki, pirveli sawarmos xelmZRvaneloba miaRwevs imas, rom mogebis norma

meore sawarmos doneze aiyvanos, maSin misi mogeba 1951 lariT gaizrdeba

(0,0155*125900). xolo, finansuri damoukideblobis koeficientis amaRlebiT

miaRwevs mogebis gadidebas 897 lariT. sul, mogebis zrdis rezervi pirvel

sawarmoSi, meoresTan SedarebiT aris 4462 lari. sakuTari kapitalis

aqtivoba ki meore sawarmom unda cados pirvelis donemde aswios, risi

gavleniTac miaRwevs mogebis gadidebas 419 lariT (0,0039*107400). amdenad,

sawarmoTaSoriso analizi mogebis zrdis damatebiTi rezervebis gamovlenis

saSualebas iZleva.

aseve, sawarmoTaSoriso analizis dros did efeqts iZleva calkeuli

saxis produqciis rentebelobis Sedareba. sawarmoTaSoriso analizi

gansakuTrebiT efeqturad SeiZleba gamoyenebul iqnes erTi korporaciis

SigniT, romelSic mravali erTgvarovani sawarmoa gaerTianebuli, radgan am

SemTxvevaSi, mmarTvelobas informaciis mopovebis SesaZlebloba meti aqvs

da dainteresebulia mowinave sawarmos gamocdilebebi yvela mis sawarmoSi

gaavrcelos.

sxvadasxvagvarovan sawarmoebs Soris Sesadarisi maCveneblebis raodenoba

minimaluria, radgan, isini fondtevadobiT, SromatevadobiT da

rentabelobiT bunebrivad gansxavavdebian erTmaneTisagan. magaliTad,

manqanTmSenebeli qarxnis, puris qarxnis, Rvinis qarxnis, fexsacmlis

fabrikis da Cais fabrikebis momgebianobis maCveneblebs Soris gadaxrebi

ver upasuxebs kiTxvas: romeli ufro ukeTesi efeqtianobiT muSaobs. aseT

sawarmoebs Soris SedarebiTi daxasiaTebisaTvis, SeiZleba warmatebiT iqnes

gamoyenebuli Semdegi maCvenebelebis Sedareba: finansuri leveriji (aqtivebi

/ sakuTar kaptalTan) riskebis SedarebisaTvis, muSakTa denadoba, saSualo

xelfasi, ekologiuri garemos dacvis da socialur programebSi

monawileobis koeficientebi. marTvis xarisxis done – mmarTvelobiTi

xarjebis wili SemosavlebSi, muSakTa stimulirebis koeficienti, imiji da

sxva msgavsi.

muSakTaAstimulirebis koeficienti = stimulirebis rezervi / wminda mogeba.


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363

socialuri pasuxismgeblobis koeficienti =

= socialur RonisZiebebze gaweuli xarjebi / wminda mogeba

momgebianobis zrdasTan erTad, muSakTaA stimulireba unda izrdebodes.

Aam maCveneblis variaciis koeficienti ganvlili ramdenime wlis

periodisaTvis, upasuxebs kiTxvaze, Tu ramdenad gaazrebuli aqvT

mesakuTreebsa da mmarTvelebs dasaqmebulTa stimulirebis aucilebloba.

maSasadame, ramdenad humanuri da progresulia `biznesis cnobiereba~.

kiTxvebi TviTSemowmebisaTvis: 1. ra aris sawarmoTaSoriso analizis mizani; 2. romeli sawarmoebi iTvleba erTgvarovan sawarmoebad; 3. CamoTvaleT sawarmoTaSoriso analizis Catarebis etapebi. 4. ras niSnavs ekonomikuri maCveneblebis Sesadarisoba

t e s t e b i 1. erT-erT sawarmoSi Semosavali realizaciidan 34 mln da meore sawarmoSi 56 mln laria. aqtivvebis momgebianoba pirvelSi 22% da meoreSi 17%-ia. romeli sawarmo muSaobs ufro efeqtianad? a. pirveli b. meore g. arcerTi pasuxi araa swori 2. ori erTgvarovani samrewvelo sawarmos Sesaxeb cnobilia, rom maTi aqtivebi 89700 da 134600 laria. wminda mogeba Sesabamisad 5800 da 7900 laria. xolo sakuTari kapitali pirvel sawarmoSi 65000 l da meoreSi 57000 l. meore sawarmos sakuTari kapitalis koncentraciis koeficienti aris: a. 72 5% b. 63,5% g. 42,3% 3. romeli tipis sawarmoebs Soris SeiZleba Catardes momgebianobis maCveneblis gadaxris faqtoruli analizi: a. msgavs sawarmoebs Soris b. erTgvarovan sawarmoebs Soris g. gansxvavebuli dargis sawarmoebs Soris 4. romeli tipis sawarmoebs Soris SeiZleba Catardes saprocento xarjebis uzrunvelyofis koeficientis gadaxris sawarmoTaSoriso analizi: a. erTgvarovan sawarmoebs Soris b. msgavs sawarmoebs Soris g. nebismieri dargis sawarmoebs Soris 5. sawarmos saaqcio kapitali Seadgens 456 aTas lars, meore sawarmoSi 789 aT. laria. wminda mogeba aris pirvelSi 55 aT. l da meoreSi 71 aT, l. romel sawarmoSia xelsayreli investiciebis dabandeba: a. romelSic aqtivebis momgebianoba ufro maRalia b. romelSic saaqcio kapitalis ukugeba ufro maRalia g. sadaca saaqcio kapitalis xvedriTi wili aqtivebSi, ufro maRalia


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364

a m o c a n e b i amocana 17.1. ori erTgavrovan sawarmos Sesaxeb arsebobs Semdegi informacia:

maCveneblebi I sawarmo

II sawarmo

gadaxra ( I – II )

finansuri leveriji (aqtivebi/sakuT. kapi talTan) masze moqmedi faqtorebi: I. aqtivebis damagrebis koeficienti II. Semosavali erT lar mogebaze III. avansirebuli sakuTari kapitali erT lar mogebaze

1,833 2,037 4.1538 4,6154

1,875 1,7647 4,25 4,0

_0,042 + 0,2723 _ 0,0962 + 0,6154

moTxovna: 1. gazomeT finansuri leverijis gadaxraze moqmedi faqtorebis gavlena

jaWvuri Casmis xerxiT, faqtorTaA dakavSirebis Semdegi modelis safuZvelze:

finansuri leveriji = aqtivebs damagrebis koeficienti * Semosvali 1 l mogebaze : avansirebuli sakuT. kapitali 1 l mogebaze

2. axseniT, ra unda gaiTvaliswinos pirveli sawarmos menejmentma meore sawarmosTan SedarebiT.

amocana 17.2. cnobilia sami sxvadsxva sawarmos sainvesticio proeqtis mosalodneli fuladi nakadebi: I sawarmo II sawarmo III sawarmo diskontirebis koeficientebi sawyisi investicia (90000) (80000) (77000) I w 30 000 20 000 25 000 0,9091 II w 34 000 40 000 30 000 0,8264 III w 28 000 30 000 25 000 0,7513 IV w 20 000 30 000 15 000 0,6830 V w (9 000) (15 000) (10 000) 0,6209 moTxovna: romel proeqtSi moaxdendiT investirebas da ratom?

amocana 17.3. erT-erTma Rvinis kompaniis menejmentma safondo birJidan moipova saWiro informacia kompaniis Sesaxeb da atarebs SedarebiT analizs. es informacia Semdegia: I sawarmo II sawarmo wminda mogeba (l) 65000 94000 privileg. aqciebis dvidendi (l) 27000 30000 Cveulebr. aqciebis saS. Sew. ricxvi (cali) 2100 3200 1 cv. aqciis sabazro fasi (l) 25 28 moTxovna: gamoTvaleT Semosavali da dividendi erT aqciaze orive sawarmoSi;


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365

2. gazomeT pirveli sawarmos erTi aqciis fasis koefcinetis, meore sawarmos igive koeficintidan gadaxraze moqmedi faqtorebi Semdegi modelis safuZvelze: erTi aqciis fasis koeficienti = aqciis sabazro fasi / Semosavali erT aqciaze = wminda mogeba – privilege. aqciis dividendi = 1 aqciis sabazro fasi : -------------------------------------------------------------------------------- Cv. aqciebis saS. Sew. ricxvi

testebis pasuxebi Tavi 1. 1 - b 2 - g 3 - a 4 - g 5 - g 6 - g 7 - g 8 - b 9 - a 10 - a . 11 - g 12 - b 13 - a 14 - g 15 - a 16 - b 17 -g 18 -b 19 - a 20 - b Tavi 2

1 - g 2 - b 3 - b 4 - a 5 - b 6 - a 7 - g 8 - a 9 - b 10 - b

.Tavi 3

1 - a 2 - g 3 - a 4 - b 5 - g 6 - a 7 - b 8 - a 9 - g 10 - g

Tavi 4

1 - g 2 - a 3 - b 4 - a 5 - a 6 - a 7 - g 8 - b 9 - g 10 - b

Tavi 5

1 – b B

2 - g 3 - b 4 - b 5 - a 6 - b 7 - a 8 - g 9 - a 10 - a

Tavi 6

1 - b 2 - a 3 - a 4 - a 5 -b 6 - b 7 - g 8 - b 9 - a 10 - a

Tavi 7 1 - b 2 - g 3 - a A

4 - b 5 - a 6 - b 7 - g 8 - b 9 - a 10 - a

Tavi 8 1 - b 2 - g 3 - a B

4 - a 5 - a 6 - b 7 - a 8 - b 9 - a 10 - b

11- g 12- a 13- a 14- b 15- g 16 _g 17 _b 18 _g 19 _g 20 _b Tavi 9 1 - g 2 - b 3 - b 4 - b 5 - a 6 - a 7 - g 8 - a 9 - b 10 - a 11 - g 12 - b 13 - a 14 - b 15 - b _ _ _ _ _ Tavi 10

