Yintoni omawuyazi malunga nokutshintsha kwemali?

Ukutshintsha imali yinto exhaphakileyo ephuma kumatyala eenkampani. Xa imibutho ivavanya ukuba ingaba le mveliso ilungile na kubo, iqwalasela imiba eyahlukeneyo, ukusuka kulwakhiwo lwezorhwebo ukuya kunyango lwe-accounting. Ngaphezu koko, ikamva lebhanki lilele kukhuseleko kunye nokwahluka kweepotfoliyo yeekhredithi. Imarike yokutshintsha imali yehlabathi iya kudlala indima ebalulekileyo kolu tshintsho.

Kweli nqaku, ndibonisa kuwe izinto ezibalulekileyo okufuneka uyazi malunga nokutshintsha kwemali. Kodwa okokuqala, nantsi ikhosi yoqeqesho ehlawulwayo ekuvumela ukuba wenze njalo qalisa ngoqeqesho lwe-intanethi.

Yintoni utshintsho lwemali

Utshintshiselwano lwemali sisivumelwano phakathi kwamaqela amabini ukutshintshiselana ngemali-mboleko esuka kwelinye iqela ukuya kwelinye ngemali eyahlukileyo. Bavumela iinkampani ukuba zingene kwiimarike ezinkulu zehlabathi ngokufanelekileyo kuba zibonelela ngekhonkco elidityanisiweyo le-arbitrage phakathi kwamazinga enzala kumazwe ahlukeneyo aphuhlileyo.

Utshintshiselwano lwemali sisivumelwano nje sokutshintshiselana ngokuqukuqela kwemali kwimali enye ngokuqukuqela kwemali kwenye imali ngokwemilinganiselo emiselweyo.

umzekelo, inkampani inokungena kwisivumelwano kunye ne-hedge bank ukuze ifumane isixa-mali esithile se-USD ngexabiso lenzala esisigxina njengembuyekezo yentlawulo yemali echaziweyo ye-EUR ngexabiso lenzala elahlukileyo. Kubalulekile ukuqaphela ukuba inqanaba ngalinye lentengiselwano linokuba yireyithi esisigxina okanye edadayo.

Njengayo nayiphi na into ephuma kwi-OTC, ezi ntengiselwano ziyakwazi ukwenzeka. Kwezinye iimeko, kukho utshintshiselwano lwengcamango yokuqala. Kwezinye iimeko, kukho utshintshiselwano lokugqibela. Phantse kuzo zonke iimeko kukho intlawulo yenzala yethutyana, enokuthi ibandakanye okanye ingaquki ukutshintshiselana ngengqiqo. Itshathi engezantsi inika umzekelo oqhelekileyo.

Imvelaphi yembali yokutshintshana

Ukutshintshana kubuyela kwiminyaka yee-1960 xa i-FED (ibhanki ephakathi yase-US) ingenelele kwimarike yotshintshiselwano lwangaphandle ukuxhasa idola ngokutshintshisa i-greenbacks ngamanqaku kunye ne-Bundesbank (ibhanki ephakathi yaseJamani). Emva koko i-FED yenze isibophelelo sokuba ukutshintshwa kwe-reverse (ukubuyiswa kwamanqaku kunye nokubuyiswa kweedola) kuya kwenzeka ngomhla omisiweyo kwangaphambili.

Kutheni usebenzisa utshintsho lwemali?

IiSwaps zisetyenziswa ngabatyali-mali abathile njengezixhobo eziqikelelwayo zokubheja kumaxabiso eemarike ezahlukeneyo. Ngaloo ndlela uya kufumana utshintsho kwiimali, kwiirhafu, kwizabelo, kwizinto eziluhlaza, njl.

Inqaku eliza kufundwa: Konke malunga ne-stock market

Ukutshintsha kufuneka kubandakanye izinto ezifana neshedyuli, ubude bexesha, umhla wokuqalisa, ixabiso lomlinganiselo omiselweyo, ubume besiseko, isixa-mali esiqhelekileyo, isiseko sokubala kunye nereferensi yomlinganiselo oguquguqukayo.

