Yini okufanele ukwazi ngokushintshaniswa kwemali?

Ukushintshaniswa kohlobo lwemali kuwukuphuma okuvamile ezinhlakeni ezinkulu zezikweletu zebhizinisi. Uma izinhlangano zihlola ukuthi lo mkhiqizo uzifanele yini, zicabangela izinkinga ezihlukahlukene, kusukela ekuhlelweni kwezohwebo kuya ekuphathweni kwezimali. Ngaphezu kwalokho, ikusasa lamabhange lisekuvikelekeni kanye nokuhlukahluka kwephothifoliyo yamakhredithi. Imakethe yokushintshana ngemali yomhlaba izodlala indima ebalulekile kulolu shintsho.

Kulesi sihloko, ngethula kuwe okubalulekile kwalokho okudingeka ukwazi mayelana nokushintshwa kwemali. Kodwa okokuqala, nansi inkambo yokuqeqesha ekhokhelwayo ekuvumela ukuthi wenze kanjalo qala ngokuqeqeshwa okuku-inthanethi.

Kuyini ukushintshana kwemali

Ukushintshaniswa kohlobo lwemali yisivumelwano esiphakathi kwezinhlangothi ezimbili zokushintshisana nokugeleza kwemali ebolekiwe kusuka kwelinye iqembu kuya kwelinye ngohlobo lwemali oluhlukile. Bavumela izinkampani ukuthi zingene ezimakethe zezimali zomhlaba ngokuphumelelayo ngoba zinikeza isixhumanisi esibalulekile se-arbitrage phakathi kwamazinga enzalo emazweni ahlukene athuthukile.

Ukushintshaniswa kohlobo lwemali kumane kuyisivumelwano sokushintshisana ngokugeleza kwemali ngohlobo lwemali olulodwa ngokugeleza kwemali ngolunye uhlobo lwemali ngamanani amisiwe.

Isibonelo, inkampani ingangena esivumelwaneni ne-hedge bank ukuze ithole inani elithile elicatshangwayo le-USD ngenani lenzalo eligxilile njengembuyiselo yokukhokha inani elicacisiwe le-EUR ngenani lenzalo elihlukile. Kubalulekile ukuqaphela ukuthi isigaba ngasinye somsebenzi singaba isilinganiso esimisiwe noma esintantayo.

Njenganoma yikuphi kokuphuma kokunye kwe-OTC, le misebenzi ingenziwa ngendlela oyifisayo. Kwezinye izimo, kukhona ukushintshaniswa kokuqala okunengqondo. Kwezinye izimo, kukhona ukushintshana kokugcina komqondo. Cishe kuzo zonke izimo kunezinkokhelo zenzalo yesikhashana, ezingase zifake noma zingafaki ukushintshashintsha okucabangayo. Ishadi elingezansi linikeza isibonelo esivamile.

Imvelaphi engokomlando yokushintshashintsha

Ukushintshana kuqale ngeminyaka yawo-1960s lapho i-FED (ibhange eliphakathi lase-US) ingenelela emakethe yokushintshiselana ngemali yangaphandle ukuze isekele idola ngokushintshanisa ama-greenback ukuze uthole amamaki ne-Bundesbank (ibhange eliphakathi laseJalimane). I-FED yabe isizibophezele ukuthi ukushintshaniswa okuphambene (ukubuyiselwa kwamamaki nokubuyiselwa kwamadola) kuzokwenzeka ngosuku olunqunyiwe kusengaphambili.

Kungani kufanele usebenzise ukushintshaniswa kwemali?

Ukushintshashintsha kusetshenziswa abanye abatshalizimali njengamathuluzi okuqagela ukubheja ngokuvela kwamanani ezimakethe ezahlukene. Ngaleyo ndlela uzothola ukushintshwa kwezinhlobo zemali, kumanani, kumasheya, ezintweni ezingavuthiwe, njll.

I-athikili okufanele ifundwe: Konke mayelana nemakethe yamasheya

Ukushintshaniswa kufanele kufake izinto ezifana neshejuli, ubude besikhathi, idethi yokuqala, inani lesilinganiso esinqunyiwe, imvelo yesisekelo, inani eliyisisekelo, isisekelo sokubala kanye nereferensi yezinga eliguquguqukayo.