1 - a 2 -g A 3 - b 4 - a 5 - b 6 - b 7 - a 8 - b 9 - g 10 - b

Tavi 11

1 - b 2 - a 3 - g 4 - g 5 - b 6 - b 7 - a 8 - g 9 - g 10 - a

Tavi 12

1 - a 2 - b 3 - g 4 - b 5 - b 6 - a 7 - a 8 - b 9 -b 10 – a

Tavi 13

1 -b 2 - a 3 - a 4 - b 5 – b

Tavi 14

1 - b 2 -b 3 - g 4 - b 5 - a 6 - a 7 - b 8 - b 9 - g 10 – g

Tavi 15

1 - g 2 - b 3 - b 4 - g 5 – a

Tavi 16

1 - b 2 - b 3 - g 4 - a 5 - b 6 - g 7 - a 8 - b 9 - g 10 – a

Tavi 17

1 - a 2 - g 3 - b 4 - g 5 - b


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366

amocanebis amoxsna

Tavi 1. Efinansuri analizis sagani da meTodi amoxsna 1.1. gamoTvla jaWvuri Casmis xersiT: I mwkrivi = 40 * 100 * 7 * 30 = 840 000 l II mwkrivi = 45 * 100 * 7 * 30 = 945 000 l muSaTa ricxvis cvlilebis gavlena = 945000 – 840000 = + 105 000 l III mwkrivi = 45 * 104 * 7 * 30 = 982 800 l namuSevari dReebis cvlilebis gavlena = 982800 – 945000 = + 37 800 l IV mwkrivi = 45 * 104 * 7,5 * 30 = 1 053 000 l dRis xangrZliobis cvlilebis gavlena = 1053000 _ 982800 = + 70 200 l V mwkrivi = 45 * 104 * 7,5 * 27 = 947 700 l Sromisnayofierebis cvlilebis gavlena = 947700 – 1053000 = _ 105300 l ------------------------ + 107700 Ddaskvna: rogorc gaangariSebam aCvena, saanalizo sawarmoSi gamoSvebuli produqciis moculobaze, gamokvleuli faqtorebidan, dadebiTi gavlena moaxdina samma faqtorma. xolo Sromisnayofierbis Semcirebam saaTSi 3 lariT, produqciis mosalodneli gamoSveba Seamcira 105300 lariT, rac produqciis zrdis rezervs warmoadgens. rekomendacia: sawarmos xelmZRvabelobam unda ganaxorcielos Sromisnayofierebis amaRlebis RonisZiebebi. gaangariSeba absoluturi sxvaobis xerxiT: muSaTa ricxvis cvlilebis gavlena = (+5) * 100 * 7 * 30 = + 105000 namuSevari dReebis cvlilebis gavlena = 45 * (+4) * 7 * 30 = + 37800 dRis xangrZliobis cvlilebis gavlena = 45 * 104 * (+0.5) * 30 = + 70200 Sromisnayofierebis cvlilebis gavlena = 45 * 104 * 7,5 * (_ 3) = _ 105300 -------------------- +107700 amoxsan 1.2. Ppasuxi: X y x2

1 40 1600 2 46 2116 3 50 2500 4 57 3249 5 52 2704 6 62 3844 7 60 3600 8 54 2916 9 59 3481 10 63 3969 ------- ----------- ------------ jami∑ 543 29979


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367

saSualo ariTmetikuli = 543/10 = 54.3 saS.kv.gadaxra = (29979/10 – 54,32)1/2 = (2997,9 – 2948,49)1/2 = 7,03 variaciis koeficienti = (7.03 * 100%) / 54,3 = 12,95%. maSasadame, ZiriTadi saSualebebis ukugebis maCvenebeli aTwlian periodSi, saSaulodan daaxloebiT 13%-iT meryeobda. rac imas niSnavs, rom igi odnav arastabilurobiT xasiaTdeboda. amoxsan 1.3. pasuxi: x f (sixSire) f * x x2 f * x2 30 4 120 900 3600 40 0 0 1600 0 50 10 500 2500 25000 60 15 900 3600 54000 70 9 630 4900 44100 80 7 560 6400 44800 90 5 450 8100 40500 100 2 200 10000 20000 -------- ------- ---------- ----------- ------------- jami ∑ 520 52 3360 38000 232000 roca mocemulia sixSireebi, maSin saSualo kvadratuli gadaxra gamoiTvleba Semdegnairad: saSualo Sewonili ariTmetikuli = 3360/52 = 64,62 lari saS.kvadr.gadaxra = (232000/52 – (3360/52)2 )1/2 = (4461,54 – 4175,74)1/2 = 16,91 lari variaciis koeficienti = (16,91 * 100%) / 64,62 = 26,2 % , rac imas miuTiTebs, rom yovelkvireuli gayidvebi sakmaod arastabiluri iyo. rogorc wesi, gayidvebis arastabiluroba mogebis danakargebs iwvevs. amoxsna 1.4. gaurkvevlobis pirobebSi, mosalodneli ukugebis gamosaTvlelad maTematikuri lodinis formula gamoiyeneba. maTematikuri lodini = 48600 * 0,20 – 12000 * 0,15 + 34600 * 0,30 + 25400 * 0,42 = = 9720 – 1800 + 10380 + 10668 = 28968 lari

amoxsna 1.5. pirvel rigSi gamovyoT damoukidebeli da damokidebuli cvladebi, mocemul maCveneblebs Soris. vinaidan,Pproduqciis moculobis cvlilebaze gavlenas axdens Sromisnayofireba, amitom igi aris damoukidebeli cvladi (x). xolo, produqciis moculoba – damokidebuli cvladia (y). vawarmooT Sesabamisi gaangariSebebi. wlebi x y x2 y2 x * y 2008 0,1 25,4 0,01 645,16 2,54 2009 0,8 30,1 0,64 906,01 24,08 2010 0,6 28,0 0,36 784,0 16,8 2011 0,4 24,2 0,16 585,64 9,68 2012 0,8 30,3 0,64 918,09 24,24 --------- ------- -------- -------- ----------- ---------- ∑ 2,7 138,0 1,81 3838,9 77,34


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368

5 * 77,34 _ 2,7 * 138 r = ---------------------------------------------------------------- = 0,8663 {(5 * 1,81 - 2,72 ) * (5 * 3838,9 – 1382 )}1/2

D D= 0,86632 = 0,7505 anu 75,05% Aamrigad, korelaciis koeficinti axlosaa erTTan, rac imas niSnavs, rom kavSiri Sromisnayofierebasa da produqciis maCvenebels Soris sakmaod maRalia. determinaciis koeficientis Tanaxmad ki, ganvlili xuTi wlis ganmavlobaSi produqciis gamoSvebis cvlilebis 75,05% Sromisnayofierebis cvlilebiT iyo gamowveuli.

amoxsna 1.6. 2014 wlis fasiT zrdis tempis 2017 wlis fasiT zrdis tempis % % 2014 234 * 46 = 10764 100 234 * 56 = 13 104 100 2015 260 * 46 = 11 960 111 260 * 56 = 14 560 111 2016 260 * 46 = 11 960 111 260 * 56 = 14 560 111 2017 280 * 46 = 12 880 120 280 * 56 = 15 680 120 komentari: rogorc gaangariSebebidan Cans, produqciis moculoba gadayvanil

iqneba sabaziso 2014 wlis Tu mimdinare 2017 wlis fasebSi, zrdis tempebi erTnairi ineba da orive midgoma warmoebis realur zrdas asaxavs.

amoxsna 1.7.

wlebi cali % erTeulis inflaciis deflaciis fasi (l) koeficienti koeficienti 2014 234 46 46/46 = 1.0 46/46 = 1 2015 260 49 49/46 = 1.0652 46/49 = 0.9387 2026 260 54 54/46 = 1.1739 46/54 = 0.8518 2017 280 56 56/46 = 1.2173 46/56 = 0.8214 amoxsna. 1.8. lari inflaciis produqcia deflaciis produqcia koeficienti 2014 w fasiT koeficienti 2014 w. fasiT 2014 10 764 1 10764 / 1 = 10 764 1 10764 * 1 = 10764 2015 12 740 1,0652 12740 / 1,0652 = 11 960 0,9387 12740 * 0,9387 = 11960 2016 14 040 1,1739 14040 / 1,1739 = 11 960 0,8518 14040 * 0,8518 = 11960 2017 15 680 1,2173 15680 / 1,2173 = 12 880 0,8214 15680 * 0,8214 = 12880 komentari: amrigad, inflaciisa da deflaciis koeficientebis gamoyeneba erTi da igive Sedegebs iZleva.