Tshintsha Umzekelo

Makhe sithathe umzekelo kwinkampani esekwe e-US siya kuyibiza i-Acme Tool & Die. I-Acme inyuse imali ngokukhupha i-Swiss franc-denominated Eurobond kunye neentlawulo zekhuphoni ezisisigxina zesiqingatha sonyaka ze-6% kwi-100 yezigidi zeefrancs zaseSwitzerland.

Ekuqaleni, inkampani ifumana i-100 yezigidi ze-Swiss francs kwi-process ye-Eurobond issue (ukungahoywa nayiphi na intengiselwano okanye enye imirhumo) kwaye iyakwazi ukusebenzisa i-francs yaseSwitzerland ukuxhasa imisebenzi yayo e-United States.

Inqaku eliza kufundwa : Indlela yokuphuhlisa umfanekiso we-brandkuneshishini ?

Ekubeni lo mbandela uxhasa imisebenzi esekelwe e-US, izinto ezimbini ziya kufuneka zenzeke: I-Acme kuya kufuneka iguqule i-100 yezigidi zeefrancs zaseSwitzerland kwiidola zaseMelika, kwaye inokukhetha ukuhlawula ityala layo kwiintlawulo zekhuphoni kwiidola zaseMelika. rhoqo ngeenyanga ezintandathu.

Inkampani inokuguqula eli franc yaseSwitzerland lityala libe lityala elifana nedola yaseMelika ngokungena kutshintshiselwano lwemali ngeFirst London Bank.

Uyavuma ukurhweba I-100 lezigidi zeefranc zaseSwitzerland ekuqaleni ngeedola zaseMelika, kunye nokufumana iintlawulo zekhuphoni kwiifranc zaseSwitzerland kwangemihla efanayo ukuba iintlawulo zekhuphoni zihlawulwe kubatyali-mali be-Acme Eurobond kunye nokuhlawula iintlawulo zekhuphoni kwiidola zaseMelika ezidityaniswe kwisalathiso kunye nokutshintshiselana kwakhona ngedola yaseMelika kwiSwitzerland. iifranc ekuvuthweni.

Imisebenzi ye-Acme yase-US yenza ukuhamba kwemali yase-US abahlawula iintlawulo zesalathiso ngeedola zaseMelika. Ngale ndlela, ukutshintshwa kwemali kusetyenziselwa ukubiyela okanye ukutshixa kwixabiso elongezelelweyo lomba we-Eurobond, yingakho ezi ntlobo zotshintshiselwano zihlala zithengiswa njengenxalenye yenkqubo yonke yokukhutshwa kunye neziko lemali elikhuphayo.

Ukuba bhetyebhetye

Ngokungafaniyo nokutshintsha kwenzala, nto leyo evumela iinkampani ukuba zigxile kwinzuzo yazo yokuthelekisa ngokuboleka ngemali enye kwixesha elifutshane, ukutshintshiselana kwemali kubonelela iinkampani ukuba zibe bhetyebhetye ngakumbi ukuze zisebenzise inzuzo yazo yokuthelekisa kwiimarike zazo.

Bakwabonelela ngesakhono sokusebenzisa inzuzo kuthungelwano lweemali kunye nokuvuthwa. Impumelelo yemarike yokutshintsha imali kunye nempumelelo yemarike ye-Eurobond idityaniswe ngokucacileyo.

Umboniso

Ukutshintsha imali kuvelisa umngcipheko omkhulu wetyala kunokutshintshana kwenzala. Oku kungenxa yokutshintshwa kunye norhwebo ngokutsha lweemali ezicingelwayo. Iinkampani kufuneka zifumane iimali zokuhambisa i-notional ekupheleni kwekhontrakthi kwaye zibophekile ukuba zitshintshe ingcamango yemali enye kwenye ngexabiso elimiselweyo.

Okukhona kuthe kratya amaxabiso orhwebo okwenene etenxa kweli zinga lekhontrakthi, kokukhona inkulu ilahleko okanye inzuzo enokubakho.

Oku kuvezwa okunokwenzeka kuyandiswa njengoko ukuguquguquka kunyuka ngokuhamba kwexesha. Okukhona ikhontrakthi ithatha ixesha elide, kokukhona kukho amathuba okuba imali ihambe nakweliphi na icala leqondo lotshintshiselwano ekuvunyelwene ngalo. Oku kucacisa ukuba kutheni utshintsho lwemali luhlanganisa iilayini zetyala ezininzi kunokutshintshana kwenzala yesiqhelo.