Shintsha Isibonelo

Ake sithathe njengesibonelo evela enkampanini ezinze e-US esizoyibiza nge-Acme Tool & Die. I-Acme ikhulise imali ngokukhipha i-Eurobond ye-Swiss franc enezinkokhelo zekhuphoni ezigxilile zesiqingatha sonyaka ezingama-6% kuma-franc aseSwitzerland ayizigidi eziyi-100.

Ekuqaleni, inkampani ithola ama-Swiss franc ayizigidi ezingu-100 kusukela emalini yokukhishwa kwe-Eurobond (ishaya indiva noma yikuphi ukuthengiselana noma ezinye izimali) futhi iyakwazi ukusebenzisa ama-francs aseSwitzerland ukuxhasa imisebenzi yayo e-United States.

Isihloko okufanele sifundwe : Indlela yokuthuthukisa isithombe somkhiqizokunenkampani ?

Njengoba lolu daba luxhasa ngezimali ukusebenza okusekelwe e-US, izinto ezimbili zizofanele zenzeke: I-Acme kuzofanele iguqule ama-Swiss francs ayizigidi eziyi-100 ibe amadola aseMelika, futhi ingancamela ukukhokha isikweletu sayo ngezinkokhelo zamakhuphoni ngamadola aseMelika. njalo ezinyangeni eziyisithupha.

Inkampani ingaguqula lesi sikweletu se-Swiss franc sibe isikweletu esifana nedola laseMelika ngokushintshana ngemali neFirst London Bank.

Uyavuma ukuhwebelana ama-Swiss francs ayizigidi eziyi-100 ekuqaleni ngamadola ase-U.S., kanye nokwamukela izinkokhelo zekhuphoni ngama-franc aseSwitzerland ngezinsuku ezifanayo izinkokhelo zekhuphoni okufanele zikhokhelwe abatshalizimali be-Acme Eurobond kanye nokukhokha izinkokhelo zamakhuphoni ngamadola ase-U.S. axhunywe kwinkomba futhi uphinde ushintshise idola laseMelika elicatshangwayo libe laseSwitzerland. ama-franc ekuvuthweni.

Imisebenzi ye-Acme yase-U.S. ikhiqiza ukuhamba kwemali kwase-U.S abakhokha izinkokhelo zenkomba ngamadola aseMelika. Ngale ndlela, ukushintshaniswa kwemali kusetshenziselwa ukubiyela noma ukukhiya inani elingeziwe lodaba lwe-Eurobond, yingakho lezi zinhlobo zokushintshanisa zivame ukudayiswa njengengxenye yalo lonke uhlelo lokukhishwa nesikhungo esikhulu sezimali esikhiphayo.

Ukuvumelana nezimo

Ngokungafani nokushintshashintsha kwesilinganiso senzalo, okuvumela izinkampani ukuthi zigxile enzuzweni yazo yokuqhathanisa ngokuboleka ngohlobo lwemali olulodwa esikhathini esifushane, ukushintshaniswa kwezimali kunikeza izinkampani ukuguquguquka okwengeziwe ukuze zisebenzise inzuzo yazo yokuqhathanisa ezimakethe zazo.

Ziphinde zinikeze amandla okusebenzisa izinzuzo kunethiwekhi yonkana yezinhlobo zemali nokukhula. Impumelelo yemakethe yokushintshana ngemali kanye nempumelelo yemakethe ye-Eurobond kuxhunywe ngokucacile.

Umbukiso

Ukushintshaniswa kwemali kudala ingozi enkulu yesikweletu kunokushintshaniswa kwezinga lenzalo. Lokhu kungenxa yokushintshaniswa kanye nokuhwebelana kabusha kwamanani engqondo. Izinkampani kufanele zithole izimali zokuletha i-notional ekupheleni kwenkontileka futhi zibophekile ukushintsha umqondo wohlobo lwemali olulodwa ngolunye ngenani elinqunyiwe.

Uma amanani emakethe angempela ephambuka kuleli zinga lenkontileka, kuba mkhulu ukulahlekelwa noma inzuzo engaba khona.

Lokhu kuvezwa okungaba khona kuyakhuliswa njengoba ukuntengantenga kukhula ngokuhamba kwesikhathi. Uma inkontileka iba yinde, ayanda amathuba okuthi uhlobo lwemali luzohamba nhlangothi zombili zezinga lokushintshanisa eliyinhloko okuvunyelwene ngalo. Lokhu kuchaza ukuthi kungani ukushintshaniswa kwemali kuhlanganisa imigqa yezikweletu eminingi kunokushintshaniswa kwezinga lenzalo evamile.