Tavi 2. Ffinansuri angariSgebis mizani da analizis

meTodebi amoxsna 2.1. a. Semosavali realizaciidan 67 000 realizebuli saqonlis TviTRirebuleba (45 000) (6000+43000_4000)


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369

---------------------------------------------------- -------------- Mmogeba realizaciidan 22 000 saerTo-administraciuli xarjebi (11 000) saprocento xarjebi (3 000) ---------------------------------------------------- -------------- Mmogeba dabegvramde 8000 b. aqtivis jami = 15600 + 4000 + 38000 + 25000 = 82 600 l g. sabalanso toloba: 82600 = 35000 + 39600 + 8000 82600 = 82600

amoxsna 2.2. 1. Semosavali realizaciidan 57 800 realizebuli produqciis TviTRirebuleba (35 900) komerciuli xarjebi ------------------------------------- (7 600) saerTo administraciuli xarjebi --------------- (9 200) cveTis xarji -------------------------------------------------- 10 400 ------------------------------------------------------------------------------------- mogeba sabrunav saSualebebSi cvilebamde 15 500 2. mogeba sabrunav saSualebebSi cvlilebamde -------- 15 500 materialuri maragebis naSTebis Semcireba ---------- 1 500 moTxovnebis naSTebis zrda -------------------------------------- (4 500) valdebulebebis naSTebis zrda --------------------------- 3 600 ------------------------------------------------------------------------------------------------ saoperacio saqmianobidan miRebuli fuli 16 100 amoxsna 2.3. 1. myidvelebidan miRebuli fuli ----------------- 130 000 momwodeblebze gadaxdili fuli -------------- (56 000) gacemuli xelfasebi ---------------------------------- (36 700) ----------------------------------------------------------------------------- saoperacio saqmianobidan miRebuli fuli 37 300 gadaxdili mogebis gadasaxada -------- (7 800) gadaxdili procentebi ----------------------- (5 400) gadaxdili dividendi ------------------------ (16 000) ----------------------------------------------------------------------------- wminda fuladi nakadi saoperacio saqmianobidan 8 100

amoxsna 2.4 sakuTari kapitalissaerTo zrda 1500 saaqcio kapitalis zrda (1600) saemisio kapitalis zrda (400) gadafasebis rezervis Semcireba 1300 daricxuli dividendi 3000 ------------------------------------------- mogeba dabegvramde 3800 aT.l


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370

Tavi 3. buRaltruli balansis analizis meTodika

amoxsna 3.1. 1. sakuTari kapitali wlis bolos = wminda mimdinare aqtivebi + grZelvadiani aqtivebi – grZelvadiani sesxebi; 75900 = (45000 – 32900) + 83800 – 20000 = 12100 + 83800 – 20000 821000 = (46700 – 31000) + 87400 – 21000 = 15700 + 87400 – 21000 2. Ffulis naSTis cvlileba = valdebulebebis cvlileba _ arafuladi

aqtivebis zrda + sakuTari kapitalis zrda (12700 -10900) = 1800 = - 900 +3500 + 6200 = - 900 – 3500 + 6200 = + 1800 l 3. Aaqtivi wlis bolos =

= vald. + saaqcio da saemis. kap wlis bolos + sawyisi gaunaw. mogeba da rezervebi + wl.Semos. – wl.xarji - divideni 134100 = 52000 + 57000 + 16900 + 195200 – 177000 – 10000 amoxsna 3.2.

buRlatruli balansis saerTo struqtura procenulad

A a q t i v i wlis

dasawy.

wlis

bolos Pp a s i v i wlis

dasawy.

wlis

bolos

1. fulis naSTi

2. materialuri maragebi

3. moTxovna miwodebidan 4. Senobebi 5. mowyobilobebi

6. nayidi obligaciebi

--------------- jami

8,5

13,8

12,7

38,8

18,5

7,8

-------

100

9,5

14,2

11,2

38,0

18,9

8,2

------

100

1. grZelvad. sesxebi

2. moklevad. sesxebi

3.valdebuleba

mowodebidan

4.valdeb. xelfasiT

5.valdeb. biujetTan

1. saaqcio kapitali

2. saemisio kapitali

3.mogebidanSeqmnili

rezervebi

------------------------

jami

15,5

7,8

7,5

6,1

4,2

40,4

5,4

13,1

--------

100

15,7

8,9

7,5

4,5

2,2

36,5

6,0

18,7

------

100

amoxsna 3.3.

buRaltruli balansis dinamika procentulad 2013 welTanYSedarebiT

maCveneblebi 2014 2015 2016 2017

.1. grZelvadaini aqtivebi

-miwa

-Senobebi

-danadgarebi

-satransporto saSualebebi

-aveji da inventari

---------------------------------

jami

100

100

104

100

100

101

115

111

104

103

100

106

115

111

108

103

100

111

128

123

108

103

147

116


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371

Tavi 4. mogeba /-zaralis angariSgebis analizi

amoxsna 4.1. mogeba/zaralis angariSgeba danaxarjTa funqciuri elementebis mxedviT Semosavali realizaciidan 670 000 realizebuli produqciis TviTRirebuleba (495 000) ---------------------------------------------------------------------------- mogeba realizaciidan 175000 komerciuli xarjebi (25000) saerTo administraciuli xarjebi (36700) ------------------------------------------------------------------------- saoperaco mogeba 113300 saprocento xarjebi (12000) saprocento Semosacavli 8000 _------------------------------------------------------------------------ wliuri mogeba (anu mogeba dabegvramde) 109300 mogebis gadasaxadi (11895)) -------------------------------------------------------------------------- wminda mogeba 97405 daricxuli dividendi 67405 reinvestirebuli mogeba 30000

amoxsna 4.2. mogeba/zaralis angariSgeba (danaxarjTaAekonomikuri elmentebis mixedviT) Semosavali realizaciidan 670000 daumTavrebeli da mza produqciis naSTebis zrda 1300 masalis xarji (219300) SromiTi xarji (160000) cvTis xarji (54800) sxva fuladi xarjebi (123900) ---------------------------------------------------------------------------------------- saoperacio mogeba 113 300 saprocento xarjebi (12000) saprocento Semosavali 8000 ----------------------------------------------------------------------------- wliuri mogeba 109300 mogebis gadasaxadi (11895) ---------------------------------------------------------------------------------- wminda mogeba 97405 daricxuli dividendi 67405 reinvestirebuli mogeba 30000


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372

amoxsna 4.3. m/z angariSgebis vertikaluri struqtura Semosavali realizaciidan 100 daumTavrebeli da mza produqciis naSTebis zrda 0,001 masalis xarji 32,7 SromiTi xarji 23,9 cvTis xarji 8,2 sxva fuladi xarjebi 18,5 ---------------------------------------------------------------------------------------- saoperacio mogeba 16,9 saprocento xarjebi 1,8 saprocento Semosavali 1,2 ----------------------------------------------------------------------------- wliuri mogeba 17,8 mogebis gadasaxadi 1,8 ---------------------------------------------------------------------------------- wminda mogeba 14,5 daricxuli dividendi 10,1 reinvestirebuli mogeba 4,5

Tavi 5. fuladi nakadebis angariSgebis analizi amoxsna 5.1.

saanalizo sawarmoSi Sesuli fuladi nakadebis struqtura



aT.l xv/w % aT.l xv/w % F I. fulis Sedineba - myidvelebidan miRebuli fuli - miRebuli procentebi - aqciebis gamoSvebidan miRebuli fuli - aRebuli sesxebi - zedmeti ZiriTadi saSualebebis gayidva ----------------------------------- Semosuli fuli sul

35 000

800

3 000

2 100

-

----------

40 900

85,6

2,0

7,3

5,1

-

------

100

32 000

700

5 000

4 000

900

---------

42 600

75,1

1,7

11,7

9,4

2,1

------

100

amoxsna 5.2. mogeba dabegvramde 9150

cveTis xarji 410 dazRvevis xarji 60 saproceno xarji 1700 saprocento Semosavali (1400) mogeba kursTaASoris sxvaobidan (50) materialuri maragebis naSTebis zrda (90) debitoruli davalianebebis naSTebis zrda (100) kreditoruli davalianebebis naSTebis zrda 80

---------------------------------------------------------- saoperacio saqmianobidan miRebuli fuli 9760 aT.l


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373

Tavi 6. sakuTari kapitalis cvlilebis

angariSgebis analizi amoxsna 6.1. aT. l xv/w %-ad saaqcio kapitali 2340 55,1 saemisio kapitali 900 21,2 ukan gamosyiduli aqciebi (23) (0,6) rezervebi mogebidan 780 18,4 gadafasebis rezervi 200 4,7 gaunawilebeli mogeba 50 1,2 -------------------------- ---------- ---------

jami 4247 100

amoxsna 6.2. sakuTari kapitalis angariSgebis dinamikis samuSao cxrili 2014 welTan SedarebiT


2014 aT.l

2015 2016 2017 aT.l % aT.l % aT.l %

saaqcio kapitali saemisio kapitali rezervebi mogebidan gadafasebis rezervi gaunawilebeli mogeba ------------------------------ jami

2340 900 780 200 40 ------ 4260

3450 1200 920 200 80 ------ 5850

147 133 118 100 200 ------- 137

4300 1300 1100 320 - -------- 7020

184 144 141 180 - ------ 165

5700 1300 1500 390 - ------ 8890

244 144 192 195 - ------ 209

Tavi 7. sawarmos qonebrivi mdgomareobis analizi amoxsna 7.1.

mimdinare aqtivebis struqtura%-ad 1. I w. xv/w % II w xv/w % III w xv/w % IV w Mmimdinare aqtivebi

fuladi Tanxebi 1500 34,9 1800 39,1 3400 50,0 2900 41,4 saqoneli 2100 48,8 1900 41.3 2200 32,4 2400 34,3 moTxovna miwodebidan 700 16,3 900 19,6 1200 17,6 1700 24,3

------------------------------- -------- ----- -------- ------- ------ -------- ------- ------- jami 4300 100 4600 100 6800 100 7000 100 mimdinare valdebulebebis dinamika %-ad 2014 welTan moklevadiani sesxebi 100 86 114 107 valdebuleba mowodebidan 100 77 90 103 gasacemi xelfasi 100 80 110 125 gadasaxdeli procenti 100 80 40 60

amrigad, valdebulebebi dabali temebiT izrdeboda., rac dadebiTi movlenaa, magram. xelfasiT valdebuleba bolo ori wlis manZilze mniSvnelovnad gazrdilia, racas yuradReba unda mieqces sawarmos menejmentis mxridan.


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2. I w II w III w IV w sakuTari sabrunavi saxsrebi _1100 280 1760 1500 daskvana: rogorc gaangariSebebma aCvena, pirvel wels sawarmos gaaCnda sakuTari sabrunavi saxsrebis deficiti. Mmomdevno wlebSi mdgomareoba gaumjobesda. amoxsna 7.2. jer gamovTvaloT sabalanso anu naSTobrivi Rirebuleba: I wels = 20000 _ 8600 =11400 II wels = 23500 _ 10000 = 13500 Kkoeficientebis gaangariSeba: I w II w gadaxra cveTis koeficienti _ 8600 / 20000 = 0,43 10000 / 23500 = 0,426 -0.004 vargisianobis koeficienti _ 11400 / 20000 = 0,57 13500 / 23500 = 0,574 +0,004 daskvna: mimdinare wels cveTis koeficienti Semcirda wina welTan SedarebiT, rac imaze metyvelebs, rom ZiriTadi saSualebebis ganaxleba moxda da Sesabamisad, vargisianobis koeficienti gaizarda. rogorc wesi, cveTisa da vargisianobis koeficientebis jami yovelTvis erTis tolia.