Ixabiso

Ukutshintsha imali kuxatyiswa okanye kuxatyiswe ngendlela efanayo nenzala. Oku kwenziwa kusetyenziswa ucazululo lokuhamba kwemali oluthotyiweyo emva kokuba kufunyenwe ikhuphoni elinguziro leejiko zokutshintsha.

Ngokuqhelekileyo, utshintsho lwemali ekuqaleni lurhweba ngaphandle kwexabiso elipheleleyo. Ngethuba lobomi besixhobo, ukutshintshwa kwemali kunokuhamba "ngemali", "ngaphandle kwemali" okanye inokuhlala "kwimali".

Iintlobo zeeSwaps

Izixhobo ezitshintshwa ngokutshintshana akufuneki zibe yintlawulo yenzala. Ngapha koko, kukho iinguqulelo ezininzi zeentengiso ezingaqhelekanga. Izivumelwano eziqhelekileyo zibandakanya ukutshintshwa kwemali, ukutshintshiselana kwamatyala, ukutshintshiselana kweemveliso, kunye nokutshintshwa kwembuyekezo iyonke.

Ukutshintshwa Kwenzala

Olona hlobo lulula noluqhelekileyo lokutshintshana lwaziwa ngokuba yi-vanilla yokutshintsha umdla. Kuloo tshintshiselwano, iQela A liyavuma ukuhlawula iQela B umlinganiselo omiselweyo, ogqitywe kwangaphambili wenzala kwinqununu eqalwayo kangangexesha elithile kwimihla ethile.

Inqaku eliza kufundwa: Uyenza njani imali ngebhlog yakho ngamanqaku axhasiweyo?

Ngoko ke, iQela B liyavuma ukwenza nayiphi na intlawulo kwiQela A ngeqondo lenzala eliguquguqukayo kunye nenqununu efanayo kwithuba lexesha elifanayo ngemihla echaziweyo.

Kutshintshiselwano lwenzala yakudala, ekwabizwa ngokuba yi-vanilla elula yokutshintsha ngexabiso lenzala, kwaimali efanayo isetyenziselwa ukuhlawula zombini iikheshi. Imihla yentlawulo esele imisiwe ibizwa ngokuba yimihla yokuhlawula, kwaye ixesha eliphakathi kwayo lixesha lokuhlawula.

Ekubeni i-swaps zikhontrakthi ezenzelwe umntu, iintlawulo zinokwenziwa ngenyanga, ngekota, ngonyaka okanye ngalo naliphi na ixesha elimiselwe ngamaqela.

Umzekelo wokutshintshwa kwenzala

Masithi amaqumrhu amabini afuna "ukwenza oko" ukuguqula izibophelelo zentlawulo yenzala. Inkampani A inokufuna ukutshintshisa isibophelelo sentlawulo yenzala eguquguqukayo ngexabiso elimiselweyo eliyivumelayo, umzekelo, ukufumana enye imali-mboleko.

Inkampani esebenzisana nayo, iNkampani B, inokukhetha ukuguqula iintlawulo zayo zibe kwizinga elidadayo, ngokuxhomekeke kulindelo lwenzala ephantsi.

Ukutshintshana kwemali

Kutshintshiselwano lwemali, amaqela amabini atshintshiselana ngenqununu kunye neentlawulo zenzala kwityala elifakwe kwiimali ezahlukeneyo. Ngokungafaniyo notshintshiselwano lwenzala, inqununu isoloko ingeyomali eqikelelwayo kodwa endaweni yoko itshintshwa ngezibophelelo zenzala. Ukutshintsha imali kuyenzeka kumazwe ahlukeneyo.

umzekelo, I-Argentina ne-China basebenzise olu tshintsho, ngokukodwa ukuze i-China ikwazi ukuzinzisa oovimba bayo botshintshiselwano lwangaphandle.

Njengomzekelo wesibini, i-US Federal Reserve iye yabandakanyeka kwisicwangciso sokutshintsha imali eyingozi kunye neebhanki ezingundoqo zaseYurophu. Oku kwenziwa ngexesha lentlekele yezemali ka-2010 eYurophu, eyayijolise ekuzinziseni i-euro eyayiwa kulandela ingxaki yamatyala aseGrisi.