Inani

Ukushintshaniswa kohlobo lwemali kuyaziswa noma kubekwa inani ngendlela efanayo nokushintshashintsha kwezinga lenzalo. Lokhu kwenziwa kusetshenziswa ukuhlaziya okunesaphulelo sokugeleza kwemali okuthole inguqulo eyiziro yekhuphoni yamajika okushintshanisa.

Ngokuvamile, ukushintshana kohlobo lwemali ekuqaleni kwenziwa ngaphandle kwenani eliphelele. Phakathi nokuphila kwethuluzi, ukushintshwa kohlobo lwemali kungaphuma “ngemali”, “kuphume emalini” noma kuhlale “emalini”.

Izinhlobo Zokushintshana

Amathuluzi ashintshwa ngokushintshaniswa akudingeki kube izinkokhelo zenzalo. Eqinisweni, kunezinhlobonhlobo ezingenakubalwa zamadili okushintshaniswa angavamile. Izivumelwano ezivamile uma kuqhathaniswa zihlanganisa ukushintshaniswa kwemali, ukushintshaniswa kwezikweletu, ukushintshwa kwempahla, kanye nokushintshaniswa kwenani lembuyiselo.

Ukushintshaniswa Kwesilinganiso Senzalo

Uhlobo olulula nolujwayeleke kakhulu lokushintshisana lwaziwa ngokuthi i-vanilla simple interest swap. Kulokho kushintshaniswa, Inhlangano A ivuma ukukhokhela Inhlangano B isilinganiso esinqunyiwe, esinqunywe kusengaphambili senzalo kuthishanhloko ovamile isikhathi esithile ngezinsuku ezithile.

I-athikili okufanele ifundwe: Uyenza kanjani imali ngebhulogi yakho ngezindatshana ezixhasiwe?

Ngakho-ke, Inhlangano B ivuma ukwenza noma iyiphi inkokhelo Ephathini A ngezinga lenzalo eliguquguqukayo ngothishanhloko ofanayo wethemu efanayo ngezinsuku ezifanayo ezishiwo.

Ekushintshaneni kwesilinganiso senzalo sakudala, okwaziwa nangokuthi i-vanilla simple rate rate, uhlobo lwemali olufanayo lusetshenziselwa ukukhokha kokubili ukugeleza kwemali. Izinsuku zokukhokha ezinqunywe kusengaphambili zibizwa ngokuthi izinsuku zokukhokha, futhi isikhathi esiphakathi kwazo yisikhathi sokukhokha.

Njengoba ukushintshashintsha kuyizinkontileka eziqondene nawe, izinkokhelo zingenziwa nyanga zonke, ngekota, ngonyaka noma nganoma yisiphi isikhawu esinqunywa amaqembu.

Isibonelo sokushintshwa kwezinga lenzalo

Ake sithi izinhlangano ezimbili zifuna ukuguqula "ngokwenziwa" izibopho zazo zokukhokha inzalo. Inkampani A ingase ifune ukushintshanisa isibopho sayo sokukhokha inzalo eguquguqukayo ngenani elinqunyiwe eliyivumela, isibonelo, ukuthola enye imalimboleko.

Inkampani esebenzisana nayo, iNkampani B, ingase ikhethe ukuguqula izinkokhelo zayo zibe inani elintantayo, kuye ngokulindelwe kwezinga lenzalo eliphansi.

Ukushintshaniswa kwemali

Ekushintsheni kohlobo lwemali, izinhlangothi zombili zishintshanisa izinkokhelo eziyinhloko kanye nenzalo esikweletini esifakwe ngezinhlobo zemali ezihlukene. Ngokungafani nokushintshaniswa kwezinga lenzalo, uthishanhloko ngokuvamile akalona inani elicatshangwayo kodwa esikhundleni salokho ushintshaniswa nezibopho zenzalo. Ukushintshaniswa kwemali kungenzeka emazweni ahlukene.

Isibonelo, i-Argentina ne-China basebenzise lokhu kushintshaniswa, ikakhulukazi ukuze i-China ikwazi ukuzinzisa izimali zayo zokuhwebelana kwamanye amazwe.