Tavi 8. sawarmos gadaxdisunarianobisa da finansuri stabilurobis analizi amoxsna 8.1. wlis dasawyisSi wlis bolos gadaxra sss = 45000 – 31400 = 13 600 46200 – 33100 = 13100 - 500 materialuri maragebis dafarvis koeficienti 0,727 0,645 - 0,082 maragebis dafarvis koeficienti sakuTari sabrunavi saxsrebiT wlis bolos gauaresda. Ffinansuri stabilurobis utoloba:

wlis daswyisSi: sss (13600) < mater, maragi (18700) < `normaluri~ wyaroebi

(15400+13600)

wlis bolos: 13100 (sss) < mater. maragi (20300) < 21900 + 13100 (`normaluri~ wyaroebi) maSasadame, wlis dasawyisSi და wlis bolos normaluri finansur mdgomareoba arsebobs.

amoxsna 8.2.O vinaidan, Tanafardoba sakuTar da mozidul kapitals Soris gavlenas axdens saprocento xarjis sididesa da mis uzrunvelyofaze, amitom pirveli


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koeficienti aRvniSnoT x –iT da meore - y- iT. Semdeg gamovTvaloT saWiro mwkrivebi: wlebi x y x * y x2 y2 2005 2,0 5.0 10,0 4 25,0 2006 1,9 5,9 11,21 3,61 34,81 2007 2,2 6,4 14,08 4,84 40,96 2008 2,3 7,8 17,94 5,29 60,84 2009 2,0 9,0 18,0 4 81,0 2010 2,5 10,0 25,0 6,25 100,0 2011 2,7 11,5 31,05 7,29 132,25 --------- --------- -------- ------------ --------- ----------- ∑ 15,6 55,6 127,28 35,28 474,86 saSualo ariTmetikuli 2,229 7,943 rogorc motanili maCveneblebis dakvirvebidan sCans, aRebuli Svidi wlis ganmavlobaSi sakuTari kapitalis fardoba izrdeboda mozidul kapitalTan SedarebiT da Sesabamisad izrdeboda procentis uzrunvelyofis donec. Tu rogori iyo mocemuli maCveneblebis meryeobis xarisxi dinamikaSi, variaciis koeficientis meSveobiT davaxasiaToT.

1. sakuTari da moziduli kapitalis Tanafardobis koeficientisaTvis, saSualo kvadratuli gadaxra = (35,28 / 7 _ 2,2292)1/2 = 0,268 variaciis koeficienti (V) = (0,268 * 100) / 2,229 = 12,02 %

2. procentis uzrunvelyofis koeficientisaTvis, saSaualo kvadratuli gadaxra = (474,86 / 7 _ 7,9432 )1/2 = 2,178 V = (2.178 * 100) / 7,943 = 27,42 %

3. axla gamovTvaloT korelaciis koficienti. saTanado formulaSi mniSvnelobebis Casmisa da gamoTvlis Semdeg miviRebT:

r = 0,815 vinaidan variaciis koeficenti axlosaa erTTan, maSasadame kavSiri

saanalizo maCveneblebs Soris Zalian maRalia.

Ddeterminaciis koeficineti (D) = 0,8152 = 0,664 anu 66,4 %

maSasadame, sakvlev Svidwlian periodSi, procentis uzrunvelyofis

koeficientis cvlilebis 66,4% gamowveuli iyo kapitalis anu dafinansebis

wyaroebis struqturuli cvlilebiT.

Tavi 9. moTxovnebisa da valdebulebebis analizi amoxsna 9.1. 1. wina weli mimdinare weli gadaxra

debitoruli davalianebebis:

a. dafarvis periodi 40,6 52,1 + 11,5 (3200 * 365) / 28800

b. dafarvis ricxvi 9 7 - 2 (365/40,6) gamoTvlebidan Cans, rom debitoruli davalianebebis dafarvis periodi 11,5 dRiT gaizarda anu dafarvis ricxvi weliwadSi orjer Semcirda, rac uaryofiT movlenas warmoadgens. mimdinare wels debitorebisagan valebis dafarvis procesi Senelda wina welTan SedarebiT. yovelive amis Sedegad,


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debitorul davalianebebis naSTi wina welTan SedarebiT 1000 lariT gaizarda. gavzomoT debitoruli davalainebebis naSTebis gadaxraze moqmedi faqtorebi: I gaangariSeba: 28800 : 9 = 3200 II gaangariSeba: 29400 : 9 = 3267 kreditiT gayidvebis cvlilebis gavlena = 3267 – 3200 = + 67 l III gaangariSeba: 29400 : 7 = 4200 Ddebitoruli davalianebebis dafarvis ricxvis cvlilebis gavlena = = 4200 – 3267 = + 933 l Oorive faqtoris gavlenis algebruli jami saerTo gadaxris tolia: + 67 + 933 = + 1000 amoxsna 9.2. 1. wina weli mimdinare weli gadaxra kreditoruli davalianebebis:

a. dafarvis periodi 135 104 _ 31 (5400 * 365) / 14580

b. dafarvis ricxvi 2,7 3,5 + 0,8 (365 / 135) gamoTvlebidan Cans, rom Tuki wina wels, sawarmo kreditoruli davalianebebis dafarvas, misi warmoSobis dRidan, saSualod 135 dRes andomebda. mimdinare wels 104 dRe Wirdeboda. rogorc Cans misi gadaxdisunarianoba gaumjobesda, ris Sedegadac savaWro valdebulebebi naSTi imave wina welTan SedarebiT 700 lariT Semcirda. 2. gavzomoT kreditoruli davalianebebis naSTebis gadaxraze (-700) moqmedi ori faqtoris gavlena: I gaangariSeba: 14580 : 2,7 = 5400 II gaangariSeba: 16450 : 2,7 = 6093 kreditiT Sesyidvebis cvlilebis gavlena = 6093 – 5400 = + 693 l III gaangariSeba: 16450 : 3,5 = 4700 Kkreditoruli davalianebebis gadaxdis ricxvis cvlilebis gavlena = = 4700 – 6093 = - 1393 l maSasadame, kreditiT Sesyidvebis zrdam, kreditoruli davalianebebis mosalodneli naSTi gazarda 693 lariT, rac obieqtur mizezad iTvleba. xolo, valdebulebebis gadaxdis ricxvis 0,8 – jer zrdam valdebulebebis naSTebi 1393 lariT Seamcira, rac dadebiT movlenas warmoadgens. amoxsna 9.3. samuSao kapitalis dafinansebis periodi = 3,5 + 2,5 _ 2 = 4 Tve maSasadame, samuSao kapitals Wirdeba oTxi TviT dafinanseba, romelic SeiZleba sakuTari kapitalis xarjze moxdes. amoxsna 9.4. danaxarji faqtoruli kompaniis gamoyenebaze:

gadasaxdeli sargebeli [(480000 -14000] * 1,8% = 8388 l danakargi gayidvebis Semcirebidan = 13720 (14000 – 280( uimedo vali 2%) ---------------------------------------------------------------------------------- jamuri danaxarji faqtoruli komp. gamoyenebidan 22108


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sargebeli faqtoruli kompaniis gamoyenebidan: ekonomia administraciul xarjebSi 13000 uimedo davalianebebis Semcireba 9320 (80000*12/2 – 14000) *2% --------------------------------------------------------------------------------------- sul sargebeli 22320 rogorc gaangariSebebma aCvena, faqtoruli kompaniis momsaxurebis gamoyeneba gamarTlebulia. amoxsna 9.5. saWiroa Semdegi gamoTvlebi: 1. damatebiTi gayidvebidan mosalodneli zRvruli mogebis gamoTvla c/s = 10/32 = 0,3125 damatebiTi zRvruli mogeba = 150 000 * 0,3125 = 46875 l 2. damatebiTi debitoruli davalianebis naSTi = 150000 * 30/365 = 12329 l 3. uimedo debitoruli davalanebebis zrda = 150000 * 4% = 6000 l 4. debitoruli davalianebis naSTis dafinansebis xarji 12329 * 10% = 1233 l 5. gayidvebis gazrdis mosalodneli efeqti (m/z): damatebiTi zRvruli mogeba 46875 damatebiTi xarjebi: uimedo debit. xarji (6000) debit. dav. naSTis dafinanseba (1233) ------------------------------------------ zRvruli mogeba (zarali) 39642 amoxsna 9.6. C kategoria D kategoria 1. zRvruli mogebis gamoTvla damatebiTi gayidvebidan: damatebiTi gayidvebi 500000-is 40% = 200000 da 500000-is 60% = 300000 zRvruli mogeba damatebiTi gayidvidan 200 000 * 1/5 = 40 000 da 300 000 * 1/5 = 60000 2. damatebiTi debitoruli dav-is naSTebi 200 000 * 30 dRe/365 = 16438 da 300 000 * 40/365 = 32877 3. uimedo valebi 200 000-is 5% = 10 000 da 300 000-is 9% = 27 000 4. debitorebis dafinansebis xarjebi = 16438-is 12% = 1973 32877-is 12% = 3945 5. mosalodneli finansuri Sedegi: damatebiTi zRvruli mogeba 40 000 60 000 damatebiTi danaxarjebi: uimedo valebi (10000) (27000) debitorebis dafinansebis xarjebi (1973) (3945) ------------------------------------ --------------- ------------------- Sedegi: mogeba (an zarali) 28027 29055


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Tavi 10. sakuTari kapitalis analizi amoxsna 10.1. M mocemuli maCveneblebidan, leverijis koeficienti gavlenas axdens sawarmos damokidebulebis xarisxze. maSasadame, pirveli damoukidebeli cvladia (x) da meore damokidebuli cvladi (y). gavixsenoT korelaciis koeficientis formula da gavakeToT Sesabamisi gamoTvlebi: wlebi x y x * y x2 y2