Umzekelo wokutshintsha imali

Owona mzekelo ungumzekelo wolu hlobo lotshintshiselwano lwangenwa kulo ngo-1981, xa iBhanki yeHlabathi yamkela ibhondi ye-USD, emva koko yatshintsha izibophelelo zayo zentlawulo yedola nenkampani yaseMelika i-IBM ukutshintshiselana ngetyala lenkampani ekhutshwe ngamanqaku aseJamani. I-DM) kunye ne-Swiss francs (CHF).

Oku kutshintshana kuvumele iBhanki yeHlabathi ukuba inyuse ukuchaneka kwayo kwiimali zaseSwitzerland naseJamani, ebezinenzala ephakathi kwe-8% ne-12%, xa kuthelekiswa ne-17% e-United States – ngelixa i-IBM ibiyelele izibophelelo zayo kwezi zimali.

Ukutshintshwa kwembuyekezo iyonke

Kurhwebo lokutshintsha imbuyekezo iyonke, imbuyekezo iyonke ye-asethi ethile itshintshwa ngexabiso lenzala emiselweyo. Iqela eliza kuhlawula i-fixed rate exposure kwi-asethi ephantsi, nokuba isitokhwe okanye isalathisi.

Ngokomzekelo, umtyalo-mali unokuhlawula ixabiso elimiselweyo kwiqela ngokutshintshiselana noxabiso lwenkunzi ukongeza kwiintlawulo zezahlulo ezivela kwi-stock pool.

Ukutshintshana kwempahla

Ukurhweba ngexabiso lempahla edadayo yinto ebonwa kutshintshiselwano lwemveliso. Thatha umzekelo ixabiso le-oyile ekrwada ye-Brent, ngexabiso elimiselweyo ngexesha ekuvunyelwene ngalo. Njengoko umzekelo ucebisa, utshintshiselwano lwempahla ngokuqhelekileyo lubandakanya i-oyile ekrwada.

Ukutshintshana kwetyala-nge-equity

Njengoko igama libonisa, ukutshintshiselana kwetyala-for-equity kubandakanya utshintshiselwano lwe-equity yetyala kwaye ngokuphambeneyo. Xa usebenzisana nenkampani ethengiswa esidlangalaleni, oku kuya kuthetha ukutshintshiselana ngebhondi kwizitokhwe. Ukutshintshiselana kwetyala kwi-equity yindlela yokuba inkampani ihlawule ngokutsha amatyala ayo kunye nokufudusa ubume bayo benkunzi.

Ukutshintshwa komngcipheko wetyala

Ukutshintsha utshintshiselwano ngetyala lubandakanya isivumelwano seqela elinye lokuhlawula isixa-mali esichithiweyo kunye nenzala kwimali-mboleko kumthengi onobungozi bokuthenga ngetyala, ngaphandle kokuba lowo ubolekayo uyasilela kwisigqibo sakhe. Ulawulo lomngcipheko olulambathayo kunye nokuxhathisa okugqithisileyo kurhwebo lwetyala ibe ngoonobangela abaphambili bentlekele yezemali ka-2008.

Umzekelo we-a ukutshintshwa komngcipheko wetyala

Masithi ngokutshintshiselana nenzala ekhangayo (ixabiso eliphantsi), ingxowa-mali yomhlalaphantsi "FP" yagqiba ekubeni ityale imali ngokuboleka imali eninzi kwinkampani ye-ABC. Ukunciphisa umngcipheko wayo, i-FP (umthengi) ithatha isigqibo sokuvula ikhontrakthi engagqibekanga ngetyala kunye nenkampani ye-inshurensi (umkhuphi) ngokutshintshiselana neqhezu lenzala efunyenwe kutyalo-mali lwayo.

Ngolu tshintsho, i-FP ilawula ukuzikhusela ngokuchasene nokungagqibeki (okungahlawulwanga) kwenkampani ye-ABC, ngokudlulisela uxanduva lokuhlawula ilahleko kwinkampani ye-inshurensi.