Njengesibonelo sesibili, ngisho ne-US Federal Reserve iye yazibandakanya nesu elinolaka lokushintshanisa imali namabhange amaphakathi aseYurophu. Lokhu kwenziwa ngesikhathi sezinkinga zezimali zangowezi-2010 e-Europe, okwakuhloswe ngazo ukusimamisa i-euro eyayiwa kulandela inkinga yezikweletu zaseGreece.

Isibonelo Sokushintsha Imali

Isibonelo esifanekisa kakhulu salolu hlobo lokushintshisana sangena kuso ngo-1981, lapho iBhange Lomhlaba lamukela ibhondi ye-USD, lase lishintshanisa izibopho zalo zokukhokha ngedola nenkampani yaseMelika i-IBM ukuze ithole ikhava yesikweletu. yenkampani ekhishwe ngamamaki aseJalimane ( DM) kanye nama-Swiss francs (CHF).

Lokhu kushintshana kwavumela iBhange Lomhlaba ukuthi likhulise ukuchayeka kwalo emalini yaseSwitzerland neJalimane, eyayinenzalo phakathi kuka-8% no-12%, uma kuqhathaniswa no-17% e-United States - kuyilapho i-IBM igoqa izibopho zayo kulezi zimali.

Ukushintshaniswa Kwengqikithi Yembuyiselo

Ekuhwebeni kokushintshaniswa kwembuyiselo iyonke, imbuyiselo iyonke yempahla ethile ishintshaniswa ngenani lenzalo eligxilile. Iqembu elizokhokha ukuchayeka kwesilinganiso esigxilile empahleni eyisisekelo, kungakhathaliseki ukuthi isitoko noma inkomba.

Isibonelo, umtshali-zimali angakhokha isilinganiso esinqunyiwe eqenjini ukuze athole ukwazisa kwenkunzi ngaphezu kwezinkokhelo zezabelo ezivela ku-stock pool.

Ukushintshaniswa kwempahla

Ukuhweba ngenani lempahla entantayo yilokho okubonakala ekushintsheni kwempahla. Thatha isibonelo intengo kawoyela ongahluziwe we-Brent, ngentengo enqunyelwe esikhathini okuvunyelwene ngaso. Njengoba isibonelo sibonisa, ukushintshwa kwempahla ngokuvamile kuzobandakanya uwoyela ongahluziwe.

Izikweletu zokulingana ziyashintshana

Njengoba igama liphakamisa, ukushintshaniswa kwesikweletu nge-equity kuhilela ukushintshanisa ukulingana ngesikweletu futhi okuphambene nalokho. Uma usebenzisana nenkampani ehweba esidlangalaleni, lokhu kungasho ukushintshanisa amabhondi amasheya. Ukushintshashintsha kwezikweletu kuyindlela yenkampani yokuxhasa kabusha isikweletu sayo futhi ithuthe isakhiwo sayo esikhulu.

Ukushintshaniswa kwengozi yekhredithi

Ukushintshashintsha kokuzenzakalelayo kwekhredithi kuhlanganisa isivumelwano senkampani eyodwa sokukhokha inani eliyinhloko elichithiwe kanye nenzalo yemali mboleko kumthengi osengozini yesikweletu, inqobo nje uma umboleki ehluleka ukukhokha isinxephezelo esilungile. Ukulawulwa kwengozi okungekuhle kanye nokusebenziseka ngokweqile emakethe yezikweletu kwakuyimbangela enkulu yenkinga yezimali yango-2008.

Isibonelo sika-a ukushintshaniswa kwengozi yesikweletu

Ake sithi ukuze uthole inzalo ekhangayo (inani eliyisisekelo), isikhwama sempesheni “FP” sinqume ukutshala imali ngokuboleka isamba esikhulu enkampanini i-ABC. Ukuze kuncishiswe ubungozi bayo, i-FP (umthengi) inquma ukuvula inkontileka yokuzenzakalelayo yesikweletu nenkampani yomshwalense (umkhiphi) ukuze athole ingxenye encane yenzalo etholwe ekutshalweni kwayo.

Ngalokhu kushintshaniswa, i-FP iyakwazi ukuzivikela ekumisweni (okungakhokhi) kwenkampani i-ABC, ngokudlulisela isibopho sokumboza ukulahlekelwa enkampanini yomshwalense.