2007 1,28 2,28 2,9184 1,6384 5,1984 2008 0,80 1,80 1,4400 0,6400 3,2400 2009 0,84 1,84 1,5456 0,7056 3,3856 2010 0,91 1,91 1,7381 0,8281 3,6481 2011 0,87 1,87 1,6269 0,7569 3,4969 ------ ------ ------- ---------- ----------- ----------- ∑ 4,7 9,7 9,269 4,569 18,969 rogorc vxedavT, dinamikaSi leverijis koeficienti Semcirebis tendenciis xasiaTdeboda, ris Sedegadac finansuri damokidebulebis koeficientsac Semcirebis tendecia gaaCnia, rac dadebiT movlenad iTvleba. maT Soris kavSiris xarisxis gasazomad, gamovTvaloT korelaciis koeficienti, romlis formula mocemulia saxelmZRvanelos meore TavSi (gamocdaze korelaciis koeficientis formula mocemuli geqnebaT). 5 * 9,269 - 4,7 * 9,7 0,755 r = --------------------------------------------------------------------- = ------------ = 1 [(5 * 4,569 – 22,09) * (5 * 18,969 – 94,09)]1/2 0,755 roca korelaciis koficienti erTis tolia, niSnavs, rom maCveneblebs Soris arsebobs sruli dadebiTi korelacia anu leverijis anu valdebulebebis sakuTar kapitalTan fardobis koeficientis zrda niSnavs finansuri riskebis zrdas da sawarmos sxvaze damokidebulebis xarisxic izrdeba. Ddeterminaciis koeficenti(D) = 12 = 1 anu 100%. maSasadame, aRebuli periodis ganmavlobaSi, sawarmos finansuri damokidebulebis koeficientis cvlilebis 100% gamowveuli iyo leverijis koeficientis (mocemul SemTxvevaSi, valdebulebebiT sakuTari kapitalis datvirTvis koeficientis) cvlilebiT. amoxsna 10.2. . M mocemul SemTxvevaSi damoukidebli cvladia sakuTari kapitalis rentabeloba, romelic gavlenas axdens sakuTari kapitalis gamosyidvis periodze. Catardeba Sesabamis gaangariSebebi: wlebi x y x2 y2 x * y 2007 0,98 1,02 0,9604 1,0404 0,9996 2008 0,79 1,27 0,6241 1,6129 1,0033 2009 0,79 1,27 0 ,6241 1,6129 1,0033 2010 0,82 1,22 0,6724 1,4884 1,0004 2011 0,59 1,67 0,3481 2,7889 0,9853 -------- --------- -------- ---------- ---------- ---------- ∑ 3,97 6,45 3,2291 8,5435 4,9919


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Sesabamisi mniSvnelobebis korelaciis koeficientis formulaSi Casmis Semdeg miiReba: 4 * 4,9919 – 3,87 * 6,45 _ 0,647 r = --------------------------------------------------------------------------- = --------------- = _ 0,988 [(5 * 3,2291 – 15,7609) * (5 * 8,5435 – 41,6)]1/2 0,655 rogorc gaangariSebam aCvena, korelaciis koeficineti Zalian axlosaa

erTTan da Tan uaryofiTi niSani aqvs. Ees niSnavs, rom saanazo maCveneblebs

Soris maRali da uaryofiTi korelacia arsebobs. marTlac, sakuTari

kapitalis rentabelobis zrda amcirebs kapitalis gamosyidvis periods

(xangrZliobas).

Ddeterminaciis koeficienti = (- 0,988)2 = 0,976 anu 97,6%;

amrigad, sakvlev periodSi – 2007-2011 wlebis ganmavlobaSi sakuTari

kapitalis gamosyidvis periodis maCveneblis cvlilebis 97,6% gamowveuli iyo

sakuTari kapitalis momgebianobis cvlilebiT.

amoxsna 10.3. jer gamoiTvleba saaqcio kapitalis faqtoruli dakavSirebis mwkrivSi Setanili koeficientebi. wina wels mimdinare wels gadaxra

ROE 1,208 1,195 - 0,013 Mmoqmedi faqtorebi: I. wm. mogeba/mogeba dabegramde 0,82 0,82 0 II. mogeba dabegvramde/mogeba %-mde 0,9286 0,9149 - 0,0137 III. mogeba %-mde/wliuri Semosavali 0,1489 0,1463 - 0,0026 IV. wliuri Semosavali/aqtivebi 3,7888 2,8917 - 0,8971 V. aqtivebi/saaqcio kapitali 2,8129 3,7656 + 0,9527 axla faqtorebis gavlenis gazomva moxdeba absoluturi sxvaobis xerxiT, radgan mwkrivSi mxolod gamravlebis moqmedebebia da aucilebeli araa jaWvuri Casmis xerxis gamoyeneba. pirveli faqtoris gavlena = 0 * 0,9286 * 0,1489 * 3,7888 * 2,8129 = 0

meore faqtoris gavlena = 0,82 * (- 0,0137) * 0,1489 * 3,7888 * 2,8129 = - 0,018

mesame faqtoris gavlena = 0,82 * 0,9149 * (- 0,0026) * 3,7888 * 2,8129 = - 0,020

meoTxe faqtoris gavlena = 0,82 * 0,9149 * 0,1463 * (- 0,8971) * 2,8129 = - 0,277

mexuTe faqtoris gavlena = 0,82 * 0,9149 * 0,1463 * 2,8917 * (+0,9527) = + 0,302

--------------------------------------------- ------------------

Yyvela faqtoris gavlenis jami - 0,013

Ddaskvna: rogorc gaangariSebebma aCvena, saanalizo kompaniaSi sakuTari kapitalis

ukugeba wina welTan SedarebiT, Semcirda 0,013 punqtiT. diuponTis formuliT

gavzomeT xuTi faqtor-maCveneblis cvlilebis gavlena sakuTari kapitalis

ukugebaze. pirveli faqtori ar Secvlila da gavlena nulis tolia. samma

faqtorma uaryofiTi gavlena moaxdina. xolo, mexuTe faqtor-maCvenebeli:

aqtivebis fardoba saaqcio kapitalTan _ gaizarda wina welTan SedarebiT

0,9527 punqtiT anu mimdinare wels saaqcio kapitalSi avansirebul yovel erT

lars moqmedebaSi mohyavda 0,9527 lariT meti aqtivi (resursi), vidre wina


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wels, ris Sedegadac saaqcio kapitalis mosalodneli ukugeba gaizarda 0,302

punqtiT.

xuTive faqtoris gavlenis algebruli jami, saaqcio kapitalis ukugebis

saerTo gadaxras (-0.013) unda udrides.

amoxsna 10.4. (15000 * 12) + (15000 : 6) * 8 1 aqciis Teoriuli Rirebuleba = ------------------------------------------------ = 15000 + (15000 : 6) 180000 + 20000 = ----------------------------- = 11,43 l

17500 cali amoxssna 10.5.

1. rogorc cnobilia, aqciebis gamoSvebis mizniT, kompania cdilobs

miaRwios registracias safondo birJaze, vinaidan, registrirebuli

organizaciebi xSirad aRiqmebian, rogorc finansurad Zlier da maRali

kredtirunarianobis mqone organizaciebad. isini, umeteswilad warmoadgenen

swrafad mzard firmebs. isini, Cveulebriv eyrdnobian gaunawilebel mogebas

da moklevadian sesxebs. investorebi amjobineben investiciebi Cadon

registrirebul kompaniebSi, vidre araregistrirebul kompaniebSi.

registrirebuli aqciebis mqone kompniebis mflobelebi ramdenime wliani

warmatebuli muSaobis Semdeg xdebian mniSvnelovani paketis mflobelebi da

SeuZliaT TavianTi qoneba axali miznebisaTvis gamoiyenon; aamaRlon aqciebis

realizebadoba; daTanxmden, kompaniis xelmZRvanelobaze ofcioniT aqciebis

gayidvas; xeli Seuwyon kompaniis gafarToebas `STanTqmis~ meSveobiT (iyidon

sxva sawarmoebi); aamaRlon kompaniis prestiJi.

birJaze kotireba kompanias aniWebs finansuri respeqtabelurobis saxes,

romelic SeiZleba xels uwyobdes axali xelSekrulebebis dadebas. agreTve

SeuZlia miiRos ufaso reklama, rodesac mas finansuri presa warmoadgens da

ganixilavs mis Sedegebs.

aqciebis gamoSveba ofcioniT xdeba sabazroze dabal fasad, kompaniis

TanamSromlebisaTvis an arsebuli aqcionerebisaTvis. bonusuri emisia ki

niSnavs ufasod aqciebis gacemas gaunawilebebli mogebis xarjze.