Ezinye iintlobo zokutshintshana

• Ukutshintsha kwesiseko: ikuvumela ukuba utshintshise iireyithi ezimbini eziguquguqukayo ezifakwe kwiireyithi zexesha elifutshane, kwimali enye okanye kwiimali ezimbini ezahlukeneyo.
• Utshintsho lwenzala oluqhubekayo: yenza kube nokwenzeka ukutshintshiselana ngezinga eliguquguqukayo eliphawulwe kumazinga enzala yexesha elifutshane ngokuchasene nesinye isilinganiselo esiguquguqukayo esifakwe kumlinganiselo wenzala ophakathi okanye wexesha elide.
• Ukutshintsha kwe-asethi: kukudityaniswa phakathi kokutshintsha kwenzala kunye nebhondi yezinga elisisigxina edala ibhondi yezinga elidadayo elenziweyo.
• Ukutshintshwa kwembuyekezo iyonke: ikuvumela ukuba utshintshe ingeniso kunye nomngcipheko weenguqu kwixabiso leempahla ezimbini ezahlukeneyo ngexesha elithile.
• Ukutshintsha kwexabiso lentengo : Utshintshiselwano lwezinga elimiselweyo okanye eliguquguqukayo ngokuchasene nexabiso lokunyuka kwamaxabiso
• Utshintshiselwano lwe-Equity: isebenza ngendlela efanayo nesantya senzala
• Ukutshintsha iCwave: utshintshiselwano lwenzala (eguquguqukayo ngokuchasene nokuguquguqukayo) ukubheja kwemali enye kubume begophe lesivuno.

Umahluko phakathi kokutshintshwa kwemali kunye nokutshintsha kwenzala

Utshintshiselwano lwenzala lubandakanya ukutshintshiselana kwemali ephumayo enxulumene neentlawulo zenzala kwisixa-mali esimiselweyo. Akukho tshintshiselwano ngengqiqo ekuqaleni kwekhontrakthi, ngoko ke isixa-mali esiqikelelwayo siyafana kumacala omabini emali kwaye inqunyulwa kwimali efanayo. Utshintshiselwano oluphambili alunamsebenzi.

Inqaku eliza kufundwa : Indlela yokuphuhlisa umfanekiso wenkampani?

Kwimeko yotshintshiselwano lwemali, nangona kunjalo, utshintshiselwano oluphambili alunamsebenzi ngenxa yokungafani kwemali. Utshintshiselwano lwenqununu kwiimali eziqikelelwayo lwenziwa kwiireyithi zemarike, ngokuqhelekileyo kusetyenziswa ireyithi efanayo yokutshintshelwa ekuqaleni njengaleyo isetyenziswe ekuvuthweni.

Iinzuzo kunye neengozi zokutshintshana

IiSwaps azisetyenziswa kuphela kwimisebenzi yokubiyela ethanda ukurhoxisa okanye ukunciphisa umngcipheko wenkampani okanye umntu, kodwa nakwimisebenzi eqikelelwayo. I-drawback enkulu ye-swaps ihlala inxulumene nomngcipheko wenkampani.

Ngokwenene kuhlala kunokwenzeka ukuba i-counterparty ayihlangabezani nezibophelelo zayo zokuhlawula. Ngokukhetha ukutshintshana ngeenjongo eziqikelelwayo, usemngciphekweni wokufumana ilahleko xa uqikelelo lwakho lungachanekanga.

isiphelo

Ukutshintshana sisixhobo sezemali esintsonkothileyo esisetyenziswa ikakhulu ngabatyali-zimali abaziingcali. Le ndlela ikhoyo kwimalike yemali ikwayimveliso yemali ephuma kwimali evumela utshintshiselwano ngemali kunye nokwandisa ityala.

Isetyenziswa ngabanye abarhwebi ukuvelisa inzuzo yexesha elide ye-forex ngokuthatha inzuzo yokwahlula inzala phakathi kweemali ngokusebenzisa “ yenza urhwebo ". Nangona kunjalo, abatyali-zimali abathengisayo bayacetyiswa ukuba bafune ukuqonda indlela esisiseko ngokuyibandakanya kwipotfoliyo yakho.

Kodwa ngaphambi kokuba uhambe, nalu uqeqesho lweprimiyamu oluya kukunceda ukuba ulawule iimali zakho zobuqu.