Ezinye izinhlobo zokushintshana

• Ukushintshaniswa kwesisekelo: ikuvumela ukuthi ushintshe amanani amabili aguquguqukayo akhonjwe amanani esikhathi esifushane, ngemali efanayo noma ngezinhlobo zemali ezimbili ezihlukene
• Ukushintshana okuqhubekayo kwezinga lenzalo yokukhula: kwenza kube nokwenzeka ukushintshanisa isilinganiso esiguquguqukayo esinenkomba ezilinganisweni zenzalo zesikhathi esifushane ngokuqhathaniswa nesinye isilinganiso esiguquguqukayo esinenkomba enani lenzalo elimaphakathi noma lesikhathi eside.
• Ukushintshaniswa kwempahla: iwukuhlanganiswa phakathi kokushintshana kwesilinganiso senzalo nebhondi yezinga eligxilile okudala ibhondi yesilinganiso esintantayo sokwenziwa.
• Isamba sokushintshana kokubuyisela: ikuvumela ukuthi ushintshisane ngemali engenayo kanye nengozi yoshintsho enanini lezimpahla ezimbili ezihlukene phakathi nenkathi ethile yesikhathi.
• Ukushintshashintsha kwe-inflation : ukushintshisana kwezinga elimisiwe noma eliguquguqukayo uma kuqhathaniswa nenani lokwehla kwamandla emali
• Ukushintshaniswa kwe-Equity: isebenza ngendlela efanayo nokushintshana kwezinga lenzalo
• Ukushintsha Kwejika: ukushintshana kwesilinganiso senzalo (okuguquguqukayo ngokumelene nokuguquguqukayo) ukubheja kwemali eyodwa kumumo wejika lesivuno.

Umehluko phakathi kokushintshaniswa kwemali nokushintshaniswa kwezinga lenzalo

Ukushintshaniswa kwezinga lenzalo kuhilela ukushintshaniswa kwemali ephumayo ehlobene nezinkokhelo zenzalo enani eliqokiwe. Akukho ukushintshaniswa okucatshangwayo ekuqaleni kwenkontileka, ngakho-ke inani lengqondo liyafana kuzo zombili izinhlangothi zemali futhi lihlukaniswa ngohlobo lwemali olufanayo. Ukushintshana okuyinhloko akusasebenzi.

Isihloko okufanele sifundwe : Indlela yokuthuthukisa isithombe somkhiqizo wenkampani?

Esimeni sokushintshwa kohlobo lwemali, nokho, ukushintshana okuyinhloko akusadingeki ngenxa yomehluko wohlobo lwemali. Ukushintshisana kukathishanhloko ngamanani acatshangelwayo kwenziwa ngamanani emakethe, ngokuvamile kusetshenziswa inani elifanayo lokudlulisa ekuqaleni nalelo elisetshenziswa ekuvuthweni.

Ubuhle nobubi bokushintshashintsha

Ama-swaps awasetshenziswa nje kuphela emisebenzini yokubiyela evame ukukhansela noma ukunciphisa ukuchayeka kwenkampani noma komuntu ngamunye, kodwa nasezintweni eziqagelayo. I-drawback enkulu yokushintshashintsha ihlala ihlobene nengozi yomunye nomunye.

Kuhlale kwenzeka njalo ukuthi inkampani esebenzisana nayo ayihlangabezani nezibopho zayo zokukhokha. Ngokukhetha ukushintshana ngezinjongo zokuqagela, uphinda ube sengcupheni yokulahlekelwa uma ukuqagela kwakho kungalungile.

Isiphetho

Ukushintshanisa kuyithuluzi lezezimali eliyinkimbinkimbi elisetshenziswa kakhulu abatshalizimali abangochwepheshe. Le nqubo ekhona emakethe yemali iphinde ibe umkhiqizo wezezimali osuselwe ovumela ukuthengiselana ngemali kanye nokwenza kahle isikweletu.

Isetshenziswa abanye abadayisi ukwenza inzuzo yesikhathi eside ye-forex ngokusebenzisa inzuzo yesilinganiso senzalo phakathi kwezimali ngokusebenzisa “ phatha ukuhweba ". Kodwa-ke, abatshalizimali bezitolo bayelulekwa ukuthi bafune ukuqonda indlela eyisisekelo ngokuyifaka kuphothifoliyo yakho.

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