II. gamovTvaloT aqciebis Teoriuli Rirebuleba, Tu jafariZe miiRebs

kuTvnil uflebas: A erTi aqciis Teoriuli Rirebuleba = [gamoSvebuli aqciebis sabazro uflebiTi uflebiTi ricxvi * Rirebuleba] + [ aqciis ricxvi * aqciis fasi ] = ---------------------------------------------------------------------------------------------------------------------------------- -------------- = aqciebis jamuri raodenoba uflebiTi aqciebis gamoSvebis Semdeg (200000 * 15 l) + ( 200000/5 * 8 l) 3 mln l + 0.32 mln l = ---------------------------------------------------------- = ----------------------------------------- = 13,83 l (200000 + 40000) 240000


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gamoTvla SeiZleba meorenairadac: 5 aqciis mimdinare sabazro fasi ( 5 * 15 ) 75 l ofcioniT gamoSvebuli 1 axali aqciis fasi 8 l -------------------------------------------------------- ------------- 6 aqciis Teoriuli Rirebuleba 83 erTi aqciis Teoriuli Rirebuleba ofcionis gamoSvebis Semdeg = 83/6 = 13,83 lari. III. gamovTvaloT ofcionis Rirebuleba erT aqciaze, Tu aqcioneri mas gayidis: uflebebis Teoriuli Rirebuleba erT aqciaze = = Teoriul fass uflebis gamoSvebis Semdeg – aqciebis datovebis Rirebuleba uflebebis Rirebuleba erT aqciaze = 13,83 – 8 = 5,83 l maSasadame, Tu jafariZe gayidis Tavis yvela uflebas anu ofcioniT nayid yvela aqcias, maSin igi unda moelodes 20000/5 * 5,83 = 23320 laris miRebas. gaangariSeba alternatiuli xerxiT (l): erTi aqciis mimdinare fasi 15 erTi aqciis Teoriuli fasi ofcionis gamoSvebis Semdeg (13,83) ------------------------------------------------------------------------------------ ------------- erTi aqciisaTvis uflebebis Teoriuli Rirebuleba 1,17 yvela im axali aqciis Teoriuli Rirebuleba, romlis Sesyidvac SesaZlebelia = = 5 * 1,17 = 5,85 ( TiTqmis 5,83. gansxvaveba damrgvalebis mizeziTaa). IV. gamovTvaloT saaqcio kapitalis mosalodneli ukugeba kompaniis investorebisaTvis dividendis zrdis formulis gamoyenebiT.

saaqcio kapitalze mosalodneli ukugeba (R) = (D1/MV + g) * 100; sadac:

D1 - aris simravlis momdevno wlis dividendi; g - dividendis zrdis saSualo ganakveTi; g = [(an / a1)

1/(n-1) – 1]

MV - aqciis sabazro fasi; M mocemulobis mixedviT, dividendis saSualo zrdis ganakveTi aRebul 2013 –

2017 wlebis periodSi, iqneba dividendis zrdis sando maCvenebeli

momavlisaTvis. 2013 – 2017 wlebs Soris periodSi (xuTs minus erTi),

dividendebi erT aqciaze gaizarda koeficientiT:

3,4/2 = 1,7–jer. (simravlis bolo da pirveli wevris fardoba)

amdenad, saSualo wliuri zrdis ganakveTi am periodis ganmavlobaSi aris

meoTxe xarisxis fesvi 1,7-dan, minus erTi.

g = (3,4 / 2)1/4 – 1 = 1,142 – 1 = 0,142 anu 14,2% g= [3,4 / 2 ] – 1 = 0,142

D1 = 3,4 * 1,142 = 3,88 l R = (3,88 / 15 + 0,142) * 100 = 40,1 % - ukugeba


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Tavi 11. sawarmos saqmiani aqtiurobis analizi

amoxsna 11.1. gamovTvaloT saSualo naSTi. amasTan, gaangariSebidan gamoiqviTeba fuladi Tanxebi. (56890 – 7900) + (57900 – 5300) sabrunavi kapitalis saSualo wliuri naSTi = ------------------------------------------------ = 50795 2 sabrunavi kapitalis brunvis ricxvi = 507950 / 50795 = 10 – jer sabrunavi kapitalis brunvis periodi (xangrZlioba) = 653 dRe / 10 = 65,3 dRe amoxsna 11..2.

1. jer unda gamovTvaloT saoperacio ciklis gamosaTvlelad saWiro maCveneblebi:

masalis maragSi avansirebuli Rirebulebis brunvis periodi _ 23 dRe (9800 * 365) / 156000 daumTavrebeli produqtis maragSi avansirebuli Rirebulebis brunvis periodi (5100 * 365) / 180000 _ 10,3 dRe mza prduqciis maragSi avansirebuli Rirebulebis brunvis periodi (12700 * 365) / 175000 _ 26,5 dRe debitoruli davalkanebebis inkasaciis periodi _ 23,4 dRe (12500 * 365) / 195000 ---------------------------------------------------------- ---------------- saoperacio cikli 83,2 dRe 2. safinanso cikli = 83,2 _ (14000 * 365) / 168000 = 83,2 – 30,4 = 52,8 dRe amoxsna 11.3. . wina weli mimdinare weli brunvadoba dReebSi (15480-4800)*365/94000 = 41,5 (14950-3100)*365/98000 = 44,1 dRiuri xarji 80000/365 = 219 l 83860/365 = 230 l rogorc gaangariSebebma aCvena, sabrunavi kapitalis brunvis xangrZlioba mimdinare wels gaizarda, rac imas niSnavs rom brunvadoba Senelda da saWiro iqneboda brunvaSi saxsrebis damatebiT mozidva, romelic tolia: damatebiT moziduli saxsrebi = (44,1 - 41,5) * 230 = 2,6 dRe * 230 = 598 lari. amoxsna 11..4. Q = [(2 * 7,4 * 1,7) / 0,15]1/2 = 12,95 mln l saSaualo minimaluri naSTi iqneba 12,95/2 = 6,475 mln l maSadame, kompanias fulis sabanko angariSebze unda hqondes, minimum – 6,475 da maqsimum – 12,95 mln laris fuladi Tanxebi.


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Tavi 12. mogebisa da momgebianobis analizi amoxsna 12.1. mogebis norma: wina wels = 750/25000 = 3%; mimdinare wels = 1300/27400 = 4,7%. fasnamati: wina wels = 750/24250 = 3%; mimdinare wels = 1300/26100 = 5%. mogebis xarjtevadoba: wina wels = 24250/750 = 32,33 lari mimdinare wels = 26100/1300 = 20,08 lari M mogebis Semosavlianoba: wina wels = 25000/750 = 33,33 lari mimdinare wels = 27400/1300 = 21,08 lari sxvaoba mogebis Semosavlianobasa da xarjtevadobas Soris yovelTvis erTis tolia: 33,33 – 32,33 = 1 21,08 – 20,08 = 1 maSasadame, mogeb/zaralis angariSgebis Sedarebisas irkveva, rom gazrdilia Semosavlebic da xarjebic, magram maTi Sedareba swor pasux ar iZleva xarjebis efeqtianobis Sesaxeb, radgan produqciis sxvadasxva raodenobazea gaweuli. Aamitom, fardobiTi maCveneblebi Seiswavleba. gaangariSeba aCvenebs, rom yoveli erTi lari mogebis misaRebad wina wels gaweuli iyo 32,33 lari xarji, mimdinare wels ki 20,08 lari. aSkaraa, rom xarjebi gacilebiT maRali efeqtianobiT gamouyenebiaT mimdinare wels, vidre wina wels. mogebis xarjtevadobis maCvenebli SeiZleba calkeuli saxis xarjebis

mixedviTac SeiZelba iqnaს Seswavlili. kerZod: wina weli mimdinare weli gadaxra sawarmoo danaxarji 1 l mogebaze 25,0 15,54 - 9,46 komerciuli xarji 1 l mogebaze 3,87 0,69 - 3,18 administraciuli xarji 1 l mogebaze 3,47 3,84 + 0,37 rogorc gaangariSebebma aCvena, administraciul xarjebSi adgili aqvs

xarjtevadobis zrdas. erTi lari mogebis miRebis uzrunvelsayofad, 37

TeTriT meti administraciuli xarjia gaweuli mimdinare wels, vidre wina

wels. amdenad, mmarTvelobiTi xarjebis efeqtianoba dacemulia da

xelmZRvanelobam aucileblad unda gamoikvlios misi mizezebi.

amoxsna 12.2. pirvel rigSi unda davadginoT, mocemuli ori cvladidan romelia faqtori

da romelia Sedegi. kerZod, momgebianoba axdens gavlenas Sromis

mwarmoeblurobaze Tu piriqiT, Sromis mwarmoebluroba axdens gavlenas

aqtivebis momgebianobaze.

gamomdinare iqedan, rom jer Sroma ixarjeba raRac mwarmoeblurobiT, Sroma

resursebs iyenebs garkveuli efeqtianobiT, romelic sabolood momgebianobis

maCvenebelzec aisaxeba, anu gavlenas moaxdens momgebianobaze. amdenad,

damoukidebli cvladia Sromis mwarmoebluroba (x) da damokidebuli cvladia

momgebianoba (y).

gaangariSebebi miiRebs Semdeg saxes: wlebi x y x2 y2 x*y


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2007 3,7 0,1205 13,69 0,01452 0,44585 2008 3,7 0,1273 13,69 0,01621 0,47101 2009 3,5 0,1303 12,25 0,01698 0,45605 2010 3,3 0,1277 10,89 0,01631 0,42141 2011 2,9 0,1234 8,41 0,01523 0,35786 2012 2,7 0,1164 7,29 0,01355 0,31428 --------- -------- ----------- ----------- ------------ ----------- ∑ 19,8 0,7456 66,22 0,09280 2,46646 Kkorelaciis koeficientis formulaSi Sesabamisi mniSvnelobebis Casmis Semdeg,

miiReba:

korelaciis koeficienti: r = 0,5205

Ddeterminaciis koeficienti: D = 0,52052 = 0,2709 anu 27,09 %

amrigad, kavSiriOSromis mwarmoeblurobasa da aqtivebis momgebianobas Soris

pirdapir proporciulia da saSualod maRali. xolo, aRebul eqvswlian

periodSi, aqtivebis momgebianobis cvlilebis 27,09 % gamowveuli iyo Sromis

mwarmoeblurobis cvlilebiT.

amoxsna 12.3. aqtivebis momgebianobis saerTo gadaxraa +0.018. masze moqmedi faqtorebis gavlenaa: M 1. mogebis normis cvlilebis gavlena tolia: (+ 0,009) * 1,689 * 0,452 = + 0,007 F2. fondukugebis cvlilebis gavlena tolia: 0,2 * (- 0,149) * 0,452 = _ 0,013 3. ZiriTadi saSualebebis xvedriTi wilis cvlilebis gavlena udris: 0,2 * 1,54 * (+ 0,079) = + 0,024 maSasadame, orma faqtorma dadebiTi gavlena moaxdina, erTma faqtorma ki uaryofiTi.

Tavi 13. sawarmos leverijis analizi amoxsna 13.1

maCveneblebi valdebulbebis %-uli wili 0 27% 50%

sakuTari kapitali aRebuli sesxebi ----------------------------------------------- sul kapitali

80000 - ------------- 80000

58400 21600 ------------- 80000

40000 40000 ------------- 80000

Semosavali realizaciidan saoperacio xarjebi -------------------------------- saoperacio mogeba saprocento xarjebi -------------------------------- wliuri mogeba

95000 (85000) ------------- 10000 - ------------ 10000

95000 (85000) ------------ 10000 (3240) ----------- 6760

95000 (85000) ------------- 10000 (6000) -----------4000


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mogebis gadasaxadi (15%) ------------------------------------ wminda mogeba

(1500) ------------ 8500

(1014) ----------- 5746

(600) ------------ 3400

rentabeloba (wl.mogeba/xarjebi)% sakuTari kapitalis ukugeba (%-ad) finansuri leveriji (saoper. mogeba/wliuri mogeba)

11,8% 10,6 1

7,7 9,9 1,74

4,4 8,5 2,5

mocemul SemTxvevaSi, rac ufro maRalia valdebulebebis wili dafinansebis wyaroebSi, miT maRalia riskis done da miT ufro dabalia kapitalis ukugebac da xarjebis momgebianoba. amoxsna 13. 2. finansuri leverijis saerTo gadaxraa +0,042. e.i. riskebi gazrdilia. gavzomoT masze moqmedi faqtorebis gavlena: I mwkrivi: 2,037 * 4,1538 : 4,6154 = 1,833 II mwkrivi: 1,7647 * 4,1538 : 4,6154 = 1,588 III mwkrivi: 1,7647 4 * 4,25 : 4,6154 = 1,625 IV mwkrivi: 1,7647 * 4,25 : 4 = 1,875 I faqtoris gavlena = 1,588 – 1,833 = - 0,245 II faqtoris gavlena = 1,625 – 1,588 = + 0,037 IV faqtoris gavlena = 1,875 – 1,625 = + 0,25 ------------------------- + 0,042 amoxsna 13.3. I w II w gadaxra mogeba dabegvramde 7200 9400 saprocento xarjebi 2400 3800 -------------------------- --------- ------------ Mmogeba %-mde 9600 13200 Ffinansuri leveriji 9600/7200 = 1.333 13200/9400 = 1,404 + 0,071 I faqtori - 9600/2400 = 4 13200/3800 = 3,4737 - 0.5263 II faqtori - 2400/7200 = 0,3333 3800/9400 = 0,4042 + 0,0709 rogorc xedavT, finansuri leveriji wina welTan SedarebiT gaizarda rac riskebis zrdas niSnavs da arasasurveli movlenaa. gavzomoT gadaxraze moqmedi faqtorebis gavlena absoluturi sxvaobis xerxiT: I faqtoris gavlena = (-0,5263) * 0,3333 = - 0,175 II faqtoris gavlena = 3,4737 * (+0709) = +0,246 -------------- +0,071 rogorc gaangariSebam gviCvena, pirveli faqtoris Semcirebam riskebi Seamcira. xolo, meore faqtoris cvlilebis Sedegad riskebi gaizarda.

amoxsna 13.4. operaciuli leveriji = %-mde mogebis cvlileba / gayidvebis %-uli cvlileba; finansuri leveriji = wminda mogebis %-uli cvlileba / saoperacio mogebis procentuli cvlileba;


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kombinirebuli leveriji = wminda mogebis %-uli cvlileba / gayidvebis %-uli cvlileba 10%-iani zrdis SemTxvevaSi sawyisi 10-% zrda gadaxra gayidvebi 70000 77000 +7000 danaxarjebi: mudmivi (15000) (15000) - cvladi (25000) (27500) +2500 --------------- ------------ --------- --------- sul xarjebi (40000) (42500) +2500 Mmogeba %-is gadaxdamde 30000 34500 +4500 sa-% xarjebi (5000) (5000) - ------------------------------------- ------------ ------------ ------------- mogeba dabegvramde 25000 29500 +4500 mogebis gadasaxadis xarji (4500) (5310) (+810) -------------------------------------- -------------- ------------- ----------- wminda mogeba 20500 24190 +3690 koficientebi: 4500/30000 * 100 15 operaciuli leveriji = ---------------------------------------- = --------- = 1,5 7000/70000 * 100 10 3690/20500 * 100 18 Ffinansuri leveriji = ---------------------------------------- = -------- = 1,2 4500/30000 * 100 15 3690/20500 * 100 18 kombinirebuli leveriji = ------------------------------- = ----------- = 1,8 7000/70000 * 100 10 K an, A kombinirebuli leveriji = operaciuli leveriji * finansuri leveriji = = 1,5 * 1,2 = 1,8

Tavi 14. sawarmos mosalodneli gakotrebis

maravalfaqtoriani modelebis

analizi

amoxsna 14.1.

Z = 0,717 k1 + 0,847 k2 + 3,107 k3 + 0,42 k4 + 0,995 k5 ; sadac,

K1 – aris wminda sabrunavi kapitali (igive sss) fardoba aqtivebTan;

K K2 – aris sarezervo kapitalisa [(mogebidan Seqmnili rezervebis da

gaunawilebeli mogebis (zaralis) jamis] fardoba aqtivebTan;

K3 - saoperacio mogebis (zaralis) fardoba aqtivebTan;

K4 - sakuTari kapitalis fardoba valdebulebebTan (gadafasebis rezervis

gareSe);

K5 - amonagebis fardoba aqtivebTan.

Z = 3,3 * 10930/116640 + 1 * 85300/116640 + 0,6 * 80000/38330 + 1,4 * 8810/116640 + + 1,2 * 29470/116640 = 0,3092 + 0,7313 + 1,2522 + 1,1057 + 0,3032 = 3,702


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rogorc cnobilia, roca alTmanis koeficenti 2,675-ze metia, sawarmos 2-3 wlis ganmavlobaSi gakotrebis safrTxe ar emuqreba. amoxsna 14.2. Y1 = sss / aqtivebis saS. naSTi = 500 / 42000 = 0,012 Y2 = mogeba %-isa da gadasaxadis gadaxdamde (EBIT) / aqtivebis saS. naSTi = = 2350 / 42000 = 0,056 Y3 = wliuri mogeba / mimdinare valdeb. saS. naSTi = 1260 / 12300 = 0,102 Y4 = Semosavali realizaciidan /aqtivebis saS. naSTi = 40700 / 42000 = 0,969

springeiTis indeqsi = 1,03 * 0.012 + 3,07 * 0,056 + 0,66 * 0,102 + 0,4 * 0,969 = = 0,012 + 0,172 + 0,067 + 0,388 = 0,639 es koeficienti, avtoris azriT, 0,9-is zemoT unda iyos. mocemul magaliTze igi

dasaSveb zRvarze dabalia. maSasadame, menejmentma dauyovnebliv Sesabamisi

zomebi unda miiRos.

Tavi 15. prognozuli finansuri angariSgebis

momzadebis meTodika

amoxsna 15.1. gamoTvlebi ianvrisaTvis: 1. naRdi fuliT gadaxda 22-is 10% = 2,2 mln l 2. dekemberSi kreditiT Sesyidvebis 80% = 20-is 80% = 16 mln l 3. noemberSi Sesyidvebis 20% = 18-is 20% = 3,6 mln l ------------ fulis gadineba sul 21,8 4. kreditoruli davalianebis saboloo naSTi = (7+22) – 21,8 = 7,2 mln l gamoTvlebi TebervlisaTvis: 1. naRdi fuliT gadaxda 20-is 10% = 2 mln l 2. ianvarSi kreditiT Sesyidvebis 80%= 19,8-is 80% = 15,84 3. dekemberSi kreditiT Seyidvebis 20% = 20-is 80% = 4 mln l -------------------------------------------------------- fulis gadineba sul 21,84 4. kreditoruli davalianebis saboloo naSTi = (7,2 +20) – 21,84 = 5,36 gamoTvlebi martisaTvis: 1. naRdi fuliT gadaxda 21-is 10% = 2,1 mln l 2. TebervalSi kreditiT Sesyidvebis 80% = 18-is 80% = 14,4 mln l 3. ianvarSi kreditiT Sesyidevbis 20% = 19,8-is 20% = 3,96 mln l ------------------------------------------------------------------------ fulis gadineba sul 20,46 4. kreditoruli davalianebebis saboloo naSTi (5,36 + 21) – 20,46 = 5,9 Catarebuli gamoTvlebis safuZvelze Sedgeba fulis gadinebis biujeti;


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fuladi saSualebebis gegmuri gadinebisa da kreditoruli davalianebebis prognozi momavali wlis I kvartlisTvis

maCveneblebi ianvari Tebervali marti -Kkreditoruli dav-is sawyisi naSTi -Ggegmuri Sesyidvebi sul m.S. kreditiT Sesyidvebi (90%) fuladi Tanxebis gadineba: - naRdi fuli mimd. Tvis Sesyidvebze (10%) - wina Tvis kreditiT Sesyidvaze (80%) - winas wina Tvis kreditiT Sesyidvaze (20%) ---------------------------------------------- Ffulis gadineba sul Kkredit. davalanebis saboloo naSTi

7,0 22,0 19,8 2,2 (22-is 10%) 16,0 3,6 (18-is 20%) -------------- 21,8 7,2 (7+22)-21,8

7,2 20,0 18,0 2,0 (20-is 10%) 15,84 4,0 (20-is 20%) ---------------- 21,84 5,36

5,36 21,0 18,9 2,1 (21-is 10%) 14,4 3,96 (19,8-is 20%) --------------- 20,46 5,9

amoxsna 15.2.

gamoTvlebi ianvrisaTvis

1. gayidvebidan naRdi fulis Semosvla= 15-is 30% = 4,5 mln l

2. dekemberSi kreditiT gayidvebis 60% = 14-is 60% = 8,4 mln l

3. noemberSi kreditiT gayidvebis 40%-is miReba = 12,6-is 40% = 5,04 mln l

------------------------------------------------------------------------------------

fulis Semodineba sul 17,94

4. debitoruli davalianebebis saboloo naSTi (9 + 15) – 17,94 = 6,06

gamoTvlebi TebervlisaTvis:

1. gayidvebi naRd fulze = 20-s 30% = 6 mln l

2. ianvarSi kreditiT gayidvebis 60%-is miReba = 10,5-is 60% = 6,3

3. dekemberSi kreditiT gayidvebis 40%-is miReba = 14-is 40% = 5,6

----------------------------------------------------------------------------

fulis gasvla sul 17,9

4. debitoruli davalianebebis saboloo naSTi = (6,06 + 20) – 17,9 = 8,16 mln l

gamoTvlebi martisaTvis:

1. naRdi fulis Semosvla, martSi gayidvebis 30% = 28-is 30% = 8,4 mln l

2. TebervalSi kreditiT gayidvebis 60% = 14-is 60% = 8,4 mln l

3. ianvarSi kreditiT gayidvebis 40% = 10,5-is 40% = 4,2 mln l

------------------------------------------------------------

fulis Semodineba sul 21 mln l

4. debitoruli davalainebebis saboloo naSTi (8,16+ 28) – 21 = 15,16 mln l


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Tavi 16. investiciebis analizi amocana 16.1. wlebi diskontirebuli Rirebulba (l) 0 (70 000) 1 18 182 2 12 396 3 22 539 4 17 075 5 15 523 ---------- ----------------- wdR 15 715 (wminda diskontirebuli Rirebulaba) amoxsna 16.2. D diskontirebuli Rirebuleba wlebi I proeqti II proeqti sawyisi investicia (70 000) (70 000) 1 18 182 27 273 2 19 007 16 528 3 22 539 26 296 4 20 490 17 075 5 (9 314) (15 523) -------- ----------------- -------------- wdR 904 1 649 komentari: misaRebia meore proeqti, radgan misi diskontirebuli Rirebuleba aRemateba pirveli proeqtis diskontirebul Rirebulebas. . amoxsna 16.3. vinaidan amortizaciis Tanxebi gaTvaliswinebuli araa, amitom amortizaciis toli Tanxa yovelwliur fulad nakadebs miemateba, romelic 55000 laris mexuTedis tolia. Sesabamisad fuladi nakadebi miiRebs Semdeg saxes: wlebi I proeqti II proeqti 0 (55 000) (55 000) I 21 000 26 000 II 26 000 26 000 III 20 000 21 000 IV 16 000 16 000 V 1000 (5000) gamovTvaloT ukugebis periodi orive proeqtisaTvis: roca fuladi nakadi arTanabaria, maSin yoveli wlis misaRebi fuladi

nakadi Seudardeba sawyis investicias. pirvel proeqtSi misaRebi fuladi

nakadebis 55000 larTan Sedarebis Semdeg aRmoCndeba, rom pirveli ori wlis

Tanxebi srulad aris saWiro sawyisi investiciis dasafarad, magram sakmarisi

araa. amito mesame wlidan aiReba darCenili wili da miiReba:


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390

55000 – (21000+26000) I proeqtis ukugebis periodi = 2 w + --------------------------------- = 2w + 0,4 w = 2,4 w 20000 55000 _ (26000+26000) II proeqtis ukugebis periodi = 2 w + ------------------------------------ = 2w + 0,14 w = 2,14w 21000 maSasadame, meore proeqti ufro male gamoisyidis (ainazRaurebs) Tavis Tavs.

amoxsna 16.4 I proeqtis ukugebis periodi = 4 w (radgan, 20+20+20+20 = 80 aT.)L II proeqtis ukugebis periodi = 3 w (10 + 30 + 30 = 70 aT.l) (20000 – 10000)

III proeqtis ukugebis periodi = 3 w + ------------------------------- = 3,5 w 20000 2. wminda diskontirebuli Rirebulebis gamosaTvlead, movaxdinoT fuladi nakadebis diskontireba, risTvisac isini Sesabamis diskontirebis koeficientebze unda gadavamravloT da Sesabamisad miviRebT: Ddiskontirebuli Rirebuleba I proeqti II proeqti III proeqti sawyisi investicia (80 000) (70 000) (90 000) mogeba (zarali): I w 18 182 9 991 27 273 II w 16 528 24 792 24 792 III w 15 026 22 539 15 026 IV w 13 660 20 490 13 660 V w (6 209) (9 314) (6 209) VI w 8 468 5 645 8 468 --------- ------------- --------------- --------------- wdR (14 345) 4 143 (9249) komentari: miuxedavad imisa, rom mesame proeqtis gamosyidvis periodi yvelaze moklea, wminda diskontirebuli Rirebuleba uaryofiTia. pirveli proeqtic zaraliania. amitom, misaRebia meore proeqti.

amoxsna 16.5

wminda fuladi nakadi = 170000 (sul misaRebi fuli) – 120000 = 50000 l

saSaualo wliuri mogeba = 50000/5w = 10000 l

investiciis saSualo Rirebuleba = 120000/2 = 60000 l

ukugebis saaRricxvo koeficienti (anu investiciis rentabelobis indeqsi) =

= 10000 / 60000 * 100% = 17%

amoxsna 16.6 maCveneblebi wina weli mimdinare weli gadaxra Semosavali 1 aqciaze: 8,0 7,78 - 0,22


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I faqtori 0,6429 0,6604 + 0,0175 II faqtori 0,875 0,866 - 0,009

III faqtori 14,222 13,6 - 0,622 I faqtoris gavlena = (+0,0175) * 0,875 * 14,222 = +0,218 II faqtoris gavlena = 0,6604 * (-0,009) * 14,222 = -0,085 III faqtoris gavlena = 0,6604 * 0,866 * (-0,622) = -0,356

komentari: wina welTan SedarebiT saanalizo maCvenebelze uaryofiTi

gavlena moaxdina meore da mesame faqtorma. kerZod, wminda mogebis wili wliuri

mogebis mimarT da aseve, wliuri mogebis sidide erT Cveulebriv aqciaze

Semcirebulia.

Tavi 17. finansuri mdgomareobis sawarmoTaSoriso analizi

amoxsna 17.1. 1. finansuri leverijis gadaxraze moqmedi faqtorebis gavlenis gazomva:

I mwkrivi: 2.037 * 4,1538 : 4,6154 = 1,833

II mwkrivi: 1,7647 * 4,1538 : 4,6154 = 1,588

III mwkrivi: 1,7647 * 4,25 : 4,6154 = 1,625

IV mwkrivi: 1,7647 * 4,25 : 4,0 = 1,875

pirveli faqtoris gavlena = 1,588 _ 1,833 = _ 0,245

meore faqtoris gavlena = 1,625 _ 1,588 = + 0,037

mesame faqtoris gavlena = 1,875 _ 1,625 = +0,25

kontroli: _0, 245 + 0,037 + 0,25 =

2. komentari: vinaidan, pirvel sawarmoSi yoveli erTi laris mogebis misaRebad mudmivad

uZravad imyofeboda 27%-uli punqtiT meti aqtivebi, vidre meore sawarmoSi da

amasTan, yoveli erTi laris mogebis misaRebad 61 procentuli punqtiT meti

sakuTari kapitali iyo avansirebuli, pirveli sawarmos menejmntma unda imuSaos

am mimarTulebebiT viTarebis gaumjoebesebis mizniT.

amoxsna 17.2. wminda diskontirebuli Rirebulebis gamoTvla: I sawarmo II sawarmo III sawarmo sawyisi investicia (90 000) (80 000) (77 000) I w 27 273 18 182 22 728 II w 28 098 33 056 24 792 III w 21 036 22 539 18 783 IV w 1 12 418 20 490 10 245 V w (5588) (9314) (6209) wdR (6763) 4953 (6661) komentari: amrigad, investicia momgebiani iqneba meore sawarmoSi.

amoxsna 17.3.


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maCveneblebi I sawarmo II sawarmo gadaxra 1. Semosavali erT aqciaze (l) 2. dividendi erT Cv. aqciaze (l) 3. erTi aqciis sabazro fasi 3. erTi aqciis fasis koeficienti Q Mmasze moqmedi faqtorebi: I faqtori: 1 aqciis sabazro fasi (l) II faqtori: Semosavali 1 aqciaze (l)

18,10 10,95 25 1,381 25 18,10

20,0 9,06 28 1,4 28 20

-1,9 +1,21 +3 -0,019 -3 -1,9

Sedarebis baza aris meore sawarmo. pirvel sawarmoSi erTi aqciis sabazro fasic da Semosavali erT aqciaze dabalia. xolo, dividendi erT aqciaze piriqiT, pirvel sawarmoSia ufro maRali. fasis koeficientze moqmedi faqtorebis gavlenis gasazomad jaWvuri Casmis xerxi gamoiyeneba. I mwkrivi: 28 : 20 = 1,4 II mwkrivi: 25 : 20 = 1,25 III mwkrivi: 25 : 18,1 = 1,381 sabazro fasis cvlilebis gavlena= 1,25 – 1,4 = - 0,15 1 aqciaze Semosavlis cvlilebis gavlena = 1,381 – 1,25 = + 0,131 --------------------

-0.019 komentari: aqciis sabazro fasi 3 lariT dabalia pirvel sawarmoSi, amis

mizeziT amave sawarmos aqciis fasis koeificienti Semcirda 0,15 punqtiT.

vinaidan, Semosavli erT aqciaze 1,9 lariT naklebia, pirveli sawarmos aqciis

fasis koeficienti 0,131 punqtiT gaizarda.

analizi aCvenebs, rom Semosavli erT aqciaze meore sawarmoSi ufro

maRalia, mgram, dividendi erT aqciaze ufro dabalia, vidre pirvelSi. es

gamowveulia imiT, rom meore sawarmo axdens wminda mogebs reinvesitirebas da

gegmavs warmoebis gafarToebas. amrigad, potenciuri investorisaTvis, SeiZleba

iTqvas, rom meore kompania ufro usafrTxoa. amitom mas maRali imijic aqvs da

misi aqciebi ufro Zviria.


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izolda giorgis asuli WilaZe ekonomikis akademiuri doqtori, profesori

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